Iron Mountain Incorporated (IRM) Balance Sheet
IRM balance sheet, 2025
December 31, 2025 · U.S. dollars$21.13B assets = $21.77B liabilities + −$644.9M equity
Liabilities exceed assets: shareholders’ equity is negative (−$644.9M).
Both columns are drawn to the same scale: what IRM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
IRM financial health
Descriptive bands, not a rating. Fiscal 2025.
IRM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.49B2016 | $21.13B2025 | +9.3%/yr | |
| Total liabilities | $7.55B2016 | $21.77B2025 | +12.5%/yr | |
| Shareholders’ equity | $1.94B2016 | −$644.9M2025 | — | |
| Cash & short-term investments | $236.5M2016 | $158.5M2025 | −4.3%/yr | |
| Total debt | $6.25B2016 | $19.05B2025 | +13.2%/yr | |
| Net cash (debt) | −$6.01B2016 | −$18.89B2025 | −$12.9B | |
| Working capital | $65.5M2016 | −$684.5M2025 | −$750.1M | |
| Book value per share | $7.832016 | −$2.172025 | — | |
| Current ratio | 1.062016 | 0.742025 | −0.32 | |
| Debt / equity | 3.232016 | 37.942023 | +34.72 | |
| Shares outstanding | 247.3M2016 | 297.8M2025 | +2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
IRM assets
IRM liabilities and equity
IRM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
IRM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $158.5M | $155.7M | $222.8M | $141.8M | $255.8M | $205.1M | $193.6M | $165.5M | $925.7M | $236.5M |
| Cash & equivalents | $158.5M | $155.7M | $222.8M | $141.8M | $255.8M | $205.1M | $193.6M | $165.5M | $925.7M | $236.5M |
| Short-term investments | — | — | −$293.3M | — | — | — | — | $93,000 | $13.4M | $10.7M |
| Receivables | $1.44B | $1.29B | $1.26B | $1.17B | $961.4M | $859.3M | $850.7M | $846.9M | $835.7M | $691.2M |
| Inventory | $0 | $0 | $0 | $11.7M | $0 | $0 | $1 | $1 | $0 | $1 |
| Other current assets | $332.8M | $244.1M | $252.9M | $218.7M | $224.0M | $205.4M | $192.1M | $195.7M | $188.9M | $184.4M |
| Total current assets | $1.93B | $1.69B | $1.74B | $1.55B | $1.44B | $1.27B | $1.24B | $1.21B | $1.95B | $1.11B |
| Property, plant & equipment (net) | $12.01B | $10.12B | $9.01B | $7.70B | $6.98B | $6.70B | $6.49B | $4.49B | $3.42B | $3.08B |
| Goodwill & intangible assets | $6.56B | $6.36B | $6.30B | $6.31B | $5.64B | $5.88B | $5.88B | $5.95B | $5.48B | $5.17B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $35.6M | $17.5M | $17.5M | $0 |
| Other non-current assets | $623.1M | $545.9M | $429.7M | $588.3M | $381.6M | $295.9M | $174.4M | $189.5M | $105.9M | $117.0M |
| Total assets | $21.13B | $18.72B | $17.47B | $16.14B | $14.45B | $14.15B | $13.82B | $11.85B | $10.97B | $9.49B |
| Liabilities | ||||||||||
| Accounts payable | $710.7M | $678.7M | $539.6M | $469.2M | $369.1M | $359.9M | $324.7M | $318.8M | $289.1M | $222.2M |
| Short-term debt | $535.2M | $1.03B | $412.5M | $376.3M | $569.0M | $444.0M | $612.3M | $126.4M | $146.3M | $173.0M |
| Deferred revenue | $402.1M | $326.9M | $325.7M | $328.9M | $307.5M | $295.8M | $274.0M | $264.8M | $241.6M | $201.1M |
| Total current liabilities | $2.62B | $3.09B | $2.24B | $1.92B | $2.02B | $2.00B | $1.95B | $1.46B | $1.33B | $1.05B |
| Long-term debt | $18.52B | $15.34B | $14.37B | $12.91B | $8.96B | $8.51B | $8.28B | $8.02B | $6.90B | $6.08B |
| Lease obligations | $2.62B | $2.65B | $2.85B | $2.72B | $2.43B | $2.29B | $223.2M | — | — | — |
| Other long-term liabilities | $634.1M | $517.5M | $474.0M | $580.4M | $2.54B | $2.51B | $2.13B | $487.6M | $446.4M | $425.4M |
| Total liabilities | $21.77B | $18.94B | $17.08B | $15.41B | $13.52B | $13.01B | $12.35B | $9.99B | $8.67B | $7.55B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.0M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $4.17B | $3.49B |
