IRON MOUNTAIN (IRM) Company Report

Growth portfolio now represents ~28–30% of revenues, up from 15% in 2021, spanning digital solutions, data center, and ALM; ALM unit expects $600 M revenue in 2025 (with $360 M from enterprise segment) within a $30 B TAM, maintaining a 3× lead over its nearest competitor.
Data center investments have risen from $300 M (2019) to $2 B (2025) capex, supporting assets generating $800 M revenue this year at ~50% EBITDA margin and projected to exceed $1 B in 2026 from signed backlog.
Secured a $714 M, five-year digital processing contract with the U.S. Treasury (IRS) to digitize inbound tax returns via large-language-model–powered DXP, targeting $4 M in Q4 2025 and a potential $140 M/year at full volume.
Core records business sees a modest uptick in box retention, with an average storage duration of 14.5 years and stable high customer retention rates post-COVID.
Capital allocation priorities include a 10% dividend increase aligned with AFFO growth, maintaining a low-60% payout ratio and 4.5–5.5× leverage target, while pursuing incremental margin gains across all segments.

Nov 18, 2025, 6:20 PM

Transcript

Iron Mountain outlines growth portfolio update at JPMorgan 2025 Ultimate Services Investor Conference

IRM

New Projects/Investments

Revenue Acceleration/Inflection

Iron Mountain’s growth businesses (digital solutions, data center, asset lifecycle management) have expanded from 15% of revenues in 2021 to a 28% exit rate in 2025, targeting 29–30% by year-end.
The DXP digital platform, built on Google AI/ML technology, now operates as a software-as-a-service solution to convert unstructured physical and digital content into structured data for clients.
Hyperscale data center development is conservatively pre-leased to AAA tenants, with 28 MW in Northern Virginia, sites in Madrid and Amsterdam, and 25 MW in London under construction for energization over the next 12–18 months.
Asset Lifecycle Management revenue surged from $38 million in 2021 to $600 million in 2025, with enterprise ALM at $360 million (60% of ALM revenue) in a $30 billion TAM, where Iron Mountain is 2–3× larger than the next competitor.
Secured a five-year, $714 million US Treasury contract to digitize paper tax returns using DXP, expecting $4 million of revenue in Q4 2025 and an annualized potential of $140 million if granted full volume.

Nov 18, 2025, 6:20 PM

Transcript

Iron Mountain outlines growth portfolio expansion and new IRS digital services contract

IRM

New Projects/Investments

Revenue Acceleration/Inflection

Iron Mountain's growth portfolio (digital solutions, data center, ALM) has scaled from ~15% of revenues in 2021 to ~28% run rate, growing collectively north of 20% annually.
The ALM unit expanded from $38 m revenue in 2021 to ~$600 m in 2025, addressing a $30 bn TAM (enterprise ALM ~75%) and is 2–3× larger than its nearest competitor, growing mid-high single digits organically.
Hyperscale data center revenues will reach ~$800 m in 2025 (low-50% EBITDA margin), projected to exceed $1 bn in 2026 without new leases, backed by AAA clients on 10–15 year initial terms and targeting 10–11% returns.
Secured a $714 m five-year US Treasury (IRS) contract to digitize paper tax filings via its DXP platform, generating ~$4 m in Q4 and a $140 m/year run rate potential, underscoring digital transformation capabilities.

Nov 18, 2025, 6:20 PM

Transcript

Iron Mountain amends credit agreement to add $200 M in term loans

IRM

Debt Issuance

Entered into Amendment No. 7 to its Credit Agreement, effective November 13, 2025, with JPMorgan Chase as administrative agent.
Secured $200 million of Incremental Term B Loans, fungible with existing 2031 Term B loans on identical terms.
Post-amendment total Amendment No. 1 Incremental Term B borrowings at $2,036,677,512.
Proceeds earmarked for working capital and general corporate purposes, including repayment of revolver borrowings.

Nov 13, 2025, 10:17 PM

8-K

Iron Mountain reports Q3 2025 results

IRM

Earnings

Dividends

Guidance Update

Record Q3 performance: Revenue of $1.75 B (+13%), adjusted EBITDA of $660 M (+16%), and AFFO of $393 M (+18%).
Segment growth: Data center revenue $204 M (+33%), ALM revenue $169 M (+65% reported, +36% organic), and global RIM revenue $1.34 B (+6% reported, +5% organic).
Data center outlook: 450 MW pre-leased backlog to be energized over the next 18–24 months, underpinning >25% revenue growth in 2026 and >30% growth in Q4.
Capital return: Dividend increased by 10%, effective January, marking four consecutive years of increases and maintaining a low-60% AFFO payout ratio.

