IRM · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
IRON MOUNTAIN INC · 2026-08-05 · Importance 64 · Surprise 42 · Contradicted
Cash from operating activities increased $315.4 million year over year to $887.8 million, while cash and cash equivalents ended the period at $204.8 million. Total long-term debt was $17,482.1 million gross and $17,349.6 million carrying value at June 30, 2026, with $17,261.3 million net of the current portion; the weighted-average interest rate was 5.6%. The company issued $1,500.0 million of 6.25% senior notes due 2035 and received approximately $1,481.8 million net proceeds, using proceeds primarily to repay Revolving Credit Facility borrowings and for general corporate purposes. The accounts-receivable securitization program was amended to add Canadian receivables, increase capacity from $400.0 million to $450.0 million, and extend maturity from July 2027 to July 2029.
Key facts
- Completed private offering on June 26, 2026 of 6.25% Notes due 2035 with aggregate principal amount $1,500,000 thousand; interest payable January 15 and July 15; par call date July 15, 2029; issued at par with net proceeds approx $1,481.8 million; $1,500.0 million outstanding as of June 30, 2026. source
- Cash flows from operating activities for the six months ended June 30, 2026: $887,813 thousand, compared to $572,425 thousand prior year (increase of $315.4 million). source
- Net proceeds of approximately $1,485.0 million associated with issuance of the 6.25% Notes due 2035 were used to repay a portion of outstanding borrowings under the Revolving Credit Facility and to pay related fees and expenses, and for general corporate purposes. source
- The Senior Indenture dated as of June 26, 2026 relates to the 6.250% Senior Notes due 2035. source
- On May 28, 2026, amended Accounts Receivable Securitization Program to include Canadian entities, increase maximum borrowing capacity from $400.0 million to $450.0 million, and extend maturity from July 1, 2027 to July 1, 2029. source
- Long-term debt total carrying amount (inclusive of discount, net of unamortized deferred financing costs) as of June 30, 2026: $17,349,649 thousand; long-term debt net of current portion: $17,128,840 thousand. source
- Net payments of approximately $621.2 million during six months ended June 30, 2026 primarily associated with repayments under the Revolving Credit Facility, partially offset by borrowings under data center credit facilities. source
- The Credit Agreement, certain of our bond indentures and other agreements governing our indebtedness contain covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -6.8% | Completed private offering on June 26, 2026 of 6.25% Notes due 2035 with aggregate principal amount $1,500,000 thousand; interest payable… |
| cash | positive | realized | +6.8% | Completed private offering on June 26, 2026 of 6.25% Notes due 2035 with aggregate principal amount $1,500,000 thousand; interest payable… |
| cash | negative | realized | -2.8% | Net payments of approximately $621.2 million during six months ended June 30, 2026 primarily associated with repayments under the… |
| liability | positive | realized | +2.8% | Net payments of approximately $621.2 million during six months ended June 30, 2026 primarily associated with repayments under the… |
| cash | positive | realized | +1.4% | Cash flows from operating activities for the six months ended June 30, 2026: $887,813 thousand, compared to $572,425 thousand prior year… |
| liability | positive | realized | — | Net proceeds of approximately $1,485.0 million associated with issuance of the 6.25% Notes due 2035 were used to repay a portion of… |
| liability | negative | realized | — | Long-term debt total carrying amount (inclusive of discount, net of unamortized deferred financing costs) as of June 30, 2026: $17,349,649… |