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.

Iron Mountain Financials

IRM

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Financial Health Signals

Financial Profile 31/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Iron Mountain has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is up from 16.4% the prior year.

Growth

Iron Mountain's revenue grew 12.2% year-over-year to $6.9B, a solid pace of expansion. This earns a growth score of 54/100.

Liquidity

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 9/100, which could limit financial flexibility.

Cash Flow

While Iron Mountain generated $1.3B in operating cash flow, capex of $2.3B consumed most of it, leaving -$931.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

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.

Earnings Quality Cash-Backed

8.80x

For every $1 of reported earnings, Iron Mountain generates $8.80 in operating cash flow ($1.3B OCF vs $152.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.4x

Iron Mountain earns $1.4 in operating income for every $1 of interest expense ($1.2B vs $829.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$6.9B

YoY+12.2%

5Y CAGR+10.7%

10Y CAGR+8.7%

Iron Mountain generated $6.9B in revenue in fiscal year 2025. This represents an increase of 12.2% from the prior year.

EBITDA

$2.2B

YoY+14.5%

5Y CAGR+6.6%

10Y CAGR+9.7%

Iron Mountain's EBITDA was $2.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.5% from the prior year.

Net Income

$152.3M

YoY-17.1%

5Y CAGR-15.0%

10Y CAGR+2.0%

Iron Mountain reported $152.3M in net income in fiscal year 2025. This represents a decrease of 17.1% from the prior year.

EPS (Diluted)

$0.49

YoY-19.7%

5Y CAGR-16.3%

10Y CAGR-1.7%

Iron Mountain earned $0.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$931.6M

YoY-56.6%

Iron Mountain generated -$931.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 56.6% from the prior year.

Cash & Debt

$158.5M

YoY+1.8%

5Y CAGR-5.0%

10Y CAGR+2.1%

Iron Mountain held $158.5M in cash against $16.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$3.22

YoY+17.9%

5Y CAGR+5.4%

10Y CAGR+5.4%

Iron Mountain paid $3.22 per share in dividends in fiscal year 2025. This represents an increase of 17.9% from the prior year.

Shares Outstanding

296M

YoY+0.7%

5Y CAGR+0.5%

10Y CAGR+3.4%

Iron Mountain had 296M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Margins & Returns

Gross Margin

55.4%

YoY-0.8pp

5Y CAGR-2.3pp

Iron Mountain's gross margin was 55.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin

16.9%

YoY+0.4pp

5Y CAGR-5.7pp

10Y CAGR-0.6pp

Iron Mountain's operating margin was 16.9% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.

Net Margin

2.2%

YoY-0.8pp

5Y CAGR-6.1pp

10Y CAGR-1.9pp

Iron Mountain's net profit margin was 2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$2.3B

YoY+26.8%

5Y CAGR+39.0%

10Y CAGR+22.8%

Iron Mountain invested $2.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.8% from the prior year.

IRM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.9B+12.2%	$6.1B+12.2%	$5.5B+7.4%	$5.1B+13.6%	$4.5B+8.3%	$4.1B
Cost of Revenue	$3.1B+14.2%	$2.7B+14.4%	$2.4B+7.7%	$2.2B+16.0%	$1.9B+7.4%	$1.8B
Gross Profit	$3.8B+10.7%	$3.5B+10.6%	$3.1B+7.1%	$2.9B+11.9%	$2.6B+9.0%	$2.4B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.4B+4.1%	$1.3B+8.4%	$1.2B+8.4%	$1.1B+11.5%	$1.0B+7.7%	$949.2M
Operating Income	$1.2B+15.3%	$1.0B+9.5%	$921.8M-12.2%	$1.0B+22.9%	$854.2M-8.6%	$934.8M
Interest Expense	$829.3M+14.9%	$721.6M+23.1%	$585.9M+20.1%	$488.0M+216.8%	-$418.0M+0.1%	-$418.5M
Income Tax	$58.9M-3.2%	$60.9M+52.4%	$39.9M-42.5%	$69.5M-60.6%	$176.3M+495.4%	$29.6M
Net Income	$152.3M-17.1%	$183.7M-1.9%	$187.3M-66.7%	$562.1M+24.2%	$452.7M+32.0%	$343.1M
EPS (Diluted)	$0.49-19.7%	$0.61-3.2%	$0.63-66.8%	$1.90+22.6%	$1.55+30.3%	$1.19

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)	N/A	$0.28+286.7%	$-0.15-400.0%	$0.05	N/A	$-0.11-191.7%	$0.12-52.0%	$0.25

