Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2025

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to

Commission file number 1-13045

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IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)

Delaware23-2588479
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

85 New Hampshire Avenue, Suite 150, Portsmouth, New Hampshire 03801

(Address of Principal Executive Offices, Including Zip Code)

(617) 535-4766

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueIRMNYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2025, the registrant had 295,348,225 outstanding shares of common stock, $.01 par value.

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IRON MOUNTAIN INCORPORATED

2025 FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION
1ITEM 1.Unaudited Condensed Consolidated Financial Statements
2Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024
3Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2025 and 2024
4Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2025 and 2024
5Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024
6Condensed Consolidated Statements of (Deficit) Equity for the Three and Six Months Ended June 30, 2025
7Condensed Consolidated Statements of (Deficit) Equity for the Three and Six Months Ended June 30, 2024
8Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024
9Notes to Condensed Consolidated Financial Statements
27ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
46ITEM 4.Controls and Procedures
PART II—OTHER INFORMATION
48ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
48ITEM 5.Other Information
48ITEM 6.Exhibits
49Signatures

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PART I. FINANCIAL INFORMATION

Next: Item 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS