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Iron Mountain 8-K Report, Financial Results (Feb 12, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 12, 2026
Period End
February 12, 2026
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 February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

Iron Mountain Incorporated furnished an earnings press release, a slide presentation, and supplemental financial information under Item 2.02 of this Form 8-K, covering the fourth quarter and full year ended December 31, 2025.

The company reported record quarterly and full-year revenue of $1.8 billiona and $6.9 billion, up 16.6% and 12.2% year over year, with organic revenue growth of 14% in the fourth quarter and 10% for the full year. Quarterly Adjusted EBITDA was $705 million and full-year Adjusted EBITDA was $2.6 billion ($2,574 million). Reported net income was lower than in 2024: $93 million in the fourth quarter versus $106 million, and $152 million for the year versus $184 million.

Management attributed the record results to its growth businesses of data center, digital, and asset lifecycle management, which collectively grew more than 40% year over year in the fourth quarter and more than 30% for the full year. The company issued 2026 guidance calling for total revenue of $7,625 million to $7,775 millionb (approximately 12% growth at the midpoint), Adjusted EBITDA of $2,875 million to $2,925 million (approximately 13%), AFFO of $1,705 million to $1,735 million (approximately 12%), and AFFO per share of $5.69 to $5.79 (approximately 11%). Management highlighted 400 megawatts of data center capacity expected to energize over the next 24 months and reported net-lease-adjusted leverage of 4.9x, within its 4.5x to 5.5x target range.

The Board declared a first-quarter 2026 dividend of $0.864c per share, payable April 3, 2026, to holders of record on March 16, 2026. Adjusted EPS rose to $0.61 in the fourth quarter from $0.50, and to $2.12 for the full year from $1.77. Reported EPS declined to $0.30 from $0.35 in the fourth quarter and to $0.49 from $0.61 for the full year.

The filing states that the furnished information, including the exhibits, is not deemed filed for purposes of Section 18 of the Exchange Act. It also notes that the company does not reconcile its forward-looking non-GAAP guidance to GAAP measures because certain significant information, including exchange rate impacts and real estate disposition gains or losses, is not available without unreasonable efforts.

02—Key points

Key Highlights

  1. Q4 2025 total revenues of $1,843.2 million, up 16.6% from $1,581.3 million; full-year revenues of $6,901.7 million, up 12.2%.
  2. Organic revenue growth of 14% in Q4 2025 and 10% for full year 2025, per the press release.
  3. Q4 2025 Adjusted EBITDA of $705.3 million (38.3% margin) versus $605.1 million; full-year Adjusted EBITDA of $2,574 million versus $2,236 million.
  4. Net income attributable to Iron Mountain of $89.3 million in Q4 2025 versus $103.9 million a year earlier; full-year reported EPS of $0.49 versus $0.61.
  5. Q4 2025 AFFO of $429.7 million ($1.44 per share) and full-year AFFO of $1,541 million ($5.17 per share), versus $1.24 per share in Q4 2024 and $4.54 for full year 2024.
  6. 2026 guidance: revenue of $7,625–$7,775 million, Adjusted EBITDA of $2,875–$2,925 million, AFFO of $1,705–$1,735 million, and AFFO per share of $5.69–$5.79.
  7. Quarterly dividend of $0.864 per share declared for Q1 2026, payable April 3, 2026; the company cites 400 MW of data center capacity energizing over the next 24 months.

03—Questions

Frequently Asked Questions

  1. How did Iron Mountain perform in the fourth quarter and full year 2025?

    Total revenues were $1.8 billion in Q4 2025, up 16.6% year over year, and $6.9 billion for the full year, up 12.2%. Adjusted EBITDA was $705.3 million in Q4 and $2,574 million for the full year. Net income was $93.1 million in Q4, down from $105.7 million, and $152.3 million for the full year, down from $183.7 million.

  2. What guidance did the company provide for 2026?

    For full-year 2026, the company guided to total revenue of $7,625–$7,775 million, Adjusted EBITDA of $2,875–$2,925 million, AFFO of $1,705–$1,735 million, and AFFO per share of $5.69–$5.79. For Q1 2026, it expects revenue of approximately $1,855 million, Adjusted EBITDA of approximately $685 million, and AFFO per share of approximately $1.39.

  3. Which businesses drove growth?

    The company said its growth businesses of data center, digital, and asset lifecycle management collectively grew more than 40% year over year in Q4 2025 and more than 30% for the full year. In the Q4 presentation, Global Data Center revenue was $237 million versus $170 million a year earlier, a reported increase of 39%.

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

    The Board declared a quarterly cash dividend of $0.864 per share for the first quarter of 2026. It is payable April 3, 2026, to shareholders of record at the close of business on March 16, 2026.

  5. How is the company's leverage and capacity expansion positioned?

    The company reported net-lease-adjusted leverage of 4.9x, within its 4.5x to 5.5x target range. Management stated that more than 400 megawatts of data center capacity is expected to energize over the next 24 months, and its total developable data center capacity is 1.3 GW.

04—Continue

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