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Iron Mountain 8-K Report, Financial Results (Nov 5, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 5, 2025
Period End
November 5, 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. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Iron Mountain Incorporated (NYSE: IRM) reported record third-quarter 2025 results on November 5, 2025.

Total revenues were $1,754.1 milliona, up 12.6% on a reported basis and 11.8% excluding foreign exchange effects. Storage rental revenue rose 10.4% and service revenue rose 16.0%. Net income attributable to Iron Mountain Incorporated was $84.3 million, compared with a loss of $33.6 million in the prior-year quarter.

Adjusted EBITDA was $660.4 millionb, up 16.2%, with an Adjusted EBITDA Margin of 37.6%. AFFO was $393.3 million, or $1.32 per share, up 18.5% in total and 16.8% per share. The filing states that net income benefited from lower other expense, driven primarily by exchange rate changes on intercompany balances.

Management reiterated full-year 2025 guidance: total revenue of $6,790 million to $6,940 millionc, Adjusted EBITDA of $2,520 million to $2,570 million, AFFO of $1,505 million to $1,530 million, and AFFO per share of $5.04 to $5.13. For the fourth quarter, the company expects revenue of approximately $1,800 million and Adjusted EBITDA of approximately $690 million, each up approximately 14% year over year on a reported basis. The board declared a fourth-quarter dividend of $0.864 per share, an increase of 10%, payable January 6, 2026 to holders of record on December 15, 2025.

The balance sheet at September 30, 2025 shows total assets of $20,632.9 milliond, total liabilities of $21,316.0 million, and a total deficit of $(683.2) million. Long-term debt, net of current portion, was $15,494.2 million. The Q3 presentation cites a net lease-adjusted leverage ratio of 5.0x, within the company's 4.5x to 5.5x target range.

Data center leasable capacity was 452.2 megawatts, with 202.5 megawatts under construction and 685.2 megawatts held for development. The company also issued €1.2 billion of 4.75% senior notes due 2034.

02—Key points

Key Highlights

  1. Record Q3 2025 revenue of $1,754.1 million, up 12.6% reported and 11.8% excluding foreign exchange, with storage rental revenue up 10.4% and service revenue up 16.0%.
  2. Net income attributable to Iron Mountain Incorporated of $84.3 million, versus a loss of $33.6 million in Q3 2024, helped by lower other expense driven mainly by exchange rate changes on intercompany balances.
  3. Adjusted EBITDA of $660.4 million, up 16.2%, with Adjusted EBITDA Margin of 37.6%.
  4. AFFO of $393.3 million, or $1.32 per share, up 18.5% in total and 16.8% per share.
  5. Full-year 2025 guidance reiterated: revenue of $6,790 million to $6,940 million, Adjusted EBITDA of $2,520 million to $2,570 million, and AFFO per share of $5.04 to $5.13.
  6. Quarterly dividend raised 10% to $0.864 per share, payable January 6, 2026.
  7. Data center leasable capacity of 452.2 MW, with 202.5 MW under construction and 685.2 MW held for development; the company signed 13 MW of new leases in Q3.

03—Questions

Frequently Asked Questions

  1. How did Iron Mountain perform financially in the third quarter of 2025?

    Total revenues were $1,754.1 million, up 12.6% reported and 11.8% excluding foreign exchange. Net income attributable to Iron Mountain Incorporated was $84.3 million, compared with a loss of $33.6 million a year earlier. Adjusted EBITDA was $660.4 million, up 16.2%, and AFFO was $393.3 million, or $1.32 per share.

  2. What guidance did Iron Mountain provide for 2025?

    The company reiterated full-year 2025 guidance of $6,790 million to $6,940 million in total revenue, $2,520 million to $2,570 million in Adjusted EBITDA, $1,505 million to $1,530 million in AFFO, and $5.04 to $5.13 in AFFO per share. For the fourth quarter, it expects revenue of approximately $1,800 million and Adjusted EBITDA of approximately $690 million, each up approximately 14% on a reported basis.

  3. What is the dividend announcement?

    On November 5, 2025, the board declared a quarterly cash dividend of $0.864 per share, an increase of 10%. It is payable January 6, 2026 to shareholders of record at the close of business on December 15, 2025.

  4. What is the company's leverage and debt position?

    The filing's supplemental information cites a net lease-adjusted leverage ratio of 5.0x, within the company's 4.5x to 5.5x target range. Long-term debt, net of current portion, was $15,494.2 million at September 30, 2025, and the company issued €1.2 billion of 4.75% senior notes due 2034.

  5. What is driving growth in the data center business?

    Data center revenue in Q3 was $204.1 million, and the company reported 13 MW of new leases signed in the quarter. Leasable capacity reached 452.2 MW, with 202.5 MW under construction and 685.2 MW held for development. Management also cited a subsequent event in which an incremental 11 MW was signed, transferring a customer's 25 MW London lease to an expanded 36 MW lease for the Chicago data center site.

04—Continue

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