Company file · IRM
Iron Mountain
Iron Mountain's revenue rose 12.2% in FY2025, to $6.9B, and net income fell 17.1% to $152M
Revenue rose 12.2% to $6.9B in FY2025, from $6.1B in FY2024. Net income fell 17.1% to $152M. Storage Rental was the largest product or service, at 59% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Iron Mountain (NYSE: IRM) took in $6.9B of revenue (up 12.2% on fiscal 2024); net income was $152M (down 17.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $2.0B, up 13.5% year over year, with net income of $129M. Storage Rental was the biggest single line by product or service: 59% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed Apr 30, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By product or service, FY2025
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Storage Rental (59%) and Services (41%), as shares of total revenue. Total revenue was $6.9B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Iron Mountain 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
By product or service
Source: Iron Mountain 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 12.2% in FY2025 to $6.9B, from $6.1B a year earlier. 10-K, FY2025
- Operating cash flow rose 12.0% in FY2025 to $1.3B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.0B, up 13.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $129M, up 49.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income fell 17.1% in FY2025 to $152M, from $184M. 10-K, FY2025
- Total debt rose 19.8% in FY2025 to $16.4B. 10-K, FY2025
- Canada revenue fell 0.3% in FY2025 to $302M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Iron Mountain is in the other specialized REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
The full description of Iron Mountain's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the other specialized REITs industry. They are not a summary of Iron Mountain’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.5B | $6.1B | $6.9B |
| Net income | $187M | $184M | $152M |
| Operating cash flow | $1.1B | $1.2B | $1.3B |
| Cash & equivalents (year end) | $223M | $156M | $159M |
| Total debt (year end) | $11.9B | $13.7B | $16.4B |
| Diluted shares | 294M | 296M | 298M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Net debt and net cash
- Merger and acquisition filings
- Cybersecurity disclosures (Item 1C)
- Equity-method investments
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 |
| 10-Q | Apr 30, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 24, 2026 | Dec 31, 2025 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Iron Mountain
How does Iron Mountain make money?
In fiscal 2025, revenue totaled $6.9B. By product or service in FY2025: Storage Rental (59%) and Services (41%), as shares of total revenue. Total revenue was $6.9B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Iron Mountain's revenue in fiscal 2025?
Revenue came to $6.9B in the year ended Dec 31, 2025. Going back two years, it was $5.5B in fiscal 2023 and $6.1B in fiscal 2024, so the latest year was up 12.2%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Iron Mountain profitable?
Yes, by US accounting rules (GAAP): net income was $152M in fiscal 2025, down 17.1% from $184M a year earlier. For the quarter ended Sep 30, 2026, net income was $129M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Iron Mountain report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $2.0B, against $1.8B in the same quarter a year before (up 13.5%), and net income of $129M, against $86M (up 49.4%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
What are the main risks Iron Mountain faces?
Iron Mountain's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the other specialized REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Iron Mountain numbers come from?
Two filings Iron Mountain made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Iron Mountain
- Citadel Advisors: 343,168 shares, reported value $43.3M at Jun 30, 2026 (−8.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 157,057 shares, reported value $19.8M at Jun 30, 2026 (−58.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 123,262 shares, reported value $15.6M at Jun 30, 2026 (−67.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 65,892 shares, reported value $8.3M at Jun 30, 2026 (−63.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 7,700 shares, reported value $1.0M at Jun 30, 2026 (+220.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in IRM
- The editor holds no position in Iron Mountain (IRM). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell IRM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold IRM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Iron MountainIRM | FY2025 | $6.9B | +12.2% | $152M |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
| EquinixEQIX | FY2025 | $9.2B | +5.4% | $1.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.