Iron Mountain Incorporated unveiled its Q4 2025 earnings presentation, highlighting record performance across key metrics. Total revenue climbed to $1.84 billion, marking a 17% increase year-over-year on a reported basis and 15% on a constant currency basis.4745
Q4 2025 Key Financial Highlights
Adjusted EBITDA rose 17% to $705 million, maintaining a 38.3% margin. AFFO increased 17% to $430 million, or $1.44 per share, up 16%. Reported EPS stood at $0.30, while adjusted EPS grew 22% to $0.61. Organic revenue growth hit 14%, driven by robust demand in growth segments.47
Segment Performance
Global Records and Information Management (RIM) generated $1.37 billion, up 9% reported. Data Center revenue surged 39% to $237 million, fueled by 43 MW of new leasing and strong renewal pricing. Asset Lifecycle Management (ALM) revenues jumped 53% to contribute significantly, with 56% organic growth.47
Full Year 2025 Achievements
Annual revenue reached $6.9 billion, a 12% rise. Growth businesses—data centers, digital solutions, and ALM—expanded over 30%, comprising 28% of total revenue, up from 15% in 2021. The company marked its fifth straight year of record revenue, adjusted EBITDA, and AFFO.4547
2026 Outlook
Iron Mountain projects revenue of $7.625-$7.775 billion, implying about 12% growth at the midpoint. Adjusted EBITDA guidance sits at $2.875-$2.925 billion, up roughly 13%. AFFO is expected at $1.705-$1.735 billion, or $5.69-$5.79 per share. Q1 2026 estimates include $1.855 billion in revenue and $1.39 AFFO per share.47
CEO William L. Meaney stated, “We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO.” The company anticipates sustained momentum from data center expansions and recurring storage revenues.45
