01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Iron Mountain Incorporated (IRM) reported total revenues of $6.90 billiona for 2025, up from $6.15 billion in 2024, with net income of $152.3 million (versus $183.7 million in 2024) and Adjusted EBITDA of $2.57 billion, a 15.1% increase, at an Adjusted EBITDA Margin of 37.3%.
Storage rental revenue rose to $4.05 billion and service revenue to $2.85 billionb. The Global Data Center Business was the fastest-growing segment, with segment revenue of $803.4 million, up 29.6%, and a segment Adjusted EBITDA margin of 51.8%. The company reported that 488 MW of leasable data center capacity was about 97% leased, with an additional 852 MW under construction or held for development.
The company completed its Project Matterhorn transformation program in 2025, incurring $574.4 millionc in restructuring and other transformation costs since inception, including $195.9 million in 2025. Capital spending on a cash basis was $2.27 billion in 2025, and management expects approximately $2.2 billion of capital expenditures in 2026. Long-term debt was $16.54 billion at year-end and stockholders' deficit was $981.0 million.
Interest expense, net rose to $829.3 milliond. Cash paid for dividends was $919.4 million, and the board declared a quarterly dividend of $0.8640 per share on February 12, 2026. The filing reports effective internal control over financial reporting and no material legal proceedings in the opinion of management.
Key risks highlighted include declining activity rates in physical records, the need to manage a high level of leverage and floating-rate debt (about 22.0% of total long-term debt), foreign currency exposure, and reliance on a concentrated set of ALM clients and Chinese purchasers of IT asset components. The company also cited a net foreign currency transaction loss of $105.6 million in 2025.
02—Key points
Key Highlights
- Total revenues rose 12.2% to $6.90 billion in 2025; storage rental revenue was $4.05 billion and service revenue was $2.85 billion.
- Adjusted EBITDA increased 15.1% to $2.57 billion, with Adjusted EBITDA Margin of 37.3%, up 90 basis points.
- Net income fell 17.1% to $152.3 million, reflecting higher interest expense ($829.3 million), a $123.3 million other expense (including $105.6 million of foreign currency transaction losses), and higher depreciation and amortization.
- Global Data Center Business segment revenue grew 29.6% to $803.4 million, with segment Adjusted EBITDA margin of 51.8%; about 97% of the existing 488 MW of data center capacity was leased.
- Project Matterhorn was completed in 2025, with $574.4 million of cumulative restructuring and other transformation costs since its inception.
- Long-term debt totaled $16.54 billion and the stockholders' deficit was $981.0 million at December 31, 2025; the company was in compliance with its financial covenants.
- FFO (Normalized) rose to $1.08 billion from $932.6 million, and Adjusted EPS increased to $2.12 from $1.77.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.90B$6.15B | +12.2% |
| SG&A Expenses | $1.39B$1.34B | +4.1% |
| Operating Expenses | $5.74B$5.14B | +11.6% |
| Operating Income | $1.16B$1.01B | +15.3% |
| Net Income | $144.59M$180.16M | −19.7% |
| EPS (Basic) | $0.49$0.61 | −19.7% |
| EPS (Diluted) | $0.49$0.61 | −19.7% |
| Shares Outstanding (Basic) | 295.40M293.37M | +0.7% |
| Shares Outstanding (Diluted) | 297.82M296.23M | +0.5% |
05—Questions
Frequently Asked Questions
How did Iron Mountain perform financially in 2025?
Total revenues were $6.90 billion, up 12.2% from $6.15 billion. Adjusted EBITDA reached $2.57 billion, up 15.1%, while net income attributable to Iron Mountain Incorporated declined to $144.6 million from $180.2 million, largely due to higher interest expense and foreign currency transaction losses.
What is driving growth in the Global Data Center Business?
Segment revenue grew 29.6% to $803.4 million, driven by organic storage rental revenue growth from leases that commenced in 2025 and prior periods, improved pricing, and increased use of pass-through power. The filing notes the company had 488 MW of leasable capacity and 852 MW under construction or held for development at year-end 2025.
How much capital does Iron Mountain expect to spend in 2026?
The company expects total capital expenditures of approximately $2.2 billion for 2026, excluding potential future acquisitions, comprising about $2.05 billion of growth investment and about $150.0 million of recurring capital expenditures.
What are the main balance sheet and debt considerations for investors?
Long-term debt was $16.54 billion, and the stockholders' deficit was $981.0 million at December 31, 2025. Approximately 22.0% of long-term debt, or $3.64 billion, bears variable interest rates, and a 1% increase in the average variable rate would have reduced net income by about $41.9 million. The company stated it was in compliance with its leverage and fixed charge coverage covenants.
What dividend did Iron Mountain declare?
On February 12, 2026, the board declared a dividend of $0.8640 per share payable on April 3, 2026 to stockholders of record as of March 16, 2026. Total dividends declared for 2025 were $950.9 million, or $3.22 per share based on weighted average shares.
06—Continue