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Iron Mountain cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$302M in Q3 2026 · −$537M over twelve months

Operating cash flow$316M
Capital spending−$618M
Free cash flow−$302M
Cash / net income2.5×
Cash conversion cycle-12 days

Analysis

In Q3 2026, Iron Mountain generated $316M of operating cash flow and spent $618M on capital projects, leaving free cash flow of −$302M. That is $45.9M less than in Q3 2025 (−$256M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were capital spending ($2.2B), dividends ($1.0B), other investing ($178M); besides operations, cash came from other financing ($1.4B), partners ($165M); the cash balance fell by $7.0M.

Operating cash flow was $316M against net income of $129M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$292M, stock-based pay +$30.9M, deferred taxes +$22.1M.

Its cash conversion cycle was -12 days (receivables 69 + inventory 0 − payables 81): suppliers fund its working capital.

Free cash flow

Iron Mountain: free cash flow by quarterIron Mountain: free cash flow by quarter−$186MQ4 2024−$477MQ1 2025−$182MQ2 2025−$256MQ3 2025−$16.2MQ4 2025−$179MQ1 2026−$38.9MQ2 2026−$302MQ3 2026
Operating cash flow less capital spending.
Iron Mountain: operating cash flow against capital spendingIron Mountain: operating cash flow against capital spendingOperating cash flowCapital spending$432M$618MQ4 2024$197M$675MQ1 2025$375M$557MQ2 2025$268M$524MQ3 2025$500M$516MQ4 2025$339M$518MQ1 2026$549M$588MQ2 2026$316M$618MQ3 2026
Latest (Q3 2026): Operating cash flow $316M, Capital spending $618M.

Capital allocation, year by year

Iron Mountain: where the cash came from (up) and went (down), by fiscal yearIron Mountain: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $759MFY2021: Net borrowing $546MFY2021: Shares issued $25.9MFY2021: Asset sales $492MFY2021: Capital spending −$887MFY2021: Acquisitions −$204MFY2021: Dividends −$718M$1.8BFY2021FY2022: Operating cash flow $928MFY2022: Net borrowing $1.4BFY2022: Shares issued −$4.8MFY2022: Asset sales $170MFY2022: Capital spending −$1.8BFY2022: Acquisitions −$804MFY2022: Dividends −$724M$2.5BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing $1.2BFY2023: Shares issued −$8.8MFY2023: Asset sales $53.5MFY2023: Capital spending −$1.5BFY2023: Acquisitions −$41.8MFY2023: Dividends −$738M$2.4BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $438MFY2024: Asset sales $18.0MFY2024: Capital spending −$1.8BFY2024: Acquisitions −$178MFY2024: Dividends −$790M$1.7BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing $949MFY2025: Asset sales $13.6MFY2025: Capital spending −$2.3BFY2025: Acquisitions −$102MFY2025: Dividends −$919M$2.3BFY2025
Over these 5 years operating cash flow totalled $5.3B; the largest uses were capital spending ($8.2B) and dividends ($3.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$188M
Debt$18.0B
Net debt$17.8B
Due within a year$216M

Iron Mountain's operations bring cash in ($1.7B over twelve months), and it spends more than that on capital projects: a gap of $537M funded from its $188M of cash and investments and from borrowing ($18.0B of debt, $216M due within a year). That is a choice to invest, not a cash runway running down.

Iron Mountain: debt maturities by year (FY2025)Iron Mountain: debt maturities by year (FY2025)$216MYear 1$2.3BYear 2$1.7BYear 3$2.1BYear 4$3.0BYear 5$7.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $188M of cash and investments now.

Where the cash came from and went

Iron Mountain: sources (+) and uses (−) of cash, Q3 2026Iron Mountain: sources (+) and uses (−) of cash, Q3 2026Capital spending−$618MNet borrowing (+) / repaid (−)$570MOperating cash flow$316MDividends−$257MOther investing−$18.8MCash drawn (+) / kept (−)$16.6MAcquisitions−$8.0MPartners−$6.0MAsset & business sales$2.9MExchange rates$2.0MOther financing$641K
Iron Mountain: sources (+) and uses (−) of cash, TTM to Q3 2026Iron Mountain: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$2.2BOperating cash flow$1.7BOther financing$1.4BDividends−$1.0BOther investing−$178MPartners$165MNet borrowing (+) / repaid (−)$89.4MExchange rates$25.4MAsset & business sales$11.8MAcquisitions−$8.0MCash drawn (+) / kept (−)$7.0M

From profit to cash

Iron Mountain: net income to operating cash flow, Q3 2026Iron Mountain: net income to operating cash flow, Q3 2026Net income$129MDepreciation & amortization$292MStock-based pay$30.9MDeferred taxes$22.1MOperating cash flow$316M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202669—81-12
Q2 202665—78-13
Q1 202667—76-9
Q4 202570—77-6
Q3 202572—76-4
Q2 202572—82-10
Q1 202574—88-14

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$316M−$618M−$8.0M−$257M$570M$16.6M−$302M
Q2 2026$549M−$588M—−$257M−$1.3B$45.9M−$38.9M
Q1 2026$339M−$518M—−$276M$641M−$92.2M−$179M
Q4 2025$500M−$516M—−$232M$192M$36.7M−$16.2M
Q3 2025$268M−$524M−$67.3M−$232M−$853M$22.8M−$256M
Q2 2025$375M−$557M$704K−$232M$515M−$62.7M−$182M
Q1 2025$197M−$675M−$35.1M−$223M$1.1B$378K−$477M
Q4 2024$432M−$618M−$4.0M−$210M−$795M$12.8M−$186M

Iron Mountain: income statement and cash flow

Iron Mountain, Q3 2026: revenue $2.0B (+14% year over year), operating margin 20.6%. The chart follows the revenue to costs, profit and cash.

Iron Mountain: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.