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Iron Mountain IRM Operating margin

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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+13.7%
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$37.32B+20.2%
Enterprise value$57.25B+17.4%
P/E130.9×-122×
P/S5.2×+0.2×

Profitability

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Gross margin55%-1.0pp
Net margin3.9%+2.0pp

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

Calculated from Iron Mountain’s reported figures.

Based on trailing twelve months.

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 operating margin?
Iron Mountain (IRM) reported operating margin of 18% in Q1 2026.
How has Iron Mountain's operating margin changed year-over-year?
Iron Mountain's operating margin increased by 10.8% year-over-year, from 16.3% to 18%.
What is the long-term trend for Iron Mountain's operating margin?
Over 4 years (2021 to 2025), Iron Mountain's operating margin has grown at a -8.3% compound annual growth rate (CAGR), from 93.5% to 66%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.