Iron Mountain Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
Did IRM Beat Earnings? Q4 2025 Results
Iron Mountain capped Q4 2025 with a clean beat on both top and bottom lines, reporting adjusted EPS of $0.61 against a consensus of $0.59, a 3.81% beat, while revenue of $1.84 billion topped estimates by 2.21% and grew 16.6% year over year. The primary engine behind the quarter's strength was the company's fast-expanding data center business, where the Global Data Center segment posted $236.70 million in revenue, up 39.1%, with 43 MW of new leasing signed and the broader portfolio reaching 96.9% occupancy across 488 MW. Growth businesses collectively, including data centers, digital solutions, and asset lifecycle management, grew more than 40% year over year and now represent 28% of total revenue. Iron Mountain's stock recently touched a 52-week high, reflecting investor confidence in the company's transformation. Looking ahead, management guided for 2026 revenue of $7.63 billion to $7.78 billion and expects more than 400 MW of data center capacity to energize over the next 24 months, with data center revenue growth projected above 25% for the year.
- Growth businesses (data center, digital solutions, ALM) collectively grew more than 40% Y/Y in Q4
- Organic revenue growth of 14% in Q4 and 10% for full year
- Data center organic revenue growth of 37% Y/Y with 43 MW of new leasing in Q4
- ALM organic revenue growth of 56% Y/Y driven by higher component remarketing revenue
- Record Digital Solutions revenue in Q4
- Continued strong revenue management in Global RIM
- Record level of storage volume exceeding 735 million cubic feet
- Strong data center renewal pricing: +9% cash and +12% GAAP mark-to-market
- 37 consecutive years of organic revenue growth in records management
“We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO. Our team's steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments.”
Iron Mountain CEO, on the earnings call
Forward Guidance & Outlook
Iron Mountain issued full year 2026 guidance projecting total revenue of $7,625 million to $7,775 million (approximately 12% year-over-year growth at midpoint), Adjusted EBITDA of $2,875 million to $2,925 million (approximately 13% growth), AFFO of $1,705 million to $1,735 million (approximately 12% growth), and AFFO per share of $5.69 to $5.79 (approximately 11% growth). For Q1 2026, the company expects approximately $1,855 million in revenue (approximately 16% year-over-year growth), approximately $685 million in Adjusted EBITDA (approximately 18% growth), approximately $415 million in AFFO (approximately 19% growth), and approximately $1.39 in AFFO per share (approximately 19% growth). The company expects more than 400 MW of data center capacity to be energized over the next 24 months, with current backlog expected to drive data center revenue growth of 25%+ in 2026 and contribute more than $325 million of additional growth beyond 2026 before any incremental new leasing. Growth businesses are expected to continue increasing as a percentage of total revenue, targeting approximately 40% by 2029.
IRM YoY Financials
IRM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.