Iron Mountain (IRM) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full year 2025 results, with revenue, adjusted EBITDA, and AFFO all growing 17% year-over-year in Q4 and double digits for the full year.

• Growth businesses (data center, ALM, digital solutions) grew over 40% in Q4 and over 30% for the full year, now representing 28% of total revenue, up from 15% in 2021.

• Fifth consecutive year of record double-digit growth, with 2025 revenue at $6.9 billion, adjusted EBITDA at $2.57 billion, and AFFO at $1.54 billion.

• Maintained a strong balance sheet with leverage at 4.9x, within the target range, and increased the dividend by 10% for the fourth consecutive year.

• Entered 2026 with strong momentum and confidence in sustaining industry-leading growth.

Financial highlights

• Q4 2025 revenue: $1.84 billion, up 17% year-over-year; organic growth 14%.

• Q4 adjusted EBITDA: $705 million, up 17% year-over-year; margin at 38.3%, a record high.

• Q4 AFFO: $430 million ($1.44/share), up 17% year-over-year; full year AFFO: $1.54 billion ($5.17/share), up 15%.

• Q4 adjusted EPS: $0.61, up 22% year-over-year; full year adjusted EPS: $2.12, up 20%.

• Exceeded high end of initial 2025 guidance for both revenue and adjusted EBITDA.

Outlook and guidance

• 2026 revenue guidance: $7.63–$7.78 billion (12% growth at midpoint); organic constant currency growth of 10%.

• 2026 adjusted EBITDA guidance: $2.88–$2.93 billion (13% growth at midpoint).

• 2026 AFFO guidance: $1.71–$1.74 billion (12% growth at midpoint); AFFO per share $5.69–$5.79 (11% growth).

• Q1 2026 revenue expected at $1.86 billion (16% growth); adjusted EBITDA $685 million (18% growth); AFFO $415 million (19% growth).

• 2026 data center revenue expected to exceed $1 billion (25%+ growth); ALM revenue expected at $850 million (35% growth).