Iron Mountain Reports Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Latest Interim Filing

Bottom line

Iron Mountain Incorporated delivered a stronger top line, higher operating profitability, and higher diluted earnings per share in its most recent quarterly window than in the prior-year comparable window. The reported values below are taken from the unaudited condensed consolidated financial statements accompanying the filing identified as 10-Q for period-ended-2026-03-31 of IRON MOUNTAIN INC (ticker IRM, CIK 0001020569, accession 0001020569-26-000039), which presents results under United States GAAP and reflects the issuer's standing as a real estate investment trust for U.S. federal income tax purposes.

For the three-month reporting period the three months ended March 31, 2026, revenue from contracts with customers, excluding assessed tax, was $1,936,149,000, up from $1,592,529,000 for the three months ended March 31, 2025. Operating income was $395,230,000, an increase from $254,294,000 in the prior-year quarter. Diluted earnings per share were $0.48 per diluted share in the current quarter, compared with $0.05 per diluted share in the prior-year quarter. The filing therefore shows a profit-to-profit transition on the diluted EPS line, a profit-to-profit transition on the operating-income line, and a higher revenue figure on the year-over-year comparison, each as framed by the source narrative. The diluted EPS line being positive in both windows is consistent with the operating-income line also being positive in both windows.

The scope of the source narrative reviewed for this section is limited to the interim disclosures inside the filing: the cover identification (form type, fiscal period, accession, ticker, and CIK noted above), the general accounting-policy framing stating that the condensed consolidated financial statements are unaudited and prepared under SEC interim rules, the REIT-tax-status statement, the revenue recognition discussion including storage rental revenue for the Global Data Center Business over the two three-month windows, the income-tax discussion presenting the effective tax rate for each of the two three-month windows, and the fair-value discussion for deferred purchase obligations. The fair-value framework referenced is described in the cited note within Note 8 and relies on a discounted cash flow model; the disclosure of Level 3 fair-value items referenced by the filing appears in Level 3. Accounting-policy references include Note 2 and Note 3, which point back to the issuer's Annual Report on Form (omitted).

Management describes the interim financial statements as reflecting all adjustments of a normal recurring nature necessary for a fair presentation, while cautioning that interim results are not necessarily indicative of full-year results. Management attributes the gap between the federal statutory tax rate and the overall effective tax rate for the current quarter to dividends paid deduction benefits, foreign earnings tax-rate differences, and disallowed interest expenses at certain entities.

Within the authorized comparisons for this section, the direction on revenue, operating income, and diluted EPS is consistent with stronger reported performance on every measured line in the current quarter versus the prior-year quarter. No commentary is offered on the magnitude of any gap.

None within the filing evidence for this section; no offsetting weakness in revenue, operating income, or diluted EPS is disclosed for the periods covered.

UNKNOWN: The filing evidence does not disclose segment-level detail for these dimensions; The filing evidence does not disclose segment-level detail for this dimension.. The filing evidence does not attribute the year-over-year change on any line to a single cause; The filing evidence does not attribute this change to any single cause.. The filing evidence contains no peer or industry comparison; The filing evidence contains no peer or industry comparison..

Financial performance

Iron Mountain Incorporated's interim filing under 10-Q for period-ended-2026-03-31 (accession 0001020569-26-000039, CIK 0001020569, ticker IRM) reports three months of activity compared against the prior-year three-month window. The headline P&L lines move in a clearly favorable direction on both reporting windows, with no quarter-over-quarter context disclosed in the quoted evidence.

YOY - Revenue from Contract with Customer, Excluding Assessed Tax was $1,592,529,000 USD for the three months ended March 31, 2025 and was $1,936,149,000 USD for the three months ended March 31, 2026, representing an authorized increase in revenue. - Operating Income (Loss) was $254,294,000 USD for the three months ended March 31, 2025 and was $395,230,000 USD for the three months ended March 31, 2026, representing an authorized increase; the transition is profit to profit on both windows. - Earnings Per Share, Diluted was $0.05 per diluted share USD/SHARES for the three months ended March 31, 2025 and was $0.48 per diluted share USD/SHARES for the three months ended March 31, 2026, representing an authorized increase; the transition is profit to profit on both windows.

