Iron Mountain
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Iron Mountain (IRM) investor relations material

Iron Mountain Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record Q4 and full year 2025 results, with revenue, adjusted EBITDA, and AFFO all growing 17% year-over-year in Q4 and double digits for the full year.

  • Growth businesses (data center, ALM, digital solutions) grew over 40% in Q4 and over 30% for the full year, now representing 28% of total revenue, up from 15% in 2021.

  • Fifth consecutive year of record double-digit growth, with 2025 revenue at $6.9 billion, adjusted EBITDA at $2.57 billion, and AFFO at $1.54 billion.

  • Maintained a strong balance sheet with leverage at 4.9x, within the target range, and increased the dividend by 10% for the fourth consecutive year.

  • Entered 2026 with strong momentum and confidence in sustaining industry-leading growth.

Financial highlights

  • Q4 2025 revenue: $1.84 billion, up 17% year-over-year; organic growth 14%.

  • Q4 adjusted EBITDA: $705 million, up 17% year-over-year; margin at 38.3%, a record high.

  • Q4 AFFO: $430 million ($1.44/share), up 17% year-over-year; full year AFFO: $1.54 billion ($5.17/share), up 15%.

  • Q4 adjusted EPS: $0.61, up 22% year-over-year; full year adjusted EPS: $2.12, up 20%.

  • Exceeded high end of initial 2025 guidance for both revenue and adjusted EBITDA.

Outlook and guidance

  • 2026 revenue guidance: $7.63–$7.78 billion (12% growth at midpoint); organic constant currency growth of 10%.

  • 2026 adjusted EBITDA guidance: $2.88–$2.93 billion (13% growth at midpoint).

  • 2026 AFFO guidance: $1.71–$1.74 billion (12% growth at midpoint); AFFO per share $5.69–$5.79 (11% growth).

  • Q1 2026 revenue expected at $1.86 billion (16% growth); adjusted EBITDA $685 million (18% growth); AFFO $415 million (19% growth).

  • 2026 data center revenue expected to exceed $1 billion (25%+ growth); ALM revenue expected at $850 million (35% growth).

What is the relative growth contribution of segments?
Explain Net Income vs. Adjusted EBITDA divergence.
Impact of 400 MW data center capacity on 2026?
Data center 400MW capacity deployment
ALM organic growth drivers beyond pricing
Treasury contract's broader DXP impact
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Frequently asked questions

Iron Mountain Incorporated, founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include information management, digital transformation, secure storage, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.

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