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Iron Mountain Reports First Quarter 2026 ResultsApril 30, 2026 6:45 AM
Business Wire
Delivers record quarterly results across all key performance metrics
Achieves quarterly revenue of $1.9 billion, an increase of 21.6% on a reported basis and an increase of 18.6% excluding the effects of foreign exchange
Organic revenue growth of 17.2% year over year in the first quarter
Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 50% year over year in the first quarter
Q1 2026 Net Income of $149 million, as compared to $16 million in Q1 2025
Delivers quarterly Adjusted EBITDA of $708 million, an increase of 22.1% compared to $580 million in Q1 2025
Generates quarterly AFFO of $426 million, or $1.43 per share, an increase of 22% compared to last year
Increases 2026 financial guidance driven by strong operational performance across the business
Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the first quarter of 2026.
"We are pleased to report another quarter of exceptional results, with record performance that exceeded our expectations and showed strength across all key metrics. Our business is experiencing significant momentum, driven by outstanding performance in our growth businesses of data center, ALM, and digital and continued solid growth in our highly recurring physical records storage business. Our team's strong execution of our growth plans and commitment to delivering value to our customers through innovative solutions remain the foundation of our ongoing success," stated William L. Meaney, President and CEO of Iron Mountain. "Looking ahead, we are accelerating our cross-selling efforts in ALM and Digital and we are off to a strong start to the year in data center leasing, where we have already leased 32 megawatts through April. Additionally, our pipeline momentum continues to build against the 400 megawatts of data center capacity energizing and available over the next 24 months, supporting our outlook for continued strong growth. With the trajectory we are on, together with our first quarter outperformance, we are pleased to raise our full-year financial guidance.”
Financial Performance Highlights for the First Quarter of 2026
($ in millions, except per share data)
Three Months Ended
Y/Y % Change
3/31/26
3/31/25
Reported $
Constant Fx
Storage Rental Revenue
$1,095
$948
15%
13%
Service Revenue
$841
$644
31%
28%
Total Revenue
$1,936
$1,593
22%
19%
Net Income
$149
$16
n/a
Reported EPS
$0.48
$0.05
n/a
Adjusted EPS
$0.60
$0.43
40%
Adjusted EBITDA
$708
$580
22%
19%
Adjusted EBITDA Margin
36.6%
36.4%
20 bps
AFFO
$426
$348
22%
AFFO per share
$1.43
$1.17
22%
Total reported revenues for the first quarter were $1.9 billion, compared with $1.6 billion in the first quarter of 2025, an increase of 21.6%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 18.6% compared to the prior year, driven by an 12.6% increase in storage rental revenue and a 27.6% increase in service revenue.
Net Income for the first quarter was $149.0 million, compared with $16.2 million in the first quarter of 2025, primarily driven by increased Operating Income.
Adjusted EBITDA for the first quarter was $707.9 million, compared with $579.9 million in the first quarter of 2025, an increase of 22.1%. On a constant currency basis, Adjusted EBITDA increased by 19.5% in the first quarter, compared to the first quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage coming from our continued improvement activities.
FFO (Normalized) per share was $0.99 for the first quarter, compared with $0.77 in the first quarter of 2025.
AFFO was $426.1 million for the first quarter, compared with $348.4 million in the first quarter of 2025, an increase of 22.3% driven by improved Adjusted EBITDA.
AFFO per share was $1.43 for the first quarter, compared with $1.17 in the first quarter of 2025.
Dividend
On April 30, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the second quarter. The second quarter 2026 dividend is payable on July 3, 2026 to shareholders of record at the close of business on June 15, 2026.
Guidance
Iron Mountain increased full year 2026 guidance; details are summarized in the table below.
2026 Guidance(1)
($ in millions, except per share data)
Full Year 2026
New
Approximate
Y/Y % Change at Midpoint
Previous
Q2 2026
Approximate
Y/Y % Change
Total Revenue
$7,825 - $7,925
~14%
$7,625 - $7,775
~$1,965
~15%
Adjusted EBITDA
$2,925 - $2,965
~14%
$2,875 - $2,925
~$715
~14%
AFFO
$1,735 - $1,755
~13%
$1,705 - $1,735
~$418
~13%
AFFO Per Share
$5.79 - $5.86
~13%
$5.69 - $5.79
~$1.40
~13%
(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
Q1 2026 Earnings Conference Call and Related Materials
The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do.
To learn more about Iron Mountain, please visit www.IronMountain.com.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release.
Reconciliation of Non-GAAP Measures
Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.
