Iron Mountain Posts Record 2025 Results, Eyes Double-Digit Growth in 2026
Event summary
- Iron Mountain reported $1.8B in Q4 2025 revenue, up 17% YoY, and $6.9B for full-year 2025, up 12% YoY.
- Adjusted EBITDA rose 17% YoY to $705M in Q4 2025, with full-year 2025 Adjusted EBITDA at $2.6B, up 15% YoY.
- AFFO per share increased 16% YoY to $1.44 in Q4 2025, with full-year 2025 AFFO at $1.54B, up 15% YoY.
- The company declared a Q1 2026 dividend of $0.864 per share, payable April 3, 2026.
- Iron Mountain forecasts 12% revenue growth and 13% Adjusted EBITDA growth for 2026.
The big picture
Iron Mountain's record 2025 performance underscores its strategic pivot towards higher-growth segments like data centers and digital transformation services. The company's ability to maintain double-digit growth hinges on its capacity to leverage 400 megawatts of capacity being energized over the next 24 months, while navigating shifting customer preferences from physical to digital storage solutions. The broader industry trend towards data security and compliance further positions Iron Mountain as a key player in information management.
What we're watching
- Growth Strategy
- How Iron Mountain's focus on data center leasing and recurring physical records storage will drive its projected double-digit revenue and profit growth in 2026.
- Operational Efficiency
- Whether the company can sustain its improved operating leverage and cost management initiatives amid increasing competition.
- Market Dynamics
- The pace at which Iron Mountain can integrate and scale its growth businesses, which now represent a larger portion of its revenue.
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