Earnings summaries and quarterly performance for IRON MOUNTAIN.
Executive leadership at IRON MOUNTAIN.
William Meaney
Detailed
President and Chief Executive Officer
CEO
BH
Barry Hytinen
Detailed
Executive Vice President and Chief Financial Officer
GM
Greg McIntosh
Detailed
Executive Vice President and General Manager, Global Records and Information Management
JJ
Jemma Johns
Detailed
Executive Vice President and Chief Human Resources Officer
MK
Mark Kidd
Detailed
Executive Vice President and General Manager, Data Centers & Asset Lifecycle Management
MA
Michelle Altamura
Detailed
Executive Vice President, General Counsel & Secretary
MB
Mithu Bhargava
Detailed
Executive Vice President and General Manager, Digital Solutions
Board of directors at IRON MOUNTAIN.
CK
Christie Kelly
Detailed
Director
DS
Doyle Simons
Detailed
Director
JA
Jennifer Allerton
Detailed
Director
JF
June Felix
Detailed
Director
KD
Kent Dauten
Detailed
Director
MF
Monte Ford
Detailed
Director
PA
Pamela Arway
Detailed
Independent Chair of the Board
RM
Robin Matlock
Detailed
Director
TS
Theodore Samuels
Detailed
Director
WR
Walter Rakowich
Detailed
Director
Research analysts who have asked questions during IRON MOUNTAIN earnings calls.
Brendan Lynch
Barclays
6 questions for IRM
Also covers: BXP, CCI, CUBE +16 more
George Tong
Goldman Sachs
6 questions for IRM
Also covers: ADT, BCO, BFAM +24 more
KM
Kevin McVeigh
Credit Suisse Group AG
6 questions for IRM
Also covers: ACN, ADP, ALIT +15 more
SR
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
6 questions for IRM
Also covers: ARMK, CCCS, CLVT +15 more
Eric Luebchow
Wells Fargo
5 questions for IRM
Also covers: AMT, CUBE, DBRG +9 more
AS
Andrew Steinerman
JPMorgan Chase & Co.
4 questions for IRM
Also covers: ARMK, BFAM, CTAS +15 more
JA
Jonathan Atkin
RBC Capital Markets
4 questions for IRM
Also covers: AMT, CCI, DBRG +6 more
Tobey Sommer
Truist Securities, Inc.
4 questions for IRM
Also covers: AMN, AMTM, ASGN +26 more
NC
Nate Crossett
BNP Paribas
2 questions for IRM
Also covers: SILA
NC
Nathan Crossett
Baird
2 questions for IRM
Also covers: NSA
AE
Alexander EM Hess
JPMorgan Chase & Co.
1 question for IRM
Also covers: ARMK, BV, DNB +3 more
Recent press releases and 8-K filings for IRM.
Iron Mountain outlines growth strategy at Barclays Global Technology Conference
IRM
Guidance Update
New Projects/Investments
- Matterhorn strategy to drive double-digit revenue growth, with full-year growth over 12% and exiting at 14%; no additional restructuring charges planned (Barry Hytinen).
- Data center portfolio of 450 MW (98% leased), with 200 MW under construction (≈67% pre-leased); 2025 leasing expected at 60+ MW, and >100 MW targeted in 2026.
- Asset Lifecycle Management (ALM) revenue set to rise from $38 m in 2021 to $600 m in 2025; $30 b TAM, split ~60% enterprise (20–30% margins) and 40% hyperscale (low-double-digit margins).
- Digital business scaling from ~$100 m to $550 m in 2025 via the DXP platform, anchored by new multi-year VA and IRS document-processing contracts.
- Capital allocation: maintain 5.0x leverage, dividend payout at low-60s% AFFO with ~10% annual increases; data center capex yields 10–11% levered returns, pushing revenue past $1 b in 2026.
Dec 11, 2025, 6:25 PM
Iron Mountain outlines growth strategy at Barclays Global Technology Conference
IRM
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- CFO reports completion of Matterhorn restructuring, delivering 12% full-year revenue growth and exiting at ~14%, with no further restructuring and guidance for another record year of double-digit growth in 2026.
- Data center operations span 450 MW (98% leased) with ~200 MW under construction (≈2/3 pre-leased); expects 60+ MW leasing in 2025 and anticipates >100 MW in 2026.
- Asset Lifecycle Management revenue grew from $38 M in 2021 to $600 M in 2025, with ~30% organic growth and a 60/40 enterprise-to-hyperscale mix; memory pricing is up ~50%, strengthening the Q4 ALM outlook.
- Maintains 5.0× leverage, targets a low-60s% AFFO dividend payout (10% dividend increases for three consecutive years), and invests in data centers with 10–11% cash-on-cash returns, driving revenue from $800 M in 2025 to >$1 B in 2026.
Dec 11, 2025, 6:25 PM
Iron Mountain outlines growth strategy and portfolio expansion at Barclays conference
IRM
Guidance Update
New Projects/Investments
- Iron Mountain’s Matterhorn strategy has driven 12% full-year growth and is closing the year at ~14%, with guidance for another record double-digit growth in 2026.
- The data center segment operates 450 MW at 98% lease-up, with 200 MW under construction (≈66% pre-leased) and expects 60+ MW leased in 2025 and over 100 MW in 2026.
- Asset Lifecycle Management revenue is set to reach $600 M in 2025 (30% organic growth), tapping a $30 B TAM, split ~60% enterprise (20–30% margins) and 40% hyperscale (low-teens to 20% margins).
- Digital business, powered by the DXP platform, will be $550 M in 2025 (pre-IRS contract) and includes a multi-year U.S. Treasury tax return processing award.
- Capital allocation remains disciplined with 5.0× leverage, a low-60s% AFFO payout ratio, and data center investments delivering 10–11% levered returns, supporting growth to $1 B+ revenue in 2026.
Dec 11, 2025, 6:25 PM
Iron Mountain outlines growth strategy at JPMorgan 2025 Investor Conference
IRM
New Projects/Investments
Revenue Acceleration/Inflection
Dividends
- 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
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
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
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
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
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
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
Quarterly earnings call transcripts for IRON MOUNTAIN.
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