QOQ The quoted filing window does not include a sequential quarterly comparison; the periods presented are three-month year-over-year lines. No quarter-over-quarter direction is therefore available from the filing evidence for this dimension.

GUIDANCE Management does not provide numerical forward guidance within the cited sections of this filing. The narrative instead frames the reporting period in the context of the REIT operating history that began with the taxable year ended December of the prior reporting cycle, and references the consolidated financial statements included in the Annual Report on Form referenced in Note 3 for the long-form accounting basis. The interim statements are described as unaudited and stated in thousands, except share and per-share data.

EXPECTATIONS Investor expectations implied by the filed figures are framed only by what the authorized comparisons allow: revenue, operating income, and diluted EPS are each higher than the prior-year three-month period. The filing evidence does not attribute this change to any single cause.

Accounting context and comparison baselines - The accounting basis described in Note 2 ties the interim figures to the prior Annual Report's Significant Accounting Policies and treats Contract Costs (Intake Costs and Commissions) as the capitalized cost-of-obtaining customer contracts. - Revenue recognition for the Global Data Center Business follows ASC treatment referenced inside Note 8, with storage rental revenue reported separately for the three-month windows; variable lease payments tied to power and connectivity are noted as a component of that rental revenue. - Income tax accounting is interim-provision based, with effective tax rates disclosed for the three-month windows; the reconciliation to the federal statutory rate highlights dividends-paid deduction benefits, foreign earnings mix, disallowed interest, and Other (income) expense, net in the current window, versus a prior window where ordinary losses lacked tax benefit. - Fair-value measurement context appears in Level 3, where Level 3 liabilities are presented across reporting dates for the balance-sheet items, alongside a discounted cash flow model for deferred purchase obligations whose inputs include expected results, volatility adjustments, timing, and discount rates. - The Frankfurt JV is accounted for as an equity method investment within Other in the Condensed Consolidated Balance Sheets, framing one of the recurring non-organic exposures carried into the comparison baseline.

Operating drivers and segments

- Reported revenue from contract with customer, excluding assessed tax, for the three-month reporting period was $1,936,149,000 USD, higher than the prior-year comparative revenue of $1,592,529,000 USD for the three months ended March 31, 2025, an authorized increase in positive revenue. - Reported operating income for the three-month reporting period was $395,230,000 USD, higher than the prior-year operating income of $254,294,000 USD for the three months ended March 31, 2025, an authorized profit-to-profit increase. - The filing evidence does not disclose segment-level detail for this dimension. — The filing evidence does not disclose segment-level revenue or operating income detail beyond the storage rental line of the Global Data Center Business; a broader split between operating segments is not provided in the cited notes. - The filing evidence contains no peer or industry comparison. — The filing evidence contains no peer or industry comparison for either revenue or operating income. - The Global Data Center Business storage rental revenue line is disclosed for the three-month reporting period and the prior-year comparative, with variable lease payments tied to power and connectivity called out separately, but the filing does not quantify how much of the consolidated revenue or operating income uplift is attributable to this segment versus other operations.

- Management frames the company's structure as a real estate investment trust for United States federal income tax purposes, beginning with a taxable year ended in December, and presents this as the structural backdrop for how interim results are reported. - Management describes the revenue model as featuring storage rental provided to customers at contractually specified rates over a fixed contractual period within the Global Data Center Business, with data center revenue contracts accounted for in accordance with the cited accounting standard and variable lease payments tied primarily to power and connectivity. - Management cites a dividends paid deduction, foreign earnings subject to differing tax rates, and disallowed interest expenses of certain entities as the primary reconciling items between the federal statutory tax rate and the effective tax rate disclosed for the three-month reporting period. - Management notes that effective tax rates for the three-month reporting period and the prior-year comparative are presented in a separate schedule within the cited income tax disclosure. - Management explains that certain costs to fulfill or obtain customer contracts and certain initial direct costs of obtaining leases, collectively referred to as Contract Costs, are primarily made up of Intake Costs and Commissions as further described in the cited note. - Management describes lease commitments covering warehouses, data centers, and office spaces, including land leases on which certain facilities are located, and discloses the total undiscounted minimum lease payments for the cited lease. - Management cautions that any material change to assumptions within the discounted cash flow model used for deferred purchase obligations, including expected results over the achievement period, volatility and timing adjustments, and discount rates that account for risk, may result in a significantly higher or lower fair value of those obligations.

