Iron Mountain (IRM) 10-K risk factor changes: FY2025 vs FY2024

As part of our strategic growth plan, [removed: including Project Matterhorn,] we expect to invest in our existing businesses, including records and information management storage and services businesses in our higher-growth markets, data centers, digital solutions, ALM business and other complementary businesses, and in new businesses, business strategies, products, services, technologies and geographies.

[removed: *If] [added: *As] stored records and tapes become less active, our service revenue growth and profits from related services may decline.*

| [added: 8] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 9] | | |

Volume in and demand for our traditional storage related services has evolved as our customers adopt alternative storage technologies or as retention requirements change, which may require significantly less space than traditional physical records and tape storage; however, volumes in our Global RIM Business segment were relatively steady in [removed: 2024] [added: 2025] and we expect them to remain relatively consistent in the near term.

*We and our customers are subject to laws and governmental [removed: regulations] [added: regulations, including laws] relating to data privacy and cybersecurity, and our customers’ demands in this area are increasing.

Expansion into Global Digital Solutions and ALM services means that our [added: data] privacy and security risk profile is increasing.

Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our IT and network infrastructure has in the past been and may in the future be vulnerable to [removed: attacks by hackers,] [added: cyberattacks and security incidents,] including [added: by] state-sponsored organizations with significant financial and technological resources, breaches due to employee [added: or contractor] error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service and ransomware), which may involve a breach requiring us to notify regulators, clients or employees and enlist identity theft protection.

| [removed: 10] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 9] | | |

*Our customer contracts [removed: may] [added: do] not always limit our liability and [removed: may] sometimes contain terms that could subject us to significant liability or lead to disputes in contract interpretation.*

| [added: 10] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 11] | | |

As of December 31, [removed: 2024,] [added: 2025,] we operated in 61 countries.

The global nature of our business and our growth strategy, which includes continued acquisitions and investments in countries where we do not currently [removed: operate,] [added: operate or have limited operations,] is subject to numerous risks, including:

- political uncertainties and changes in the global political climate or other global events, such as war or other military conflict, [removed: trade wars] [added: tariffs] or [added: trade restrictions, trade wars,] global [removed: pandemics,] [added: pandemics or supply chain challenges,] which may create additional risk in relation to our global operations, which may become more pronounced as we consolidate operations across countries and need to move data across borders;

*If we fail to [removed: meet our commitment to] transition to more [removed: renewable and] sustainable sources of energy, it may negatively impact our ability to attract and retain [added: certain of our] customers, employees and [removed: investors who focus on this commitment.][added: investors.]

| [removed: 12] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 11] | | |

We [removed: are currently experiencing] [added: continue to experience] rising construction costs which reflect the increase in cost of labor and raw materials, as well as supply chain and logistical challenges.

| [added: 12] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 13] | | |

Further, many of the purchasers of the decommissioned IT asset components are geographically concentrated, particularly [removed: within mainland] [added: in] China.

If governments enact trade policies or environmental regulations that restrict or increase the cost of exporting IT assets into China or [added: the] other markets in which we sell decommissioned IT asset components or recyclable materials, or increase the enforcement of such policies, then the revenue from the sale of these assets may be negatively impacted.

Additionally, uncertain macroeconomic conditions, particularly within [removed: mainland] China, may reduce our purchasers’ demand for the IT asset components that we sell, thereby reducing our revenues and earnings.

*Failure to comply with certain regulatory and contractual requirements under our [removed: United States Government] [added: government] contracts could adversely affect our revenues, operating results and financial position and reputation.*

Having the [removed: United States Government] [added: government entities] as [removed: a customer] [added: customers] subjects us to certain regulatory and contractual requirements.

Noncompliance with certain regulatory and contractual requirements could also result in us being suspended or debarred from future [removed: United States Government contracting.][added: contracting with such government entities.]

As of December 31, [removed: 2024,] [added: 2025,] we operated approximately [removed: 1,350] [added: 1,340] facilities worldwide, including approximately [removed: 550] [added: 530] in the United States, and face special risks attributable to the real estate we own or lease, which could have a material adverse effect on our revenues, operating results and financial position.

- uninsured losses or damage to our facilities due to an inability to obtain full coverage on a cost-effective basis for some casualties, such as fires, [removed: hurricanes] [added: severe weather events, earthquakes] and [removed: earthquakes,] [added: other natural disasters,] or any coverage for certain losses, such as losses from riots or terrorist activities;

| [removed: 14] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 13] | | |

Unexpected events, including fires or explosions at our facilities, war or other military conflict, terrorist activities, natural disasters such as earthquakes and wildfires, unplanned power outages, supply disruptions, failure of equipment or systems, and severe weather events, such as droughts, heat waves, [added: wind events,] hurricanes, and flooding, could adversely affect our reputation and results of operations through physical damage to our facilities, equipment and customers' inventory and through physical damage to, or disruption of, local infrastructure.

As of December 31, [removed: 2024,] [added: 2025,] our total long-term debt was approximately [removed: $13,836.4] [added: $16,544.5] million, stockholders' deficit was approximately [removed: $503.1] [added: $981.0] million and we had cash and cash equivalents of approximately [removed: $155.7] [added: $158.5] million.

| [added: 14] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 15] | | |

| [removed: 16] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 15] | | |

Under the Code, no more than [removed: 20%] [added: 25%] of the value of the assets of a REIT may be represented by securities of one or more TRSs.

| [added: 16] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 17] | | |

In particular, if the accumulation of cash in our TRSs causes (i) the fair market value of our securities in our TRSs to exceed [removed: 20%] [added: 25%] of the fair market value of our assets or (ii) the fair market value of our securities in our TRSs and other nonqualifying assets to exceed 25% of the fair market value of our assets, then we will fail to remain qualified for taxation as a REIT.

| [removed: 18] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 17] | | |

However, [removed: for tax years beginning before 2026,] REIT dividends paid to noncorporate stockholders that meet specified holding period requirements are generally taxed at an effective tax rate lower than applicable ordinary income tax rates due to the availability of a deduction under the Code for specified forms of income from passthrough entities.

| [added: 18] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 19] | | |

Our business is subject to regulation under a wide variety of laws and regulations in the jurisdictions which we operate.

Although we have policies and procedures designed to comply with applicable laws and regulations, failure to comply with the various laws and regulations may result in civil and criminal liability, fines and penalties and increased costs of compliance.

Finally, emerging AI technology, such as AI and generative AI systems, have become subject to regulation under new laws and new applications of prior existing laws which require additional resources and increase compliance risks as we integrate AI into our services.

Recent developments in the cybersecurity threat landscape include the use of AI and machine learning, as well as an increased number of cyber extortion and ransomware attacks.

As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented.

*The development and use of AI in our business and operations presents risks and challenges that may adversely impact our business and operating results.*

Our ability to attract and retain customers, particularly in our Global Digital Solutions business, depends on our ability to offer innovative products and services, including through developing or deploying emerging technologies such as AI.

Some of our products, services and processes leverage AI, including both machine learning and generative AI, and we continue to make investments in initiatives focused on the further development and deployment of these technologies.

However, there is no assurance that our use or development of AI will enhance our products or services or their marketability, improve operating results, or deliver anticipated benefits, and our product development initiatives involving AI may be unsuccessful.

While implementation of these technologies offers the potential for innovation and competitive differentiation, it also poses significant risks and uncertainties, especially given its early stage of commercial adoption.

The use of AI in our product initiatives and offerings or services, or in our internal business operations, may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, misappropriation or leakage of proprietary, confidential and personal information, defamation, data privacy, and cybersecurity.

Any error, defect, or vulnerability in our AI-powered products or business processes could undermine the quality of our products and services, adversely impact our clients’ businesses, subject us or our clients to regulatory scrutiny, fines or litigation and cause reputational harm.

We are exposed to similar risks in connection with the use of AI technology by our third-party vendors and clients.

These technologies are subject to an evolving and fragmented legal and regulatory landscape.

The absence of a unified regulatory framework, and the risk of divergent or conflicting regulations across jurisdictions applicable to our business, could increase the complexity and costs of compliance for us and our clients.

New or changing legal requirements may limit or restrict our use of AI, impose burdensome obligations, or require us to modify or discontinue certain offerings.

Any of these factors, alone or in combination, could adversely affect our business, reputation, or results of operations.

- retaining key customers;

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | IRON MOUNTAIN 2025 FORM 10-K | | | 19 | | |

Part I

Finally, emerging AI regulations, increasing use of AI and generative AI tools and their integration into our businesses may require additional resources and create additional compliance and cybersecurity risks.

We have made a commitment to prioritize sustainable energy practices, reduce our carbon footprint and transition to more renewable and sustainable sources of energy, particularly in our Global Data Center Business.

Risk Factors" beginning on page [removed: [9](#idba768b3a505458b98107b519110e4d2_22)] [added: [8](#iedd667d4faf242cdb7c30fae0f3b3780_22)] of this Annual Report.

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 27 | | |

In [removed: September 2022,] [added: 2025,] we [removed: announced] [added: completed our investments in] Project Matterhorn, a global program designed to accelerate the growth of our [removed: business.][added: business, which we announced in September 2022.]

Project Matterhorn investments [removed: focus] [added: focused] on transforming our operating model to a global operating model.

Project Matterhorn [removed: focuses on] [added: enabled] the [removed: formation] [added: development] of a solution-based sales approach that [removed: is designed to allow] [added: allowed] us to optimize our shared services and best practices to better serve our customers' needs.

[removed: We are investing] [added: As part of this, we invested] to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate.

We [removed: have] incurred approximately [removed: $378.5] [added: $574.4] million in Restructuring and other transformation costs [removed: from the inception of] [added: related to] Project Matterhorn [removed: through December 31, 2024.][added: since its inception.]

Costs [removed: are] [added: were] comprised of (1) restructuring costs, which [removed: include] [added: included] (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which [removed: include] [added: included] professional fees such as project management costs and costs for third party consultants who [removed: are assisting] [added: assisted] in the enablement of our growth initiatives.

[removed: ][added: ]

[removed: | For the Year ended December] [added: COMPARISON OF YEAR ENDED DECEMBER] 31, [added: 2025 TO YEAR ENDED DECEMBER 31,] 2024 [removed: | | |]

[removed: ][added: ]

[removed: | For] [added: For a discussion of our results for] the [removed: Year ended December] [added: year ended December] 31, [removed: 2023 | | |][added: 2024 compared to the year ended December 31, 2023, see "Item 7.]

[removed: ][added: ]

- [removed: Our] organic service revenue growth [removed: is] primarily [removed: due to] [added: driven by] increases in our [added: Global Digital Solutions and growth in our traditional] service [removed: activity.][added: activity levels; and]

[removed: We expect organic] [added: | SERVICE REVENUE | | | •organic] service revenue growth [added: driven by increases] in [removed: 2025 to benefit from] [added: Global Digital Solutions and traditional service activity levels in] our [added: Global RIM Business segment and growth from] new and existing [removed: Global Digital Solutions offerings] [added: customers in our ALM business;] and [removed: ALM, as well as] [added: •an increase of $87.5 million due to acquisitions in] our [removed: traditional services.][added: ALM business. | | |]

- We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in [removed: 2025] [added: 2026] as a result of our focus on new product and service offerings, [added: cross-selling opportunities,] innovation, customer solutions and market expansion in line with our [removed: Project Matterhorn objectives.][added: growth strategies.]

Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues and courier operations, consisting primarily of the pickup and delivery of records upon customer request; (2) secure shredding of sensitive documents and the subsequent sale of shredded paper for recycling, the price of which can fluctuate from period to period; (3) the decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware and component assets; [added: and] (4) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, consulting services and the sale of software as a [removed: service; and (5) data center services,] [added: service,] including [removed: set up, monitoring and support of] our [removed: customers' assets which are protected in our data center facilities, and special project services, including data center fitout.][added: Digital Experience Platform.]

| 28 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the year ended December 31, [removed: 2024] [added: 2025] consists of the following:

Our depreciation [removed: and amortization] charges result primarily from depreciation related to storage systems, which include buildings, building and leasehold improvements, data center infrastructure, racking structures and computer systems hardware and software.

[removed: Amortization relates] [added: Our amortization charges relate] primarily to customer and supplier relationship intangible assets, Contract Costs (as defined below in *Critical Accounting Estimates*) and data center lease-based intangible assets.

The constant currency growth rates are calculated by translating the [removed: 2023] [added: 2024] results at the [removed: 2024] [added: 2025] average exchange rates.