Condensed Consolidated Balance Sheets
(Unaudited; dollars in thousands)
3/31/2026
12/31/2025
ASSETS
Current Assets:
Cash and Cash Equivalents
$250,710
$158,535
Accounts Receivable, Net
1,424,635
1,443,669
Prepaid Expenses and Other
367,738
332,779
Total Current Assets
$2,043,083
$1,934,983
Property, Plant and Equipment:
Property, Plant and Equipment
$14,862,169
$14,457,335
Less: Accumulated Depreciation
(5,023,371)
(4,911,010)
Property, Plant and Equipment, Net
$9,838,798
$9,546,325
Other Assets, Net:
Goodwill
$5,274,865
$5,285,801
Customer and Supplier Relationships and Other Intangible Assets
1,231,051
1,269,607
Operating Lease Right-of-Use Assets
2,451,023
2,465,196
Other
647,995
623,107
Total Other Assets, Net
$9,604,934
$9,643,711
Total Assets
$21,486,815
$21,125,019
LIABILITIES AND EQUITY
Current Liabilities:
Current Portion of Long-term Debt
$216,965
$216,074
Accounts Payable
782,546
710,662
Accrued Expenses and Other Current Liabilities
1,271,577
1,290,669
Deferred Revenue
386,446
402,091
Total Current Liabilities
$2,657,534
$2,619,496
Long-term Debt, Net of Current Portion
16,886,016
16,215,885
Long-term Operating Lease Liabilities, Net of Current Portion
2,281,743
2,300,448
Other Long-term Liabilities
355,734
450,083
Deferred Income Taxes
180,436
184,015
Total Long-term Liabilities
$19,703,929
$19,150,431
Redeemable Noncontrolling Interests
63,746
64,423
(Deficit) Equity
Total (Deficit) Equity
$(938,394)
$(709,331)
Total Liabilities and (Deficit) Equity
$21,486,815
$21,125,019
Quarterly Condensed Consolidated Statements of Operations
(Unaudited; dollars in thousands, except per-share data)
Q1 2026
Q4 2025
Q/Q % Change
Q1 2025
Y/Y % Change
Revenues:
Storage Rental
$1,094,765
$1,061,248
3.2%
$948,376
15.4%
Service
841,384
781,919
7.6%
644,153
30.6%
Total Revenues
$1,936,149
$1,843,167
5.0%
$1,592,529
21.6%
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)
$889,803
$822,500
8.2%
$710,204
25.3%
Selling, General and Administrative
372,764
338,461
10.1%
329,737
13.0%
Depreciation and Amortization
267,839
277,512
(3.5)%
232,154
15.4%
Acquisition and Integration Costs
2,921
3,505
(16.7)%
5,823
(49.8)%
Restructuring and Other Transformation
—
43,480
(100.0)%
54,746
(100.0)%
Loss (Gain) on Disposal/Write-Down of PP&E, Net
7,592
16,666
(54.4)%
5,571
36.3%
Total Operating Expenses
$1,540,919
$1,502,124
2.6%
$1,338,235
15.1%
Operating Income (Loss)
$395,230
$341,043
15.9%
$254,294
55.4%
Interest Expense, Net (includes Interest Income of $1,503 and $3,463 for the three months ended March 31, 2026 and 2025, respectively)
223,821
219,794
1.8%
194,738
14.9%
Other (Income) Expense, Net
(4,708)
16,920
(127.8)%
28,488
(116.5)%
Net Income (Loss) Before Provision (Benefit) for Income Taxes
$176,117
$104,329
68.8%
$31,068
n/a
Provision (Benefit) for Income Taxes
27,118
11,209
141.9%
14,835
82.8%
Net Income (Loss)
$148,999
$93,120
60.0%
$16,233
n/a
Less: Net Income (Loss) Attributable to Noncontrolling Interests
5,334
3,850
38.5%
281
n/a
Net Income (Loss) Attributable to Iron Mountain Incorporated
$143,665
$89,270
60.9%
$15,952
n/a
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic
$0.48
$0.30
60.0%
$0.05
n/a
Diluted
$0.48
$0.30
60.0%
$0.05
n/a
Weighted Average Common Shares Outstanding - Basic
296,848
295,969
0.3%
294,507
0.8%
Weighted Average Common Shares Outstanding - Diluted
298,834
298,380
0.2%
297,260
0.5%
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Dollars in thousands)
Q1 2026
Q4 2025
Q/Q % Change
Q1 2025
Y/Y % Change
Net Income (Loss)
$148,999
$93,120
60.0%
$16,233
n/a
Add / (Deduct):
Interest Expense, Net
223,821
219,794
1.8%
194,738
14.9%
Provision (Benefit) for Income Taxes
27,118
11,209
141.9%
14,835
82.8%
Depreciation and Amortization
267,839
277,512
(3.5)%
232,154
15.4%
Acquisition and Integration Costs
2,921
3,505
(16.7)%
5,823
(49.8)%
Restructuring and Other Transformation
—
43,480
(100.0)%
54,746
(100.0)%
