Iron Mountain (IRM) Q4 FY2025 earnings: revenue $1.8 billion, up 16.6% on the year

Iron Mountain Inc. (IRM) reported revenue of $1.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 16.6% on the same quarter a year earlier. Net income was $89 million, down 14.1% on the year, and diluted earnings per share $0.30. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$1.8 billion

+16.6% on the year · +5.1% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

18.5%

17.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$89 million

-14.1% on the year · +5.9% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.30

-14.3% on the year · +7.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Revenue reached record levels: Fourth-quarter total revenues were $1.84 billion, up 16.6% reported and 14.9% excluding foreign exchange. Full-year revenue reached $6.90 billion, up 12.2%.
Growth businesses grew over 40%: Data center, digital and asset lifecycle management together grew more than 40% year over year in the fourth quarter and more than 30% for the full year.
Service revenue grew faster than storage: Fourth-quarter service revenue was $782 million, up 22% reported, and storage rental was $1.06 billion, up 13%. Constant-currency growth was 20.7% for service and 11.1% for storage rental.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,843	1,754	1,581	+5.1%	+16.6%
Cost of revenue	822	792	689	+3.9%	+19.4%
Gross profit	1,021	962	892	+6.1%	+14.4%
Gross margin	55.4%	54.9%	56.4%
Selling, general and administrative	338	335	333	+1.0%	+1.5%
Operating income	341	309	282	+10.5%	+20.7%
Operating margin	18.5%	17.6%	17.9%
Interest expense	220	210	194	+4.8%	+13.0%
Pre-tax income	104	103	124	+1.5%	-16.0%
Income tax	11.2	16.6	18.5	-32.5%	-39.6%
Effective tax rate	10.7%	16.1%	14.9%
Net income	89.3	84.3	104	+5.9%	-14.1%
Net margin	4.8%	4.8%	6.6%
Diluted EPS	$0.30	$0.28	$0.35	+7.1%	-14.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	500	268	432	+86.9%	+15.9%
Capital expenditure	516	524	618	-1.5%	-16.4%
Free cash flow	-16.2	-256	-186
Free cash flow margin	-0.9%	-14.6%	-11.8%
Cash from investing	-606	-617	-695
Cash from financing	66.7	318	238	-79.0%	-71.9%
Depreciation and amortisation	278	262	235	+5.8%	+18.3%
Share-based compensation	21.7	32.1	44.6	-32.5%	-51.4%
Dividends paid	232	232	210	+0.1%	+10.5%
Dividend per share	$0.86	$0.79	$0.71	+10.1%	+20.8%
Diluted shares, weighted	298m	298m	297m	+0.1%	+0.4%
Shares outstanding at period end	296m	296m	294m	+0.1%	+0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	-981	-882	-503
Non-controlling interest	272	199	198	+36.7%	+36.9%
Redeemable equity	64.4	75.4	78.2	-14.5%	-17.6%
Debt	16,432	16,194	13,719	+1.5%	+19.8%
Operating lease liabilities	2,300	2,284	2,335	+0.7%	-1.5%
Finance lease liabilities	471	461	278	+2.1%	+69.1%
Other liabilities	2,567	2,302	2,611	+11.5%	-1.7%
Total liabilities and equity	21,125	20,633	18,717	+2.4%	+12.9%
Goodwill	5,286	5,270	5,084	+0.3%	+4.0%
Intangible assets	1,270	1,254	1,275	+1.3%	-0.4%
Cash and equivalents	159	195	156	-18.8%	+1.8%
Receivables	1,444	1,371	1,291	+5.3%	+11.8%
Other assets	12,967	12,543	10,911	+3.4%	+18.8%
Total assets	21,125	20,633	18,717	+2.4%	+12.9%

Questions

What was Iron Mountain's revenue in Q4 FY2025?

Iron Mountain (IRM) reported revenue of $1.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 16.6% on the same quarter a year earlier.

How much did Iron Mountain earn in Q4 FY2025?

Net income for Q4 FY2025 was $89 million, down 14.1% on the year, and diluted earnings per share $0.30.

When did Iron Mountain report Q4 FY2025 results?

Iron Mountain filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,160	1,248	1,290	1,287	1,279	1,314	1,358	1,388	1,420	1,477	1,534	1,557	1,581	1,593	1,712	1,754	1,843	1,936	2,029	1,991
Cost of revenue	479	547	556	546	540	572	593	592	601	653	676	678	689	710	755	792	822	890	959	927
Gross profit	681	701	733	741	739	743	765	796	818	824	858	879	892	882	957	962	1,021	1,046	1,070	1,064
Gross margin	59%	56%	57%	58%	58%	57%	56%	57%	58%	56%	56%	56%	56%	55%	56%	55%	55%	54%	53%	53%
SG&A	262	281	295	285	279	295	312	315	315	319	345	342	333	330	390	335	338	373	402	349
Operating income	196	222	294	286	248	241	213	238	231	246	230	251	282	254	260	309	341	395	374	411
Operating margin	17%	18%	23%	22%	19%	18%	16%	17%	16%	17%	15%	16%	18%	16%	15%	18%	19%	20%	18%	21%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	165	177	186	194	195	205	210	220	224	223	217
Pre-tax income	84.7	51.8	220	217	143	82.3	5.4	101	38.2	93.6	47.9	-21.3	124	31.1	-27.0	103	104	176	121	186
Tax rate	27%	19%	8%	11%	12%	20%	79%	10%	24%	18%	28%	n/a	15%	48%	n/a	16%	11%	15%	12%	31%
Net income	61.6	42.3	200	192	122	64.6	0.1	91.0	28.5	74.1	35.8	-33.6	104	16.0	-44.9	84.3	89.3	144	101	124
Net margin	5%	3%	16%	15%	10%	5%	0%	7%	2%	5%	2%	-2%	7%	1%	-3%	5%	5%	7%	5%	6%
Diluted EPS	$0.21	$0.14	$0.68	$0.66	$0.42	$0.22	$0.00	$0.31	$0.10	$0.25	$0.12	-$0.11	$0.35	$0.05	-$0.15	$0.28	$0.30	$0.48	$0.34	$0.41
Operating cash flow	296	54.5	291	214	367	129	317	220	447	130	382	253	432	197	375	268	500	339	549	316
Capital expenditure	192	161	169	267	279	266	335	362	377	381	397	396	618	675	557	524	516	518	588	618
Free cash flow	103	-107	122	-52.1	88.8	-137	-17.6	-141	70.3	-251	-14.6	-143	-186	-477	-182	-256	-16.2	-179	-38.9	-302
Dividends paid	179	184	180	180	180	187	181	181	190	198	191	191	210	223	232	232	232	276	257	257
Shares outstanding	290m	291m	291m	291m	291m	292m	292m	292m	292m	293m	293m	293m	294m	295m	295m	296m	296m	297m	298m	298m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.