Logo

IRM

Iron Mountain Incorporated

IRM

Iron Mountain Incorporated • NYSE
$86.35 ▲ 0.15% (+0.13)
Market Cap $25.52 B
52w High $123.04
52w Low $72.33
Dividend Yield 3.07%
P/E 159.91
Volume 726.87K
Outstanding Shares 295.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.754B ▲ $653.565M ▼ $84.29M ▲ 4.805% ▲ $0.28 ▲ $574.778M ▲
Q2-2025 $1.712B ▲ $697.215M ▲ $-44.921M ▼ -2.624% ▼ $-0.15 ▼ $442.83M ▼
Q1-2025 $1.593B ▲ $628.031M ▲ $15.952M ▼ 1.002% ▼ $0.054 ▼ $469.279M ▼
Q4-2024 $1.581B ▲ $609.908M ▼ $103.932M ▲ 6.573% ▲ $0.35 ▲ $589.168M ▲
Q3-2024 $1.557B $627.804M $-33.62M -2.159% $-0.11 $397.991M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $195.21M ▼ $20.633B ▲ $21.241B ▲ $-881.962M ▼
Q2-2025 $217.992M ▲ $20.177B ▲ $20.669B ▲ $-767.436M ▼
Q1-2025 $155.338M ▼ $19.362B ▲ $19.786B ▲ $-698.52M ▼
Q4-2024 $155.716M ▼ $18.717B ▲ $18.944B ▲ $-503.122M ▼
Q3-2024 $168.515M $18.47B $18.502B $-259.013M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $86.241M ▲ $267.576M ▼ $-617.449M ▼ $318.327M ▲ $-22.782M ▼ $-246.379M ▼
Q2-2025 $-43.34M ▼ $375.126M ▲ $-584.044M ▲ $304.036M ▼ $62.654M ▲ $-182.61M ▲
Q1-2025 $16.233M ▼ $197.299M ▼ $-766.766M ▼ $578.832M ▲ $-378K ▲ $-486.393M ▼
Q4-2024 $105.685M ▲ $431.58M ▲ $-694.932M ▼ $237.544M ▼ $-12.799M ▼ $-242.582M ▼
Q3-2024 $-33.665M $252.913M $-482.081M $269.91M $24.259M $-145.517M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Global Data Center Business
Global Data Center Business
 $310.00M ▲$170.00M ▼$190.00M ▲$200.00M ▲
Global Records and Information Management Business
Global Records and Information Management Business
 $2.47Bn ▲$1.26Bn ▼$1.32Bn ▲$1.34Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Iron Mountain’s revenue and gross profit have climbed steadily over the past five years, showing a business that continues to grow both its top line and its core profitability. Operating profit has been fairly stable to slightly higher, suggesting decent cost control despite expansion. However, bottom-line net income and earnings per share have been choppier, with a noticeable drop after a particularly strong year, likely reflecting heavier interest, depreciation, and investment-related costs. Overall, the core business looks healthy, but reported earnings are more volatile than revenues, which is typical for a capital-intensive REIT in an investment phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset-rich but also heavily leveraged. Total assets have grown meaningfully as Iron Mountain invests in facilities and data centers, but debt levels have also risen steadily and now dominate the capital structure. Equity has recently slipped into negative territory, which is not unusual for a depreciation-heavy REIT but still signals that the business leans strongly on borrowing rather than retained capital. This structure can work if cash flows stay resilient, but it does leave less room for error if financing conditions tighten.

Cash Flow

Cash Flow Operating cash flow has been solid and generally rising, which indicates that the underlying operations are generating dependable cash. At the same time, capital spending has ramped up sharply as the company invests in growth areas like data centers and digital solutions. Because of this heavy investment, free cash flow has turned negative in recent years, meaning the business is currently plowing more cash into expansion than it brings in after operating costs. This pattern fits a deliberate growth strategy, but it also increases dependence on external funding until these projects begin to pay off more fully.

Competitive Edge

Competitive Edge Iron Mountain benefits from a long-standing reputation for security and reliability, particularly with large enterprises and regulated industries. Its ability to manage both physical and digital information, plus a broad set of services from storage to shredding to data centers and asset lifecycle management, makes it deeply embedded in customer workflows. The global footprint and scale provide cost and service advantages that smaller competitors struggle to match, while its expertise in compliance and security raises the bar for new entrants. Overall, the company appears to have a durable competitive moat built on trust, integration, and reach, though it must keep evolving as customers move further into digital and cloud-based solutions.

Innovation and R&D

Innovation and R&D Innovation at Iron Mountain is focused less on traditional lab-style R&D and more on applied technology and service development. The InSight digital platform, with embedded AI and intelligent document processing, is a good example of how the company is using software and automation to add value on top of its physical storage base. In data centers, its push into renewable energy, efficient cooling, and green certifications supports both cost efficiency and sustainability branding, which can matter to large corporate clients. Strategic initiatives like Project Matterhorn and acquisitions in asset lifecycle management indicate an active effort to reposition the business toward higher-growth, more digital segments rather than relying solely on legacy records storage.

Summary

Iron Mountain looks like a mature, cash-generative business that is actively reinventing itself for the digital era. The core storage and information management operations continue to grow and throw off solid cash, but reported earnings are somewhat bumpy due to high investment and financing costs. The balance sheet is heavily debt-funded, which amplifies both growth potential and financial risk, especially while free cash flow is pressured by large capital projects. On the strategic side, the company’s trusted brand, long-term relationships, and integrated physical-digital offerings provide a strong base from which to expand into data centers, AI-enabled information services, and asset lifecycle management. The key issues to watch are how effectively these new investments convert into stable, higher-margin cash flows and whether leverage remains manageable as the growth strategy plays out.

NEWS

November 19, 2025 · 1:07 PM UTC

Iron Mountain Inc. Investigated for Securities Fraud; Block & Leviton Encourages Investors Who Have Lost Money to Contact the Firm

Read more

November 11, 2025 · 7:00 AM UTC

Iron Mountain to Present at Financial Conference

Read more

November 5, 2025 · 6:45 AM UTC

Iron Mountain Reports Third Quarter 2025 Results

Read more

October 30, 2025 · 8:00 AM UTC

Barry Hytinen Appointed to ABM's Board of Directors

Read more

October 21, 2025 · 4:10 PM UTC

Iron Mountain Announces the Election of Christie Kelly to the Board of Directors

Read more