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Iron MountainIRM

Legal name
Iron Mountain Inc.
Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $IRM

Latest filings

You are here#12 of 17 in Real Estate by market cap

Filing record · 2016–202610-K1110-Q328-K133

IRM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $6.90B
YoY changeLargest recent move+16.7%in FY16Latest +12.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All IRM Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Iron Mountain Financial Overview 2021–2025

Updated Nov 4, 2026

Iron Mountain's net income fell to $152.3 milliona in FY2025 even as Adjusted EBITDA jumped 15.1% to $2.57 billion. That gap is the whole story. The business is growing fast and getting more profitable at the operating line, but interest costs and a rising debt load are absorbing the gains before they reach shareholders.

The long-term arc is clear. Revenue grew from $4.49 billion in FY2021 to $6.90 billionb in FY2025, while Adjusted EBITDA margin widened from 36.4% to 37.3%. The engine is the Global Data Center Business, where revenue reached $803.4 million in FY2025, up 29.6%, at a 51.8% segment margin. About 97% of its 488 MW of leasable capacity was leased. The cost is visible: long-term debt climbed from roughly $9.3 billion in FY2021 to $16.54 billion in FY2025, net interest expense hit $829.3 million, and the stockholders' deficit reached $981.0 million. The company still paid $919.4 million in dividends and plans about $2.2 billion of capital spending for 2026.

The market priced that tension in. At the close of FY2025, shares traded at $82.95c, or 169.3x trailing earnings of $0.49 per share, for a market cap of $24.5 billion. That multiple reflects depressed GAAP earnings, not a cheap or expensive operating business. Diluted EPS was $1.90 at the end of FY2022 and has since fallen to $0.49, so investors are paying for data center growth and EBITDA momentum rather than current net income.

Recent Developments (Q1 and Q2 2026)

Iron Mountain raised its full-year 2026 guidance after Q2 2026. Revenue is now expected at $7.94–8.01 billiond and Adjusted EBITDA at $2.945–2.975 billion. Q2 revenue rose 18.5% to $2.03 billion, and net income turned to $101.4 million from a $44.9 million loss. Data center revenue grew 39%, with 110 MW leased year to date through July. Adjusted EBITDA margin slipped to 35.8% from 36.7%, as the RIM segment margin declined. In June, the company issued $1.5 billion of 6.25% notes due 2035, lifting long-term debt to $17.13 billion.

Bull case: leasing momentum and raised guidance support continued earnings growth. Bear case: at 237.9x earnings and a $34.5 billione market cap as of the August 4, 2026 filing date, not today, the price assumes flawless execution while debt keeps rising.

What to watch: conversion of leased data center megawatts into revenue; margin recovery in the RIM segment