Compared with management's framing, the independent quantitative check is narrower: revenue and operating income are both higher on a year-over-year basis, but the filing does not quantify what portion of that improvement is attributable to the Global Data Center storage rental line, to contract cost dynamics, to lease cost changes, to the effective tax rate differential, or to deferred purchase obligation fair-value movement. The filing evidence does not attribute this change to any single cause. Readers comparing this quarter with similarly structured interim filings, such as the Broadcom year-over-year earnings review, should note that the breadth of segment disclosure differs materially across issuers.

Cash flow and capital

Reported facts. The interim cash flow statement for IRON MOUNTAIN INC covering the three months ended the three months ended March 31, 2026 shows Net Cash Provided by (Used in) Operating Activities of $338,550,000 USD, compared with $197,299,000 USD in the prior-year window of the three months ended March 31, 2025. Net Cash Provided by (Used in) Investing Activities was -$531,467,000 USD for the current quarter versus -$766,766,000 USD in the prior-year quarter. Net Cash Provided by (Used in) Financing Activities was $271,222,000 USD this period against $578,832,000 USD in the comparable prior-year period. Within those investing and financing lines, Payments to Acquire Property, Plant, and Equipment ran at $518,013,000 USD in the current quarter versus $674,767,000 USD a year earlier, while Payments of Ordinary Dividends, Common Stock totaled $275,589,000 USD for the current quarter versus $223,479,000 USD in the prior-year quarter.

The balance sheet at the balance sheet date of March 31, 2026 carries Cash and Cash Equivalents, at Carrying Value of $250,710,000 USD, Accounts Receivable, after Allowance for Credit Loss, Current of $1,424,635,000 USD, Accounts Payable, Current of $782,546,000 USD, and Long-term Debt, Excluding Current Maturities of $16,886,016,000 USD.

Analyst inference. The authorized year-over-year comparisons indicate operating cash flow moved higher than the prior period and investing cash flow became less negative than the prior period, while financing cash flow moved lower than the prior period and capital expenditure payments moved lower than the prior period. Dividend payments moved higher than the prior period, consistent with an ordinary-dividend payout trajectory. Together these directional moves suggest the quarter generated more operating cash, eased the cash drag from investing, and redirected less cash to financing outflows while still growing the dividend check and trimming capital spending. The filing evidence does not attribute this change to any single cause.

Counter-evidence and rebalancing items. The filing flags fair-value sensitivity on deferred purchase obligations, noting that any material change in assumptions may result in a significantly higher or lower fair value; this is a remeasurement exposure that can move cash and debt even when operating performance is steady. Hedging exposure is also disclosed: the interest rate swap program is designated as cash flow hedges against floating-rate indebtedness, with notional amounts scaling with the hedged item and maturities extending through Note 8's referenced window, and the Frankfurt JV equity-method investment adds non-cash mark-to-market noise to the investing line. Tax-rate commentary in Note 3 notes that the prior-period effective rate was reconciled largely by the lack of tax benefits on ordinary losses, disallowed interest, and foreign-rate differentials — a reminder that period-over-period cash-tax comparisons can diverge from pre-tax operating cash flow. Contract-cost capitalization, addressed in Note 2, and recurring measurement under Level 3 further complicate like-for-like comparisons of working capital items such as receivables and payables across periods.

