Iron Mountain (IRM) Risk Factor Changes

As of December 31, 2025, our total long-term debt was approximately $16,544.5 million, stockholders' deficit was approximately $981.0 million and we had cash and cash equivalents of approximately $158.5 million.

•uninsured losses or damage to our facilities due to an inability to obtain full coverage on a cost-effective basis for some casualties, such as fires, severe weather events, earthquakes and other natural disasters, o…

As of December 31, 2025, we operated approximately 1,340 facilities worldwide, including approximately 530 in the United States, and face special risks attributable to the real estate we own or lease, which could have…

Having the government entities as customers subjects us to certain regulatory and contractual requirements.

Failure to comply with certain regulatory and contractual requirements under our government contracts could adversely affect our revenues, operating results and financial position and reputation.

We have made progress towards reducing our carbon footprint, but if we are not successful in continuing this reduction or if our customers, employees and investors are not satisfied with our sustainability efforts, it…

If we fail to transition to more sustainable sources of energy, it may negatively impact our ability to attract and retain certain of our customers, employees and investors.

•political uncertainties and changes in the global political climate or other global events, such as war or other military conflict, tariffs or trade restrictions, trade wars, global pandemics or supply chain challeng…

As of December 31, 2025, we operated in 61 countries.

Our reputation for providing secure information storage to customers is critical to the success of our business.

Expansion into Global Digital Solutions and ALM services means that our data privacy and security risk profile is increasing.

As stored records and tapes become less active, our service revenue growth and profits from related services may decline.

These technologies are subject to an evolving and fragmented legal and regulatory landscape.

The use of AI in our product initiatives and offerings or services, or in our internal business operations, may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, misappr…

Our ability to attract and retain customers, particularly in our Global Digital Solutions business, depends on our ability to offer innovative products and services, including through developing or deploying emerging…

The development and use of AI in our business and operations presents risks and challenges that may adversely impact our business and operating results.

Our business is subject to regulation under a wide variety of laws and regulations in the jurisdictions which we operate.