03—Filings

Recent SEC Filings

  1. 8-KIron Mountain 8-K Report, Financial Results (Aug 5, 2026)Iron Mountain Incorporated reported record second-quarter 2026 results, with total revenues of $2.03 billion, up 18.5% on a reported basis and 17.6% excluding foreign exchange effects. Net income was $106.1 million, compared with a net loss of $(43.3) million in the second quarter of 2025. Adjusted EBITDA rose to $727.0 million, up 15.7%, and AFFO reached $432.7 million, or $1.44 per share, up 17.0%. Organic revenue growth was 16.8%, and the growth businesses of data center, digital and asset lifecycle management (ALM) collectively grew more than 50% year over year. The company raised its full-year 2026 guidance. It now expects total revenue of $7,940 million to $8,010 million, Adjusted EBITDA of $2,945 million to $2,975 million, AFFO of $1,760 million to $1,780 million, and AFFO per share of $5.87 to $5.93. Data center leasing totaled 13 megawatts in the second quarter and 110 megawatts year to date through July, including 75 megawatts signed in July. Leverage was 4.8x, within the company's 4.5x to 5.5x target range. The board declared a third-quarter cash dividend of $0.864 per share, payable October 2, 2026 to shareholders of record on September 15, 2026. Total (deficit) equity was $(955.0) million at June 30, 2026, and long-term debt, net of current portion, was $17.13 billion. The filing furnishes the earnings press release, the earnings conference call slide presentation and supplemental financial information as Exhibits 99.1, 99.2 and 99.3.
  2. 8-KIron Mountain 8-K Report, Material Agreement (Jun 26, 2026)Iron Mountain Incorporated (IRM) completed a private offering on June 26, 2026 of $1,500,000,000 in aggregate principal amount of 6.250% Senior Notes due 2035, sold at 100.00% of par. The net proceeds were approximately $1,481.8 million after discounts to the initial purchasers and estimated offering expenses. The Company intends to use the proceeds to repay all or a portion of the outstanding borrowings under its revolving credit facility and to pay related fees and expenses, with any remaining proceeds used for general corporate purposes. The Notes were issued under an indenture dated June 26, 2026 with Computershare Trust Company N.A. as trustee and are initially guaranteed on an unsecured senior basis by the Company's U.S. subsidiaries that represent the substantial majority of its U.S. operations. The Notes pay interest semi-annually on January 15 and July 15, with the first payment due January 15, 2027, and mature January 15, 2035. They rank pari passu with existing and future senior debt, are effectively subordinated to secured indebtedness and structurally subordinated to liabilities of non-guarantor subsidiaries. The Notes are redeemable at a make-whole price before July 15, 2029, with an equity-claw option for up to 40% of principal from certain equity offering proceeds, and at specified redemption prices on or after July 15, 2029. The indenture includes customary events of default and restrictive covenants limiting sale-leaseback transactions, liens and certain other corporate actions. The Notes were sold only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and have not been registered under the Securities Act.
  3. 8-KIron Mountain 8-K Report, Shareholder Vote Results (May 12, 2026)Iron Mountain Incorporated (IRM) filed this Form 8-K on May 12, 2026, to report the results of its Annual Meeting of Stockholders, held May 7, 2026. Stockholders elected all eleven nominated directors, each for a one-year term ending at the 2027 Annual Meeting. The filing describes the votes as final. Stockholders also approved, on a non-binding advisory basis, the compensation paid to the named executive officers as disclosed in the Proxy Statement, with 223,486,130 votes for, 7,742,108 against, and 891,652 abstaining. They ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with 249,250,207 votes for, 11,947,700 against, and 407,195 abstaining. Broker non-votes were 29,485,212 for each director election and for the say-on-pay proposal. Separately, the Board approved committee assignments effective at the conclusion of the Annual Meeting, subject to each director's re-election. Walter C. Rakowich chairs the Audit Committee, Robin L. Matlock chairs the Compensation Committee, Theodore R. Samuels chairs the Nominating and Governance Committee, Doyle R. Simons chairs the Finance Committee, and Monte Ford chairs the Risk and Safety Committee.
  4. 8-KIron Mountain 8-K Report, Financial Results (Apr 30, 2026)Iron Mountain Incorporated filed an Item 2.02 Form 8-K on April 30, 2026, furnishing its first-quarter 2026 earnings press release, an earnings conference call slide presentation, and supplemental financial information. Total revenues were $1.9 billion, up 21.6% on a reported basis and 18.6% excluding foreign exchange, with organic revenue growth of 17.2%. Net income was $149.0 million, compared with $16.2 million in the first quarter of 2025, and Adjusted EBITDA was $707.9 million, up 22.1%. AFFO was $426.1 million, or $1.43 per share, compared with $1.17 per share a year earlier. Storage rental revenue rose 15.4% reported and service revenue rose 30.6% reported. Management raised full-year 2026 guidance. Revenue is now expected at $7,825 million to $7,925 million (previously $7,625 million to $7,775 million), Adjusted EBITDA at $2,925 million to $2,965 million (previously $2,875 million to $2,925 million), and AFFO per share at $5.79 to $5.86 (previously $5.69 to $5.79). The company cited growth in its data center, digital and asset lifecycle management businesses, which collectively grew more than 50% year over year in the quarter. Data center leasing reached 32 megawatts through April, and the company has about 400 megawatts of capacity energizing and available over the next 24 months. The board declared a second-quarter 2026 cash dividend of $0.864 per share, payable July 3, 2026 to holders of record on June 15, 2026. Leverage was 4.8x on the company's long-term net lease adjusted basis, within its 4.5x to 5.5x target range. Total (deficit) equity was $(938.4) million at March 31, 2026, and long-term debt, net of current portion, was $16.89 billion.
  5. 8-KIron Mountain 8-K Report, Corporate Update (Mar 9, 2026)Iron Mountain Incorporated (IRM) filed this Current Report on Form 8-K on March 9, 2026, under Item 8.01 (Other Events) to furnish, as Exhibit 99.1, a description of the material United States federal income tax considerations relating to the Company's qualification and taxation as a real estate investment trust (REIT) and the acquisition, ownership and disposition of its stock. The filing states that this description replaces and supersedes prior descriptions of the federal income tax treatment of the Company and its stockholders to the extent they are inconsistent with it, and that any reference to a prior description is deemed a reference to this one. The filing's exhibit list also includes a tax opinion from Sullivan & Worcester LLP as to tax matters (Exhibit 8.1), with a related consent (Exhibit 23.1), and the Inline XBRL cover page (Exhibit 104). Investors should note that the REIT discussion is conditional: Sullivan & Worcester LLP's opinion states that the Company has been organized and has qualified as a REIT for its 2014 through 2025 taxable years, subject to stated assumptions, representations and private letter rulings, and that no assurance can be given that the Company will qualify in any particular year. The filing is primarily a tax disclosure update rather than a financial results announcement. It contains no new operating, earnings or balance sheet figures. Its main significance for investors is the detailed description of REIT qualification tests, distribution requirements, the treatment of TRSs and foreign operations, and the tax consequences for U.S., tax-exempt and non-U.S. stockholders.
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04—See also

Related Companies

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