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Iron Mountain IRM Storage rental — Variable lease payments

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Other financials

Income statement

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Revenue$1.9B+21.6%
Gross profit$1.0B+18.6%
Operating income$395.2M+55.4%
Net income$149.0M+818%
EPS (diluted)$0.48+860%

Balance sheet

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Cash & equivalents$250.7M+61.4%
Total debt$20.2B+13.6%
Total equity-$1.2B-73.9%
Total assets$21.5B+11.0%

Cash flow

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Operating cash flow$338.6M+71.6%
CapEx$518.0M-23.2%
Free cash flow-$179.5M+62.4%

Valuation

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Market cap$37.58B+17.1%
Enterprise value$57.51B+13.9%
P/E131.9×-583×
P/S5.2×+0.2×

Profitability

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Gross margin55%-1.0pp
Operating margin18%+1.8pp
Net margin3.9%+2.0pp
FCF margin-8.7%-2.2pp

Returns & leverage

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Return on equity70.5%-19.4pp
Debt / equity855.6×+830×
Current ratio0.8×+0.2×

Where this comes from

Reported directly by Iron Mountain in its filing.

Tagged under the XBRL concept us-gaap:VariableLeasePayment.

The official record: Iron Mountain’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Iron Mountain's storage rental — variable lease payments?
Iron Mountain (IRM) reported storage rental — variable lease payments of $59.9M in Q1 2026.
How has Iron Mountain's storage rental — variable lease payments changed year-over-year?
Iron Mountain's storage rental — variable lease payments increased by 74.1% year-over-year, from $34.4M to $59.9M.
What does storage rental — variable lease payments mean?
This metric captures additional lease-related income that fluctuates based on usage, performance, or specific contractual triggers rather than fixed rental rates. It provides insight into the variable component of the company's revenue model, often tied to high-activity periods or specific service-level agreements. Monitoring this helps investors understand the sensitivity of the storage segment to operational volume and client-specific activity levels.