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
7,592
16,666
(54.4)%
5,571
36.3%
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
(1,196)
15,722
(107.6)%
27,382
(104.4)%
Stock-Based Compensation Expense
28,257
21,685
30.3%
26,094
8.3%
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures
2,588
2,584
0.2%
2,330
11.1%
Adjusted EBITDA
$707,939
$705,277
0.4%
$579,906
22.1%
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other (income) expense, net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share
Q1 2026
Q4 2025
Q/Q % Change
Q1 2025
Y/Y % Change
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.48
$0.30
60.0%
$0.05
n/a
Add / (Deduct):
Acquisition and Integration Costs
0.01
0.01
—
0.02
(50.0)%
Restructuring and Other Transformation
—
0.15
(100.0)%
0.18
(100.0)%
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
0.03
0.06
(50.0)%
0.02
50.0%
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
—
0.05
(100.0)%
0.09
(100.0)%
Stock-Based Compensation Expense
0.09
0.07
28.6%
0.09
—
Non-Cash Amortization Related to Derivative Instruments
—
0.01
(100.0)%
0.01
(100.0)%
Tax Impact of Reconciling Items and Discrete Tax Items (1)
(0.02)
(0.05)
(60.0)%
(0.04)
(50.0)%
Income (Loss) Attributable to Noncontrolling Interests
0.02
0.01
100.0%
—
n/a
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.60
$0.61
(1.6)%
$0.43
39.5%
(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended March 31, 2026 and 2025 was 15.5% and 17.0% respectively, and quarter ended December 31, 2025 was 13.1%.
Adjusted Earnings Per Share, or Adjusted EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other (income) expense, net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter’s estimate of the annual structural tax rate.
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO
(Dollars in thousands, except per-share data)
Q1 2026
Q4 2025
Q/Q % Change
Q1 2025
Y/Y % Change
Net Income (Loss)
$148,999
$93,120
60.0%
$16,233
n/a
Add / (Deduct):
Real Estate Depreciation (1)
111,459
111,823
(0.3)%
94,147
18.4%
Loss (Gain) on Sale of Real Estate, Net of Tax
717
1,176
(39.0)%
312
129.8%
Data Center Lease-Based Intangible Assets Amortization (2)
1,842
1,835
0.4%
2,019
(8.8)%
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
1,598
1,589
0.6%
1,496
6.8%
FFO (Nareit)
$264,615
$209,543
26.3%
$114,207
131.7%
Add / (Deduct):
Acquisition and Integration Costs
2,921
3,505
(16.7)%
5,823
(49.8)%
Restructuring and Other Transformation
—
43,480
(100.0)%
54,746
(100.0)%
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
6,875
15,490
(55.6)%
5,292
29.9%
Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
(1,196)
15,722
(107.6)%
27,382
(104.4)%
Stock-Based Compensation Expense
28,257
21,685
30.3%
26,094
8.3%
Non-Cash Amortization Related to Derivative Instruments
(896)
4,176
(121.5)%
4,176
(121.5)%
Real Estate Financing Lease Depreciation
3,924
3,274
19.9%
3,148
24.7%
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(9,896)
(16,150)
(38.7)%
(11,673)
(15.2)%
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
(57)
(55)
3.6%
(125)
(54.4)%
FFO (Normalized)
$294,547
$300,670
(2.0)%
$229,070
28.6%
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)
$0.89
$0.70
27.1%
$0.38
134.2%
FFO (Normalized)
$0.99
$1.01
(2.0)%
$0.77
28.6%
Weighted Average Common Shares Outstanding - Basic
296,848
295,969
0.3%
294,507
0.8%
Weighted Average Common Shares Outstanding - Diluted
298,834
298,380
0.2%
297,260
0.5%
(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases.
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.
(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.
Funds From Operations, or FFO (Nareit), and FFO (Normalized)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other (income) expense net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax.
FFO (Normalized) per share
FFO (Normalized) divided by weighted average fully-diluted shares outstanding.