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 29 | | |

| Australian dollar | | | [removed: 2.6] [added: 2.7] | | % | | | | 2.6 | | % | | | | $ | [removed: 0.660] [added: 0.645] | | | | | $ | [removed: 0.664] [added: 0.660] | | | | | [removed: (0.6)] [added: (2.3)] | | % |

| British pound sterling | | | [removed: 6.9] [added: 6.8] | | % | | | | [removed: 7.2] [added: 6.9] | | % | | | | $ | [removed: 1.278] [added: 1.318] | | | | | $ | [removed: 1.243] [added: 1.278] | | | | | [removed: 2.8] [added: 3.1] | | % |

| Canadian dollar | | | [removed: 4.9] [added: 4.4] | | % | | | | [removed: 5.1] [added: 4.9] | | % | | | | $ | [removed: 0.730] [added: 0.716] | | | | | $ | [removed: 0.741] [added: 0.730] | | | | | [removed: (1.5)] [added: (1.9)] | | % |

The percentage of United States dollar-reported revenues for all other foreign currencies was [removed: 13.6%] [added: 13.0%] and [removed: 14.5%] [added: 13.6%] for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

| 30 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| Net Income (Loss) | | | $ | [removed: 183,666] [added: 152,254] | | | | | $ | [removed: 187,263] [added: 183,666] | |

| Interest expense, net | | | [removed: 721,559] [added: 829,335] | | | | | | [removed: 585,932] [added: 721,559] | | |

| Provision (benefit) for income taxes | | | [removed: 60,872] [added: 58,934] | | | | | | [removed: 39,943] [added: 60,872] | | |

| Depreciation and amortization | | | [removed: 900,905] [added: 1,024,435] | | | | | | [removed: 776,159] [added: 900,905] | | |

| Acquisition and Integration Costs(1) | | | [removed: 35,842] [added: 19,545] | | | | | | [removed: 25,875] [added: 35,842] | | |

| Restructuring and other transformation | | | [removed: 161,359] [added: 195,912] | | | | | | [removed: 175,215] [added: 161,359] | | |

| Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) | | | [removed: 6,196] [added: 24,641] | | | | | | [removed: (12,825)] [added: 6,196] | | |

| Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(2) | | | [removed: 39,159] [added: 118,473] | | | | | | [removed: 98,891] [added: 39,159] | | |

| Stock-based compensation expense | | | [removed: 118,138] [added: 140,280] | | | | | | [removed: 73,799] [added: 118,138] | | |

| Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | | | [removed: 8,684] [added: 10,141] | | | | | | [removed: 11,425] [added: 8,684] | | |

| Adjusted EBITDA | | | $ | [removed: 2,236,380] [added: 2,573,950] | | | | | $ | [removed: 1,961,677] [added: 2,236,380] | |

(2)Includes foreign currency transaction [removed: (gains) losses,] [added: losses (gains),] net, debt extinguishment expense and other, net.

During the years ended December 31, 2025 and 2024, we incurred approximately $195.9 million and $161.4 million, respectively, in Restructuring and other transformation costs related to Project Matterhorn.

- Our organic service revenue growth is primarily driven by new and existing digital offerings, traditional records management services and services in our asset lifecycle management ("ALM") business, all of which we expect to grow in the near term and benefit our organic service revenue growth in 2026.

|  | | | | | |  | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2025 | | | | | | 2024 | | | | | | | | |

| Euro | | | 6.8 | | % | | | | 6.8 | | % | | | | $ | 1.130 | | | | | $ | 1.082 | | | | | 4.4 | | % |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| Restructuring and other transformation | | | 195,912 | | | | | | 161,359 | | |

| Stock-based compensation expense | | | 140,280 | | | | | | 118,138 | | |

Storage revenue for our Global Data Center Business is recognized in accordance with ASC Topic 842, *Leases.*

There were no material acquisitions in 2025.

| ALM | | | $781,128 | | | | | | 93.7% | | | | | | 15.0% | | | | | | 18.6% | | | | | | 1.7% | | | | | | 3.5% | | |

KEY ASSUMPTIONS FOR ALL REPORTING UNITS

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | | | |

| Revenues | | | $ | 6,901,737 | | | | | $ | 6,149,909 | | | | | $ | 751,828 | | | | | 12.2 | | % |

| Operating Expenses | | | 5,737,915 | | | | | | 5,140,390 | | | | | | 597,525 | | | | | | 11.6 | | % |

| Operating Income | | | 1,163,822 | | | | | | 1,009,519 | | | | | | 154,303 | | | | | | 15.3 | | % |

| Other Expenses, Net | | | 1,011,568 | | | | | | 825,853 | | | | | | 185,715 | | | | | | 22.5 | | % |

| Net Income (Loss) | | | 152,254 | | | | | | 183,666 | | | | | | (31,412) | | | | | | (17.1) | | % |

| Adjusted EBITDA(1) | | | $ | 2,573,950 | | | | | $ | 2,236,380 | | | | | $ | 337,570 | | | | | 15.1 | | % |

| Storage Rental | | | $ | 4,052,510 | | | | | $ | 3,682,259 | | | | | $ | 370,251 | | | | | 10.1 | | % | | | | 9.7 | | % | | | | 0.1 | | % | | | | 9.6 | | % |

| Service | | | 2,849,227 | | | | | | 2,467,650 | | | | | | 381,577 | | | | | | 15.5 | | % | | | | 15.1 | | % | | | | 3.9 | | % | | | | 11.2 | | % |

| Total Revenues | | | $ | 6,901,737 | | | | | $ | 6,149,909 | | | | | $ | 751,828 | | | | | 12.2 | | % | | | | 11.9 | | % | | | | 1.7 | | % | | | | 10.2 | | % |

| Labor | | | $ | 1,176,560 | | | | | $ | 1,052,568 | | | | | $ | 123,992 | | | | | 11.8 | | % | | | | 11.2 | | % | | | | 17.0 | | % | | | | 17.1 | | % | | | | (0.1) | | % |

| Facilities | | | 1,193,214 | | | | | | 1,114,316 | | | | | | 78,898 | | | | | | 7.1 | | % | | | | 6.5 | | % | | | | 17.3 | | % | | | | 18.1 | | % | | | | (0.8) | | % |

| Transportation | | | 173,809 | | | | | | 179,166 | | | | | | (5,357) | | | | | | (3.0) | | % | | | | (3.4) | | % | | | | 2.5 | | % | | | | 2.9 | | % | | | | (0.4) | | % |

| Product Cost of Sales and Other | | | 535,897 | | | | | | 350,499 | | | | | | 185,398 | | | | | | 52.9 | | % | | | | 52.4 | | % | | | | 7.8 | | % | | | | 5.7 | | % | | | | 2.1 | | % |

| Total Cost of sales | | | $ | 3,079,480 | | | | | $ | 2,696,549 | | | | | $ | 382,931 | | | | | 14.2 | | % | | | | 13.6 | | % | | | | 44.6 | | % | | | | 43.8 | | % | | | | 0.8 | | % |

- an increase in product cost of sales and other in our ALM business in line with product sales increases from new and existing customers.

| General, Administrative and Other | | | $ | 1,015,578 | | | | | $ | 977,345 | | | | | $ | 38,233 | | | | | 3.9 | | % | | | | 3.9 | | % | | | | 14.7 | | % | | | | 15.9 | | % | | | | (1.2) | | % |

| Sales, Marketing and Account Management | | | 378,324 | | | | | | 362,194 | | | | | | 16,130 | | | | | | 4.5 | | % | | | | 3.9 | | % | | | | 5.5 | | % | | | | 5.9 | | % | | | | (0.4) | | % |

| Total Selling, general and administrative expenses | | | $ | 1,393,902 | | | | | $ | 1,339,539 | | | | | $ | 54,363 | | | | | 4.1 | | % | | | | 3.9 | | % | | | | 20.2 | | % | | | | 21.8 | | % | | | | (1.6) | | % |

| 2025 | | | | | | 2024 | | |

The OECD has issued proposals that change long-standing tax principles, including a global minimum tax rate of 15% ("Pillar Two").

While the United States has not enacted legislation to effectuate Pillar Two, Iron Mountain operates in many foreign jurisdictions that have enacted legislation to implement Pillar Two.

Pillar Two became applicable for Iron Mountain beginning in 2024.

Recent G7 Country (Canada, France, Germany, Italy, Japan and the UK) statements released a side-by-side ("SbS") safe harbor that exempts certain U.S.-parented groups from these rules.

The side-by-side Safe Harbor provides that Multinational Enterprise G Groups with an Ultimate Parent Entity in a jurisdiction with qualified SbS regime will not be subject to the Income Inclusion Rule and Undertaxed Profits Rule if they elect the SbS Safe Harbor, applicable as of the beginning of 2026.

Since we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we are not expecting a material impact on our effective tax rate, corporate tax liabilities or cash tax liabilities.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part II

We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed.

The following chart presents (in thousands) total Restructuring and other transformation costs related to Project Matterhorn from the inception of Project Matterhorn through December 31, 2024 and for the years ended December 31, 2024 and 2023:

| | | |

| --- | --- | --- |

| From the Inception of Project Matterhorn through December 31, 2024 | | |

|  | | | | | |  | | |

| | | | 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | | | | | | | |

| Euro | | | 6.8 | | % | | | | 6.6 | | % | | | | $ | 1.082 | | | | | $ | 1.081 | | | | | 0.1 | | % |


| | | | 2024 | | | | | | 2023 | | |

The Monte-Carlo simulation model incorporates assumptions as to expected gross profits over the applicable achievement period, including adjustments for the volatility of timing and amount of the associated revenue and costs, as well as discount rates that account for the risk of the underlying arrangement and overall market risks.

The fair value of the deferred purchase obligation associated with the Regency Transaction (as defined in Note 3 to Notes to Consolidated Financial Statements included in this Annual Report) was determined utilizing a Monte-Carlo simulation model and takes into account our forecasted projections as it relates to the underlying performance of the business.

Total supplier relationship intangible assets acquired in our 2024 acquisitions was approximately $131.5 million.

| ALM | | | $748,000 | | | | | | 57.4% | | | | | | 15.5% | | | | | | 15.4% | | | | | | 1.4% | | | | | | 3.5% | | |

KEY ASSUMPTIONS

The evaluation of an uncertain tax position is a two-step process.

The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements.

The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

We are subject to income taxes in the United States and numerous foreign jurisdictions.

We are subject to examination by various tax authorities in jurisdictions in which we have business operations or a taxable presence.

We regularly assess the likelihood of additional assessments by tax authorities and provide for these matters as appropriate.

As of December 31, 2024 and 2023, we had approximately $25.9 million and $23.6 million, respectively, of reserves related to uncertain tax positions.

The reversal of these reserves will be recorded as a reduction of our income tax provision if sustained.

Although we believe our tax estimates are appropriate, the final determination of tax audits and any related litigation could result in changes in our estimates.

For a discussion of our results for the year ended December 31, 2023 compared to the year ended December 31, 2022, see "Item 7.

COMPARISON OF YEAR ENDED DECEMBER 31, 2024 TO YEAR ENDED DECEMBER 31, 2023

| | | | 2024 | | | | | | 2023 | | | | | | | | | | | | | | |

| Revenues | | | $ | 6,149,909 | | | | | $ | 5,480,289 | | | | | $ | 669,620 | | | | | 12.2 | | % |

| Operating Expenses | | | 5,140,390 | | | | | | 4,558,511 | | | | | | 581,879 | | | | | | 12.8 | | % |

| Operating Income | | | 1,009,519 | | | | | | 921,778 | | | | | | 87,741 | | | | | | 9.5 | | % |

| Other Expenses, Net | | | 825,853 | | | | | | 734,515 | | | | | | 91,338 | | | | | | 12.4 | | % |

| Adjusted EBITDA(1) | | | $ | 2,236,380 | | | | | $ | 1,961,677 | | | | | $ | 274,703 | | | | | 14.0 | | % |

| Storage Rental | | | $ | 3,682,259 | | | | | $ | 3,370,645 | | | | | $ | 311,614 | | | | | 9.2 | | % | | | | 9.7 | | % | | | | 0.8 | | % | | | | 8.9 | | % |

| Service | | | 2,467,650 | | | | | | 2,109,644 | | | | | | 358,006 | | | | | | 17.0 | | % | | | | 17.3 | | % | | | | 8.3 | | % | | | | 9.0 | | % |

| Total Revenues | | | $ | 6,149,909 | | | | | $ | 5,480,289 | | | | | $ | 669,620 | | | | | 12.2 | | % | | | | 12.6 | | % | | | | 3.6 | | % | | | | 9.0 | | % |

| SERVICE REVENUE | | | •organic service revenue growth driven by increased service activity levels in our Global RIM Business and organic service revenue growth in our ALM business as a result of increased volume and improved component pricing; and •an increase of $137.0 million due to our acquisition of Regency Technologies. | | |

We had no significant concentrations of liquid investments as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] our cash and cash equivalents balance was [removed: $155.7] [added: $158.5] million.

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 14.4%,] [added: 22.0%,] or [removed: $1,989.4] [added: $3,640.4] million, of our total long-term debt outstanding was subject to variable interest rates.

If the weighted average variable interest rate on our [added: average] variable rate debt [added: outstanding during the year] had increased by 1%, our net income for the year ended December 31, [removed: 2024] [added: 2025] would have been reduced by approximately [removed: $23.2] [added: $41.9] million.

See Note [removed: 6] [added: 5] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion on our interest rate swaps and Note [removed: 7] [added: 6] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion of our long-term indebtedness, including the fair values of such indebtedness as of December 31, [removed: 2024.][added: 2025.]

IM UK has financed a portion of its capital needs through the issuance of the [removed: GBP Notes and through borrowings under the] UK [removed: Bilateral] Revolving Credit Facility, [removed: each of] which [removed: are] [added: is] denominated in British pounds sterling.

[removed: This creates] [added: These create] a tax efficient natural currency hedge.

See Note [removed: 6] [added: 5] to Notes to Consolidated Financial Statements included in this Annual Report for a discussion on our cross-currency swap agreements.

| [removed: 56] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 53] | | |

A 10% depreciation in year-end [removed: 2024] [added: 2025] functional currencies, relative to the United States dollar, would result in a reduction in our equity of [removed: $335.6] [added: $374.7] million.

In addition, IMI has financed a portion of its capital needs through the issuance of the Euro Notes, which are a natural hedge against our net investments in our Euro denominated subsidiaries.

In addition, on occasion, we enter into currency swaps to temporarily or permanently hedge an overseas investment, such as a major acquisition, to lock in certain transaction economics.

