Iron Mountain (IRM): what its 10-K says it depends on

Customers

Hyperscale cloud providers

earns from · five of the largest global hyperscalers

The world’s most heavily regulated organizations have trusted us as a data center operator for over 20 years, with five of the largest global hyperscalers among our customers.Business (Item 1)

Also named by AKAM

U.S. federal government

earns fromnamed as a risk

Furthermore, our contracts with the United States Government require us to use personnel with security clearances, and we may not be successful or may experience delays in attracting, training or retaining qualified personnel with the requisite skills or security clearances.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

ALM key clients

concentrated innamed as a risk

A significant portion of the revenue from our ALM business is derived from a limited number of clients and tied to cyclical projects involving the decommissioning and destruction of IT assets and the disposition of components of such assets to purchasers in concentrated geographies.Risk factors (Item 1A)

Suppliers

Telecommunications carriers

depends onnamed as a risk

We also rely on third party telecommunications carriers to provide internet connectivity to our customers.Risk factors (Item 1A)

Also named by DLR, EQIX

Electric power suppliers

depends onnamed as a risk

We rely on third parties to provide power to our data centers.Risk factors (Item 1A)

Partners and platforms

Joint venture partners

depends onnamed as a risk

As part of our growth strategy, particularly in connection with our international and data center expansion, we currently, and may in the future, co-invest with third parties using joint ventures or other co-investment vehicles.Risk factors (Item 1A)

Also named by ARE

Other companies

Project Matterhorn

approximately $574.4 million

We incurred approximately $574.4 million in Restructuring and other transformation costs related to Project Matterhorn since its inception.Business (Item 1)

Places

United States

operates in · approximately 530 in the United States

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 a material adverse effect on our revenues, operating results and financial position.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China

concentrated innamed as a risk

Further, many of the purchasers of the decommissioned IT asset components are geographically concentrated, particularly in China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

Severe weather and natural disasters

operates innamed as a risk

Some of our key facilities worldwide are vulnerable to severe weather events, and global weather pattern changes may also pose long-term risks of physical impacts to our business.Risk factors (Item 1A)

Also named by KEY

Commodities and inputs

Steel

exposed to its pricenamed as a risk

Significant declines in the cost of paper or scrap metals may negatively impact our revenues and results of operations, and increases in other commodity prices, including steel, may negatively impact our results of operations.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Euro

exposed to its pricenamed as a risk

However, our international revenues and expenses are generated in the currencies of the countries in which we operate, primarily the British pound sterling, Euro, Canadian dollar and Australian dollar.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Canadian dollar

exposed to its pricenamed as a risk

However, our international revenues and expenses are generated in the currencies of the countries in which we operate, primarily the British pound sterling, Euro, Canadian dollar and Australian dollar.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

British pound sterling

exposed to its pricenamed as a risk

However, our international revenues and expenses are generated in the currencies of the countries in which we operate, primarily the British pound sterling, Euro, Canadian dollar and Australian dollar.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Electricity

exposed to its pricenamed as a risk

Additionally, global fluctuations in the price of power can increase the cost of energy, and we may be limited in our ability to, or may not always choose to, pass these increased costs on to our customers.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Australian dollar

exposed to its pricenamed as a risk

However, our international revenues and expenses are generated in the currencies of the countries in which we operate, primarily the British pound sterling, Euro, Canadian dollar and Australian dollar.Market risk (Item 7A)

Also named by ADBE, BEN, BF/B, BTU, CSGP, EEFT, EZPW, GPC and 13 more

Water

depends onnamed as a risk

We purchase significant amounts of electricity and water for cooling from suppliers that are subject to environmental laws, regulations and permit requirements.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more

Scrap metal

exposed to its pricenamed as a risk

Additionally, our ALM business may be affected by the prices of scrap metals.Risk factors (Item 1A)

Also named by LKQ

Recycled paper

exposed to its pricenamed as a risk

Significant declines in the cost of paper or scrap metals may negatively impact our revenues and results of operations, and increases in other commodity prices, including steel, may negatively impact our results of operations.Risk factors (Item 1A)

Laws and programs

Credit Agreement

subject to · approximately 22.0%, or $3,640.4 millionnamed as a risk

As of December 31, 2025, approximately 22.0%, or $3,640.4 million, of our total long-term debt outstanding was subject to variable interest rates.Market risk (Item 7A)

Also named by CELH, COHR, EXE, GTX, MP, RBA, RRGB, STRL and 1 more

U.S. REIT tax rules (Internal Revenue Code)

subject to · at least 90% of our REIT taxable incomenamed as a risk

To remain qualified for taxation as a REIT, we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year, or in limited circumstances, the following year, to our stockholders.Risk factors (Item 1A)

Also named by CTRE

Foreign Corrupt Practices Act

subject tonamed as a risk

the impact of laws and regulations that apply to us in countries in which we operate or have made investments; in particular, we are subject to sanctions and anti-corruption laws, such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and, although we have implemented internal controls, policies and procedures and training to deter prohibited practices, our employees, partners, contractors or agents may violate or circumvent such policies and the law;Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

United Kingdom Bribery Act

subject tonamed as a risk

the impact of laws and regulations that apply to us in countries in which we operate or have made investments; in particular, we are subject to sanctions and anti-corruption laws, such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and, although we have implemented internal controls, policies and procedures and training to deter prohibited practices, our employees, partners, contractors or agents may violate or circumvent such policies and the law;Risk factors (Item 1A)