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)
(Dollars in thousands, except per-share data)
Q1 2026
Q4 2025
Q/Q % Change
Q1 2025
Y/Y % Change
FFO (Normalized)
$294,547
$300,670
(2.0)%
$229,070
28.6%
Add / (Deduct):
Non-Real Estate Depreciation
76,742
83,320
(7.9)%
65,146
17.8%
Amortization Expense (1)
73,872
77,260
(4.4)%
67,694
9.1%
Amortization of Deferred Financing Costs
8,048
8,350
(3.6)%
7,856
2.4%
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
1,498
1,683
(11.0)%
1,317
13.7%
Non-Cash Rent Expense (Income)
621
539
15.2%
3,225
(80.7)%
Reconciliation to Normalized Cash Taxes
5,861
565
n/a
1,999
193.2%
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
196
195
0.5%
176
11.4%
Less:
Recurring Capital Expenditures
35,279
42,873
(17.7)%
28,083
25.6%
AFFO
$426,106
$429,709
(0.8)%
$348,400
22.3%
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share
$1.43
$1.44
(0.7)%
$1.17
22.2%
Weighted Average Common Shares Outstanding - Basic
296,848
295,969
0.3%
294,507
0.8%
Weighted Average Common Shares Outstanding - Diluted
298,834
298,380
0.2%
297,260
0.5%
(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.
Adjusted Funds From Operations, or AFFO
We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).
AFFO per share
AFFO divided by weighted average fully-diluted shares outstanding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260430658933/en/
Investor Relations Contacts:
Mark Rupe
SVP, Investor Relations
Mark.Rupe@ironmountain.com
(215) 402-7013
Erika Crabtree
Manager, Investor Relations
Erika.Crabtree@ironmountain.com
(617) 535-2845
Media Contact:
media@ironmountain.com
Original: Iron Mountain Reports First Quarter 2026 Results
US Market News
4月前
Iron Mountain Reports Fourth Quarter and Full Year 2025 ResultsFebruary 12, 2026 6:45 AM
Business Wire
Delivers record quarterly and full year results across all key performance metrics
Achieves quarterly and full year revenue of $1.8 billion and $6.9 billion, reflecting year over year growth of 16.6% and 12.2%, respectively
Organic revenue growth of 14% year over year in the fourth quarter and 10% for the full year
Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 40% year over year in the fourth quarter and more than 30% for the full year
Q4 2025 and Full Year 2025 Net Income of $93 million and $152 million, respectively
Delivers quarterly and full year Adjusted EBITDA of $705 million and $2.6 billion, respectively
Generates quarterly and full year AFFO of $430 million, or $1.44 per share and $1.5 billion, or $5.17 per share, respectively
Issues strong 2026 guidance with Revenue growth of 10% to 13% and Adjusted EBITDA growth of 12% to 14%, respectively
Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2025.
“We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO. Our team’s steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments,” said William L. Meaney, President and CEO of Iron Mountain. “Our outlook for continued double digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory. With strong data center leasing in the fourth quarter, we enter 2026 with momentum underwritten by the 400 megawatts of capacity being energized over the next 24 months. Across all our business areas we are off to a strong start to the year and expect to deliver another year of record performance.”
Financial Performance Highlights for the Fourth Quarter and Full Year 2025
($ in millions, except per share data)
Three Months Ended
Y/Y % Change
Full Year
Y/Y % Change
12/31/25
12/31/24
Reported $
Constant Fx
12/31/25
12/31/24
Reported $
Constant Fx
Storage Rental Revenue
$1,061
$942
13%
11%
$4,053
$3,682
10%
10%
Service Revenue
$782
$639
22%
21%
$2,849
$2,468
15%
15%
Total Revenues
$1,843
$1,581
17%
15%
$6,902
$6,150
12%
12%
Net Income (Loss)
$93
$106
(12)%
$152
$184
(17)%
Reported EPS
$0.30
$0.35
(14)%
$0.49
$0.61
(20)%
Adjusted EPS
$0.61
$0.50
22%
$2.12
$1.77
20%
Adjusted EBITDA
$705
$605
17%
15%
$2,574
$2,236
15%
15%
Adjusted EBITDA Margin
38.3%
38.3%
0 bps
37.3%
36.4%
90 bps
AFFO
$430
$368
17%
$1,541
$1,345
15%
AFFO per share
$1.44
$1.24
16%
$5.17
$4.54
14%
Total reported revenues for the fourth quarter were $1.8 billion, compared with $1.6 billion in the fourth quarter of 2024, an increase of 16.6%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 14.9% compared to the prior year, driven by an 11.1% increase in storage rental revenue and a 20.7% increase in service revenue. For the full year, total reported revenues increased 12.2%, or 11.9% excluding the impact of Fx.
Net Income (Loss) for the fourth quarter was $93.1 million, compared with $105.7 million in the fourth quarter of 2024. For the full year, Net Income was $152.3 million, compared with $183.7 million in 2024.
Adjusted EBITDA for the fourth quarter was $705.3 million, compared with $605.1 million in the fourth quarter of 2024, an increase of 16.6%. On a constant currency basis, Adjusted EBITDA increased by 15.1% in the fourth quarter, compared to the fourth quarter of 2024, driven by increased revenue and Adjusted EBITDA in our Global RIM, Data Center and ALM businesses and improved operating leverage coming from our continued improvement activities. For the full year, Adjusted EBITDA increased 15.1%, or 14.8% excluding the impact of Fx.