As of December 31, [removed: 2024,] [added: 2025,] we were number [removed: 604] [added: 567] on the Fortune 1000.

| [removed: Utilizing] [added: Data Center: Supplying differentiated data center offerings through] our global scale [removed: as well as over 70 years of] [added: and] customer [removed: trust to deliver differentiated data center offerings] [added: trust] | | | •We [removed: have made significant progress in scaling] [added: are focused on growing] our [removed: Global Data Center Business through acquisitions and organic growth, with 29] [added: data center] operating [added: portfolio by leasing unsold capacity to hyperscale customers across various global markets. We are also focused on completing construction and commencing] data [added: center leases entered into in prior periods. •As of December 31, 2025, we operated 31 data] centers across 21 global markets, either directly or through unconsolidated joint ventures. [removed: •As of December 31, 2024,] [added: In addition,] we had leased approximately [removed: 96%] [added: 97%] of the existing [removed: 416] [added: 488] megawatt ("MW") capacity of our data centers. With a total potential capacity of [removed: 1,280] [added: 1,340] MW in land and buildings currently owned or operated by us, we are among the largest global data center operators. | | |

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 1 | | |

In [removed: September 2022,] [added: 2025,] we [removed: announced] [added: completed our investments in Project Matterhorn,] a global program designed to accelerate the growth of our business ("Project [removed: Matterhorn").][added: Matterhorn"), which we announced in September 2022.]

Project Matterhorn investments [removed: focus] [added: focused] on transforming our operating model to a global operating model.

Project Matterhorn [removed: focuses on] [added: enabled] the [removed: formation] [added: development] of a solution-based sales approach that [removed: is designed to allow] [added: allowed] us to optimize our shared services and best practices to better serve our customers' needs.

[removed: We are investing] [added: As part of this, we invested] to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate.

We [removed: have] incurred approximately [removed: $378.5] [added: $574.4] million in Restructuring and other transformation costs [removed: from the inception of] [added: related to] Project Matterhorn [removed: through December 31, 2024.][added: since its inception.]

Costs [removed: are] [added: were] comprised of (1) restructuring costs, which [removed: include] [added: included] (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which [removed: include] [added: included] professional fees such as project management costs and costs for third party consultants who [removed: are assisting] [added: assisted] in the enablement of our growth initiatives.

Total costs related to Project Matterhorn during the years ended December 31, [added: 2025,] 2024 and 2023 were approximately [added: $195.9 million,] $161.4 [removed: million] [added: million,] and $175.2 million, respectively.

The amount of revenues derived from our business segments and other relevant data, including financial information about geographic areas and product and service lines, for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] are set forth in Note [removed: 11] [added: 10] to Notes to Consolidated Financial Statements included in this Annual Report.

| 2 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 3 | | |

| Large, [removed: Diversified, Global] [added: Global, Diversified] Business [removed: ] [added: ] | | | The world’s most heavily regulated organizations trust us with [removed: the storage of] their [removed: records. Our mission-critical storage offerings] [added: information management, digital transformation, information security, data center] and [removed: related services] [added: ALM needs. As an S&P 500 REIT with approximately 1,340 locations globally, our mission-critical solutions] generated approximately [removed: $6.1] [added: $6.9] billion in annual revenue in [removed: 2024.] [added: 2025.] Our business has a highly diverse customer base of more than 240,000 customers - with no single customer accounting for more than approximately [removed: 1%] [added: 3%] of revenue during the year ended December 31, [removed: 2024] [added: 2025] - and operates in 61 countries globally. [removed: This] [added: Approximately 5% of our customers currently buy from more than one of our business units, which] presents a significant cross-sell opportunity for our expanding solutions, including digital, data center and [removed: ALM.] [added: ALM. ] | | |

| Recurring, Durable Revenue Stream [removed: ] [added: ] | | | A majority of our revenue is recurring in nature. [removed: In our Records Management business, our] [added: Our] contracted storage rental [removed: fee] agreements [added: in our Records Management business] generally range from one to five years in length. As of December 31, [removed: 2024,] [added: 2025,] we stored more than [removed: 730] [added: 740] million cubic feet of physical volume and we have consistently experienced strong customer retention levels. In our Global Data Center Business, our lease durations vary by customer, with a weighted average lease expiration of [removed: 10.6] [added: 10.3] years as of December 31, [removed: 2024.] [added: 2025.] | | |

| Significant Owner and Operator of Real Estate [removed: ] [added: ] | | | We operate [removed: approximately] [added: over] 98 million square feet of real estate worldwide. Our owned real estate footprint spans to over 24 million square feet. [added: We will continue to seek ways to optimize the efficiency of our real estate portfolio.] | | |

| Limited Revenue Cyclicality [removed: ] [added: ] | | | Historically, economic downturns have not significantly affected our storage rental business. [removed: Due to] [added: We anticipate continued growth in organic storage rental revenue, supported by] the [removed: durability] [added: longevity] of our total global physical volumes, [removed: the success of our] [added: successful] revenue management initiatives and the [removed: growth] [added: expansion] of our Global Data Center [removed: Business, we believe we can continue to grow organic storage rental revenue over time.] [added: business.] | | |

| 4 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| [removed: Differentiated Compliance and Security ] [added: Large Data Center Platform with Differentiated Compliance and Security and Sustainability Focus  ] | | | [added: As of December 31, 2025, we had 488 MW of leasable capacity with an additional 852 MW under construction or held for development.] We offer comprehensive compliance support as well as physical [added: security] and cybersecurity. Our [removed: Security-in-Depth] [added: “Security-in-Depth”] strategy integrates both technical and human security measures, with oversight [removed: provided by] [added: from] senior security leaders with military and public sector backgrounds. As of December 31, [removed: 2024,] [added: 2025,] our data center portfolio has achieved numerous certifications and received third party assurance reports, making it one of the most comprehensive compliance programs in the industry. These certifications and reports on compliance include the global ISO 27001, ISO 22301, ISO 9001, SOC 2 and PCI-DSS standards, as well as HIPAA, NIST 800-53 and FISMA HIGH in the United States. The program also includes enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems and complies with ISO 14064 for greenhouse gas emissions, supporting our commitment to sustainability. [added: We have matched 100% of the energy consumption in our data centers with clean energy annually since 2017. This approach enables our Green Power Pass offering, which allows customers to report the power they consume at any Iron Mountain Data Center as clean power in their public reporting, making Iron Mountain a key part of their decarbonization roadmaps and goals. Our data center business is a founding signatory to the UN Compact on 24/7 Carbon-Free Energy (“CFE”), which seeks hour-by-hour matching of site consumption with local CFE by 2040.] | | |

As of December 31, [removed: 2024,] [added: 2025,] we employed approximately [removed: 11,150] [added: 11,700] employees in the United States and approximately 17,700 employees outside of the United States.

As of December 31, [removed: 2024,] [added: 2025,] approximately [removed: 375] [added: 400] employees were represented by unions in North America and approximately [removed: 1,375] [added: 1,100] employees were represented by unions in Latin America.

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 5 | | |

Additionally, employees are able to access emotional well-being resources through global employee assistance [removed: programs.][added: programs and new global mental health training.]

Our culture encourages open communication and innovation while [removed: fostering] [added: building] trust, [added: driving] engagement and [added: delivering] exceptional performance.

These insights collectively enable us to [removed: drive enhanced] [added: boost] employee engagement, measure effectiveness and refine our approach for sustained success.

Led by our President and CEO, William Meaney, our [removed: Inclusive Leadership Alliance (the "Alliance") includes members of the] Executive Leadership Team [removed: and] plays a pivotal role in advancing our culture and driving growth.

The [removed: Alliance] [added: team] reviews and supports key initiatives, monitors progress toward enterprise goals, ensures accountability through measurable targets and communicates achievements to stakeholders.

| 6 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

[removed: In 2024, the Science Based Targets initiative ("SBTi") validated our] [added: Our emissions reduction] targets, which [removed: are aligned] [added: align] with the Paris Climate Agreement aspiration [removed: of limiting] [added: to limit] the global temperature increase to 1.5 degrees [removed: Celsius.][added: Celsius, have been validated by the Science Based Targets initiative ("SBTi").]

As of [removed: December 31, 2024,] [added: June 30, 2025,] we are a constituent of multiple indexes that focus on corporate sustainability standards, including several MSCI All Country World Indexes (ACWI), such as the ACWI Low Carbon [removed: Leaders,] [added: Target and World Low Carbon SRI Selection,] ACWI Climate Paris Aligned, ACWI [added: USA Extended] ESG Leaders and ACWI [removed: Socially Responsible Index (SRI).][added: KLD 400 Social Index.]

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 7 | | |

| [removed: ] [added: ] | | | | | |

| STRONG ENVIRONMENTAL FOCUS •Iron Mountain provides a Green Power Pass solution in the data center market to help customers manage their carbon footprint. •Founding signatory of the UN Compact on 24/7 Carbon Free Energy. As of [removed: 2024,] [added: 2025,] Iron Mountain has over [removed: 190] [added: 200] locations globally with the ability to track and match renewable energy usage on an hourly basis. [removed: •87%] [added: •91%] of our global electricity use was covered by renewable sources in [removed: 2023.] [added: 2024.] •Iron Mountain has near and long-term science-based emissions reduction targets that have been validated by SBTi. •Reduced Scope 1 and 2 greenhouse gas (GHG) emissions by [removed: 10%] [added: 16%] from 2022 to [removed: 2023.] [added: 2024.] •Achieved a landfill diversion rate of [removed: 81%] [added: 82%] in [removed: 2023,] [added: 2024,] reducing waste to landfill and lowering emissions associated with waste processing. | | | | | |

| [removed: ] [added: ] | | | | | |

Our strategy is to be the leading partner to our more than 240,000 customers by providing a broad range of end-to-end solutions leveraging our strong reputation for security and chain of custody, decades-long relationships built on trust, and global footprint and operational scale.

With leadership positions in physical records management, digital solutions, data center, and asset lifecycle management, Iron Mountain serves as a key global partner for enterprises.

Our key strategic priorities are outlined below.

| Records Management: Driving continued revenue growth in our physical storage Records Management business (as defined below) | | | •We are focused on driving volume growth, while also capitalizing on revenue management opportunities as we enhance the value we are providing customers through our expanded suite of global and integrated services. •We are a leading global provider of physical records management services and will seek to enhance our position in higher-growth markets such as Central and Eastern Europe, Latin America, Asia, the Middle East and Africa. | | |

| Digital Solutions: Delivering differentiated digital solutions which give transformative results to our customers in terms of revenue, security and cost | | | •We are focused on supporting our customers' digital transformation needs as they navigate a complex regulatory environment and seek to gain access to their dark data. Our strategy is underpinned by our persistent focus on best-in-class customer experience as we continue to deliver innovative solutions, such as Insight Digital Experience Platform (“DXP”), to help our customers better leverage data and drive improved efficiency. •We provide our digital solutions offering globally to customers across an array of market verticals. | | |

| ALM: Providing asset lifecycle management capabilities, which are both economic and environmentally sustainable | | | •We are a global ALM provider and are focused on broadening our customer base and increasing our penetration with existing customers through cross-selling initiatives, expanded capabilities and select tuck-in acquisitions. •As of December 31, 2025, we operated 34 facilities across 8 global markets. | | |

In October 2025, we launched version 2.0 of DXP, which offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and AI agents, allowing customers to make faster and more insightful decisions as well as eliminate obsolete and duplicative data to save costs.

| Strong Positions in Large and Growing Markets  | | | We have strong global market positions in each of our businesses, including records management, data center, ALM, digital solutions and fine arts storage. The markets for our solutions are large and growing. We see continued opportunity for growth as our focus on providing innovative solutions unlocks greater value for our customers. | | |

| Synergistic Business Model  | | | We operate a synergistic business model, where we leverage cross-selling opportunities against our end-to-end solutions across our 240,000 customers. Our reputation for security, longstanding relationships, and our proven track record of reliability and trust, along with our comprehensive solutions offering and global scale, enables our customers to partner with a single vendor to increase their operational efficiency. | | |

We foster an environment of learning, collaboration and wellbeing.

We evaluate this through our annual global employee engagement survey (the "IM Listening Survey") and use data driven insights to deepen our understanding of our global workforce.

They also actively review the results of our IM Listening Survey, aligning on enterprise-wide actions and focus areas that continue to reinforce our culture.

Several members of our Executive Leadership Team are also active sponsors of our employee resource groups, acting as allies and champions of inclusivity and belonging across the enterprise, ensuring that our working environment is a place where all Mountaineers feel that they belong and can contribute at their best.

As a global leader in innovative solutions, data center infrastructure and asset lifecycle and information management services, we strive to take responsibility for a sustainable future by unlocking opportunities in our operations and beyond.

We have embedded sustainability across our organizational processes to optimize performance and meet stakeholder needs.

Our collaborative approach enables customers to make better decisions about how they manage their most valuable information and assets, prioritizes our employee well-being and development, and supports our local communities.

Our ALM business received the ITAD Company of the Year award at the ITAD Summit in July 2025.

This recognition reflects our continued commitment to delivering sustainable, secure and value-driven IT asset disposition solutions.

Our company has been a market leader in the physical ecosystem supporting information storage and retrieval, as most businesses have relied on paper documents or computer tapes to store their valuable information.

Over time, customers are increasing their digital information, with the new information storage ecosystem being a hybrid of physical and digital media.

We have evolved our business to meet our customers' needs while remaining focused on driving growth supported by our four pillars outlined below.

| | | | | | |

| Continued revenue growth in physical storage through revenue management actions as well as volume growth achieved in faster growing markets and our consumer business, as well as complementary business growth | | | •We are establishing and enhancing leadership positions in higher-growth markets such as central and eastern Europe, Latin America, Asia, the Middle East and Africa. •We continue to identify, acquire, incubate and scale complementary businesses and products to support our long-term growth objectives and drive solid returns on invested capital. These opportunities include our Global Digital Solutions, ALM, Fine Arts and Consumer Storage (each as defined below) businesses. | | |

| Establishing and maintaining a leadership position in critical digital infrastructure as well as developing and offering new products and services that allow our customers to achieve reliable and secure information management solutions in an increasingly hybrid physical and digital world | | | •We are positioned to take advantage of the secular growth trends of the changing nature of digital infrastructure. We continue to scale our Global Digital Solutions business to complement our existing offerings in records and information management, ALM, and our Global Data Center business in order to respond to our customers’ growing interest and need to react to environmental, social and corporate governance considerations. This full suite of complementary businesses puts Iron Mountain in a unique position to cross sell our products and services to our customers. •Our customers are faced with navigating a more complex regulatory environment, and one in which hybrid physical and digital solutions have become the norm. Our strategy is underpinned by our persistent focus on best-in-class customer experience, as we continue to seek innovative solutions to help our customers progress on their journey from physical storage to a digital ecosystem. | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part I

| Continued investment in our growth agenda, our business and customer-centric solutions | | | •We have established an investment strategy to fuel our growth. The investments we outlined in our plan for Project Matterhorn (as defined below) have been informed by our established leadership position in the physical storage business, our expanding services such as Global Digital Solutions and ALM and our significant progress in the Global Data Center Business. | | |

We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed.

