IRON MOUNTAIN INC
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
IRM$106.52+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001020569-25-000206
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001020569-26-000039
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 164 current paragraphs.
101 unchanged; 49 reworded; 14 added; 31 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 48 previous and 45 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•fluctuations in commodity prices;
Current report
•competition for customers;
Current report
•our ability to attract, develop, and retain key personnel;
Current report
•deficiencies in our disclosure controls and procedures or internal control over financial reporting;
Current report
Amortization expense increased $6.0 million, or 8.6%, for the three months ended March 31, 2026 compared to the prior year period.
Current report
(2)Other, net for the three months ended March 31, 2026 primarily consists of a loss of approximately $17.8 million due to the change in value of our deferred purchase obligations.
Current report
PROVISION (BENEFIT) FOR INCOME TAXES
Current report
Beginning in 2024, we became subject to the Organization for Economic Cooperation and Development (the “OECD”) Global Anti-Base Erosion Model Rules (“Pillar Two”). Pillar Two may impose additional taxes (“Top-Up Taxes”) if the effective tax rate (as defined by the OECD) in a jurisdiction is below 15%. Pillar Two does not apply to “Excluded Entities” and certain subsidiaries of Excluded Entities. We continue to believe that we qualify as an Excluded Entity as a “Real Estate Investment Vehicle.” In the event certain subsidiaries do not qualify as Excluded Entities, available safe harbor rules could apply that would exempt the entities from any Top-Up Taxes. Substantially all of our non-excluded, non-U.S. jurisdictions qualify for one or more of the safe harbor rules.
Current report
On January 5, 2026, the OECD announced a comprehensive Side-by-Side safe harbor package (the “SbS Safe Harbor”) that, if enacted, would exempt U.S.-parented multinational companies from certain Top-Up Taxes under Pillar Two beginning January 1, 2026. While the SbS Safe Harbor is not yet enacted in any foreign jurisdiction where we operate, we expect that the SbS Safe Harbor may be adopted prior to the year ended December 31, 2026.
Current report
We do not expect the Top-Up Taxes of the remaining non-U.S. jurisdictions that may not qualify for the safe harbor rules, or the Top-Up Taxes from our U.S. income that may be subject to Pillar Two, to have a material impact on our consolidated financial statements.
Current report
•a 30 basis point decrease in Adjusted EBITDA Margin primarily driven by changes in revenue mix, partially offset by favorable overhead management.
Current report
•a 30 basis point decrease in Adjusted EBITDA Margin reflecting higher pass-through power costs, partially offset by ongoing cost management.
Current report
DATA CENTER DEBT AGREEMENTS
Current report
On January 9, 2026, Iron Mountain Data Centers Virginia 3, LLC and Iron Mountain Data Centers Virginia 3 Intermediate II, LLC, both wholly owned subsidiaries of Iron Mountain Incorporated, entered into a mortgage loan agreement and a mezzanine loan agreement with a total original principal balance of $433.0 million (the "Virginia 3 Term Loans due 2031"). Virginia 3 Term Loans due 2031 are secured by the property of Iron Mountain Data Centers Virginia 3, LLC and are scheduled to mature on January 9, 2031, at which point all obligations will become due. The Virginia 3 Term Loans due 2031 bear interest at a weighted average rate of 6.33%. Total net proceeds from the Virginia 3 Term Loans due 2031 were used to repay the Virginia 3 Term Loans due 2026 (defined as the Virginia 3 Term Loans in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) and a portion of the outstanding borrowings under the Revolving Credit Facility.
Removed paragraphs (31)
Previous report
•failures to implement and manage new IT systems;
Previous report
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect Project Matterhorn to be completed by December 31, 2025. We have incurred approximately $530.9 million in Restructuring and other transformation costs from the inception of Project Matterhorn through September 30, 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Previous report
See Note 10 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for more information on Restructuring and other transformation costs.
Previous report
The decrease in General, Administrative and Other for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 is primarily driven by lower compensation expense and professional fees.
Previous report
Amortization expense increased by $15.1 million, or 7.6%, for the nine months ended September 30, 2025 compared to the prior year period.
Previous report
RESTRUCTURING AND OTHER TRANSFORMATION
Previous report
Restructuring and other transformation costs for the nine months ended September 30, 2025 and 2024 were $152.4 million and $124.6 million, respectively, and related to operating expenses associated with the implementation of Project Matterhorn.