Nov 5, 2025, 1:30 PM

Transcript

Iron Mountain reports Q3 2025 results

IRM

Earnings

Dividends

Guidance Update

Iron Mountain delivered record Q3 revenue of $1.8 billion, up 13% year-over-year; Adjusted EBITDA of $660 million, up 16%; and AFFO of $393 million, up 18%.
Data Center revenue grew 33% to $204 million with 13 MW leased in Q3, backed by a 450 MW development pipeline and a 52.6% EBITDA margin.
Asset Lifecycle Management revenue rose 65% to $169 million (36% organic growth), driven by enterprise volume gains and recent acquisitions.
The board approved a 10% increase in the quarterly dividend; Q4 guidance includes $1.8 billion revenue (+14%), $690 million Adjusted EBITDA, and $415 million AFFO.

Nov 5, 2025, 1:30 PM

Transcript

Iron Mountain reports Q3 2025 results and updates full-year guidance

IRM

Earnings

Guidance Update

Revenue Acceleration/Inflection

Iron Mountain reiterates 2025 full-year revenue guidance of ~$6.9 billion, representing a 12% consolidated growth outlook, driven 7 points by Growth Businesses and 5 points by All Other segments.
Under its Matterhorn strategy, IRM’s revenue has risen from $4.492 billion in 2021 to a 2025E midpoint of $6.865 billion, with Adj. EBITDA and AFFO per share projected at $2.545 billion and $5.09, respectively.
The Data Center division, operating 30 facilities with ~50% EBITDA margin, is expected to deliver ~30% revenue growth in 2025 and to reach 1.3 GW capacity as backlog drives at least 25% growth in 2026.
Global Records and Information Management (RIM) is forecast to generate ~$5.3 billion in 2025 revenue at a ~45% EBITDA margin, supported by record storage volume of 730M+ cu. ft. and a 14.5-year average box storage duration.

Nov 5, 2025, 1:30 PM

Presentation

Iron Mountain reports Q3 2025 results

IRM

Earnings

Dividends

Guidance Update

Iron Mountain achieved record Q3 revenue of $1.75 billion (+13% y/y), adjusted EBITDA of $660 million (+16%), and AFFO of $393 million (+18%).
Strong segment performance: data center revenue was $204 million (+33% y/y) with a 52.6% EBITDA margin, and asset lifecycle management revenue was $169 million (+65% y/y; 36% organic).
The board approved a 10% increase in the quarterly dividend (fourth consecutive year of raises) and completed a €1.2 billion debt offering at 4.75% to fund growth.
Q4 guidance calls for approximately $1.8 billion revenue (+14%), $690 million adjusted EBITDA (+14%), and $415 million AFFO (+13%; $1.39 per share, +12%).

Nov 5, 2025, 1:30 PM

Transcript

Iron Mountain reports Q3 2025 results

IRM

Earnings

Guidance Update

Dividends

Iron Mountain achieved record quarterly revenue of $1.8 billion, up 12.6% year-over-year (11.8% excluding FX).
Growth businesses (data center, digital, ALM) collectively expanded by over 30% year-over-year.
Q3 net income was $86 million, with Adjusted EBITDA of $660 million and AFFO of $393 million ($1.32 per share).
The company reiterated full-year 2025 guidance, expecting Q4 revenue and Adjusted EBITDA to rise about 14% (12% ex-FX).
Board declared a 10% dividend increase to $0.864 per share for Q4, payable January 6, 2026.

Nov 5, 2025, 11:48 AM

8-K

Iron Mountain raises quarterly dividend by 10%

IRM

Dividends

The board of Iron Mountain declared a 10% increase in the quarterly dividend, raising it to $0.864 per share.
The dividend is payable on January 6, 2026 to shareholders of record on December 15, 2025.
This marks the fourth consecutive year of dividend increases, aligning with growth in AFFO per share.

Nov 5, 2025, 11:45 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for IRON MOUNTAIN.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did William Meaney say about margins?What are IRON MOUNTAIN's strategic priorities?How is IRON MOUNTAIN positioned vs competitors?How did IRON MOUNTAIN do last quarter?

Let Fintool AI Agent track IRON MOUNTAIN's earnings for you

Get instant analysis when filings drop