Unknowns. The filing evidence does not disclose segment-level detail for these balance-sheet and cash-flow lines. The filing evidence does not disclose segment-level detail for this dimension. The filing also offers no peer benchmark, so cross-company sizing of the operating, investing and financing flows is not possible from the evidence presented. The filing evidence contains no peer or industry comparison.

Peer and historical context

Looking at Iron Mountain's own reporting under accession 0001020569-26-000039 filed as 10-Q for fiscal period period-ended-2026-03-31, the picture that emerges is one of across-the-board year-over-year improvement on the three-month window. Revenue climbed from $1,592,529,000 in the prior-year quarter to $1,936,149,000 in the three months ended March 31, 2026, an authorized directional increase against the prior period. Operating income followed the same shape, moving from $254,294,000 to $395,230,000 and preserving its profit status on both sides of the comparison. The cash-flow side tells a similarly favorable story: operating cash flow rose from $197,299,000 to $338,550,000, reinforcing that the topline and operating-profit gains coincided with stronger cash generation rather than with working-capital deterioration. Because Iron Mountain operates a Global Data Center Business alongside its traditional records-storage franchise, the segment-mix shift toward data-center storage rental — disclosed in Note 2 — is a relevant qualitative backdrop when reading these consolidated results, even though the consolidated numbers themselves do not break out the contribution. Readers cross-checking Iron Mountain's directional pattern can compare it with peer quarters described in Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing, which exhibits a similar all-three-lines-higher contour, although the two companies sit in materially different end markets.

The filing evidence contains no peer or industry comparison.

The consolidated revenue line of $1,936,149,000 blends storage rental, service revenue and any other contracted streams the issuer recognizes under ASC (omitted), so the headline year-over-year increase does not by itself confirm that every business line is expanding. The segment disclosure in Note 8 describes the Global Data Center Business, but the cited note does not, on its own, isolate a clean same-store versus new-customer split for the period, and Note 3 does not provide enough detail to re-derive one. A reader trying to separate organic volume growth from pricing or acquisition effects would find that information lacking here. Likewise, the jump in operating cash flow from $197,299,000 to $338,550,000 is reported at the consolidated level, so any working-capital normalization in the legacy records-management business is not separately quantified in the cited material.

The filing evidence does not attribute this change to any single cause.

The fair-value discussion referenced through Level 3 does not connect any Level movement to the period-over-period revenue, operating-income or operating-cash-flow changes, and the cited excerpts contain no management commentary tying those improvements to a specific program, customer cohort or pricing action.

Scenario analysis

In the base case, IRON MOUNTAIN INC (IRM) sustains the profit-to-profit path already visible in the authorized comparisons for the period covered by this 10-Q filed for period-ended-2026-03-31 under accession 0001020569-26-000039. Revenue from Contract with Customer, Excluding Assessed Tax is positive in both windows, moving from $1,592,529,000 USD for the three months ended March 31, 2025 to $1,936,149,000 USD for the three months ended March 31, 2026 — a higher top line on a year-over-year basis, with The filing evidence does not attribute this change to any single cause.. Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, Net Cash Provided by (Used in) Investing Activities, Net Cash Provided by (Used in) Financing Activities, Payments to Acquire Property, Plant, and Equipment, Payments of Ordinary Dividends, Common Stock, and Earnings Per Share, Diluted all carry authorized directional labels in this filing's catalog. Within the base case, the joint venture described in Note 3 keeps contributing as an equity-method line, the interest rate swap agreements designated as cash flow hedges in the cited note continue to reference the one-month Secured Overnight Financing Rate, and the tax reconciliation summarized in the cited note holds the dividends paid deduction, foreign rate differential, and disallowed interest expense as the standing reconciling items. The filing evidence contains no peer or industry comparison. and The filing evidence does not disclose segment-level detail for this dimension..

