IRM · 10-Q · 2026Q3 · Full report

Operating Income and Margins

IRON MOUNTAIN INC · 2026-11-05 · Importance 64 · Surprise 56 · No source text

Operating income increased 33.0% to $410.6 million in the third quarter of 2026 and 43.3% to $1,179.3 million for the first nine months, compared with the prior-year periods. Nine-month Adjusted EBITDA increased 16.8% to $2,182.9 million, while Adjusted EBITDA margin declined 20 basis points to 36.7%. Management attributed the margin decline to revenue mix changes, partially offset by favorable overhead management. Global RIM margin fell 70 basis points to 43.7%, while Global Data Center margin increased 160 basis points to 53.6% on lease commencements, improved pricing, and cost containment, partly offset by pass-through power costs.

Key facts

• For the three months ended September 30, 2026, Iron Mountain revenue was $1,990.617 million, up 13.5%; operating expenses were $1,580.044 million, up 9.3%; and operating income was $410.573 million, up 33.0%. source
• For the nine months ended September 30, 2026, Iron Mountain revenue was $5,955.828 million, up 17.7%; operating expenses were $4,776.497 million, up 12.8%; and operating income was $1,179.331 million, up 43.3%. source
• Iron Mountain Adjusted EBITDA was $747.958 million for the third quarter, up 13.3%, and $2,182.915 million for the first nine months, up 16.8%. source
• Nine-month Adjusted EBITDA margin was 36.7%, down 20 basis points from the prior-year period, driven by revenue mix changes, partly offset by favorable overhead management. source

Impact estimates