In August 2024, we launched the InSight Digital Experience Platform (also referred to as DXP), a secure, software-as-a-service platform designed to automate customer workflows, enhance data accessibility, ensure audit compliance and optimize customer data for AI applications.

| Comprehensive Information Management Solution  | | | As an S&P 500 REIT with approximately 1,350 locations globally and with offerings spanning physical storage, digitization solutions and digital storage, we are positioned to provide a holistic offering to our customers. We are able to cater to our customers’ physical and digital needs and to help guide their digital transformation journey. | | |

| Shifting Revenue Mix  | | | We have identified a number of areas where we see opportunity for growth as we position ourselves to unlock greater value for our customers. These business lines, including Global Data Center, ALM and Global Digital Solutions, represent markets with strong, secular growth. | | |

In addition, our Global Data Center Business has the following attributes:

| Large Data Center Platform with Significant Expansion Opportunity  | | | As of December 31, 2024, we had 416 MW of leasable capacity with an additional 864 MW under construction or held for development. | | |

| Efficient Access and Flexibility  | | | We have the ability to provide customers with a range of deployment options from one cabinet to an entire building, leveraging our global portfolio of hyperscale-ready and underground data centers. We also provide access to numerous carriers, cloud providers and peering exchanges with migration support. | | |

| 100% Clean Energy Data Centers  | | | We have matched 100% of the energy consumption in our data centers with clean energy annually since 2017. This approach enables our Green Power Pass offering, which allows customers to report the power they consume at any Iron Mountain Data Center as clean power in their public reporting, making Iron Mountain a key part of their decarbonization roadmaps and goals. Our data center business is a founding signatory to the UN Compact on 24/7 Carbon-Free Energy (“CFE”), which seeks hour-by-hour matching of site consumption with local CFE by 2040. | | |

While we foster an environment of learning, collaboration, diversity and wellbeing, we know culture truly thrives in the everyday experience of working at Iron Mountain.

We evaluate this through regular employee surveys and by leveraging data to gain a deeper understanding of our global workforce, and how they work.

Our volunteer-based global employee resource groups play an essential role in supporting talent attraction, retention and development, and serving as valuable allies across our company.

Each group is sponsored by one or more members of Iron Mountain’s Executive Leadership Team.

At Iron Mountain, we are using our influence and expertise to drive innovations that protect and elevate the effectiveness of our customers’ endeavors, while also creating a meaningful, positive impact on individuals, the environment, and our overall performance.

Iron Mountain is committed to sustainable growth, and this is highlighted through initiatives and targets within our company.

We aim to minimize our environmental impact, foster a culture and processes that support the well-being of our global teams, and to be a catalyst for positive change within our communities.

Our data center team was recognized with the Decarbonization of Electricity award from BroadGroup International for their work and thought leadership on carbon-free energy.

| 8 | | | IRON MOUNTAIN 2024 FORM 10-K | | | | | |

| For the Fiscal Year Ended December 31, [removed: 2024] [added: 2025] | | | | | |

][added: pg_logo_ironmountain.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231_g1.jpg)]

As of June 30, [removed: 2024,] [added: 2025,] the [added: last business day of the registrant's most recently completed second fiscal quarter, the] aggregate market value of the Common Stock of the registrant held by non-affiliates of the registrant was approximately [removed: $25.7] [added: $29.8] billion based on the closing price on the New York Stock Exchange on such date.

Number of shares of the registrant’s Common Stock at February [removed: 7, 2025: 293,740,905][added: 6, 2026: 295,835,206]

Certain information required in Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K (the "Annual Report") is incorporated by reference from our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders (our "Proxy Statement") to be filed with the Securities and Exchange Commission (the "SEC") within 120 days after the close of the fiscal year ended December 31, [removed: 2024.][added: 2025.]

[removed: ][added: ]

[removed: 2024] [added: 2025] FORM 10-K ANNUAL REPORT

| PART I | | | [removed: 0[1](#idba768b3a505458b98107b519110e4d2_19)] [added: 0[1](#iedd667d4faf242cdb7c30fae0f3b3780_19)] | | | ITEM 1. | | | [removed: [BUSINESS](#idba768b3a505458b98107b519110e4d2_19)] [added: [BUSINESS](#iedd667d4faf242cdb7c30fae0f3b3780_19)] | | |

| [removed: 0[9](#idba768b3a505458b98107b519110e4d2_22)] [added: 0[8](#iedd667d4faf242cdb7c30fae0f3b3780_22)] | | | ITEM 1A. | | | [RISK [removed: FACTORS](#idba768b3a505458b98107b519110e4d2_22)] [added: FACTORS](#iedd667d4faf242cdb7c30fae0f3b3780_22)] | | | | | |

| [removed: [20](#idba768b3a505458b98107b519110e4d2_25)] [added: [20](#iedd667d4faf242cdb7c30fae0f3b3780_25)] | | | ITEM 1B. | | | [UNRESOLVED STAFF [removed: COMMENTS](#idba768b3a505458b98107b519110e4d2_25)] [added: COMMENTS](#iedd667d4faf242cdb7c30fae0f3b3780_25)] | | | | | |

| [removed: [20](#idba768b3a505458b98107b519110e4d2_28)] [added: [20](#iedd667d4faf242cdb7c30fae0f3b3780_28)] | | | ITEM 1C. | | | [removed: [CYBERSECURITY](#idba768b3a505458b98107b519110e4d2_28)] [added: [CYBERSECURITY](#iedd667d4faf242cdb7c30fae0f3b3780_28)] | | | | | |

| [removed: [22](#idba768b3a505458b98107b519110e4d2_31)] [added: [22](#iedd667d4faf242cdb7c30fae0f3b3780_31)] | | | ITEM 2. | | | [removed: [PROPERTIES](#idba768b3a505458b98107b519110e4d2_31)] [added: [PROPERTIES](#iedd667d4faf242cdb7c30fae0f3b3780_31)] | | | | | |

| [removed: [25](#idba768b3a505458b98107b519110e4d2_34)] [added: [25](#iedd667d4faf242cdb7c30fae0f3b3780_34)] | | | ITEM 3. | | | [LEGAL [removed: PROCEEDINGS](#idba768b3a505458b98107b519110e4d2_34)] [added: PROCEEDINGS](#iedd667d4faf242cdb7c30fae0f3b3780_34)] | | | | | |

| [removed: [25](#idba768b3a505458b98107b519110e4d2_37)] [added: [25](#iedd667d4faf242cdb7c30fae0f3b3780_37)] | | | ITEM 4. | | | [MINE SAFETY [removed: DISCLOSURES](#idba768b3a505458b98107b519110e4d2_37)] [added: DISCLOSURES](#iedd667d4faf242cdb7c30fae0f3b3780_37)] | | | | | |

| PART II | | | [removed: [27](#idba768b3a505458b98107b519110e4d2_46)] [added: [27](#iedd667d4faf242cdb7c30fae0f3b3780_46)] | | | ITEM 5. | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#idba768b3a505458b98107b519110e4d2_46)] [added: SECURITIES](#iedd667d4faf242cdb7c30fae0f3b3780_46)] | | |

| [removed: [27](#idba768b3a505458b98107b519110e4d2_49)] [added: [27](#iedd667d4faf242cdb7c30fae0f3b3780_49)] | | | ITEM 6. | | | [removed: [\[RESERVED\]](#idba768b3a505458b98107b519110e4d2_49)] [added: [\[RESERVED\]](#iedd667d4faf242cdb7c30fae0f3b3780_49)] | | | | | |

| [removed: [27](#idba768b3a505458b98107b519110e4d2_55)] [added: [27](#iedd667d4faf242cdb7c30fae0f3b3780_52)] | | | ITEM 7. | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#idba768b3a505458b98107b519110e4d2_55)] [added: OPERATIONS](#iedd667d4faf242cdb7c30fae0f3b3780_52)] | | | | | |

| [removed: [56](#idba768b3a505458b98107b519110e4d2_115)] [added: [53](#iedd667d4faf242cdb7c30fae0f3b3780_106)] | | | ITEM 7A. | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#idba768b3a505458b98107b519110e4d2_115)] [added: RISK](#iedd667d4faf242cdb7c30fae0f3b3780_106)] | | | | | |

| [removed: [57](#idba768b3a505458b98107b519110e4d2_118)] [added: [54](#iedd667d4faf242cdb7c30fae0f3b3780_109)] | | | ITEM 8. | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#idba768b3a505458b98107b519110e4d2_118)] [added: DATA](#iedd667d4faf242cdb7c30fae0f3b3780_109)] | | | | | |

| [removed: [57](#idba768b3a505458b98107b519110e4d2_121)] [added: [54](#iedd667d4faf242cdb7c30fae0f3b3780_112)] | | | ITEM 9. | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#idba768b3a505458b98107b519110e4d2_121)] [added: DISCLOSURE](#iedd667d4faf242cdb7c30fae0f3b3780_112)] | | | | | |

| [removed: [58](#idba768b3a505458b98107b519110e4d2_124)] [added: [55](#iedd667d4faf242cdb7c30fae0f3b3780_115)] | | | ITEM 9A. | | | [CONTROLS AND [removed: PROCEDURES](#idba768b3a505458b98107b519110e4d2_124)] [added: PROCEDURES](#iedd667d4faf242cdb7c30fae0f3b3780_115)] | | | | | |

| [removed: [60](#idba768b3a505458b98107b519110e4d2_130)] [added: [57](#iedd667d4faf242cdb7c30fae0f3b3780_121)] | | | ITEM 9B. | | | [OTHER [removed: INFORMATION](#idba768b3a505458b98107b519110e4d2_130)] [added: INFORMATION](#iedd667d4faf242cdb7c30fae0f3b3780_121)] | | | | | |

| [removed: [60](#idba768b3a505458b98107b519110e4d2_139)] [added: [57](#iedd667d4faf242cdb7c30fae0f3b3780_127)] | | | ITEM 9C. | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#idba768b3a505458b98107b519110e4d2_139)] [added: INSPECTIONS](#iedd667d4faf242cdb7c30fae0f3b3780_127)] | | | | | |

| PART III | | | [removed: [62](#idba768b3a505458b98107b519110e4d2_148)] [added: [59](#iedd667d4faf242cdb7c30fae0f3b3780_136)] | | | ITEM 10. | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#idba768b3a505458b98107b519110e4d2_148)] [added: GOVERNANCE](#iedd667d4faf242cdb7c30fae0f3b3780_136)] | | |

| [removed: [62](#idba768b3a505458b98107b519110e4d2_151)] [added: [59](#iedd667d4faf242cdb7c30fae0f3b3780_139)] | | | ITEM 11. | | | [EXECUTIVE [removed: COMPENSATION](#idba768b3a505458b98107b519110e4d2_151)] [added: COMPENSATION](#iedd667d4faf242cdb7c30fae0f3b3780_139)] | | | | | |

| [removed: [62](#idba768b3a505458b98107b519110e4d2_154)] [added: [59](#iedd667d4faf242cdb7c30fae0f3b3780_142)] | | | ITEM 12. | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#idba768b3a505458b98107b519110e4d2_154)] [added: MATTERS](#iedd667d4faf242cdb7c30fae0f3b3780_142)] | | | | | |

| [removed: [62](#idba768b3a505458b98107b519110e4d2_157)] [added: [59](#iedd667d4faf242cdb7c30fae0f3b3780_145)] | | | ITEM 13. | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#idba768b3a505458b98107b519110e4d2_157)] [added: INDEPENDENCE](#iedd667d4faf242cdb7c30fae0f3b3780_145)] | | | | | |

| [removed: [62](#idba768b3a505458b98107b519110e4d2_160)] [added: [59](#iedd667d4faf242cdb7c30fae0f3b3780_148)] | | | ITEM 14. | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#idba768b3a505458b98107b519110e4d2_160)] [added: SERVICES](#iedd667d4faf242cdb7c30fae0f3b3780_148)] | | | | | |

| PART IV | | | [removed: [64](#idba768b3a505458b98107b519110e4d2_169)] [added: [61](#iedd667d4faf242cdb7c30fae0f3b3780_157)] | | | ITEM 15. | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#idba768b3a505458b98107b519110e4d2_169)] [added: SCHEDULES](#iedd667d4faf242cdb7c30fae0f3b3780_157)] | | |

| [removed: [135](#idba768b3a505458b98107b519110e4d2_337)] [added: [131](#iedd667d4faf242cdb7c30fae0f3b3780_313)] | | | ITEM 16. | | | [FORM 10-K [removed: SUMMARY](#idba768b3a505458b98107b519110e4d2_337)] [added: SUMMARY](#iedd667d4faf242cdb7c30fae0f3b3780_313)] | | | | | |

References in this Annual Report on Form 10-K for the year ended December 31, [removed: 2024] [added: 2025] (this "Annual Report") to "the Company", "Iron Mountain", "we", "us" or "our" include Iron Mountain Incorporated, a Delaware corporation, and its predecessor, as applicable, and its consolidated subsidiaries, unless the context indicates otherwise.

When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "pursue", [added: "commits",] "will" or similar expressions, we are making forward-looking statements.