Previous report
PROVISION FOR INCOME TAXES
Previous report
In addition, in connection with the removal of the proposed section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," from the OBBBA, the U.S. Treasury Department reached an agreement with the six other G7 countries (Canada, France, Germany, Italy, Japan and the UK) under which U.S. companies will be excluded from the imposition of any Pillar Two Income Inclusion Rule or Undertaxed Profits Rule taxes. We will continue to monitor the global legislative actions as well as administrative guidance related to Pillar Two for potential impacts, which are not expected to have a material impact on our consolidated financial statements.
Previous report
•a 20 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.
Previous report
•an 880 basis point increase in Adjusted EBITDA Margin reflecting recent lease commencements, improved pricing and cost containment.
Previous report
As disclosed above, Project Matterhorn was announced in September 2022 and is expected to be completed by December 31, 2025. We have incurred approximately $530.9 million in Restructuring and other transformation costs from the inception of Project Matterhorn through September 30, 2025. During the nine months ended September 30, 2025 and 2024, we incurred approximately $152.4 million and $124.6 million, respectively, of Restructuring and other transformation costs related to Project Matterhorn, which are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Previous report
•Net proceeds of approximately $1,390.7 million associated with the issuance of the Euro Notes (as defined below).
Previous report
•Payment of deferred purchase obligations and other deferred payments of $240.2 million.
Previous report
(3)Collectively, the "Parent Notes".
Previous report
CREDIT AGREEMENT
Previous report
On June 18, 2025, we amended the Credit Agreement, which resulted in an increase in the principal amount of the Term Loan A from $218.8 million to $500.0 million. Quarterly principal payments of approximately $6.3 million on the Term Loan A commenced in September 2025. All other material terms remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
Previous report
AUSTRALIAN DOLLAR TERM LOAN
Previous report
On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly owned subsidiary of Iron Mountain Incorporated ("IMI"), amended its AUD Term Loan, which resulted in:
Previous report
•an extension of the maturity date from September 30, 2026 to September 30, 2030,
Previous report
•an increase in the original principal amount from 350.0 million Australian dollars to 400.0 million Australian dollars and
Previous report
•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
Previous report
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10.0 million Australian dollars per year, with the remaining balance due September 2030. As of September 30, 2025, we had 397.5 million Australian dollars (or $262.6 million, based upon the exchange rate between the United States dollar and the Australian dollar as of September 30, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.2%.
Previous report
All other material terms of the AUD Term Loan remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
Previous report
UK REVOLVING CREDIT FACILITY
Previous report
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited, wholly owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Revolving Credit Facility"). The maximum amount permitted to be borrowed under the UK Revolving Credit Facility is 140.0 million British pounds sterling, which was fully drawn as of September 30, 2025. We have the option to request additional commitments of up to 125.0 million British pounds sterling, subject to conditions specified in the UK Revolving Credit Facility.
Previous report
On July 11, 2025, the UK Borrowers amended the UK Revolving Credit Facility to extend the maturity date from September 24, 2026 to September 24, 2028. As of September 30, 2025, the interest rate in effect under the UK Revolving Credit Facility was 6.1%. All other material terms of the UK Revolving Credit Facility remain the same as disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report.
Previous report
SEPTEMBER 2025 OFFERING
Previous report
On September 10, 2025, IMI completed a private offering of (in thousands):
Previous report
(1)We may redeem the Euro Notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the Euro Notes at the redemption price or make-whole premium specified in the indenture governing the Euro Notes, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the Euro Notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
Previous report
The Euro Notes were issued at par and have a contractual interest rate of 4.75%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions, of approximately 1,188.0 million Euros (or $1,390.7 million, based upon the exchange rate between the Euro and the United States dollar on September 10, 2025 (the settlement date for the Euro Notes)), were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and will be used to repay the GBP Notes in the fourth quarter of 2025. As of September 30, 2025, we had 1,200.0 million Euros (or $1,408.4 million, based upon the exchange rate between the United States dollar and the Euro as of September 30, 2025) outstanding on the Euro Notes.
Reworded paragraphs (49)
Previous wording
The following discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2025 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and nine months ended September 30, 2025, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2025 (our "Annual Report").
Current wording
The following discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2026 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three months ended March 31, 2026, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 12, 2026 (our "Annual Report").
Previous wording
•our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy;
Current wording
•our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy;
Previous wording
•the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards;
Current wording
•the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts;
Previous wording
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and nine months ended September 30, 2025 within each section. Trends and changes that are consistent for both the three and nine month periods are not repeated and are discussed on a year to date basis only.
