IRMNYSESEC EDGAREDGAR

IRON MOUNTAIN INC

Real Estate Investment Trusts·PORTSMOUTH, NH·FY end 12/31·CIK 1020569

Board of Directors

Director data appears once the latest DEF 14A has been processed through the director-extraction pass.

Risk-factor diff

FY 2025 10-K vs. FY 2024
+409 new498 removed

Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.

NEW · FY 2025

In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business, which we announced in September 2022. Project Matterhorn investments focused on transforming our operating model to a global operating model. Project Matterhorn enabled the development of a solution-based sales approach that allowed us to optimize our shared services and best practices to better serve our customers' needs. As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We …

NEW · FY 2025

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.

NEW · FY 2025

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.

NEW · FY 2025

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the year ended December 31, 2025 consists of the following:

NEW · FY 2025

Our depreciation charges result primarily from depreciation related to storage systems, which include buildings, building and leasehold improvements, data center infrastructure, racking structures and computer systems hardware and software. Our amortization charges relate primarily to customer and supplier relationship intangible assets, Contract Costs (as defined below in

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Policies & disclosures

Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.