- our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence [removed: ("AI"))] [added: ("AI") )] into our [removed: offerings,] [added: business,] achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy;

- the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental [removed: standards;][added: standards, and regulatory and contractual requirements under government contracts;]

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231_g3.jpg)]

- fluctuations in commodity prices;

- competition for customers;

- our ability to attract, develop, and retain key personnel;

- deficiencies in our disclosure controls and procedures or internal control over financial reporting;

- failures to implement and manage new IT systems;

Our information security program has adopted all elements of the NIST cybersecurity framework, including the six functions of identify, protect, detect, respond, recover and [removed: govern, as well as each of the categories and control groups thereunder.][added: governance.]

[removed: This does not imply that we meet any particular technical standards, specifications, or requirements, but only that we] [added: We] use the NIST framework as a guide to ensure our information security program is designed to manage cybersecurity risks relevant to our business.

Among other things, the cybersecurity controls in our information security program address information access rights, incident monitoring [removed: and] response processes, information technology system configuration, network security, security architecture planning, mobile device security and compliance with information security policy requirements and protocols.

These cybersecurity controls are designed to oversee, identify and mitigate risks from [removed: all] cybersecurity threats, including those arising from our use of third-party service providers.

| 20 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 21 | | |

As of December 31, [removed: 2024,] [added: 2025,] we conducted operations through [removed: 1,110] [added: 1,111] leased facilities and [removed: 236] [added: 232] owned facilities.

Our facilities are divided among our reportable segments and Corporate and Other as follows: Global RIM Business [removed: (1,211),] [added: (1,214),] Global Data Center Business [removed: (33)] [added: (36)] and Corporate and Other [removed: (102).][added: (93).]

These facilities contain a total of approximately [removed: 98.1] [added: 98.6] million square feet of space.

| Georgia | | | | | | [removed: 13] [added: 14] | | | | | | | | | | | | [removed: 1,100,981] [added: 1,237,981] | | | | | | | | | | | | 2 | | | | | | | | | | | | 129,611 | | | | | | | | | | | | [removed: 15] [added: 16] | | | | | | | | | | | | [removed: 1,230,592] [added: 1,367,592] | | | | | |

| Massachusetts | | | | | | [removed: 10] [added: 9] | | | | | | | | | | | | [removed: 566,633] [added: 498,633] | | | | | | | | | | | | 5 | | | | | | | | | | | | 862,350 | | | | | | | | | | | | [removed: 15] [added: 14] | | | | | | | | | | | | [removed: 1,428,983] [added: 1,360,983] | | | | | |

| Missouri | | | | | | [removed: 12] [added: 11] | | | | | | | | | | | | [removed: 1,335,639] [added: 1,292,639] | | | | | | | | | | | | 1 | | | | | | | | | | | | 25,120 | | | | | | | | | | | | [removed: 13] [added: 12] | | | | | | | | | | | | [removed: 1,360,759] [added: 1,317,759] | | | | | |

| North Carolina | | | | | | [removed: 21] [added: 20] | | | | | | | | | | | | [removed: 1,073,820] [added: 1,031,820] | | | | | | | | | | | | 1 | | | | | | | | | | | | 97,000 | | | | | | | | | | | | [removed: 22] [added: 21] | | | | | | | | | | | | [removed: 1,170,820] [added: 1,128,820] | | | | | |

| Oregon | | | | | | [removed: 12] [added: 10] | | | | | | | | | | | | [removed: 438,586] [added: 403,586] | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | [removed: 12] [added: 10] | | | | | | | | | | | | [removed: 438,586] [added: 403,586] | | | | | |

| West Virginia | | | | | | [removed: 2] [added: 1] | | | | | | | | | | | | [removed: 105,502] [added: 67,847] | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | [removed: 2] [added: 1] | | | | | | | | | | | | [removed: 105,502] [added: 67,847] | | | | | |

| 22 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| Chile | | | | | | [removed: 2] [added: 1] | | | | | | | | | | | | [removed: 3,692] [added: 3,423] | | | | | | | | | | | | 18 | | | | | | | | | | | | 715,894 | | | | | | | | | | | | [removed: 20] [added: 19] | | | | | | | | | | | | [removed: 719,586] [added: 719,317] | | | | | |

| China Mainland (including China - Hong Kong S.A.R., China-Taiwan and China-Macau S.A.R.) | | | | | | [removed: 52] [added: 49] | | | | | | | | | | | | [removed: 1,985,570] [added: 1,975,607] | | | | | | | | | | | | [removed: 1] [added: —] | | | | | | | | | | | | [removed: 20,721] [added: —] | | | | | | | | | | | | [removed: 53] [added: 49] | | | | | | | | | | | | [removed: 2,006,291] [added: 1,975,607] | | | | | |

| Switzerland | | | | | | 11 | | | | | | | | | | | | [removed: 287,410] [added: 287,453] | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 11 | | | | | | | | | | | | [removed: 287,410] [added: 287,453] | | | | | |

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 23 | | |

Our total building utilization and total racking utilization as of December 31, [removed: 2024] [added: 2025] in Records Management and Data Management are as follows:

The following table sets forth a summary of the lease expirations for leases in place related to our Global Data Center Business, for which we are the lessor, as of December 31, [removed: 2024.][added: 2025.]

| 24 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| Arizona | | | | | | 6 | | | | | | | | | | | | 325,013 | | | | | | | | | | | | 7 | | | | | | | | | | | | 1,422,903 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,747,916 | | | | | |

| California | | | | | | 72 | | | | | | | | | | | | 7,217,776 | | | | | | | | | | | | 9 | | | | | | | | | | | | 942,356 | | | | | | | | | | | | 81 | | | | | | | | | | | | 8,160,132 | | | | | |

| Delaware | | | | | | 2 | | | | | | | | | | | | 173,119 | | | | | | | | | | | | 2 | | | | | | | | | | | | 162,721 | | | | | | | | | | | | 4 | | | | | | | | | | | | 335,840 | | | | | |

| Florida | | | | | | 33 | | | | | | | | | | | | 2,768,902 | | | | | | | | | | | | 1 | | | | | | | | | | | | 119,374 | | | | | | | | | | | | 34 | | | | | | | | | | | | 2,888,276 | | | | | |

| Illinois | | | | | | 13 | | | | | | | | | | | | 1,377,218 | | | | | | | | | | | | 6 | | | | | | | | | | | | 1,281,947 | | | | | | | | | | | | 19 | | | | | | | | | | | | 2,659,165 | | | | | |

| Indiana | | | | | | 3 | | | | | | | | | | | | 269,586 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 269,586 | | | | | |

| Maryland | | | | | | 18 | | | | | | | | | | | | 1,876,017 | | | | | | | | | | | | 1 | | | | | | | | | | | | 19,001 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,895,018 | | | | | |

| Nevada | | | | | | 7 | | | | | | | | | | | | 203,108 | | | | | | | | | | | | 1 | | | | | | | | | | | | 107,041 | | | | | | | | | | | | 8 | | | | | | | | | | | | 310,149 | | | | | |

| New Jersey | | | | | | 23 | | | | | | | | | | | | 3,149,689 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 31 | | | | | | | | | | | | 5,626,324 | | | | | |

| New York | | | | | | 16 | | | | | | | | | | | | 986,344 | | | | | | | | | | | | 10 | | | | | | | | | | | | 970,800 | | | | | | | | | | | | 26 | | | | | | | | | | | | 1,957,144 | | | | | |

| Pennsylvania | | | | | | 15 | | | | | | | | | | | | 2,215,675 | | | | | | | | | | | | 3 | | | | | | | | | | | | 2,062,761 | | | | | | | | | | | | 18 | | | | | | | | | | | | 4,278,436 | | | | | |

| Tennessee | | | | | | 4 | | | | | | | | | | | | 253,143 | | | | | | | | | | | | 4 | | | | | | | | | | | | 63,909 | | | | | | | | | | | | 8 | | | | | | | | | | | | 317,052 | | | | | |

| Texas | | | | | | 35 | | | | | | | | | | | | 2,587,318 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,838,880 | | | | | | | | | | | | 54 | | | | | | | | | | | | 4,426,198 | | | | | |

| Virginia | | | | | | 14 | | | | | | | | | | | | 1,192,151 | | | | | | | | | | | | 10 | | | | | | | | | | | | 1,659,782 | | | | | | | | | | | | 24 | | | | | | | | | | | | 2,851,933 | | | | | |

| Washington | | | | | | 8 | | | | | | | | | | | | 729,135 | | | | | | | | | | | | 3 | | | | | | | | | | | | 124,815 | | | | | | | | | | | | 11 | | | | | | | | | | | | 853,950 | | | | | |

| Total United States | | | | | | 417 | | | | | | | | | | | | 35,988,060 | | | | | | | | | | | | 117 | | | | | | | | | | | | 16,961,054 | | | | | | | | | | | | 534 | | | | | | | | | | | | 52,949,114 | | | | | |

| Canada | | | | | | 34 | | | | | | | | | | | | 2,462,760 | | | | | | | | | | | | 14 | | | | | | | | | | | | 1,652,793 | | | | | | | | | | | | 48 | | | | | | | | | | | | 4,115,553 | | | | | |

| Total North America | | | | | | 451 | | | | | | | | | | | | 38,450,820 | | | | | | | | | | | | 131 | | | | | | | | | | | | 18,613,847 | | | | | | | | | | | | 582 | | | | | | | | | | | | 57,064,667 | | | | | |

| Australia | | | | | | 46 | | | | | | | | | | | | 2,765,054 | | | | | | | | | | | | 1 | | | | | | | | | | | | 13,885 | | | | | | | | | | | | 47 | | | | | | | | | | | | 2,778,939 | | | | | |

| Austria | | | | | | 2 | | | | | | | | | | | | 4,397 | | | | | | | | | | | | 1 | | | | | | | | | | | | 58,771 | | | | | | | | | | | | 3 | | | | | | | | | | | | 63,168 | | | | | |

| Brazil | | | | | | 38 | | | | | | | | | | | | 2,593,515 | | | | | | | | | | | | 6 | | | | | | | | | | | | 291,280 | | | | | | | | | | | | 44 | | | | | | | | | | | | 2,884,795 | | | | | |

| Colombia | | | | | | 18 | | | | | | | | | | | | 807,344 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 18 | | | | | | | | | | | | 807,344 | | | | | |

| Croatia | | | | | | 2 | | | | | | | | | | | | 57,953 | | | | | | | | | | | | 1 | | | | | | | | | | | | 36,447 | | | | | | | | | | | | 3 | | | | | | | | | | | | 94,400 | | | | | |

| Cyprus | | | | | | 4 | | | | | | | | | | | | 80,278 | | | | | | | | | | | | 2 | | | | | | | | | | | | 46,246 | | | | | | | | | | | | 6 | | | | | | | | | | | | 126,524 | | | | | |

| Czech Republic | | | | | | 6 | | | | | | | | | | | | 136,605 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 6 | | | | | | | | | | | | 136,605 | | | | | |

| Egypt | | | | | | 4 | | | | | | | | | | | | 215,763 | | | | | | | | | | | | 1 | | | | | | | | | | | | 163,611 | | | | | | | | | | | | 5 | | | | | | | | | | | | 379,374 | | | | | |

| England | | | | | | 62 | | | | | | | | | | | | 6,011,592 | | | | | | | | | | | | 17 | | | | | | | | | | | | 552,986 | | | | | | | | | | | | 79 | | | | | | | | | | | | 6,564,578 | | | | | |

| France | | | | | | 27 | | | | | | | | | | | | 2,286,657 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 39 | | | | | | | | | | | | 3,223,143 | | | | | |

| Germany | | | | | | 16 | | | | | | | | | | | | 849,001 | | | | | | | | | | | | 3 | | | | | | | | | | | | 308,504 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,157,505 | | | | | |

| Greece | | | | | | 7 | | | | | | | | | | | | 534,927 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 534,927 | | | | | |

| Hungary | | | | | | 6 | | | | | | | | | | | | 326,037 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 6 | | | | | | | | | | | | 326,037 | | | | | |

| India | | | | | | 119 | | | | | | | | | | | | 5,212,410 | | | | | | | | | | | | 5 | | | | | | | | | | | | 265,364 | | | | | | | | | | | | 124 | | | | | | | | | | | | 5,477,774 | | | | | |

| Indonesia | | | | | | 19 | | | | | | | | | | | | 541,147 | | | | | | | | | | | | 2 | | | | | | | | | | | | 58,965 | | | | | | | | | | | | 21 | | | | | | | | | | | | 600,112 | | | | | |

| Ireland | | | | | | 5 | | | | | | | | | | | | 382,059 | | | | | | | | | | | | 5 | | | | | | | | | | | | 178,558 | | | | | | | | | | | | 10 | | | | | | | | | | | | 560,617 | | | | | |

| Lithuania | | | | | | 3 | | | | | | | | | | | | 85,572 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3 | | | | | | | | | | | | 85,572 | | | | | |

| Mexico | | | | | | 8 | | | | | | | | | | | | 460,519 | | | | | | | | | | | | 8 | | | | | | | | | | | | 585,885 | | | | | | | | | | | | 16 | | | | | | | | | | | | 1,046,404 | | | | | |

| Morocco | | | | | | 7 | | | | | | | | | | | | 662,185 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 662,185 | | | | | |

| Peru | | | | | | 2 | | | | | | | | | | | | 47,265 | | | | | | | | | | | | 3 | | | | | | | | | | | | 321,942 | | | | | | | | | | | | 5 | | | | | | | | | | | | 369,207 | | | | | |

| Philippines | | | | | | 12 | | | | | | | | | | | | 509,853 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 12 | | | | | | | | | | | | 509,853 | | | | | |

| Poland | | | | | | 18 | | | | | | | | | | | | 775,708 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 18 | | | | | | | | | | | | 775,708 | | | | | |

