Iron Mountain Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Iron Mountain has an operating margin of 28.7%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 16.4% the prior year.
Iron Mountain's revenue declined 99.9% year-over-year, from $6.1B to $4.1M. This contraction results in a growth score of 0/100.
Iron Mountain has elevated debt relative to equity (D/E of 16.53), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Iron Mountain's current ratio of 0.74 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.
While Iron Mountain generated $1.3M in operating cash flow, capex of $2.3M consumed most of it, leaving -$932K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Iron Mountain's ROE of 15.5% shows moderate profitability relative to equity, earning a score of 62/100.
Iron Mountain passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Iron Mountain generates $8.80 in operating cash flow ($1.3M OCF vs $152K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Iron Mountain earns $1.4 in operating income for every $1 of interest expense ($1.2M vs $829K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Iron Mountain (IRM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Iron Mountain generated $4.1M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Iron Mountain's EBITDA was $2.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.9% from the prior year.
Iron Mountain generated -$932K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 99.8% from the prior year.
Iron Mountain reported $152K in net income in fiscal year 2025. This represents a decrease of 99.9% from the prior year.
Iron Mountain earned $0.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.7% from the prior year.
Iron Mountain held $159K in cash against $16.2M in long-term debt as of fiscal year 2025.
Iron Mountain paid $0.62 per share in dividends in fiscal year 2025. This represents a decrease of 77.3% from the prior year.
Iron Mountain had 296M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Iron Mountain's gross margin was 24.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 32.1 percentage points from the prior year.
Iron Mountain's operating margin was 28.7% in fiscal year 2025, reflecting core business profitability. This is up 12.3 percentage points from the prior year.
Iron Mountain's net profit margin was 3.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.
Iron Mountain's ROE was 15.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Iron Mountain invested $2.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% from the prior year.
IRM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+5.1% | $1.8B+2.5% | $1.7B+7.5% | $1.6B+0.7% | $1.6B+1.5% | $1.6B+1.5% | $1.5B+3.9% | $1.5B |
| Cost of Revenue | $822.5M+3.9% | $791.9M+4.9% | $754.8M+6.3% | $710.2M+3.1% | $688.9M+1.6% | $678.4M+0.4% | $676.0M+3.5% | $653.3M |
| Gross Profit | $1.0B+6.1% | $962.2M+0.5% | $957.1M+8.5% | $882.3M-1.1% | $892.3M+1.5% | $879.0M+2.4% | $858.4M+4.2% | $823.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $338.5M+1.0% | $335.2M-14.1% | $390.5M+18.4% | $329.7M-1.1% | $333.3M-2.5% | $341.9M-0.8% | $344.8M+7.9% | $319.5M |
| Operating Income | $341.0M+10.5% | $308.6M+18.7% | $259.9M+2.2% | $254.3M-10.0% | $282.4M+12.5% | $251.2M+9.1% | $230.3M-6.2% | $245.6M |
| Interest Expense | $219.8M+4.8% | $209.7M+2.3% | $205.1M+5.3% | $194.7M+0.1% | $194.5M+4.5% | $186.1M+5.4% | $176.5M+7.3% | $164.5M |
| Income Tax | $11.2M-32.5% | $16.6M+1.8% | $16.3M+9.8% | $14.8M-20.0% | $18.5M+49.5% | $12.4M-6.9% | $13.3M-19.8% | $16.6M |
| Net Income | $93.1M+8.0% | $86.2M+299.0% | -$43.3M-367.0% | $16.2M-84.6% | $105.7M+413.9% | -$33.7M-197.2% | $34.6M-55.1% | $77.0M |
| EPS (Diluted) | $0.31+10.7% | $0.28+286.7% | $-0.15-400.0% | $0.05-85.7% | $0.35+418.2% | $-0.11-191.7% | $0.12-52.0% | $0.25 |
IRM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $21.1B+2.4% | $20.6B+2.3% | $20.2B+4.2% | $19.4B+3.4% | $18.7B+1.3% | $18.5B+2.8% | $18.0B+0.8% | $17.8B |
| Current Assets | $1.9B+2.9% | $1.9B-0.9% | $1.9B+8.4% | $1.8B+3.5% | $1.7B-1.6% | $1.7B+0.3% | $1.7B-1.2% | $1.7B |
| Cash & Equivalents | $158.5M-18.8% | $195.2M-10.5% | $218.0M+40.3% | $155.3M-0.2% | $155.7M-7.6% | $168.5M+16.8% | $144.3M-24.7% | $191.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.4B+5.3% | $1.4B-1.1% | $1.4B+5.7% | $1.3B+1.6% | $1.3B+3.9% | $1.2B-2.4% | $1.3B+0.5% | $1.3B |
| Goodwill | $5.3B+0.3% | $5.3B+0.8% | $5.2B+1.7% | $5.1B+1.1% | $5.1B-2.2% | $5.2B+1.9% | $5.1B-0.2% | $5.1B |
| Total Liabilities | $22.1B+2.7% | $21.5B+2.7% | $20.9B+4.4% | $20.1B+4.4% | $19.2B+2.6% | $18.7B+3.5% | $18.1B+1.6% | $17.8B |
| Current Liabilities | $2.6B-8.3% | $2.9B-4.8% | $3.0B+5.6% | $2.8B-8.0% | $3.1B+33.9% | $2.3B+6.9% | $2.2B+6.4% | $2.0B |
| Long-Term Debt | $16.2B+4.7% | $15.5B+4.6% | $14.8B+4.5% | $14.2B+9.0% | $13.0B-1.8% | $13.2B+3.4% | $12.8B+1.8% | $12.6B |