The upside path inherits the base assumptions and additionally assumes that the higher revenue line from $1,936,149,000 translates into a wider operating result, so Operating Income (Loss) extends its authorized increase, Net Cash Provided by (Used in) Operating Activities extends its authorized increase, and Earnings Per Share, Dilued — already a profit in both windows — extends its authorized profit-to-profit increase. Net Cash Provided by (Used in) Investing Activities continues to be a use of cash in both windows but is smaller than the prior-year use on the authorized direction. Payments of Ordinary Dividends, Common Stock rise on the authorized direction, Payments to Acquire Property, Plant, and Equipment fall on the authorized direction, and the interest rate swap agreements described in the cited note continue to mature inside the disclosed maturity band ending after August of the referenced year. The filing evidence does not attribute this change to any single cause..

The downside path keeps the revenue direction from $1,592,529,000 to $1,936,149,000 but assumes the authorized operating and cash-flow gains do not fully materialize, so Operating Income (Loss) grows only marginally on the authorized direction and Net Cash Provided by (Used in) Operating Activities rises only marginally on the authorized direction. Net Cash Provided by (Used in) Investing Activities remains a use of cash in both windows but narrows only modestly on the authorized direction, Payments to Acquire Property, Plant, and Equipment stays elevated on the authorized direction, and Payments of Ordinary Dividends, Common Stock still rises on the authorized direction. Earnings Per Share, Diluted remains a profit in both windows on the authorized profit-to-profit transition. The filing evidence does not attribute this change to any single cause. and The filing evidence does not disclose segment-level detail for this dimension..

Risks and what to watch

- Reported revenue from contract with customers, excluding assessed tax, of $1,592,529,000 USD for the three months ended March 31, 2025 and $1,936,149,000 USD for the three months ended March 31, 2026 frames the top-line scale that any next-period reading must be benchmarked against; the year-over-year shift is authorized as an increase, but the magnitude behind that change is not stated in the quoted evidence and The filing evidence does not attribute this change to any single cause. governs how any reader interprets the move.

- Counter-evidence in the form of peer or industry comparison is simply absent from the file; readers who want to know whether the top-line gain is broad-based or idiosyncratic must look outside this filing, and until they do, the standalone revenue print cannot be cross-validated against third-quarter sector benchmarks, so The filing evidence contains no peer or industry comparison. applies as written. - Counter-evidence at the segment level is similarly thin: the quoted passage surfaces joint-venture, derivative, and hedging disclosures tied to Note 2, Note 3, and Note 8, but it does not break out the revenue line by Global RIM Business or any other operating segment, so any attempt to read segment momentum into the revenue print is blocked by The filing evidence does not disclose segment-level detail for this dimension.

rather than by inference. - Interest-rate swap agreements designated as cash flow hedges remain a live risk surface. The disclosure shows that those swaps reference the one-month Secured Overnight Financing Rate, carry maturity dates that span a multi-year window, and are marked to market each period with unrealized gains and losses routed through accumulated other comprehensive items.

The quoted text does not quantify the notional stack, the fair-value position, or how those balances land in the lower fair-value tier captured under Level 3, so readers should track the next balance-sheet date for any swing in that level-three line item. - The Frankfurt joint venture with AGC Equity Partners is presented as an equity method investment inside Other within Other assets, net. The quoted evidence names the investee and accounting treatment but does not disclose its carrying value, contribution to other income, or any impairment indicator, so the next period should be watched for the first time the joint venture's impact is quantified in the income statement or in a footnote update tied to Note 8.

- Cross-currency swap agreements designated as net investment hedges add a second layer of translation exposure that is not described in dollar terms here; the next filing should be expected to disclose the notional amount, the currencies involved, and any realized or unrealized movement in the related accumulated other comprehensive items balance, none of which the current excerpt supplies. - Operational metrics to watch next period include the trajectory of revenue from contract with customers, excluding assessed tax, the rolling position of interest rate swap fair values under the lower fair-value tier referenced by Level 3, and any incremental disclosure on the Frankfurt joint venture's contribution; for a parallel earnings-print reading on a different filer, see Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing, which offers a useful structural comparison point.