| Retained earnings (deficit) | −$5.41B | −$4.58B | −$3.95B | −$3.39B | −$3.22B | −$2.95B | −$2.57B | −$2.14B | −$1.77B | −$1.34B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$369.0M | −$570.0M | −$371.2M | −$442.0M | −$338.3M | −$255.9M | −$262.6M | −$265.7M | −$104.0M | −$212.6M |
| Minority interest | $336.1M | $276.6M | $178.1M | $125,000 | $1.1M | — | $265,000 | $1.4M | $1.4M | $124,000 |
| Total shareholders' equity | −$644.9M | −$226.5M | $389.7M | $732.0M | $929.5M | $1.14B | $1.46B | $1.86B | $2.30B | $1.94B |
| Key figures | ||||||||||
| Total debt | $19.05B | $16.37B | $14.79B | $13.29B | $11.70B | $11.00B | $10.62B | $8.14B | $7.04B | $6.25B |
| Net cash (debt) | −$18.89B | −$16.21B | −$14.56B | −$13.15B | −$11.45B | −$10.79B | −$10.42B | −$7.98B | −$6.12B | −$6.01B |
| Working capital | −$684.5M | −$1.40B | −$500.6M | −$370.4M | −$577.3M | −$725.9M | −$713.2M | −$254.6M | $620.1M | $65.5M |
| Tangible book value | −$7.20B | −$6.59B | −$5.91B | −$5.57B | −$4.72B | −$4.75B | −$4.41B | −$4.09B | −$3.18B | −$3.24B |
| Book value per share | −$2.17 | −$0.76 | $1.33 | $2.50 | $3.19 | $3.94 | $5.09 | $6.48 | $8.61 | $7.83 |
| Shares outstanding | 297.8M | 296.2M | 294.0M | 292.4M | 291.0M | 288.6M | 287.7M | 286.7M | 266.8M | 247.3M |
| Current ratio | 0.74 | 0.55 | 0.78 | 0.81 | 0.71 | 0.64 | 0.63 | 0.83 | 1.47 | 1.06 |
| Quick ratio | 0.61 | 0.47 | 0.66 | 0.69 | 0.60 | 0.53 | 0.54 | 0.69 | 1.32 | 0.89 |
| Debt / equity | — | — | 37.94 | 18.15 | 12.59 | 9.68 | 7.25 | 4.38 | 3.06 | 3.23 |
| Equity / assets | −3.1% | −1.2% | 2.2% | 4.5% | 6.4% | 8.0% | 10.6% | 15.7% | 21.0% | 20.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $204.8M | $250.7M | $158.5M | $195.2M | $218.0M | $155.3M | $155.7M | $168.5M | $144.3M | $191.7M | $222.8M | $170.5M |
| Cash & equivalents | $204.8M | $250.7M | $158.5M | $195.2M | $218.0M | $155.3M | $155.7M | $168.5M | $144.3M | $191.7M | $222.8M | $170.5M |
| Short-term investments | — | — | — | $243,000 | $993,000 | — | — | — | $2.1M | $1.1M | — | $3.9M |
| Receivables | $1.49B | $1.42B | $1.44B | $1.37B | $1.39B | $1.31B | $1.29B | $1.24B | $1.27B | $1.27B | $1.26B | $1.17B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $0 |
| Other current assets | $411.8M | $367.7M | $332.8M | $314.3M | $292.1M | $282.9M | $244.1M | $306.9M | $295.6M | $275.4M | $252.9M | $278.9M |
| Total current assets | $2.10B | $2.04B | $1.93B | $1.88B | $1.90B | $1.75B | $1.69B | $1.72B | $1.71B | $1.74B | $1.74B | $1.62B |
| Property, plant & equipment (net) | $12.71B | $12.29B | $12.01B | $11.59B | $11.19B | $10.64B | $10.12B | $9.79B | $9.39B | $9.22B | $9.01B | $8.51B |
| Goodwill & intangible assets | $6.50B | $6.51B | $6.56B | $6.52B | $6.47B | $6.41B | $6.36B | $6.48B | $6.38B | $6.44B | $6.30B | $6.29B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $642.0M | $648.0M | $623.1M | $635.6M | $615.4M | $567.3M | $545.9M | $489.5M | $482.6M | $440.4M | $429.7M | $456.7M |
| Total assets | $21.96B | $21.49B | $21.13B | $20.63B | $20.18B | $19.36B | $18.72B | $18.47B | $17.97B | $17.83B | $17.47B | $16.88B |
| Liabilities | ||||||||||||
| Accounts payable | $857.2M | $782.5M | $710.7M | $658.1M | $650.9M | $707.6M | $678.7M | $586.8M | $528.0M | $524.9M | $539.6M | $448.3M |
| Short-term debt | $220.8M | $217.0M | $535.2M | $699.3M | $777.9M | $736.9M | $1.03B | $136.5M | $125.4M | $118.8M | $412.5M | $108.0M |
| Deferred revenue | $398.0M | $386.4M | $402.1M | $347.0M | $342.2M | $333.2M | $326.9M | $294.5M | $329.7M | $332.8M | $325.7M | $325.5M |
| Total current liabilities | $2.90B | $2.66B | $2.62B | $2.86B | $3.00B | $2.84B | $3.09B | $2.31B | $2.16B | $2.03B | $2.24B | $1.99B |
| Long-term debt | $17.13B | $16.89B | $18.52B | $17.78B | $17.07B | $16.40B | $15.34B | $13.38B | $12.81B | $12.59B | $11.81B | $11.55B |
| Lease obligations | $2.27B | $2.28B | $2.62B | $2.28B | $2.25B | $2.22B | $2.65B | $2.44B | $2.45B | $2.53B | $2.85B | $2.48B |
