IRON MOUNTAIN INC (IRM)

Iron Mountain Incorporated is a global information management services company, founded in 1951 in an underground facility near Hudson, New York, where it stored business records. It helps customers unlock value from their information and physical and digital assets through solutions covering information management, digital transformation, information security, data center and asset lifecycle management (ALM). The company is listed on the NYSE, has operated as a REIT since its taxable year ended December 31, 2014, and generated approximately $6.9 billion in revenue in 2025.

Its Global Records and Information Management segment includes Records Management (physical records storage, vital records services, courier operations and sensitive document handling), Data Management (storage and rotation of backup media for disaster recovery), Global Digital Solutions (document conversion, digital storage and the Insight Digital Experience Platform, whose version 2.0 launched in October 2025), Secure Shredding, Media and Archive Services for entertainment and media clients, and on-demand Consumer Storage. The Global Data Center segment provides enterprise-class and hyperscale-ready data center capacity. As of December 31, 2025, it operated 31 data centers in 21 markets, with 488 MW of leasable capacity about 97% leased, and another 852 MW under construction or held for development. Corporate and Other consists mainly of ALM, which handles IT hardware decommissioning, data erasure, recycling, remarketing and workplace IT asset management (34 facilities in 8 markets), and Fine Arts, which handles and stores art.

Iron Mountain serves more than 240,000 customers in 61 countries, including about 95% of the Fortune 1000, with no customer above roughly 3% of revenue. Its verticals include commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government. Five of the largest global hyperscalers are data center customers. A majority of revenue is recurring: records storage agreements generally run one to five years, and data center leases had a weighted average expiration of 10.3 years. The company stored more than 740 million cubic feet of physical records, and about 5% of customers buy from more than one business unit.

The company operates about 1,340 locations and over 98 million square feet of real estate worldwide, of which more than 24 million square feet is owned. It competes with many storage and information management providers, most of which operate in a single market or region, as well as with in-house operations. In data centers it competes with developers, owners and operators on power availability, security, location, connectivity and rental rates. In ALM it competes with hyperscalers and corporate clients that manage their own asset disposition. At December 31, 2025, it had approximately 11,700 employees in the United States and 17,700 elsewhere. In 2025 it completed Project Matterhorn, a program to move to a global operating model and a solution-based sales approach.