IRM Q2 2025 Earnings
Reported Aug 6, 2025 at 6:49 AM ET · SEC Source
Q2 25 EPS
$0.48
MISS 4.23%
Est. $0.50
Q2 25 Revenue
$1.71B
BEAT +1.70%
Est. $1.68B
vs S&P Since Q2 25
+26.2%
BEATING MARKET
IRM +42.1% vs S&P +15.9%
Market Reaction
Did IRM Beat Earnings? Q2 2025 Results
Iron Mountain posted a mixed second quarter, delivering revenue that cleared Wall Street's bar while adjusted earnings fell modestly short. The information management and storage REIT reported Q2 2025 revenue of $1.71 billion, up 11.6% year-over-year… Read more Iron Mountain posted a mixed second quarter, delivering revenue that cleared Wall Street's bar while adjusted earnings fell modestly short. The information management and storage REIT reported Q2 2025 revenue of $1.71 billion, up 11.6% year-over-year and ahead of the $1.68 billion consensus, while adjusted EPS of $0.48 missed the $0.50 estimate by 4.23%. The headline earnings gap was overshadowed by the broader story: Iron Mountain's growth businesses, spanning data centers, digital solutions, and asset lifecycle management, collectively expanded more than 30%, powering adjusted EBITDA up 15.4% to $628.39 million with margin expanding 120 basis points to 36.7%. AFFO per share reached $1.24, up 14.8% year-over-year, the metric investors watch most closely for REITs. The strong operational momentum prompted management to raise full-year 2025 guidance, lifting the revenue outlook to $6.79 billion to $6.94 billion and AFFO per share to $5.04 to $5.13, with data center revenue now expected to grow nearly 30% for the full year. Shares gained in pre-market trading following the report.
Key Takeaways
- • Data center, digital, and ALM growth businesses collectively grew more than 30%
- • Organic data center storage revenue growth of 26% YoY
- • ALM organic revenue growth of 42% YoY
- • Strong revenue management and records retention rate of 93.0%
- • Record storage volume of 735.8M+ cubic feet
- • Storage facility capacity utilization improved to 80.6%
- • Improved operating leverage from continued improvement activities
- • Strong data center renewal pricing: +13% cash, +20% GAAP mark-to-market
- • Low data center churn of 0.5%
- • Storage rental gross margin expansion of 140 bps YoY to 71.4%
IRM YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
IRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report outstanding performance in the second quarter, resulting in record financial performance across all key metrics and above our expectations. Our team's successful execution of our strategy and commitment to delivering value for our customers, whilst leveraging our synergistic business model continues to drive industry leading growth and record results across each of our business segments.”
— William L. Meaney, Q2 2025 Earnings Press Release
IRM Earnings Trends
IRM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IRM EPS Trend
Earnings per share: estimate vs actual
IRM Revenue Trend
Quarterly revenue: estimate vs actual
IRM Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.52 | $0.60 | +16.19% | $1.94B | +4.00% |
| Q4 25 BEAT FY | $0.59 | $0.61 | +3.81% | $1.84B | +2.21% |
| FY Full Year | — | $2.12 | — | $6.90B | — |
| Q3 25 BEAT | $0.53 | $0.54 | +2.45% | $1.75B | +0.04% |
| Q2 25 MISS | $0.50 | $0.48 | -4.23% | $1.71B | +1.70% |