IRM · 8-K · 20260805PR000068

Operating Income and Margins

IRON MOUNTAIN INC · 2026-08-05 · Importance 64 · Surprise 56 · No source text

Second-quarter operating income increased 43.7% year over year to $373.5 million from $259.9 million, but declined 5.5% sequentially from $395.2 million. Adjusted EBITDA rose 15.7% year over year to $727.0 million and 2.7% sequentially from $707.9 million. Adjusted EBITDA margin was 35.8%, down 90 basis points year over year and 80 basis points from Q1 2026. Year-to-date operating income increased 49.5% to $768.8 million, while year-to-date adjusted EBITDA rose 18.8% to $1.435 billion, supported by revenue growth and operating leverage from transformation activities.

Key facts

• Q2 2026 Net Income: $106.1 million, compared with a Net Loss of $(43.3) million in Q2 2025 source
• Operating income year-to-date through 6/30/2026: $768,758 thousand, a 49.5% increase vs YTD 2025 $514,190 thousand source
• Operating Income for Q2 2026: $373,528 thousand ($373.528 million), a 43.7% increase vs Q2 2025 operating income $259,896 thousand source
• Adjusted EBITDA for Q2 2026: $727.0 million, an increase of 15.7% vs $628.4 million in Q2 2025 source
• AFFO for Q2 2026: $432.7 million, an increase of 17.0% vs $369.7 million in Q2 2025 source
• Reported EPS (basic/diluted) for Q2 2026: $0.34, compared with $(0.15) in Q2 2025 source
• Adjusted EBITDA Margin for Q2 2026: 35.8%, down 90 basis points vs 36.7% in Q2 2025 source
• AFFO per share for Q2 2026: $1.44, an increase of 16.1% vs $1.24 in Q2 2025 source

Impact estimates