FFO (Normalized) per share was $1.01 for the fourth quarter, compared with $0.85 in the fourth quarter of 2024, an increase of 18.8%. For the full year, FFO (Normalized) per share was $3.63, compared with $3.15 in 2024, or an increase of 15.2%.
AFFO was $429.7 million for the fourth quarter, compared with $368.0 million in the fourth quarter of 2024, an increase of 16.8% driven by improved Adjusted EBITDA. For the full year, AFFO was $1.54 billion compared with $1.34 billion, or an increase of 14.6%.
AFFO per share was $1.44 for the fourth quarter, compared with $1.24 in the fourth quarter of 2024, an increase of 16.1%. For the full year, AFFO per share was $5.17, compared to $4.54 in 2024, or an increase of 13.9%.
Dividend
On February 12, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the first quarter. The first quarter 2026 dividend is payable on April 3, 2026, to shareholders of record at the close of business on March 16, 2026.
Guidance
Iron Mountain issued full year 2026 guidance; details are summarized in the table below.
2026 Guidance(1)
($ in millions, except per share data)
Full Year
2026
Approximate
Y/Y % Change
at Midpoint
First Quarter
2026
Approximate
Y/Y % Change
Total Revenue
$7,625 - $7,775
~12%
~$1,855
~16%
Adjusted EBITDA
$2,875 - $2,925
~13%
~$685
~18%
AFFO
$1,705 - $1,735
~12%
~$415
~19%
AFFO Per Share
$5.69 - $5.79
~11%
~$1.39
~19%
(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.
Q4 2025 Earnings Conference Call and Related Materials
The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do.
To learn more about Iron Mountain, please visit www.IronMountain.com.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release.
Reconciliation of Non-GAAP Measures
Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.
Consolidated Balance Sheets
(Audited; dollars in thousands)
12/31/2025
12/31/2024
ASSETS
Current Assets:
Cash and Cash Equivalents
$158,535
$155,716
Accounts Receivable, Net
1,443,669
1,291,379
Prepaid Expenses and Other
332,779
244,127
Total Current Assets
$1,934,983
$1,691,222
Property, Plant and Equipment:
Property, Plant and Equipment
$14,457,335
$11,985,997
Less: Accumulated Depreciation
(4,911,010)
(4,354,398)
Property, Plant and Equipment, Net
$9,546,325
$7,631,599
Other Assets, Net:
Goodwill
$5,285,801
$5,083,817
Customer and Supplier Relationships and Other Intangible Assets
1,269,607
1,274,731
Operating Lease Right-of-Use Assets
2,465,196
2,489,893
Other
623,107
545,853
Total Other Assets, Net
$9,643,711
$9,394,294
Total Assets
$21,125,019
$18,717,115
LIABILITIES AND EQUITY
Current Liabilities:
Current Portion of Long-term Debt
$216,074
$715,109
Accounts Payable
710,662
678,716
Accrued Expenses and Other Current Liabilities
1,290,669
1,366,568
Deferred Revenue
402,091
326,882
Total Current Liabilities
$2,619,496
$3,087,275
Long-term Debt, Net of Current Portion
16,215,885
13,003,977
Long-term Operating Lease Liabilities, Net of Current Portion
2,300,448
2,334,826
Other Long-term Liabilities
450,083
312,199
Deferred Income Taxes
184,015
205,341
Total Long-term Liabilities
$19,150,431
$15,856,343
Redeemable Noncontrolling Interests
64,423
78,171
(Deficit) Equity
Total (Deficit) Equity
$(709,331)
$(304,674)
Total Liabilities and (Deficit) Equity
$21,125,019
$18,717,115
Quarterly Consolidated Statements of Operations
(Unaudited; dollars in thousands, except per-share data)
Q4 2025
Q3 2025
Q/Q % Change
Q4 2024
Y/Y % Change
Revenues:
Storage Rental
$1,061,248
$1,032,897
2.7 %
$941,970
12.7 %
Service
781,919
721,196
8.4 %
639,309
22.3 %
Total Revenues
$1,843,167
$1,754,093
5.1 %
$1,581,279
16.6 %
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)
$822,500
$791,939
3.9 %
$688,933
19.4 %
Selling, General and Administrative
338,461
335,248
1.0 %
333,307
1.5 %