| Arizona | | | | | | 7 | | | | | | | | | | | | 486,528 | | | | | | | | | | | | 6 | | | | | | | | | | | | 1,207,281 | | | | | | | | | | | | 13 | | | | | | | | | | | | 1,693,809 | | | | | |

| California | | | | | | 69 | | | | | | | | | | | | 7,092,102 | | | | | | | | | | | | 9 | | | | | | | | | | | | 942,356 | | | | | | | | | | | | 78 | | | | | | | | | | | | 8,034,458 | | | | | |

| Delaware | | | | | | 3 | | | | | | | | | | | | 236,719 | | | | | | | | | | | | 2 | | | | | | | | | | | | 162,721 | | | | | | | | | | | | 5 | | | | | | | | | | | | 399,440 | | | | | |

| Florida | | | | | | 31 | | | | | | | | | | | | 2,777,184 | | | | | | | | | | | | 1 | | | | | | | | | | | | 119,374 | | | | | | | | | | | | 32 | | | | | | | | | | | | 2,896,558 | | | | | |

| Illinois | | | | | | 12 | | | | | | | | | | | | 1,237,895 | | | | | | | | | | | | 7 | | | | | | | | | | | | 1,309,975 | | | | | | | | | | | | 19 | | | | | | | | | | | | 2,547,870 | | | | | |

| Indiana | | | | | | 4 | | | | | | | | | | | | 290,116 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 4 | | | | | | | | | | | | 290,116 | | | | | |

| Maryland | | | | | | 20 | | | | | | | | | | | | 1,997,098 | | | | | | | | | | | | 1 | | | | | | | | | | | | 19,001 | | | | | | | | | | | | 21 | | | | | | | | | | | | 2,016,099 | | | | | |

| Nevada | | | | | | 9 | | | | | | | | | | | | 227,840 | | | | | | | | | | | | 1 | | | | | | | | | | | | 107,041 | | | | | | | | | | | | 10 | | | | | | | | | | | | 334,881 | | | | | |

| New Jersey | | | | | | 27 | | | | | | | | | | | | 3,375,178 | | | | | | | | | | | | 8 | | | | | | | | | | | | 2,476,635 | | | | | | | | | | | | 35 | | | | | | | | | | | | 5,851,813 | | | | | |

| New York | | | | | | 17 | | | | | | | | | | | | 1,003,191 | | | | | | | | | | | | 10 | | | | | | | | | | | | 970,800 | | | | | | | | | | | | 27 | | | | | | | | | | | | 1,973,991 | | | | | |

| Pennsylvania | | | | | | 20 | | | | | | | | | | | | 2,590,759 | | | | | | | | | | | | 3 | | | | | | | | | | | | 2,062,761 | | | | | | | | | | | | 23 | | | | | | | | | | | | 4,653,520 | | | | | |

| Tennessee | | | | | | 5 | | | | | | | | | | | | 256,743 | | | | | | | | | | | | 4 | | | | | | | | | | | | 63,909 | | | | | | | | | | | | 9 | | | | | | | | | | | | 320,652 | | | | | |

| Texas | | | | | | 37 | | | | | | | | | | | | 2,582,518 | | | | | | | | | | | | 19 | | | | | | | | | | | | 1,838,880 | | | | | | | | | | | | 56 | | | | | | | | | | | | 4,421,398 | | | | | |

| Virginia | | | | | | 17 | | | | | | | | | | | | 1,306,303 | | | | | | | | | | | | 7 | | | | | | | | | | | | 1,165,472 | | | | | | | | | | | | 24 | | | | | | | | | | | | 2,471,775 | | | | | |

| Washington | | | | | | 9 | | | | | | | | | | | | 729,435 | | | | | | | | | | | | 4 | | | | | | | | | | | | 180,228 | | | | | | | | | | | | 13 | | | | | | | | | | | | 909,663 | | | | | |

| Total United States | | | | | | 440 | | | | | | | | | | | | 36,942,130 | | | | | | | | | | | | 115 | | | | | | | | | | | | 16,334,563 | | | | | | | | | | | | 555 | | | | | | | | | | | | 53,276,693 | | | | | |

| Canada | | | | | | 39 | | | | | | | | | | | | 2,769,235 | | | | | | | | | | | | 14 | | | | | | | | | | | | 1,652,793 | | | | | | | | | | | | 53 | | | | | | | | | | | | 4,422,028 | | | | | |

| Total North America | | | | | | 479 | | | | | | | | | | | | 39,711,365 | | | | | | | | | | | | 129 | | | | | | | | | | | | 17,987,356 | | | | | | | | | | | | 608 | | | | | | | | | | | | 57,698,721 | | | | | |

| Australia | | | | | | 46 | | | | | | | | | | | | 2,913,577 | | | | | | | | | | | | 1 | | | | | | | | | | | | 13,885 | | | | | | | | | | | | 47 | | | | | | | | | | | | 2,927,462 | | | | | |

| Austria | | | | | | 1 | | | | | | | | | | | | 2,691 | | | | | | | | | | | | 1 | | | | | | | | | | | | 58,771 | | | | | | | | | | | | 2 | | | | | | | | | | | | 61,462 | | | | | |

| Brazil | | | | | | 42 | | | | | | | | | | | | 2,816,571 | | | | | | | | | | | | 6 | | | | | | | | | | | | 291,280 | | | | | | | | | | | | 48 | | | | | | | | | | | | 3,107,851 | | | | | |

| Colombia | | | | | | 17 | | | | | | | | | | | | 771,479 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 17 | | | | | | | | | | | | 771,479 | | | | | |

| Croatia | | | | | | 1 | | | | | | | | | | | | 26,049 | | | | | | | | | | | | 1 | | | | | | | | | | | | 36,447 | | | | | | | | | | | | 2 | | | | | | | | | | | | 62,496 | | | | | |

| Cyprus | | | | | | 2 | | | | | | | | | | | | 51,118 | | | | | | | | | | | | 2 | | | | | | | | | | | | 46,246 | | | | | | | | | | | | 4 | | | | | | | | | | | | 97,364 | | | | | |

| Czech Republic | | | | | | 7 | | | | | | | | | | | | 138,788 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 138,788 | | | | | |

| Egypt | | | | | | 3 | | | | | | | | | | | | 113,506 | | | | | | | | | | | | 1 | | | | | | | | | | | | 163,611 | | | | | | | | | | | | 4 | | | | | | | | | | | | 277,117 | | | | | |

| England | | | | | | 66 | | | | | | | | | | | | 5,615,341 | | | | | | | | | | | | 17 | | | | | | | | | | | | 552,986 | | | | | | | | | | | | 83 | | | | | | | | | | | | 6,168,327 | | | | | |

| France | | | | | | 26 | | | | | | | | | | | | 2,150,804 | | | | | | | | | | | | 12 | | | | | | | | | | | | 936,486 | | | | | | | | | | | | 38 | | | | | | | | | | | | 3,087,290 | | | | | |

| Germany | | | | | | 17 | | | | | | | | | | | | 852,231 | | | | | | | | | | | | 3 | | | | | | | | | | | | 308,504 | | | | | | | | | | | | 20 | | | | | | | | | | | | 1,160,735 | | | | | |

| Greece | | | | | | 10 | | | | | | | | | | | | 903,245 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10 | | | | | | | | | | | | 903,245 | | | | | |

| Hungary | | | | | | 7 | | | | | | | | | | | | 345,645 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 345,645 | | | | | |

| India | | | | | | 81 | | | | | | | | | | | | 4,038,809 | | | | | | | | | | | | 3 | | | | | | | | | | | | 226,432 | | | | | | | | | | | | 84 | | | | | | | | | | | | 4,265,241 | | | | | |

| Indonesia | | | | | | 18 | | | | | | | | | | | | 527,746 | | | | | | | | | | | | 2 | | | | | | | | | | | | 58,965 | | | | | | | | | | | | 20 | | | | | | | | | | | | 586,711 | | | | | |

| Ireland | | | | | | 7 | | | | | | | | | | | | 413,662 | | | | | | | | | | | | 5 | | | | | | | | | | | | 178,558 | | | | | | | | | | | | 12 | | | | | | | | | | | | 592,220 | | | | | |

| Lithuania | | | | | | 2 | | | | | | | | | | | | 70,041 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2 | | | | | | | | | | | | 70,041 | | | | | |

| Mexico | | | | | | 8 | | | | | | | | | | | | 430,868 | | | | | | | | | | | | 8 | | | | | | | | | | | | 585,885 | | | | | | | | | | | | 16 | | | | | | | | | | | | 1,016,753 | | | | | |

| Morocco | | | | | | 7 | | | | | | | | | | | | 660,484 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 7 | | | | | | | | | | | | 660,484 | | | | | |

| Peru | | | | | | 2 | | | | | | | | | | | | 47,265 | | | | | | | | | | | | 10 | | | | | | | | | | | | 433,770 | | | | | | | | | | | | 12 | | | | | | | | | | | | 481,035 | | | | | |

| Philippines | | | | | | 13 | | | | | | | | | | | | 427,312 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 13 | | | | | | | | | | | | 427,312 | | | | | |

| Poland | | | | | | 18 | | | | | | | | | | | | 779,173 | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 18 | | | | | | | | | | | | 779,173 | | | | | |

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 25 | | |

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231_g15.jpg)]

The closing price of our common stock on the NYSE on February [removed: 7, 2025] [added: 6, 2026] was [removed: $106.06.][added: $95.78.]

As of February [removed: 7, 2025,] [added: 6, 2026,] there were [removed: 3,444] [added: 2,840] holders of record of our common stock.

See Note [removed: 9] [added: 8] to Notes to Consolidated Financial Statements included in this Annual Report for additional information on dividends declared on our common stock.

We did not sell any unregistered equity securities during the three months ended December 31, [removed: 2024,] [added: 2025,] nor did we repurchase any shares of our common stock during the three months ended December 31, [removed: 2024.][added: 2025.]

| [added: 54] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 57] | | |

As of December 31, [removed: 2024] [added: 2025] (the "Evaluation Date"), we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures.

Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

| [removed: 58] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 55] | | |

We have audited the internal control over financial reporting of Iron Mountain Incorporated and subsidiaries (the "Company") as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 14, 2025,] [added: 12, 2026,] expressed an unqualified opinion on those financial statements.

| [added: 56] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 59] | | |

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended December 31, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

February 12, 2026

February 14, 2025

On December 19, 2025, Ms. Mithu Bhargava, our Executive Vice President and General Manager, Digital Business Unit, adopted a 10b5-1 trading plan to sell 100% of the net shares to be acquired upon vesting of 32,295 gross performance units ("PUs"), as adjusted based on the actual performance results of such PUs, between March 19, 2026 and December 31, 2026.

Ms. Bhargava´s plan will terminate on the earlier of December 31, 2026 and the date that all trades under the plan are completed.

This arrangement was entered into during an open trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act of 1934.

During the three months ended December 31, 2024, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

| [removed: 60] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 57] | | |

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231_g23.jpg)]

The Company has adopted its Insider Trading Policy containing insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company’s securities by [removed: the Company or] its directors, officers and employees that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company.

A copy of the Insider Trading Policy is [removed: filed hereto as Exhibit 19.1] [added: incorporated by reference] to [removed: this] [added: our 2024] Annual Report on Form [removed: 10-K.][added: 10-K, filed with the SEC on February 14, 2025.]

While the Company has not adopted a formal policy governing insider trading restrictions on the Company itself, the Company will observe similar procedures and restrictions, including those relating to the possession of material non-public information, with respect to transactions by the Company in its securities, including repurchases of common stock.

| [removed: 62] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 59 | | |]

][added: breaker.jpg](https://www.sec.gov/Archives/edgar/data/1020569/000102056926000013/irm-20251231_g24.jpg)]

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| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | | | [removed: [65](#idba768b3a505458b98107b519110e4d2_172)] [added: [62](#iedd667d4faf242cdb7c30fae0f3b3780_160)] | | |

| [Consolidated Balance [removed: Sheets,](#idba768b3a505458b98107b519110e4d2_175)] [added: Sheets,](#iedd667d4faf242cdb7c30fae0f3b3780_163)] December 31, [added: 2025 [and](#iedd667d4faf242cdb7c30fae0f3b3780_163)] 2024 [removed: [and](#idba768b3a505458b98107b519110e4d2_175) 2023] | | | [removed: [67](#idba768b3a505458b98107b519110e4d2_175)] [added: [64](#iedd667d4faf242cdb7c30fae0f3b3780_163)] | | |

| [Consolidated Statements of Operations, Years [removed: Ended](#idba768b3a505458b98107b519110e4d2_178)] [added: Ended](#iedd667d4faf242cdb7c30fae0f3b3780_166)] December 31, [removed: 2024[,](#idba768b3a505458b98107b519110e4d2_178)] [added: 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_166) 2024 [and](#iedd667d4faf242cdb7c30fae0f3b3780_166)] 2023 [removed: [and](#idba768b3a505458b98107b519110e4d2_178) 2022] | | | [removed: [68](#idba768b3a505458b98107b519110e4d2_178)] [added: [65](#iedd667d4faf242cdb7c30fae0f3b3780_166)] | | |

| [Consolidated Statements of Comprehensive Income (Loss), Years [removed: Ended](#idba768b3a505458b98107b519110e4d2_184)] [added: Ended](#iedd667d4faf242cdb7c30fae0f3b3780_172)] December 31, [removed: 2024[,](#idba768b3a505458b98107b519110e4d2_184)] [added: 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_172) 2024 [and](#iedd667d4faf242cdb7c30fae0f3b3780_172)] 2023 [removed: [and](#idba768b3a505458b98107b519110e4d2_184) 2022] | | | [removed: [69](#idba768b3a505458b98107b519110e4d2_184)] [added: [66](#iedd667d4faf242cdb7c30fae0f3b3780_172)] | | |

