Iron Mountain Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
Did IRM Beat Earnings? Q3 2025 Results
Iron Mountain posted a solid third quarter, with earnings per share of $0.54 edging past the $0.53 consensus by 2.45% and revenue of $1.75 billion matching expectations while climbing 12.6% year over year, as the records management and data center REIT demonstrated broad momentum across its business. The standout driver was its data center segment, which generated $204.13 million in revenue with 32.1% organic growth and a sharply expanded Adjusted EBITDA margin of 52.6%, up from 43.6% a year ago, reflecting strong renewal pricing and near-full utilization of its 452 MW operating portfolio. The company also swung to GAAP net income of $86.24 million from a net loss of $33.66 million in the year-ago period, while Adjusted EBITDA rose 16.2% to $660.38 million. Iron Mountain reiterated full-year 2025 guidance calling for revenue of $6.79 billion to $6.94 billion and projects at least 25% data center revenue growth in 2026 from existing backlog alone, even as the stock has faced selling pressure in recent sessions amid broader market turbulence.
- Growth businesses (data center, digital, ALM) collectively grew more than 30% YoY
- Global RIM organic revenue growth of 5.0% with continued strong revenue management
- Data center organic revenue growth of 32.1% with strong renewal pricing (+14% cash, +19% GAAP mark-to-market)
- ALM organic revenue growth of 36% and reported growth of 65% YoY
- Improved records retention rate to 93.2% and higher storage facility utilization at 80.8%
- Data center churn remained low at 0.3%
- Improved operating leverage from continued improvement activities
- Record storage volume exceeding 743 million cubic feet
“We are pleased to report another quarter of very strong performance in the third quarter, achieving all-time record Revenue, Adjusted EBITDA, and AFFO with strength across all of our key metrics. Our continued success is the result of our team's consistent execution of our growth strategy and unwavering focus on meeting our customers' needs with innovative solutions.”
Iron Mountain CEO, on the earnings call
Forward Guidance & Outlook
Iron Mountain reiterated its full year 2025 guidance: Total Revenue of $6,790–$6,940 million (~12% YoY growth), Adjusted EBITDA of $2,520–$2,570 million (~14% YoY growth), AFFO of $1,505–$1,530 million (~13% YoY growth), and AFFO per share of $5.04–$5.13 (~12% YoY growth). Fourth quarter 2025 Revenue and Adjusted EBITDA are each expected to increase approximately 14% year over year on a reported basis and approximately 12% excluding foreign exchange effects. Q4 revenue is expected at approximately $1,800 million, Adjusted EBITDA at approximately $690 million, AFFO at approximately $415 million, and AFFO per share at approximately $1.39. The company expects nearly 30% data center revenue growth in 2025, at least 25% data center revenue growth in 2026 from current backlog before incremental new leasing, and approximately $250 million of growth from current backlog in 2027 and beyond. In the next 24 months, approximately 450 MW of data center capacity is expected to energize, including approximately 250 MW in the next 18 months.
IRM YoY Financials
IRM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.