| Other long-term liabilities | $2.82B | $2.82B | $634.1M | $607.3M | $597.0M | $544.2M | $517.5M | $2.81B | $2.94B | $3.01B | $3.04B | $2.91B |
| Total liabilities | $22.85B | $22.36B | $21.77B | $21.24B | $20.67B | $19.79B | $18.94B | $18.50B | $17.91B | $17.63B | $17.08B | $16.45B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M | $2.9M |
| Retained earnings (deficit) | −$5.69B | −$5.53B | −$5.41B | −$5.24B | −$5.09B | −$4.81B | −$4.58B | −$4.48B | −$4.23B | −$4.07B | −$3.95B | −$3.79B |
| Accumulated other comprehensive income | −$415.3M | −$397.3M | −$369.0M | −$378.6M | −$363.6M | −$502.4M | −$570.0M | −$388.5M | −$461.1M | −$428.8M | −$371.2M | −$458.0M |
| Minority interest | $389.2M | $340.4M | $336.1M | $274.2M | $275.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | −$1.28B | −$1.22B | −$981.0M | −$882.0M | −$767.4M | −$698.5M | −$503.1M | −$259.0M | −$132.9M | $18.5M | $211.6M | $262.5M |
| Key figures | ||||||||||||
| Total debt | $19.61B | $19.38B | $19.05B | $18.48B | $17.85B | $17.14B | $16.37B | $15.82B | $15.39B | $15.23B | $14.79B | $14.14B |
| Net cash (debt) | −$19.41B | −$19.13B | −$18.89B | −$18.28B | −$17.63B | −$16.98B | −$16.21B | −$15.65B | −$15.25B | −$15.04B | −$14.56B | −$13.96B |
| Working capital | −$793.8M | −$614.5M | −$684.5M | −$974.7M | −$1.10B | −$1.09B | −$1.40B | −$587.2M | −$444.3M | −$293.9M | −$500.6M | −$374.2M |
| Tangible book value | −$7.78B | −$7.72B | −$7.54B | −$7.41B | −$7.24B | −$7.11B | −$6.86B | −$6.73B | −$6.52B | −$6.42B | −$6.09B | −$6.03B |
| Book value per share | −$4.27 | −$4.07 | −$3.29 | −$2.96 | −$2.60 | −$2.35 | −$1.70 | −$0.88 | −$0.45 | $0.06 | $0.72 | $0.89 |
| Shares outstanding | 299.8M | 298.8M | 298.4M | 298.0M | 295.4M | 297.3M | 296.2M | 293.6M | 295.8M | 295.2M | 295.0M | 294.3M |
| Current ratio | 0.73 | 0.77 | 0.74 | 0.66 | 0.63 | 0.62 | 0.55 | 0.75 | 0.79 | 0.86 | 0.78 | 0.81 |
| Quick ratio | 0.58 | 0.63 | 0.61 | 0.55 | 0.54 | 0.52 | 0.47 | 0.61 | 0.66 | 0.72 | 0.66 | 0.67 |
| Debt / equity | — | — | — | — | — | — | — | — | — | 821.84 | 69.87 | 53.85 |
| Equity / assets | −5.8% | −5.7% | −4.6% | −4.3% | −3.8% | −3.6% | −2.7% | −1.4% | −0.7% | 0.1% | 1.2% | 1.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 12, 2026); data from EODHD.
IRM financial position
At the end of fiscal 2025 (December 31, 2025), Iron Mountain had total assets of $21.1 billion (up 12.9% from a year earlier), total liabilities of $21.8 billion and shareholders' equity of -$644.9 million. It held $158.5 million in cash and short-term investments against $19.1 billion of debt, net debt of $18.9 billion. Its current ratio was 0.74. In the latest quarter (ended June 30, 2026) total assets were $22.0 billion and equity -$1.3 billion.
Related: IRM income statement, IRM cash flow statement, IRM key metrics. See the IRM stock overview for the latest quote and news.
IRM balance sheet FAQ
What are Iron Mountain's total assets?
Iron Mountain reported total assets of $21.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.7 billion a year earlier.
How much debt does Iron Mountain have?
Iron Mountain had $19.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Iron Mountain have?
Iron Mountain held $158.5 million in cash and short-term investments at the end of fiscal 2025; with $19.1 billion of debt that is net debt of $18.9 billion.
What is Iron Mountain's book value?
Iron Mountain's shareholders' equity (book value) was -$644.9 million at the end of fiscal 2025, or −$2.17 per share.
What is Iron Mountain's current ratio?
Iron Mountain had current assets of $1.9 billion and current liabilities of $2.6 billion, a current ratio of 0.74 (current liabilities exceed current assets).
How much goodwill does Iron Mountain have?
Iron Mountain carried $6.6 billion of goodwill and intangible assets, 31.0% of total assets, at the end of fiscal 2025.