| [Consolidated Statements [removed: of](#idba768b3a505458b98107b519110e4d2_187) [(](#idba768b3a505458b98107b519110e4d2_187)[Deficit)](#idba768b3a505458b98107b519110e4d2_187) [Equity,] [added: of (Deficit) Equity,] Years [removed: Ended](#idba768b3a505458b98107b519110e4d2_187)] [added: Ended](#iedd667d4faf242cdb7c30fae0f3b3780_175)] December 31, [removed: 2024[,](#idba768b3a505458b98107b519110e4d2_187)] [added: 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_175) 2024 [and](#iedd667d4faf242cdb7c30fae0f3b3780_175)] 2023 [removed: [and](#idba768b3a505458b98107b519110e4d2_187) 2022] | | | [removed: [70](#idba768b3a505458b98107b519110e4d2_187)] [added: [67](#iedd667d4faf242cdb7c30fae0f3b3780_175)] | | |

| [Consolidated Statements of Cash Flows, Years [removed: Ended](#idba768b3a505458b98107b519110e4d2_190)] [added: Ended](#iedd667d4faf242cdb7c30fae0f3b3780_178)] December 31, [removed: 2024[,](#idba768b3a505458b98107b519110e4d2_190)] [added: 2025[,](#iedd667d4faf242cdb7c30fae0f3b3780_178) 2024 [and](#iedd667d4faf242cdb7c30fae0f3b3780_178)] 2023 [removed: [and](#idba768b3a505458b98107b519110e4d2_190) 2022] | | | [removed: [71](#idba768b3a505458b98107b519110e4d2_190)] [added: [68](#iedd667d4faf242cdb7c30fae0f3b3780_178)] | | |

| [Notes to Consolidated Financial [removed: Statements](#idba768b3a505458b98107b519110e4d2_193)] [added: Statements](#iedd667d4faf242cdb7c30fae0f3b3780_181)] | | | [removed: [72](#idba768b3a505458b98107b519110e4d2_193)] [added: [69](#iedd667d4faf242cdb7c30fae0f3b3780_181)] | | |

| [Financial Statement Schedule III—Schedule of Real Estate and Accumulated [removed: Depreciation](#idba768b3a505458b98107b519110e4d2_331)] [added: Depreciation](#iedd667d4faf242cdb7c30fae0f3b3780_310)] | | | [removed: [124](#idba768b3a505458b98107b519110e4d2_331)] [added: [120](#iedd667d4faf242cdb7c30fae0f3b3780_310)] | | |

| [removed: 64] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 61] | | |

We have audited the accompanying consolidated balance sheets of Iron Mountain Incorporated and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), (deficit) equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 14, 2025,] [added: 12, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

| [added: 62] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [removed: 65] | | |

The determination of the fair value using the Discounted Cash Flow Model requires management to make significant assumptions related to future revenue growth [removed: rates, operating margins,] [added: rates] and discount rates.

The goodwill balance allocated to the Asset Lifecycle Management reporting unit was [removed: $748.0] [added: $781.1] million as of October 1, [removed: 2024] [added: 2025] (goodwill impairment [removed: testing] [added: measurement] date).

Performing audit procedures to evaluate the reasonableness of management’s estimates and assumptions related to selection of the discount rate and forecasts of future revenue [removed: and operating margin] of the Asset Lifecycle Management reporting unit required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

The key assumptions include future revenue growth [removed: rates, operating margins,] [added: rates] and the selection of the discount rate.

- We evaluated the reasonableness of the revenue growth rates [removed: and operating margins] presented within management’s Discounted Cash Flow Model by comparing it to (1) historical results, (2) internal communications to management and the Board of Directors, and (3) forecasted information included in Company press releases and industry reports in which Asset Lifecycle Management operates.

| [removed: 66] | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | [added: 63] | | |

[added: | 64 | | |] IRON MOUNTAIN [removed: INCORPORATED][added: 2025 FORM 10-K | | | | | |]

| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash and [removed: cash equivalents |] [added: Cash Equivalents, Beginning of Year] | | [removed: $] | 155,716 | | | | | [removed: $] | 222,789 | | [added: | | | | 141,797 | | |]

| Accounts receivable (less allowances of [removed: $86,712] [added: $107,838] and [removed: $74,762] [added: $86,712] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively) | | | [removed: 1,291,379] [added: 1,443,669] | | | | | | [removed: 1,259,826] [added: 1,291,379] | | |

| Prepaid expenses and other | | | [removed: 244,127] [added: 332,779] | | | | | | [removed: 252,930] [added: 244,127] | | |

| Total Current Assets | | | [removed: 1,691,222] [added: 1,934,983] | | | | | | [removed: 1,735,545] [added: 1,691,222] | | |

| Property, plant and equipment | | | [removed: 11,985,997] [added: 14,457,335] | | | | | | [removed: 10,373,989] [added: 11,985,997] | | |

| Less—Accumulated depreciation | | | [removed: (4,354,398)] [added: (4,911,010)] | | | | | | [removed: (4,059,120)] [added: (4,354,398)] | | |

| Property, Plant and Equipment, Net | | | [removed: 7,631,599] [added: 9,546,325] | | | | | | [removed: 6,314,869] [added: 7,631,599] | | |

| Goodwill | | | [removed: 5,083,817] [added: 5,285,801] | | | | | | [removed: 5,017,912] [added: 5,083,817] | | |

| Customer and supplier relationships and other intangible assets | | | [removed: 1,274,731] [added: 1,269,607] | | | | | | [removed: 1,279,800] [added: 1,274,731] | | |

| Operating lease right-of-use assets | | | [removed: 2,489,893] [added: 2,465,196] | | | | | | [removed: 2,696,024] [added: 2,489,893] | | |

| Other | | | [removed: 545,853] [added: 623,107] | | | | | | [removed: 429,652] [added: 545,853] | | |

| Total Other Assets, Net | | | [removed: 9,394,294] [added: 9,643,711] | | | | | | [removed: 9,423,388] [added: 9,394,294] | | |

| Total Assets | | | $ | [removed: 18,717,115] [added: 21,125,019] | | | | | $ | [removed: 17,473,802] [added: 18,717,115] | |

| Current portion of long-term debt | | | $ | [removed: 715,109] [added: 216,074] | | | | | $ | [removed: 120,670] [added: 715,109] | |

| Accounts payable | | | [removed: 678,716] [added: 710,662] | | | | | | [removed: 539,594] [added: 678,716] | | |

| Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | | | [removed: 1,366,568] [added: 1,290,669] | | | | | | [removed: 1,250,259] [added: 1,366,568] | | |

| Deferred revenue | | | [removed: 326,882] [added: 402,091] | | | | | | [removed: 325,665] [added: 326,882] | | |

| Total Current Liabilities | | | [removed: 3,087,275] [added: 2,619,496] | | | | | | [removed: 2,236,188] [added: 3,087,275] | | |

| Long-term Debt, net of current portion | | | [removed: 13,003,977] [added: 16,215,885] | | | | | | [removed: 11,812,500] [added: 13,003,977] | | |

February 12, 2026

| | | | 2025 | | | | | | 2024 | | |

| Cash and cash equivalents | | | $ | 158,535 | | | | | $ | 155,716 | |

| Property, Plant and Equipment: | | | | | | | | | | | |

| Other comprehensive income (loss) | | | 200,944 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 200,944 | | | | | | — | | | | | | | | | 670 | | |

| Net income (loss) | | | 153,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | 144,591 | | | | | | — | | | | | | 8,928 | | | | | | | | | (1,265) | | |

| Balance, December 31, 2025 | | | $ | (709,331) | | | | | 295,788,645 | | | | | | $ | 2,958 | | | | | $ | 4,790,190 | | | | | $ | (5,405,147) | | | | | $ | (369,008) | | | | | $ | 271,676 | | | | | | | | $ | 64,423 | |

| Net income (loss) | | | $ | 152,254 | | | | | $ | 183,666 | | | | | $ | 187,263 | |

DECEMBER 31, 2025

Certain items previously reported under specific captions within Note 2.i.

DECEMBER 31, 2025

| 2025 | | | $ | 86,712 | | | | | $ | 98,594 | | | | | $ | 56,675 | | | | | $ | (134,143) | | | | | $ | 107,838 | |

DECEMBER 31, 2025

| DESCRIPTION | | | 2025 | | | | | | 2024 | | |

| Software | | | 1 to 7 | | |

| DESCRIPTION | | | 2025 | | | | | | 2024 | | |

| Furniture and fixtures and computer hardware | | | 387,754 | | | | | | 331,856 | | |

| Software | | | 569,987 | | | | | | 465,689 | | |

DECEMBER 31, 2025

Major improvements to buildings under financing leases are capitalized as building improvements and depreciated.

DECEMBER 31, 2025

| DESCRIPTION | | | 2025 | | | | | | 2024 | | |

DECEMBER 31, 2025

| 2026 | | | $ | 506,526 | | | | | $ | (3,929) | | | | | $ | 84,725 | |

| 2027 | | | 473,605 | | | | | | (3,481) | | | | | | 74,103 | | |

| 2028 | | | 419,147 | | | | | | (2,586) | | | | | | 109,804 | | |

| 2029 | | | 371,756 | | | | | | (1,663) | | | | | | 60,671 | | |

| 2030 | | | 320,583 | | | | | | (840) | | | | | | 134,421 | | |

| Thereafter | | | 1,602,141 | | | | | | (240) | | | | | | 204,290 | | |

| Total minimum lease payments (receipts) | | | 3,693,758 | | | | | | $ | (12,739) | | | | | 668,014 | | |

| Present value of lease obligations | | | $ | 2,619,577 | | | | | | | | | | | $ | 527,199 | |

DECEMBER 31, 2025

| Loss (gain) on disposal/write-down of property, plant and equipment, net | | | $ | 24,641 | | $ | 6,196 | | $ | (12,825) | |

DECEMBER 31, 2025

| 2025 | | | 2024 | | | | | | | | |

DECEMBER 31, 2025

| Currency effects | | | 108,680 | | | | | | 13,403 | | | | | | 3,716 | | | | | | 125,799 | | |

| Goodwill balance, net of accumulated amortization, as of December 31, 2025 | | | $ | 3,973,406 | | | | | $ | 482,864 | | | | | $ | 829,531 | | | | | $ | 5,285,801 | |

DECEMBER 31, 2025

| | | | DECEMBER 31, 2025 | | | | | | | | | | | | DECEMBER 31, 2024 | | | | | | | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

Part IV

February 14, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance, December 31, 2021 | | | $ | 857,068 | | | | | 289,757,061 | | | | | | $ | 2,898 | | | | | $ | 4,412,553 | | | | | $ | (3,221,152) | | | | | $ | (338,347) | | | | | $ | 1,116 | | | | | | | | $ | 72,411 | |

| Net income (loss) | | | 557,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | 556,981 | | | | | | — | | | | | | 362 | | | | | | | | | 4,806 | | |

| Redemption of noncontrolling Interests | | | (4,519) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,519) | | | | | | | | | — | | |

| Loss on deconsolidation | | | — | | | | | | — | | | | | | 105,825 | | |

| Loss (gain) associated with the Clutter transactions | | | — | | | | | | 38,000 | | | | | | (35,821) | | |

| Cash and Cash Equivalents, Beginning of Year | | | 222,789 | | | | | | 141,797 | | | | | | 255,828 | | |

A.

B.

C.

D.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2022 | | | 62,009 | | | | | | 62,891 | | | | | | 13,666 | | | | | | (84,423) | | | | | | 54,143 | | |

| Computer hardware and software | | | 2 to 7 | | |

| Furniture and fixtures | | | 45,918 | | | | | | 46,094 | | |

| Computer hardware and software | | | 751,627 | | | | | | 601,273 | | |

| 2025 | | | $ | 479,248 | | | | | $ | (5,471) | | | | | $ | 143,971 | |

| 2026 | | | 447,698 | | | | | | (3,469) | | | | | | 55,849 | | |

| 2027 | | | 409,142 | | | | | | (2,980) | | | | | | 45,534 | | |

| 2028 | | | 364,352 | | | | | | (2,135) | | | | | | 81,501 | | |

| 2029 | | | 327,061 | | | | | | (1,331) | | | | | | 33,958 | | |

| Thereafter | | | 1,669,671 | | | | | | (1,402) | | | | | | 125,841 | | |

| Total minimum lease payments (receipts) | | | 3,697,172 | | | | | | $ | (16,788) | | | | | 486,654 | | |

| Present value of lease obligations | | | $ | 2,650,226 | | | | | | | | | | | $ | 406,841 | |

| Europe RIM | | | 541,860 | | | | | |

| MENATSA RIM | | | 26,502 | | | | | |

| Latin America RIM | | | 120,119 | | | | | |

| APAC RIM | | | 496,944 | | | | | |

| Entertainment Services | | | 32,427 | | | | | |

| | | | ALM | | | 579,502 | | |

| Total | | | | | | $ | 5,017,912 | |

2024 REPORTING UNIT CHANGES

| | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | 135 | | |

| [removed: 3.1] [added: 3.3] | | | | | | [Certificate of [removed: Incorporation] [added: Amendment] of the [removed: Company, as filed with the Delaware Secretary] [added: Certificate] of [removed: State on June 26, 2014, as amended on] [added: Incorporation, effective] May 31, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1020569/000102056924000115/irm-20240419.htm) *(Incorporated by reference to Annex A [removed: of] [added: to] the [removed: Iron Mountain Incorporated] [added: Company's] Proxy Statement for the [added: 2024] Annual Meeting of Stockholders, filed with the SEC on April 19, 2024.)* | | |

| 3.2 | | | | | | [Certificate of Merger, [removed: filed by] [added: amending] the [removed: Company, effective as] [added: Certificate] of [added: Incorporation, effective] January 20, [removed: 2015.](http://www.sec.gov/Archives/edgar/data/1020569/000110465915003541/a15-2519_1ex3d2.htm)] [added: 2015.](https://www.sec.gov/Archives/edgar/data/1020569/000110465915003541/a15-2519_1ex3d2.htm)] *(Incorporated by reference to [added: Exhibit 3.2 to] the [removed: Company’s Current Report on] [added: Company's] Form [removed: 8‑K dated] [added: 8-K filed with the SEC on] January 21, 2015.)* | | |

