Iron Mountain Inc. reported record fourth‑quarter and full‑year 2025 financial results, marking the fifth consecutive year of all‑time highs for revenue, adjusted EBITDA, and AFFO. Fourth‑quarter revenue reached $1.843 billion, up 17% YoY, while adjusted EBITDA climbed to $705 million, a 17% increase. Full‑year revenue totaled $6.902 billion, up 12% from 2024, and adjusted EBITDA rose to $2.574 billion, a 15% gain.
The company’s earnings per share beat expectations. Adjusted EPS of $1.44 surpassed the consensus estimate of $1.39 by $0.05, a 3.4% beat, driven by disciplined cost management and a favorable mix shift toward higher‑margin data‑center and asset‑lifecycle services. The company also reported an adjusted FFO per share of $1.44, beating the consensus of $1.38.
Segment performance underpinned the record results. Data‑center revenue grew 30% to $1.2 billion, reflecting strong demand for cloud‑and‑edge infrastructure, while the asset‑lifecycle management business expanded 25% to $1.0 billion, driven by increased contract renewals and new digital‑solutions deployments. The legacy physical‑records storage segment grew 8% to $2.5 billion, maintaining a stable revenue mix.
Iron Mountain raised its 2026 full‑year guidance, projecting revenue of $7.625 billion to $7.775 billion and adjusted EBITDA of $2.875 billion to $2.925 billion. The upward revision reflects management’s confidence in continued double‑digit growth in the high‑margin data‑center and asset‑lifecycle businesses, as well as a favorable macro outlook for digital‑storage demand.
The company also increased its quarterly dividend to $0.864 per share, its fourth consecutive dividend hike, underscoring a commitment to returning value to shareholders while maintaining capital for strategic investments.
Management highlighted that the company’s growth businesses now account for 28% of total revenue and are expected to drive future earnings expansion. CEO Bill Meaney noted that the firm is “just scratching the surface of the $170 billion total addressable market for our services,” while CFO Barry Hytinen emphasized that teams are executing well in improving services margins.
Market reaction was positive, with the stock rising in early trading, reflecting investor confidence in the company’s record performance and optimistic outlook. Analysts praised the strong earnings beat and the guidance raise, citing the company’s ability to scale high‑growth segments while maintaining disciplined cost control.
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