Current wording
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three months ended March 31, 2026 within each section.
Previous wording
•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth for the remainder of 2025 and into 2026 to benefit from our new and existing digital offerings and asset lifecycle management ("ALM") business, as well as our traditional services.
Current wording
•Our organic service revenue growth is primarily driven by new and existing digital offerings, traditional records management services and services in our asset lifecycle management ("ALM") business, all of which we expect to grow in the near term and benefit our organic service revenue growth in 2026.
Previous wording
•We expect continued total revenue and Adjusted EBITDA (as defined below) growth for the remainder of 2025 and into 2026 as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives and growth strategies.
Current wording
•We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in 2026 as a result of our focus on new product and service offerings, cross-selling opportunities, innovation, customer solutions and market expansion in line with our growth strategies.
Previous wording
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the nine months ended September 30, 2025 consists of the following:
Current wording
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the three months ended March 31, 2026 consists of the following:
Previous wording
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and nine months ended September 30, 2025 and 2024 are primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2025 and 2024 was 14.8% and 15.1%, respectively. The tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.
Current wording
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2026 and 2025 are primarily due to (i) the reconciling items above, which impact our reported Net Income (Loss) Before Provision (Benefit) for Income Taxes but have an insignificant impact on our reported Provision (Benefit) for Income Taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three months ended March 31, 2026 and 2025 was 15.5% and 17.0%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate.
Previous wording
(1)Includes foreign currency transaction losses (gains), net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.
Current wording
(1)Includes foreign currency transaction (gains) losses, net and other, net. See Note 2.h. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.
Previous wording
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of ($1.6 million) and $1.0 million for the three and nine months ended September 30, 2025, respectively, and $0.4 million and ($0.1 million) for the three and nine months ended September 30, 2024, respectively.
Current wording
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported Net Income (Loss) Before Provision (Benefit) for Income Taxes but have an insignificant impact on our reported Provision (Benefit) for Income Taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of $(0.3) million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
COMPARISON OF THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 (IN THOUSANDS):
Current wording
COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2026 TO THE THREE MONTHS ENDED MARCH 31, 2025 (IN THOUSANDS):
Previous wording
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:
Previous wording
Primary factors influencing the change in reported Cost of sales for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported Cost of sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:
Previous wording
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment and ALM business, including the impact of recent acquisitions;
Current wording
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment;
Previous wording
•an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center Business segment, and increases in utilities and rent expense; and
Current wording
•an increase in facilities expenses, primarily driven by higher utilities cost in our Global Data Center Business segment, and increases in rent and real estate tax expense; and
Previous wording
•an increase in product cost of sales and other in our ALM business as a result of higher product volumes.
Current wording
•an increase in product cost of sales and other in our ALM business in line with product sales increases from new and existing customers.
Previous wording
Primary factors influencing the change in reported Selling, general and administrative expenses for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported Selling, general and administrative expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:
Previous wording
Depreciation expense increased by $65.6 million, or 14.0%, for the nine months ended September 30, 2025 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Current wording
Depreciation expense increased $29.7 million, or 18.3%, for the three months ended March 31, 2026 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Previous wording
Acquisition and Integration Costs for the nine months ended September 30, 2025 and 2024 were approximately $16.0 million and $28.6 million, respectively.
Current wording
Acquisition and Integration Costs for the three months ended March 31, 2026 and 2025 were approximately $2.9 million and $5.8 million, respectively.
Previous wording
Loss (gain) on disposal/write-down of property, plant and equipment, net for the nine months ended September 30, 2025 and 2024 was approximately $8.0 million and $8.3 million, respectively.
Current wording
Loss (gain) on disposal/write-down of property, plant and equipment, net for the three months ended March 31, 2026 and 2025 was approximately $7.6 million and $5.6 million, respectively.
