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Iron Mountain (IRM) FY2025 results: revenue $6.9 billion, up 12.2% on the year

Iron Mountain Inc. (IRM) reported revenue of $6.9 billion for fiscal 2025, the year ended 31 December 2025, up 12.2% on the year before. Net income was $145 million, down 19.7%, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$6.9 billion
+12.2% on the year
FY2018FY2025
Operating margin
16.9%
16.4% a year earlier
FY2018FY2025
Net income
$145 million
-19.7% on the year
FY2018FY2025
Diluted EPS
$0.49
-19.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Adjusted EBITDA margin flat year over year: The Adjusted EBITDA margin was 38.3% in the fourth quarter, unchanged from a year earlier, and 37.3% for the full year, up 90 basis points.
  • Q1 2026 dividend of $0.864 declared: The Board declared a quarterly cash dividend of $0.864 per share for the first quarter of 2026.
Read the Q4 FY2025 earnings call summary

From this 10-K

Iron Mountain stores and manages information for other organisations, both physical records and digital, and runs data centres. It was founded in an underground facility near Hudson, New York in 1951, where it stored business records. It is a Delaware corporation and has been organised and operated as a REIT since its 2014 taxable year. It says it serves more than 240,000 customers in 61 countries, including approximately 95 percent of the Fortune 1000.

Iron Mountain Inc., the 10-K for 2025

Iron Mountain stores and manages information for other organisations, both physical records and digital, and runs data centres. It was founded in an underground facility near Hudson, New York in 1951, where it stored business records. It is a Delaware corporation and has been organised and operated as a REIT since its 2014 taxable year. It says it serves more than 240,000 customers in 61 countries, including approximately 95 percent of the Fortune 1000.

Three segments plus corporate

Global Records and Information Management, called Global RIM; the Global Data Center Business; and Corporate and Other, which holds the asset lifecycle management and fine arts businesses along with executive and staff functions such as finance, human resources and IT.

The records business

Iron Mountain holds contracted storage rental agreements that generally run one to five years, and at the end of 2025 it stored more than 740 million cubic feet of physical volume. The filing says a majority of revenue is recurring, that it has consistently experienced strong customer retention, and that historically economic downturns have not significantly affected the storage rental business.

The stated priority in this segment is driving volume growth while taking revenue management opportunities, and enhancing its position in higher-growth markets such as Central and Eastern Europe, Latin America, Asia, the Middle East and Africa.

Digital solutions

Sold globally across market verticals, aimed at customers' digital transformation needs as they navigate a complex regulatory environment and seek access to what the filing calls their dark data. Insight Digital Experience Platform is named as one such offering.

Data centres

At the end of 2025 Iron Mountain operated 31 data centres across 21 global markets, directly or through unconsolidated joint ventures, and had leased approximately 97 percent of the existing 488 megawatt capacity. Total potential capacity in land and buildings it owns or operates is 1,340 megawatts. Lease durations vary by customer, with a weighted average lease expiry of 10.3 years at the end of 2025. The company says the world's most heavily regulated organisations have used it as a data centre operator for over 20 years, and that five of the largest global hyperscalers are among its customers. The stated priority is leasing unsold capacity to hyperscale customers and completing construction on leases already signed.

Asset lifecycle management

Iron Mountain describes itself as a global provider of asset lifecycle management. At the end of 2025 it operated 34 facilities across 8 global markets. The stated approach is broadening the customer base, cross-selling to existing customers, expanding capabilities, and selective tuck-in acquisitions.

Project Matterhorn

Announced in September 2022 and completed in 2025, a global programme to transform the operating model into a global one and develop a solution-based sales approach, with shared services and practices reorganised around it. Iron Mountain incurred approximately $574.4 million in restructuring and other transformation costs on it since inception, including approximately $195.9 million during 2025 and $161.4 million during 2024.

Who the customers are

Named market verticals are commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organisations.

From Iron Mountain's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,9026,1505,480+12.2%
Cost of revenue3,0792,6972,358+14.2%
Gross profit3,8223,4533,122+10.7%
Gross margin55.4%56.2%57.0%
Selling, general and administrative1,3941,3401,236+4.1%
Operating income1,1641,010922+15.3%
Operating margin16.9%16.4%16.8%
Interest expense829722586+14.9%
Pre-tax income211245227-13.6%
Income tax58.960.939.9-3.2%
Effective tax rate27.9%24.9%17.6%
Net income145180184-19.7%
Net margin2.1%2.9%3.4%
Diluted EPS$0.49$0.61$0.63-19.7%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,3401,1971,114+12.0%
Capital expenditure2,2721,7921,339+26.8%
Free cash flow-932-595-226
Free cash flow margin-13.5%-9.7%-4.1%
Cash from investing-2,574-2,137-1,444
Cash from financing1,268877426+44.6%
Depreciation and amortisation1,024901776+13.7%
Share-based compensation14011873.8+18.7%
Dividends paid919790738+16.4%
Dividend per share$3.22$2.73$2.54+17.9%
Diluted shares, weighted298m296m294m+0.5%
Shares outstanding at period end296m294m292m+0.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity-981-503212
Non-controlling interest2721980.1+36.9%
Redeemable equity64.478.2178-17.6%
Debt16,43213,71911,933+19.8%
Operating lease liabilities2,3002,3352,562-1.5%
Finance lease liabilities471278311+69.1%
Other liabilities2,5672,6112,278-1.7%
Total liabilities and equity21,12518,71717,474+12.9%
Goodwill5,2865,0845,018+4.0%
Intangible assets1,2701,2751,280-0.4%
Cash and equivalents159156223+1.8%
Receivables1,4441,2911,260+11.8%
Other assets12,96710,9119,693+18.8%
Total assets21,12518,71717,474+12.9%

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