Depreciation and Amortization
277,512
262,203
5.8 %
234,609
18.3 %
Acquisition and Integration Costs
3,505
5,402
(35.1) %
7,269
(51.8) %
Restructuring and Other Transformation
43,480
47,346
(8.2) %
36,797
18.2 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net
16,666
3,366
n/a
(2,074)
n/a
Total Operating Expenses
$1,502,124
$1,445,504
3.9 %
$1,298,841
15.7 %
Operating Income (Loss)
$341,043
$308,589
10.5 %
$282,438
20.7 %
Interest Expense, Net
219,794
209,740
4.8 %
194,452
13.0 %
Other Expense (Income), Net
16,920
(3,986)
n/a
(36,243)
(146.7) %
Net Income (Loss) Before Provision (Benefit) for Income Taxes
$104,329
$102,835
1.5 %
$124,229
(16.0) %
Provision (Benefit) for Income Taxes
11,209
16,594
(32.5) %
18,544
(39.6) %
Net Income (Loss)
$93,120
$86,241
8.0 %
$105,685
(11.9) %
Less: Net Income (Loss) Attributable to Noncontrolling Interests
3,850
1,951
97.3 %
1,753
119.6 %
Net Income (Loss) Attributable to Iron Mountain Incorporated
$89,270
$84,290
5.9 %
$103,932
(14.1) %
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic
$0.30
$0.28
7.1 %
$0.35
(14.3) %
Diluted
$0.30
$0.28
7.1 %
$0.35
(14.3) %
Weighted Average Common Shares Outstanding - Basic
295,969
295,771
0.1 %
293,771
0.7 %
Weighted Average Common Shares Outstanding - Diluted
298,380
297,981
0.1 %
297,201
0.4 %
Full Year Consolidated Statements of Operations
(Audited; dollars in thousands, except per-share data)
Full Year 2025
Full Year 2024
% Change
Revenues:
Storage Rental
$4,052,510
$3,682,259
10.1 %
Service
2,849,227
2,467,650
15.5 %
Total Revenues
$6,901,737
$6,149,909
12.2 %
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)
$3,079,480
$2,696,549
14.2 %
Selling, General and Administrative
1,393,902
1,339,539
4.1 %
Depreciation and Amortization
1,024,435
900,905
13.7 %
Acquisition and Integration Costs
19,545
35,842
(45.5) %
Restructuring and Other Transformation
195,912
161,359
21.4 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net
24,641
6,196
n/a
Total Operating Expenses
$5,737,915
$5,140,390
11.6 %
Operating Income (Loss)
$1,163,822
$1,009,519
15.3 %
Interest Expense, Net
829,335
721,559
14.9 %
Other Expense (Income), Net
123,299
43,422
184.0 %
Net Income (Loss) Before Provision (Benefit) for Income Taxes
$211,188
$244,538
(13.6) %
Provision (Benefit) for Income Taxes
58,934
60,872
(3.2) %
Net Income (Loss)
$152,254
$183,666
(17.1) %
Less: Net Income (Loss) Attributable to Noncontrolling Interests
7,663
3,510
118.3 %
Net Income (Loss) Attributable to Iron Mountain Incorporated
$144,591
$180,156
(19.7) %
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
Basic
$0.49
$0.61
(19.7) %
Diluted
$0.49
$0.61
(19.7) %
Weighted Average Common Shares Outstanding - Basic
295,403
293,365
0.7 %
Weighted Average Common Shares Outstanding - Diluted
297,816
296,234
0.5 %
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Dollars in thousands)
Q4 2025
Q3 2025
Q/Q % Change
Q4 2024
Y/Y % Change
Net Income (Loss)
$93,120
$86,241
8.0 %
$105,685
(11.9) %
Add / (Deduct):
Interest Expense, Net
219,794
209,740
4.8 %
194,452
13.0 %
Provision (Benefit) for Income Taxes
11,209
16,594
(32.5) %
18,544
(39.6) %
Depreciation and Amortization
277,512
262,203
5.8 %
234,609
18.3 %
Acquisition and Integration Costs
3,505
5,402
(35.1) %
7,269
(51.8) %
Restructuring and Other Transformation
43,480
47,346
(8.2) %
36,797
18.2 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
16,666
3,366
n/a
(2,074)
n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
15,722
(5,329)
n/a
(37,795)
(141.6) %
Stock-Based Compensation Expense
21,685
32,147
(32.5) %
44,647
(51.4) %
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures
2,584
2,669
(3.2) %
2,917
(11.4) %
Adjusted EBITDA
$705,277
$660,379
6.8 %
$605,051
16.6 %
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.
Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Dollars in thousands)
Full Year 2025
Full Year 2024
% Change
Net Income (Loss)
$152,254
$183,666
(17.1) %
Add / (Deduct):
Interest Expense, Net
829,335
721,559
14.9 %
Provision (Benefit) for Income Taxes
58,934
60,872
(3.2) %
Depreciation and Amortization
1,024,435
900,905
13.7 %
Acquisition and Integration Costs
19,545
35,842
(45.5) %
Restructuring and Other Transformation
195,912
161,359
21.4 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
24,641
6,196
n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
118,473
39,159
n/a
Stock-Based Compensation Expense
140,280
118,138
18.7 %
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures
10,141
8,684
16.8 %
Adjusted EBITDA
$2,573,950
$2,236,380
15.1 %
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share
Q4 2025
Q3 2025
Q/Q % Change
Q4 2024
Y/Y % Change
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.30
$0.28
7.1 %
$0.35
(14.3) %
Add / (Deduct):
Acquisition and Integration Costs
0.01
0.02
(50.0) %
0.02
(50.0) %
Restructuring and Other Transformation
0.15
0.16
(6.3) %
0.12
25.0 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
0.06
0.01
n/a
(0.01)
n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
0.05
(0.02)
n/a
(0.13)
(138.5) %
Stock-Based Compensation Expense
0.07
0.11
(36.4) %
0.15
(53.3) %
Non-Cash Amortization Related to Derivative Instruments
0.01
0.01
—
0.01
—
Tax Impact of Reconciling Items and Discrete Tax Items (1)
(0.05)
(0.04)
25.0 %
(0.03)
66.7 %
Income (Loss) Attributable to Noncontrolling Interests
0.01
0.01
—
0.01
—
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.61
$0.54
13.0 %
$0.50
22.0 %
(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended December 31, 2025 and 2024 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended December 31, 2025, September 30, 2025 and December 31, 2024 was 13.1%, 14.8%, and 15.6%, respectively.
Adjusted Earnings Per Share, or Adjusted EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment.
Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share
Full Year 2025
Full Year 2024
% Change
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$0.49
$0.61
(19.7) %
Add / (Deduct):
Acquisition and Integration Costs
0.07
0.12
(41.7) %
Restructuring and Other Transformation
0.66
0.54
22.2 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
0.08
0.02
n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
0.40
0.13
n/a
Stock-Based Compensation Expense
0.47
0.40
17.5 %
Non-Cash Amortization Related to Derivative Instruments
0.06
0.06
—
Tax Impact of Reconciling Items and Discrete Tax Items (1)
(0.12)
(0.12)
—
Income (Loss) Attributable to Noncontrolling Interests
0.03
0.01
n/a
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated
$2.12
$1.77
19.8 %
(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2025 and 2024 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the years ended December 31, 2025 and 2024 was 13.1% and 15.6%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment.
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO
(Dollars in thousands, except per-share data)
Q4 2025
Q3 2025
Q/Q % Change
Q4 2024
Y/Y % Change
Net Income (Loss)
$93,120
$86,241
8.0 %
$105,685
(11.9) %
Add / (Deduct):
Real Estate Depreciation (1)
111,823
108,405
3.2 %
92,154
21.3 %
Loss (Gain) on Sale of Real Estate, Net of Tax
1,176
194
n/a
(6,614)
(117.8) %
Data Center Lease-Based Intangible Assets Amortization (2)
1,835
1,858
(1.2) %
5,553
(67.0) %
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
1,589
1,612
(1.4) %
1,855
(14.3) %
FFO (Nareit)
$209,543
$198,310
5.7 %
$198,633
5.5 %
Add / (Deduct):
Acquisition and Integration Costs
3,505
5,402
(35.1) %
7,269
(51.8) %
Restructuring and Other Transformation
43,480
47,346
(8.2) %
36,797
18.2 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
15,490
3,168
n/a
5,442
184.6 %
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
15,722
(5,329)
n/a
(37,795)
(141.6) %
Stock-Based Compensation Expense
21,685
32,147
(32.5) %
44,647
(51.4) %
Non-Cash Amortization Related to Derivative Instruments
4,176
4,176
—
4,176
—
Real Estate Financing Lease Depreciation
3,274
3,276
—
3,221
1.6 %
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(16,150)
(11,547)
39.9 %
(9,997)
61.5 %
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
(55)
(58)
(5.2) %
75
(173.3) %
FFO (Normalized)
$300,670
$276,891
8.6 %
$252,468
19.1 %
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)
$0.70
$0.67
4.5 %
$0.67
4.5 %
FFO (Normalized)
$1.01
$0.93
8.6 %
$0.85
18.8 %
Weighted Average Common Shares Outstanding - Basic
295,969
295,771
0.1 %
293,771
0.7 %
Weighted Average Common Shares Outstanding - Diluted
298,380
297,981
0.1 %
297,201
0.4 %
(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases.
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.
(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.