| Total Equity | -$981.0M-11.2% | -$882.0M-14.9% | -$767.4M-9.9% | -$698.5M-38.8% | -$503.1M-94.2% | -$259.0M-94.9% | -$132.9M-816.9% | $18.5M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IRM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $500.0M+86.9% | $267.6M-28.7% | $375.1M+90.1% | $197.3M-54.3% | $431.6M+70.6% | $252.9M-33.8% | $382.2M+193.9% | $130.0M |
| Capital Expenditures | $516.2M-1.5% | $523.9M-5.9% | $556.8M-17.5% | $674.8M+9.3% | $617.6M+55.9% | $396.1M-0.2% | $396.8M+4.1% | $381.1M |
| Free Cash Flow | -$16.2M+93.7% | -$256.3M-41.1% | -$181.6M+62.0% | -$477.5M-156.7% | -$186.0M-29.9% | -$143.2M-881.9% | -$14.6M+94.2% | -$251.1M |
| Investing Cash Flow | -$605.9M+1.9% | -$617.4M-5.7% | -$584.0M+23.8% | -$766.8M-10.3% | -$694.9M-44.2% | -$482.1M-11.0% | -$434.1M+17.4% | -$525.6M |
| Financing Cash Flow | $66.7M-79.0% | $318.3M+4.7% | $304.0M-47.5% | $578.8M+143.7% | $237.5M-12.0% | $269.9M+3652.9% | $7.2M-98.0% | $362.1M |
| Dividends Paid | $232.2M+0.1% | $232.0M+0.1% | $231.8M+3.7% | $223.5M+6.4% | $210.0M+10.1% | $190.8M0.0% | $190.7M-3.7% | $198.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
IRM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.4%+0.5pp | 54.9%-1.1pp | 55.9%+0.5pp | 55.4%-1.0pp | 56.4%0.0pp | 56.4%+0.5pp | 56.0%+0.2pp | 55.8% |
| Operating Margin | 18.5%+0.9pp | 17.6%+2.4pp | 15.2%-0.8pp | 16.0%-1.9pp | 17.9%+1.7pp | 16.1%+1.1pp | 15.0%-1.6pp | 16.6% |
| Net Margin | 5.1%+0.1pp | 4.9%+7.4pp | -2.5%-3.6pp | 1.0%-5.7pp | 6.7%+8.8pp | -2.2%-4.4pp | 2.3%-3.0pp | 5.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 415.6% |
| Return on Assets | 0.4%+0.0pp | 0.4%+0.6pp | -0.2%-0.3pp | 0.1%-0.5pp | 0.6%+0.7pp | -0.2%-0.4pp | 0.2%-0.2pp | 0.4% |
| Current Ratio | 0.74+0.1 | 0.66+0.0 | 0.63+0.0 | 0.62+0.1 | 0.55-0.2 | 0.75-0.0 | 0.79-0.1 | 0.86 |
| Debt-to-Equity | -16.53+1.0 | -17.57+1.7 | -19.31+1.0 | -20.30+5.6 | -25.85+25.3 | -51.14+45.3 | -96.44-775.6 | 679.18 |
| FCF Margin | -0.9%+13.7pp | -14.6%-4.0pp | -10.6%+19.4pp | -30.0%-18.2pp | -11.8%-2.6pp | -9.2%-8.2pp | -0.9%+16.1pp | -17.0% |
Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Iron Mountain's annual revenue?
Iron Mountain (IRM) reported $4.1M in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Iron Mountain's revenue growing?
Iron Mountain (IRM) revenue declined by 99.9% year-over-year, from $6.1B to $4.1M in fiscal year 2025.
Is Iron Mountain profitable?
Yes, Iron Mountain (IRM) reported a net income of $152K in fiscal year 2025, with a net profit margin of 3.8%.
What is Iron Mountain's earnings per share (EPS)?
Iron Mountain (IRM) reported diluted earnings per share of $0.49 for fiscal year 2025. This represents a -19.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Iron Mountain's EBITDA?
Iron Mountain (IRM) had EBITDA of $2.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Iron Mountain have?
As of fiscal year 2025, Iron Mountain (IRM) had $159K in cash and equivalents against $16.2M in long-term debt.
What is Iron Mountain's gross margin?
Iron Mountain (IRM) had a gross margin of 24.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Iron Mountain's operating margin?
Iron Mountain (IRM) had an operating margin of 28.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Iron Mountain's net profit margin?
Iron Mountain (IRM) had a net profit margin of 3.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Iron Mountain pay dividends?
Yes, Iron Mountain (IRM) paid $0.62 per share in dividends during fiscal year 2025.
What is Iron Mountain's return on equity (ROE)?
Iron Mountain (IRM) has a return on equity of 15.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Iron Mountain's free cash flow?
Iron Mountain (IRM) generated -$932K in free cash flow during fiscal year 2025. This represents a 99.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Iron Mountain's operating cash flow?
Iron Mountain (IRM) generated $1.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Iron Mountain's total assets?
Iron Mountain (IRM) had $21.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Iron Mountain's capital expenditures?
Iron Mountain (IRM) invested $2.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Iron Mountain have outstanding?
Iron Mountain (IRM) had 296M shares outstanding as of fiscal year 2025.
What is Iron Mountain's current ratio?
Iron Mountain (IRM) had a current ratio of 0.74 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Iron Mountain's debt-to-equity ratio?
Iron Mountain (IRM) had a debt-to-equity ratio of 16.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Iron Mountain's return on assets (ROA)?
Iron Mountain (IRM) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Iron Mountain's Piotroski F-Score?
Iron Mountain (IRM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Iron Mountain's earnings high quality?
Iron Mountain (IRM) has an earnings quality ratio of 8.80x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Iron Mountain cover its interest payments?
Iron Mountain (IRM) has an interest coverage ratio of 1.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Iron Mountain?
Iron Mountain (IRM) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.