Iron Mountain
IRM · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Iron Mountain reported revenue of $6.9B in the fiscal year ended Dec 2025, up 12.2% from the year before. Operating income was $1.2B, an operating margin of 16.9%, and net income was $152M. Operating cash flow of $1.3B less capital expenditure of $2.3B left free cash flow of −$932M. Net debt was $16.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.5B | $5.1B | $5.5B | $6.1B | $6.9B |
| Selling, general & admin | $1B | $1.1B | $1.2B | $1.3B | $1.4B |
| Operating income | $854M | $1B | $922M | $1B | $1.2B |
| Net interest incomeBanks | −$418M | −$488M | −$586M | – | – |
| Interest expense | – | $488M | $586M | $722M | $829M |
| Pre-tax income | $629M | $632M | $227M | $245M | $211M |
| Income tax | $176M | $69M | $40M | $61M | $59M |
| Net income | $453M | $562M | $187M | $184M | $152M |
| Diluted EPS | 1.55 | 1.90 | 0.63 | 0.61 | 0.49 |
| Diluted shares | 291M | 292M | 294M | 296M | 298M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $256M | $142M | $223M | $156M | $159M |
| Receivables | $961M | $1.2B | $1.3B | $1.3B | $1.4B |
| Inventory | $0 | $12M | – | – | – |
| Current assets | $1.4B | $1.5B | $1.7B | $1.7B | $1.9B |
| Goodwill | $4.5B | $4.9B | $5B | $5.1B | $5.3B |
| Total assets | $14.5B | $16.1B | $17.5B | $18.7B | $21.1B |
| Payables | $369M | $469M | $540M | $679M | $711M |
| Deferred revenue | $307M | $329M | $326M | $327M | $402M |
| Current liabilities | $2B | $1.9B | $2.2B | $3.1B | $2.6B |
| Short-term debt | $309M | $88M | $121M | $715M | $216M |
| Long-term debt | $9B | $10.5B | $11.8B | $13B | $16.2B |
| Shareholders' equity | $856M | $637M | $212M | −$503M | −$981M |
| Backlog (remaining obligations) | – | – | – | – | $269,000 |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $759M | $928M | $1.1B | $1.2B | $1.3B |
| Capital expenditure | $611M | $875M | $1.3B | $1.8B | $2.3B |
| Free cash flow | $148M | $52M | −$226M | −$595M | −$932M |
| Depreciation & amortisation | $680M | $728M | $776M | $901M | $1B |
| Stock-based compensation | $61M | $57M | $74M | $118M | $140M |
| Acquisitions | $204M | $804M | $42M | $178M | $102M |
| Dividends paid | $718M | $724M | $738M | $790M | $919M |
| Dividend per share | 2.47 | 2.47 | 2.54 | 2.73 | 3.22 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.6% | 7.4% | 12.2% | 12.2% |
| Operating income growth (YoY) | – | 22.9% | −12.2% | 9.5% | 15.3% |
| EPS growth (YoY) | – | 22.6% | −66.8% | −3.2% | −19.7% |
| Operating margin | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% |
| Net margin | 10.1% | 11.0% | 3.4% | 3.0% | 2.2% |
| Return on equityBlank when equity is negative | 52.9% | 88.3% | 88.5% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 7.4% | 6.0% | 6.5% | 6.3% |
| Free cash flow margin | 3.3% | 1.0% | −4.1% | −9.7% | −13.5% |
| Cash conversion (CFO ÷ net income) | 1.68x | 1.65x | 5.95x | 6.52x | 8.80x |
| Receivable days | 78 | 84 | 84 | 77 | 76 |
| Interest cover | – | 2.15x | 1.57x | 1.40x | 1.40x |
| Debt ÷ equity | 10.8x | 16.6x | 56.4x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $9B | $10.4B | $11.7B | $13.6B | $16.3B |
| Current ratio | 0.71x | 0.81x | 0.78x | 0.55x | 0.74x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.