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Iron Mountain 8-K Report, Financial Results (Aug 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 6, 2025
Period End
August 6, 2025
Security
IRM
In the 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 · Mar ’20Mar ’20
  3. Material agreement8-K · Mar ’22Mar ’22
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Iron Mountain Incorporated (NYSE: IRM) reported record second quarter 2025 results on August 6, 2025, with total revenues of $1.71 billiona, an increase of 11.6% on a reported basis and 11.0% excluding foreign exchange.

Storage rental revenue was $1.01 billionb (up 9.8% reported) and service revenue was $702 million (up 14.2% reported). Adjusted EBITDA was $628.4 million, a 15.4% increase, with an Adjusted EBITDA margin of 36.7%. The company reported a net loss of $(43.3) million for the quarter, compared with net income of $34.6 million in the second quarter of 2024, driven by the impact of changes in exchange rates on intercompany balances.

AFFO was $369.7 millionc, or $1.24 per share, up 14.8% per share year over year. Iron Mountain raised its full-year 2025 guidance, now projecting total revenue of $6.79 billion to $6.94 billion, Adjusted EBITDA of $2.52 billion to $2.57 billion, AFFO of $1.505 billion to $1.530 billion, and AFFO per share of $5.04 to $5.13. The Board declared a quarterly cash dividend of $0.785 per share for the third quarter, payable October 3, 2025.

Management highlighted growth in its data center, digital solutions and asset lifecycle management businesses, which collectively grew more than 30%d in the quarter. The filing furnishes the earnings press release, a slide presentation for the earnings call, and supplemental financial information as Exhibits 99.1, 99.2 and 99.3.

Balance sheet data shows total debt-related liabilities rising, with long-term debt, net of current portion, of $14.82 billion at June 30, 2025, compared with $13.00 billion at December 31, 2024, and total (deficit) equity of $(568.9) million. Management reports net lease-adjusted leverage of 5.0x, within its 4.5x to 5.5x target range.

02—Key points

Key Highlights

  1. Record Q2 2025 total revenues of $1.71 billion, up 11.6% reported and 11.0% excluding foreign exchange
  2. Adjusted EBITDA of $628.4 million, up 15.4%, with a 36.7% Adjusted EBITDA margin
  3. Net loss of $(43.3) million for the quarter versus net income of $34.6 million a year earlier, driven by exchange rate impacts on intercompany balances
  4. AFFO of $369.7 million, or $1.24 per share, compared with $1.08 per share in Q2 2024
  5. Full-year 2025 guidance raised: revenue of $6.79B to $6.94B, Adjusted EBITDA of $2.52B to $2.57B, AFFO per share of $5.04 to $5.13
  6. Quarterly dividend of $0.785 per share declared for Q3 2025, payable October 3, 2025
  7. Long-term debt, net of current portion, rose to $14.82 billion at June 30, 2025 from $13.00 billion at December 31, 2024

03—Questions

Frequently Asked Questions

  1. Why did Iron Mountain report a net loss in the second quarter of 2025?

    The company reported a net loss of $(43.3) million, which the press release attributes to the impact of changes in exchange rates on its intercompany balances. Other expense (income), net was $81.9 million in the quarter, compared with $5.8 million in Q2 2024.

  2. Did Iron Mountain change its 2025 guidance?

    Yes. The company increased its full-year 2025 guidance, citing strong second-quarter performance, a positive outlook and recent changes in currency exchange rates. New ranges are total revenue of $6,790 to $6,940 million, Adjusted EBITDA of $2,520 to $2,570 million, AFFO of $1,505 to $1,530 million and AFFO per share of $5.04 to $5.13.

  3. What drove growth in the quarter?

    The filing cites growth in Global RIM, ALM and Data Center businesses. Data center, digital, and asset lifecycle management businesses collectively grew more than 30%. Data Center revenue was $189.4 million, up 24.0% reported, and Corporate and Other, which includes ALM, revenue was $198.7 million, up 51.6% reported.

  4. What is the dividend and when is it paid?

    The Board declared a quarterly cash dividend of $0.785 per share of common stock for the third quarter of 2025. It is payable on October 3, 2025, to shareholders of record at the close of business on September 15, 2025.

  5. How is Iron Mountain's leverage described?

    The company reports a net lease-adjusted leverage ratio of 5.0x, within its target range of 4.5x to 5.5x. The supplemental information notes a weighted average interest rate of 6.08% on its Revolving Credit Facility and Term Loan A and a credit facility fixed charge coverage ratio of 2.4x.

04—Continue

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