Iron Mountain reported record fourth quarter and full year 2025 results, driven by strong performance across all key metrics and significant growth in its data center, digital, and asset lifecycle management businesses. The company issued robust guidance for 2026, indicating continued double-digit revenue and profit growth.
Total reported revenues for the fourth quarter were $1.8 billion, an increase of 16.6% year-over-year.
positiveFull year reported revenues increased 12.2% to $6.9 billion.
positiveGrowth businesses (data center, digital, ALM) collectively grew more than 40% year-over-year in Q4 and over 30% for the full year.
positiveAdjusted EBITDA increased 16.6% to $705.3 million in Q4 and 15.1% to $2.6 billion for the full year.
positiveAFFO per share increased 16.1% to $1.44 in Q4 and 13.9% to $5.17 for the full year.
positiveIssued strong 2026 guidance with projected revenue growth of 10% to 13% and Adjusted EBITDA growth of 12% to 14%.
positiveNet Income decreased 11.9% to $93.1 million in Q4 and 17.1% to $152.3 million for the full year.
negativeReported EPS decreased 14.3% to $0.30 in Q4 and 20% to $0.49 for the full year.
negativeRestructuring and Other Transformation costs increased 18.2% to $43.5 million in Q4 and 21.4% to $195.9 million for the full year.
attentionLoss (Gain) on Disposal/Write-Down of PP&E, Net increased significantly in Q4 and for the full year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
Our team’s steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments.
Our outlook for continued double digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory.
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