Funds From Operations, or FFO (Nareit), and FFO (Normalized)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax.
FFO (Normalized) per share
FFO (Normalized) divided by weighted average fully-diluted shares outstanding.
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)
(Dollars in thousands, except per-share data)
Q4 2025
Q3 2025
Q/Q % Change
Q4 2024
Y/Y % Change
FFO (Normalized)
$300,670
$276,891
8.6 %
$252,468
19.1 %
Add / (Deduct):
Non-Real Estate Depreciation
83,320
77,774
7.1 %
67,016
24.3 %
Amortization Expense (1)
77,260
70,890
9.0 %
66,665
15.9 %
Amortization of Deferred Financing Costs
8,350
8,760
(4.7) %
6,671
25.2 %
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
1,683
1,492
12.8 %
1,229
36.9 %
Non-Cash Rent Expense (Income)
539
500
7.8 %
4,741
(88.6) %
Reconciliation to Normalized Cash Taxes
565
(1,583)
(135.7) %
5,034
(88.8) %
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
195
196
(0.5) %
179
8.9 %
Less:
Recurring Capital Expenditures
42,873
41,604
3.1 %
36,017
19.0 %
AFFO
$429,709
$393,316
9.3 %
$367,986
16.8 %
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share
$1.44
$1.32
9.1 %
$1.24
16.1 %
Weighted Average Common Shares Outstanding - Basic
295,969
295,771
0.1 %
293,771
0.7 %
Weighted Average Common Shares Outstanding - Diluted
298,380
297,981
0.1 %
297,201
0.4 %
(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.
Adjusted Funds From Operations, or AFFO
We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).
AFFO per share
AFFO divided by weighted average fully-diluted shares outstanding.
Full Year Reconciliation of Net Income (Loss) to FFO and AFFO
(Dollars in thousands, except per-share data)
Full Year 2025
Full Year 2024
% Change
Net Income (Loss)
$152,254
$183,666
(17.1) %
Add / (Deduct):
Real Estate Depreciation (1)
421,561
367,362
14.8 %
(Gain) Loss on Sale of Real Estate, Net of Tax
(3,299)
(6,698)
(50.7) %
Data Center Lease-Based Intangible Assets Amortization (2)
7,395
22,304
(66.8) %
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
6,264
4,830
29.7 %
FFO (Nareit)
$584,175
$571,464
2.2 %
Add / (Deduct):
Acquisition and Integration Costs
19,545
35,842
(45.5) %
Restructuring and Other Transformation
195,912
161,359
21.4 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
27,759
14,025
97.9 %
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
118,473
39,159
n/a
Stock-Based Compensation Expense
140,280
118,138
18.7 %
Non-Cash Amortization Related to Derivative Instruments
16,705
16,705
—
Real Estate Financing Lease Depreciation
13,124
13,135
(0.1) %
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(35,757)
(37,248)
(4.0) %
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
(296)
(17)
n/a
FFO (Normalized)
$1,079,920
$932,562
15.8 %
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit)
$1.96
$1.93
1.6 %
FFO (Normalized)
$3.63
$3.15
15.2 %
Weighted Average Common Shares Outstanding - Basic
295,403
293,365
0.7 %
Weighted Average Common Shares Outstanding - Diluted
297,816
296,234
0.5 %
(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases.
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.
(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items.
Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (continued)
(Dollars in thousands, except per-share data)
Full Year 2025
Full Year 2024
% Change
FFO (Normalized)
$1,079,920
$932,562
15.8 %
Add / (Deduct):
Non-Real Estate Depreciation
296,200
248,799
19.1 %
Amortization Expense (1)
286,155
249,305
14.8 %
Amortization of Deferred Financing Costs
32,769
25,580
28.1 %
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
6,151
5,347
15.0 %
Non-Cash Rent Expense (Income)
5,047
19,042
(73.5) %
Reconciliation to Normalized Cash Taxes
(18,474)
6,248
n/a
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
756
724
4.4 %
Less:
Recurring Capital Expenditures
147,354
143,067
3.0 %
AFFO
$1,541,170
$1,344,540
14.6 %
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share
$5.17
$4.54
13.9 %
Weighted Average Common Shares Outstanding - Basic
295,403
293,365
0.7 %
Weighted Average Common Shares Outstanding - Diluted
297,816
296,234
0.5 %
(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212546654/en/
Investor Relations Contacts:
Mark Rupe
SVP, Investor Relations
Mark.Rupe@ironmountain.com
(215) 402-7013
Erika Crabtree
Manager, Investor Relations
Erika.Crabtree@ironmountain.com
(617) 535-2845
Media Contact:
media@ironmountain.com
Original: Iron Mountain Reports Fourth Quarter and Full Year 2025 Results
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