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Iron Mountain Business Segments

Business, geographic, and product segment breakdowns

Iron Mountain generates $7.2B in annual revenue across 3 key segments: CORPORATE AND OTHER ($920.8M), GLOBAL DATA CENTER BUSINESS ($885.0M), and GLOBAL RIM BUSINESS ($5.4B). The company-wide operating margin is 18.01%. Based on the Q1 2026 filing.

CORPORATE AND OTHER (TTM)$920.8MGLOBAL DATA CENTER BUSINESS (TTM)$885.0MGLOBAL RIM BUSINESS (TTM)$5.4B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$37.2B
P/E Ratio130.66
ROE70.48%

Products & Services

Storage rental revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Records Management$1B$1B$1.1B$1.1B$1.1B$1.2B
Information Destruction$248M$262.6M$297.4M$312.9M$337.5M$382.9M
Data Center$170.2M$173.2M$189.4M$204.1M$236.7M$254.7M
Data Management$124.6M$122.1M$123.9M$134.3M$124.3M$123M

Deferred revenue - Current

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rental Activities$25.5M$21.2M$30.7M$46.5M$41.6M$55.3M

Deferred revenue - Long-term

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rental Activities$95M$101.6M$119.8M$119.5M$141.1M$138.8M

Variable lease payments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Storage rental$32.8K$34.4M———$59.9M

Geographic

Accumulated Depreciation of Real Estate Assets, As Reported on Schedule III

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$47.7M———$59.5M—
Europe$156.7M———$199.3M—
Latin America RIM$69M———$83.8M—
North America$1.2B———$1.3B—

Cost capitalized subsequent to acquisition

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$150.1M———$204.6M—
Europe$293.8M———$489.7M—
Latin America RIM$61.1M———$90.1M—
North America$3.8B———$4.7B—

Encumbrances

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$0———$0—
Europe$0———$0—
Latin America RIM$0———$0—
North America$0———$0—

Facilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific2.753.003.003.003.00—
Europe12.5012.5012.5012.5012.50—
Latin America RIM11.509.759.759.759.75—
North America32.2532.7532.7532.7532.75—

Gross amount carried at close of current period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$356.4M———$409.3M—
Europe$663.6M———$859.5M—
Latin America RIM$178.6M———$206.1M—
North America$5.5B———$6.4B—

Initial cost to company

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia Pacific$51.6M$51.2M$51.2M$51.2M$51.2M—
Europe$92.5M$92.5M$92.5M$92.5M$92.5M—
Latin America RIM$29.4M$29M$29M$29M$29M—
North America$429.6M$433M$433M$433M$433M—

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Remaining Countries$3.6B———$4.4B—

Total Revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Remaining Countries$353M$388.3M$388.3M$388.3M$388.3M—

Business Segments

Accumulated goodwill impairment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$132.4M$132.4M$132.4M$132.4M$132.4M$132.4M
CORPORATE AND OTHER$26M$26M$26M$26M$26M$26M
GLOBAL DATA CENTER BUSINESS$0$0$0$0$0$0

Currency effects

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS-$105.1M$32M$78.1M$0$8.5M-$8.5M
GLOBAL DATA CENTER BUSINESS-$10.3M$5.2M$10.8M——-$5M
CORPORATE AND OTHER-$2.8M$1.3M$2.4M$0$227K-$176K

Fair value and other adjustments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS—$0$0$0$1.1M$3.1M
CORPORATE AND OTHER—-$1.3M—-$338K—-$321K
GLOBAL DATA CENTER BUSINESS—$0$0$0$0$0

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$3.8B$3.8B$3.9B$4B$4B$4B
CORPORATE AND OTHER$797.5M$818.2M$817.5M$830.3M$829.5M$829M
GLOBAL DATA CENTER BUSINESS$469.5M$474.7M$485.5M$483.5M$482.9M$477.9M

Interest Expense, Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CORPORATE AND OTHER$62.2M$67.2M$54.2M$45.5M$39M$42.5M

Storage rental revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$1.3B$1.3B$1.3B$1.3B$1.4B$1.4B
CORPORATE AND OTHER$152.8M$163.4M$198.7M$211.2M$233.5M$277.3M
GLOBAL DATA CENTER BUSINESS$170.2M$173.2M$189.4M$204.1M$236.7M$254.7M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$10.4B$10.3B$10.7B$10.8B$10.9B$10.9B
GLOBAL DATA CENTER BUSINESS$6.1B$6.6B$7.2B$7.6B$8B$8.3B
CORPORATE AND OTHER$2.2B$2.5B$2.3B$2.3B$2.3B$2.3B

Adjusted Earnings Before Interest Expense, Net, Provision (Benefit) For Income Taxes, Depreciation And Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$579.1M$556.3M$586.3M$598.5M$622.4M$617.7M
GLOBAL DATA CENTER BUSINESS$88.1M$90.8M$96.3M$107.4M$121.9M$132.8M

Other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GLOBAL RIM BUSINESS$679.2M$699.6M$737.5M$740.3M$750.5M$786.4M
GLOBAL DATA CENTER BUSINESS$82.1M$82.4M$93.1M$96.8M$114.8M$122M

Number of countries

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Records management6100.0%———6100.0%—