| [removed: 3.3] [added: 3.4] | | | | | | [Bylaws of the [removed: Company](https://www.sec.gov/Archives/edgar/data/1020569/000102056923000124/irm-amendedbylawsmay9202.htm).] [added: Company, effective May 9, 2023](https://www.sec.gov/Archives/edgar/data/1020569/000102056923000124/irm-amendedbylawsmay9202.htm).] *(Incorporated by reference to [added: Exhibit 3.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] May 12, [removed: 2023)*] [added: 2023.)*] | | |

| 4.1 | | | | | | [Senior Indenture, dated as of September 18, 2017, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 4.875% Senior Notes due [removed: 2027.](http://www.sec.gov/Archives/edgar/data/1020569/000110465917057657/a17-22158_1ex4d1.htm)] [added: 2027.](https://www.sec.gov/Archives/edgar/data/1020569/000110465917057657/a17-22158_1ex4d1.htm)] *(Incorporated by reference to [added: Exhibit 4.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] September 18, 2017.)* | | |

| 4.2 | | | | | | [Senior Indenture, dated as of November 13, 2017, among the Company, the Guarantors named therein, Wells Fargo Bank, National Association, as trustee, and Société Générale Bank & Trust, as paying agent, registrar and transfer agent, relating to the 3.875% GBP Senior Notes due [removed: 2025.](http://www.sec.gov/Archives/edgar/data/1020569/000110465917068851/a17-26455_1ex4d1.htm)] [added: 2025.](https://www.sec.gov/Archives/edgar/data/1020569/000110465917068851/a17-26455_1ex4d1.htm)] *(Incorporated by reference to [added: Exhibit 4.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] November [removed: 13,] [added: 15,] 2017.)* | | |

| 4.3 | | | | | | [Senior Indenture, dated as of December 27, 2017, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 5.25% Senior Notes due [removed: 2028.](http://www.sec.gov/Archives/edgar/data/1020569/000110465917075424/a17-28958_1ex4d1.htm)] [added: 2028.](https://www.sec.gov/Archives/edgar/data/1020569/000110465917075424/a17-28958_1ex4d1.htm)] *(Incorporated by reference to [added: Exhibit 4.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] December [removed: 27,] [added: 28,] 2017.)* | | |

| 4.4 | | | | | | [Senior Indenture, dated as of September 9, 2019, among the Company, the Subsidiary Guarantors and Wells Fargo Bank, National Association, as trustee, relating to the 4.875% Senior Notes due 2029.](https://www.sec.gov/Archives/edgar/data/1020569/000141057819001154/tv529083_ex4-1.htm) (*Incorporated by reference to [added: Exhibit 4.1 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] September [removed: 9,] [added: 10,] 2019.)* | | |

| 4.5 | | | | | | [Senior Indenture, dated as of June 22, 2020, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 5.000% Senior Notes due [removed: 2028](http://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-1.htm).] [added: 2028](https://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-1.htm).] *(Incorporated by reference to [added: Exhibit 4.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] June 22, 2020.)* | | |

| 4.6 | | | | | | [Senior Indenture, dated as of June 22, 2020, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 5.250% Senior Notes due [removed: 2030.](http://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-2.htm) *[](http://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-2.htm)(Incorporated] [added: 2030.](https://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-2.htm) *[](https://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-2.htm)(Incorporated] by reference to [added: Exhibit 4.2 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] June 22, 2020.)* | | |

| 4.7 | | | | | | [Senior Indenture, dated as of June 22, 2020, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 5.625% Senior Notes due [removed: 2032.](http://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-3.htm)] [added: 2032.](https://www.sec.gov/Archives/edgar/data/1020569/000110465920075625/tm2022997d1_ex4-3.htm)] *(Incorporated by reference to [added: Exhibit 4.3 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] June 22, 2020.)* | | |

| 4.8 | | | | | | [Senior Indenture, dated as of August 18, 2020, among the Company, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, relating to the 4.500% Senior Notes due [removed: 2031.](http://www.sec.gov/Archives/edgar/data/1020569/000110465920096555/tm2028825d1_ex4-1.htm)] [added: 2031.](https://www.sec.gov/Archives/edgar/data/1020569/000110465920096555/tm2028825d1_ex4-1.htm)] *(Incorporated by reference to [added: Exhibit 4.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] August 18, 2020.)* | | |

| 4.9 | | | | | | [Senior Indenture, dated as of December 28, 2021, among the Issuer, the Company, the Subsidiary Guarantors named therein and Computershare Trust Company, N.A. as trustee, relating to the [removed: 5.00%] [added: 5.000%] Senior Notes due 2032.](https://www.sec.gov/Archives/edgar/data/1020569/000110465921153937/tm2136414d1_ex4-1.htm) *(Incorporated by reference to [added: Exhibit 4.1 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] December 28, 2021.)* | | |

| 4.10 | | | | | | [2029 Senior Notes Indenture, dated as of May 15, 2023, among the Company, the Subsidiary Guarantors and Computershare Trust Company, N.A., as trustee, relating to the [removed: 7%] [added: 7.000%] Senior Notes due 2029.](https://www.sec.gov/Archives/edgar/data/1020569/000110465923060888/tm2315825d1_ex4-1.htm) (*Incorporated by reference to [added: Exhibit 4.1 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] May 15, 2023*.) | | |

| 4.11 | | | | | | [Senior Indenture, dated as of December 6, 2024, among the Issuer, the Company, the Subsidiary Guarantors named therein and Computershare Trust Company, N.A. as trustee, relating to the 6.25% Senior Notes due 2033.](https://www.sec.gov/Archives/edgar/data/1020569/000110465924126301/tm2430275d1_ex4-1.htm)(*Incorporated by reference to [added: Exhibit 4.1 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] December 6, 2024*.) | | |

| [removed: 4.12] [added: 4.13] | | | | | | [Form of Stock Certificate representing shares of Common Stock, $0.01 par value per share, of the Company.](https://www.sec.gov/Archives/edgar/data/1020569/000110465915003541/a15-2519_1ex4d2.htm) *(Incorporated by reference to [added: Exhibit 4.2 to] the Company’s [removed: Current Report on] Form 8‑K [removed: dated] [added: filed with the SEC on] January 21, 2015.)* | | |

| [removed: 4.13] [added: 4.14] | | | | | | [Description of Securities.](https://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex4-16.htm) (*Incorporated by reference to [added: Exhibit 4.16 to] the Company's [removed: Annual Report on] Form 10-K for the year ended December 31, [removed: 2019*.)] [added: 2019, filed with the SEC on February 13, 2020*.)] | | |

| 10.1 | | | | | | [2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746908002061/a2183111zex-10_1.htm) (#) *(Incorporated by reference to [added: Exhibit 10.1 to] the Company’s [removed: Annual Report on] Form 10‑K for the year ended December 31, [removed: 2007.)*] [added: 2007, filed with the SEC on February 29, 2008.)*] | | |

| 10.2 | | | | | | [First Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000104746909002067/a2191140zex-10_2.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746909002067/a2191140zex-10_2.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.2 to] the Company’s [removed: Annual Report on] Form 10‑K for the year ended December 31, [removed: 2008.)*] [added: 2008, filed with the SEC on March 2, 2009.)*] | | |

| 10.3 | | | | | | [Second Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex102.htm) (#) *(Incorporated by reference to [added: Exhibit 10.2 to] the Company’s [removed: Quarterly Report on] Form 10‑Q for the quarter ended September 30, [added: 2024, filed with the SEC on November 6,] 2024.)* | | |

| 10.4 | | | | | | [Third Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746912007635/a2210421zex-10_2.htm) (#) *(Incorporated by reference to [added: Exhibit 10.2 to] the Company’s [removed: Quarterly Report on] Form 10‑Q for the quarter ended June 30, [added: 2012, filed with the SEC on August 1,] 2012.)* | | |

| 10.5 | | | | | | [Fourth Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746913002039/a2213054zex-10_4.htm) (#) *(Incorporated by reference to [added: Exhibit 10.4 to] the Company’s [removed: Annual Report on] Form 10‑K for the year ended December 31, [removed: 2012.)*] [added: 2012, filed with the SEC on March 1, 2013.)*] | | |

| 136 | | | IRON MOUNTAIN [removed: 2024] [added: 2025] FORM 10-K | | | | | |

| 10.6 | | | | | | [Fifth Amendment to 2008 Restatement of the Iron Mountain Incorporated Executive Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056924000255/irm20240930-ex103.htm) (#) *(Incorporated by reference to [added: Exhibit 10.2 to] the Company’s [removed: Quarterly Report on] Form 10‑Q for the quarter ended September 30, [added: 2024, filed with the SEC on November 6,] 2024.)* | | |

| [removed: 10.9] [added: 10.13] | | | | | | [removed: [Third] [added: [Fourth] Amendment to the Iron Mountain Incorporated [removed: 2002] [added: 2014] Stock [added: and Cash] Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000090873708000174/ex10-1.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000145/a8-kexh.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.1 to] the [removed: Company’s Current Report on] [added: Company's] Form 8-K [removed: dated] [added: filed with the SEC on] June [removed: 11, 2008.)*] [added: 4, 2025.)*] | | |

| [removed: 10.13] [added: 10.7] | | | | | | [Iron Mountain Incorporated 2013 Employee Stock Purchase [removed: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000110465913032188/a13-1656_3defa14a.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746913004771/a2214453zdef14a.htm)] (#) *(Incorporated by reference to Appendix A to the Company's Proxy Statement for the [added: 2013] Annual Meeting of Stockholders, filed with the SEC on April 24, 2013.)* | | |

| [removed: 10.14] [added: 10.8] | | | | | | [First Amendment to the Iron Mountain Incorporated 2013 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056921000165/exhibit102-esppamendment.htm) (#) *(Incorporated by reference to [added: Exhibit 10.2 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] May 17, 2021.)* | | |

| [removed: 10.15] [added: 10.9] | | | | | | [Iron Mountain Incorporated 2014 Stock and Cash Incentive [removed: Plan.](https://www.sec.gov/Archives/edgar/data/0001020569/000104746914010080/a2222572zdefm14a.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000104746914010080/a2222572zdefm14a.htm#hs15201_annex_c)] (#) *(Incorporated by reference to Annex C to the Iron Mountain Incorporated Proxy Statement for the Special Meeting of Stockholders, filed with the SEC on December 23, 2014.)* | | |

| [removed: 10.16] [added: 10.10] | | | | | | [First Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000110465917036181/a17-14040_1ex10d1.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000110465917036181/a17-14040_1ex10d1.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.1 to] the Company’s [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] May [removed: 23,] [added: 30,] 2017.)* | | |

| [removed: 10.17] [added: 10.11] | | | | | | [Second Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1020569/000102056918000118/irm2018930-ex101.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1020569/000102056918000118/irm2018930-ex101.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.1 to] the Company’s [removed: Quarterly Report on] Form 10-Q for the quarter ended September 30, [added: 2018, filed with the SEC on October 25,] 2018.)* | | |

| [removed: 10.18] [added: 10.12] | | | | | | [Third Amendment to the Iron Mountain Incorporated 2014 Stock and Cash Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/0001020569/000102056921000165/exhibit101-2014scipamendme.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/0001020569/000102056921000165/exhibit101-2014scipamendme.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.1 to] the Company's [removed: Current Report on] Form 8-K [removed: dated] [added: filed with the SEC on] May 17, 2021.)* | | |

| 10.20 | | | | | | [Form of [added: Stock Option Form of Stock Option Agreement pursuant to the] Iron Mountain Incorporated [removed: Incentive] [added: 2014] Stock [removed: Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_10.txt)] [added: and Cash Incentive Plan (version 4).](https://www.sec.gov/Archives/edgar/data/1020569/000102056920000029/irm2019ex10-32.htm)] (#) [removed: *(Incorporated] [added: (*Incorporated] by reference to [added: Exhibit 10.32 to] the [removed: Company’s Annual Report on] [added: Company's] Form [removed: 10‑K] [added: 10-K] for the year ended December 31, [removed: 2004.)*] [added: 2019, filed with the SEC on February 13, 2020*.)] | | |

| 10.21 | | | | | | [Form of [added: Stock Option Agreement pursuant to the] Iron Mountain Incorporated [removed: 1995] [added: 2014] Stock [added: and Cash] Incentive Plan [removed: Non‑Qualified Stock Option Agreement] (version [removed: 1).](https://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_11.txt) (#) *(Incorporated] [added: 5).](https://www.sec.gov/Archives/edgar/data/1020569/000102056922000035/exhibit1037optionawardag.htm) *(#) (Incorporated] by reference to [added: Exhibit 10.37 to] the Company’s [removed: Annual Report on] Form 10‑K for the year ended December 31, [removed: 2004.)*] [added: 2021, filed with the SEC on February 24, 2022.)*] | | |

| 10.22 | | | | | | [Form of [added: Stock Option Agreement pursuant to the] Iron Mountain Incorporated [removed: 1995] [added: 2014] Stock [added: and Cash] Incentive Plan [removed: Amended and Restated Iron Mountain Non‑Qualified Stock Option Agreement.](http://www.sec.gov/Archives/edgar/data/1020569/000104746905006702/a2152867zex-10_12.txt)] [added: (version 6).](https://www.sec.gov/Archives/edgar/data/1020569/000102056925000040/irm2024ex-1042.htm)] (#) *(Incorporated by reference to [added: Exhibit 10.42 to] the [removed: Company’s Annual Report on] [added: Company's] Form [removed: 10‑K] [added: 10-K] for the year ended December 31, [removed: 2004.)*] [added: 2024, filed with the SEC on February 14, 2025.)*] | | |