IRM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$21.1B+12.9%	$18.7B+7.1%	$17.5B+8.3%	$16.1B+11.7%	$14.5B+2.1%	$14.1B
Current Assets	$1.9B+14.4%	$1.7B-2.6%	$1.7B+12.2%	$1.5B+7.3%	$1.4B+13.5%	$1.3B
Cash & Equivalents	$158.5M+1.8%	$155.7M-30.1%	$222.8M+57.1%	$141.8M-44.6%	$255.8M+24.8%	$205.1M
Inventory	N/A	N/A	N/A	$11.7M	$0	N/A
Accounts Receivable	$1.4B+11.8%	$1.3B+2.5%	$1.3B+7.2%	$1.2B+22.2%	$961.4M+11.9%	$859.3M
Goodwill	$5.3B+4.0%	$5.1B+1.3%	$5.0B+2.8%	$4.9B+9.4%	$4.5B-2.1%	$4.6B
Total Liabilities	$22.1B+15.0%	$19.2B+11.3%	$17.3B+11.3%	$15.5B+14.0%	$13.6B+4.5%	$13.0B
Current Liabilities	$2.6B-15.2%	$3.1B+38.1%	$2.2B+16.6%	$1.9B-5.0%	$2.0B+1.1%	$2.0B
Long-Term Debt	$16.2B+24.7%	$13.0B+10.1%	$11.8B+12.7%	$10.5B+16.9%	$9.0B+5.3%	$8.5B
Total Equity	-$981.0M-95.0%	-$503.1M-337.7%	$211.6M-66.8%	$636.7M-25.6%	$856.0M-24.7%	$1.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.3B+12.0%	$1.2B+7.5%	$1.1B+20.0%	$927.7M+22.2%	$758.9M-23.2%	$987.7M
Capital Expenditures	$2.3B+26.8%	$1.8B+33.8%	$1.3B+53.0%	$875.4M+43.3%	$611.1M+39.4%	$438.3M
Free Cash Flow	-$931.6M-56.6%	-$594.9M-163.6%	-$225.7M-531.3%	$52.3M-64.6%	$147.8M-73.1%	$549.4M
Investing Cash Flow	-$2.6B-20.5%	-$2.1B-47.9%	-$1.4B+13.0%	-$1.7B-250.8%	-$473.3M-454.0%	-$85.4M
Financing Cash Flow	$1.3B+44.6%	$876.7M+106.0%	$425.7M-33.4%	$639.2M+389.5%	-$220.8M+75.1%	-$886.7M
Dividends Paid	$919.4M+16.4%	$789.5M+7.0%	$737.6M+1.8%	$724.4M+0.8%	$718.3M+0.3%	$716.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	55.4%-0.8pp	56.1%-0.8pp	57.0%-0.1pp	57.1%-0.9pp	58.0%+0.3pp	57.6%
Operating Margin	16.9%+0.4pp	16.4%-0.4pp	16.8%-3.8pp	20.6%+1.5pp	19.0%-3.5pp	22.5%
Net Margin	2.2%-0.8pp	3.0%-0.4pp	3.4%-7.6pp	11.0%+0.9pp	10.1%+1.8pp	8.3%
Return on Equity	N/A	N/A	88.5%+0.2pp	88.3%+35.4pp	52.9%+22.7pp	30.2%
Return on Assets	0.7%-0.3pp	1.0%-0.1pp	1.1%-2.4pp	3.5%+0.3pp	3.1%+0.7pp	2.4%
Current Ratio	0.74+0.2	0.55-0.2	0.78-0.0	0.81+0.1	0.71+0.1	0.64
Debt-to-Equity	-16.53+9.3	-25.85-81.7	55.81+39.3	16.46+6.0	10.47+3.0	7.49
FCF Margin	-13.5%-3.8pp	-9.7%-5.5pp	-4.1%-5.2pp	1.0%-2.3pp	3.3%-10.0pp	13.3%

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: Shareholder equity is negative (-$981.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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 $6.9B in total revenue for fiscal year 2025. This represents a 12.2% 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 grew by 12.2% year-over-year, from $6.1B to $6.9B in fiscal year 2025.

Is Iron Mountain profitable?

Yes, Iron Mountain (IRM) reported a net income of $152.3M in fiscal year 2025, with a net profit margin of 2.2%.

What is Iron Mountain's EBITDA?

Iron Mountain (IRM) had EBITDA of $2.2B 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 $158.5M in cash and equivalents against $16.2B in long-term debt.

What is Iron Mountain's gross margin?

Iron Mountain (IRM) had a gross margin of 55.4% 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 16.9% 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 2.2% 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 $3.22 per share in dividends during fiscal year 2025.

What is Iron Mountain's free cash flow?

Iron Mountain (IRM) generated -$931.6M in free cash flow during fiscal year 2025. This represents a -56.6% 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 $1.3B 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 $21.1B 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 $2.3B 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.

Why is Iron Mountain's debt-to-equity ratio negative or unusual?

Iron Mountain (IRM) has negative shareholder equity of -$981.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

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 31 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.