Previous wording
Interest expense, net increased by $82.4 million to $609.5 million in the nine months ended September 30, 2025 from $527.1 million in the prior year period. The increase is primarily due to higher average debt outstanding during the nine months ended September 30, 2025 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.6% and 5.7% at September 30, 2025 and 2024, respectively. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
Current wording
Interest expense, net increased $29.1 million to $223.8 million in the three months ended March 31, 2026 from $194.7 million in the prior year period. The increase is primarily due to higher average debt outstanding during the three months ended March 31, 2026 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.5% and 5.7% at March 31, 2026 and 2025, respectively. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
Previous wording
Other (income) expense, net for the three and nine months ended September 30, 2025 and 2024 consists of the following (in thousands):
Current wording
Other (income) expense, net for the three months ended March 31, 2026 and 2025 consists of the following (in thousands):
Previous wording
(1)The losses for the nine months ended September 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
Current wording
(1)The gains for the three months ended March 31, 2026 primarily consist of the impact of changes in the exchange rate of the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
Previous wording
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2025 and 2024 are as follows:
Current wording
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three months ended March 31, 2026 and 2025 are as follows:
Previous wording
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended September 30, 2025 were the benefits derived from the dividends paid deduction, as well as the differences in the tax rates to which our foreign earnings are subject. The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the nine months ended September 30, 2025 were the (i) lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, (ii) lack of tax benefits recognized for the year to date ordinary losses of certain entities, (iii) disallowed interest expenses of certain entities and (iv) differences in the tax rates to which our foreign earnings are subject, partially offset by (v) benefits derived from the dividends paid deduction.
Current wording
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) income we recorded in Other (income) expense, net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by (iii) disallowed interest expenses of certain entities.
Previous wording
On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for global intangible low-taxed income from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the current law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increases this threshold to 25% effective January 1, 2026. The effective dates of the OBBBA provisions range from 2025 through 2027. We do not expect the OBBBA provisions to have a material impact on our consolidated financial statements.
Current wording
Effective on January 1, 2026, the One Big Beautiful Bill Act increased the maximum allowable value of a REIT’s total assets held in one or more taxable REIT subsidiaries at the end of any quarter from 20% to 25%.
Previous wording
NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Current wording
THREE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Previous wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the nine months ended September 30, 2025 compared to the prior year period include the following:
Current wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the three months ended March 31, 2026 compared to the prior year period include the following:
Previous wording
NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Current wording
THREE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Previous wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the nine months ended September 30, 2025 compared to the prior year period include the following:
Current wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the three months ended March 31, 2026 compared to the prior year period include the following:
Previous wording
•organic storage rental revenue growth from leases that commenced during the first nine months of 2025 and in prior periods, improved pricing and increased usage of pass-through power;
Current wording
•organic storage rental revenue growth from leases that commenced during the first three months of 2026 and in prior periods, improved pricing and increased customer usage of power;
Previous wording
•increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
Current wording
•an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and
Previous wording
Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the nine months ended September 30, 2025 compared to the prior year period include the following:
Current wording
Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the three months ended March 31, 2026 compared to the prior year period include the following:
Previous wording
•an increase in service revenue of $73.0 million due to recent acquisitions in our ALM business;
Current wording
•an increase in service revenue of $16.9 million due to acquisitions in our ALM business;
Previous wording
•organic service revenue growth in our ALM business driven by increased volume and improved component pricing trends; and
Current wording
•organic service revenue growth in our ALM business driven by growth from new and existing customers and improved component pricing trends; and
Previous wording
The following is a summary of our cash balances and cash flows (in thousands) as of and for the nine months ended September 30,
Current wording
The following is a summary of our cash balances and cash flows (in thousands) as of and for the three months ended March 31,
Previous wording
For the nine months ended September 30, 2025, net cash flows provided by operating activities increased by $74.9 million compared to the prior year period, primarily due to an increase in net income (excluding non-cash charges) of $53.0 million and an increase in cash from working capital of $21.9 million.
Current wording
For the three months ended March 31, 2026, net cash flows provided by operating activities increased by $141.3 million compared to the prior year period, primarily due to an increase in net income (loss) (excluding non-cash charges) of $170.7 million, partially offset by a decrease in cash from working capital of $29.4 million.
Previous wording
Our significant investing activity during the nine months ended September 30, 2025 included cash paid for capital expenditures of $1,755.4 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.
Current wording
Our significant investing activity during the three months ended March 31, 2026 included cash paid for capital expenditures of $518.0 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.
Previous wording
Our significant financing activities during the nine months ended September 30, 2025 included:
Current wording
Our significant financing activities during the three months ended March 31, 2026 included:
Previous wording
•Net proceeds of approximately $798.7 million primarily associated with borrowings under our data center credit facilities, which were used to partially finance the construction of our data centers, and the Revolving Credit Facility.
Current wording
•Net proceeds of approximately $658.1 million primarily associated with borrowings under the Revolving Credit Facility and our data center credit facilities, which were used to partially finance the construction of our data centers.
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