What is Iron Mountain Inc.'s earnings per share (EPS)?

Iron Mountain Inc. (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 Inc. (IRM) Financials

IRM

Trailing 12 months to June 30, 2026

Revenue $7.6B +17.4% YoY

Net Income $434.5M +867.3% YoY

EPS (Diluted) $1.40 +900.0% YoY

Free Cash Flow -$490.9M +50.3% YoY

Market Cap $34.3B as of Oct 13, 2026

Price / Sales 4.5x on $7.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 78.9x on $434.5M net income, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the IRM SEC filings page.

Iron Mountain Inc. (IRM) reported $7.6B in revenue over the twelve months to Jun 30, 2026, up 17.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI IRM FY2025 2026-10-03

Iron Mountain is expanding an asset-heavy platform, but rising reinvestment and financing costs are absorbing operating cash and weakening the balance sheet.

By FY2025, operating cash flow had reached $1.34B, but capital expenditures were $2.27B, leaving free cash flow negative. That reverses the positive free-cash-flow pattern of FY2021, showing that cash generation is increasingly consumed by expansion rather than available for distributions or balance-sheet repair.

Net margin narrowed from 10.1% in FY2021 to 2.2% in FY2025. With FY2025 gross margin still 55.4% and interest expense at $829M, the squeeze appears concentrated below gross profit, especially financing cost.

FY2025 liabilities exceeded assets, producing negative equity of $981M, while the current ratio was 0.7x. Dividends paid were $919M against negative free cash flow, so distributions were not funded by that year's free cash flow.

Financial Health Signals

Financial Health Score 39/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Iron Mountain Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Iron Mountain Inc. scores 36/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Iron Mountain Inc. scores 64/100 on it among other REITs.

Leverage

Iron Mountain Inc.'s net debt of $16.1B, being $16.2B of long-term debt less $158.5M of cash, came to 7.34 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and Iron Mountain Inc. scores 29/100 among other REITs.

Interest Cov.

Iron Mountain Inc.'s operating income of $1.2B covered its interest expense of $829.3M 1.40 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Iron Mountain Inc. scores 50/100 among other REITs.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Iron Mountain Inc. scores 14/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Iron Mountain Inc. scores 42/100 on it among other REITs.

Piotroski F-Score Neutral

4/9

Iron Mountain Inc. 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 Inc. 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

1.40x

Iron Mountain Inc. earns $1.40 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

$2.0B

YoY+18.5%

QoQ+4.8%

5Y CAGR+12.6%

10Y CAGR+8.7%

Iron Mountain Inc. generated $2.0B in revenue in Q2 2026. This represents an increase of 18.5% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

EBITDA

$654.9M

YoY+27.8%

QoQ-1.2%

5Y CAGR+6.7%

10Y CAGR+12.0%

Iron Mountain Inc.'s EBITDA was $654.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.8% from the same quarter a year earlier. Against the prior quarter it is down 1.2%.

Net Income

$106.1M

YoY+344.8%

QoQ-28.8%

5Y CAGR-17.4%

Iron Mountain Inc. reported $106.1M in net income in Q2 2026. This represents an increase of 344.8% from the same quarter a year earlier. Against the prior quarter it is down 28.8%.

EPS (Diluted)

$0.34

YoY+326.7%

QoQ-29.2%

5Y CAGR-18.6%

Iron Mountain Inc. earned $0.34 per diluted share (EPS) in Q2 2026. This represents an increase of 326.7% from the same quarter a year earlier. Against the prior quarter it is down 29.2%.

Cash & Balance Sheet

Free Cash Flow

-$38.9M

YoY+78.6%

QoQ+78.3%

Iron Mountain Inc. recorded an outflow of $38.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 78.6% from the same quarter a year earlier. Against the prior quarter it is up 78.3%.

Cash & Debt

$204.8M

YoY-6.1%

QoQ-18.3%

5Y CAGR-8.3%

10Y CAGR-1.4%

Iron Mountain Inc. held $204.8M in cash against $17.1B in long-term debt as of Q2 2026.

Dividends Per Share

$0.86

YoY+10.1%

QoQ0.0%

Iron Mountain Inc. paid $0.86 per share in dividends in Q2 2026. This represents an increase of 10.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

298M

YoY+0.8%

QoQ+0.1%

5Y CAGR+0.6%

10Y CAGR+1.2%

Iron Mountain Inc. had 298M shares outstanding in Q2 2026. This represents an increase of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Margins & Returns

Gross Margin

52.8%

YoY-3.2pp

QoQ-1.3pp

5Y change-4.9pp

Iron Mountain Inc.'s gross margin was 52.8% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.

Operating Margin

18.4%

YoY+3.2pp

QoQ-2.0pp

5Y change-8.9pp

10Y change+7.5pp

Iron Mountain Inc.'s operating margin was 18.4% in Q2 2026, reflecting core business profitability. This is up 3.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.0 percentage points.

Net Margin

5.2%

YoY+7.8pp

QoQ-2.5pp

5Y change-19.5pp

10Y change+6.7pp

Iron Mountain Inc.'s net profit margin was 5.2% in Q2 2026, showing the share of revenue converted to profit. This is up 7.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.5 percentage points.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$588.2M

YoY+5.6%

QoQ+13.5%

5Y CAGR+31.4%

10Y CAGR+21.7%

Iron Mountain Inc. invested $588.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 13.5%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

IRM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IRM quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$7.6B	$6.9B+12.2%	$6.1B+12.2%	$5.5B+7.4%	$5.1B+13.6%	$4.5B+8.3%	$4.1B-2.7%	$4.3B+0.9%	$4.2B+9.9%	$3.8B+9.5%	$3.5B+16.7%	$3.0B-3.5%	$3.1B+3.1%	$3.0B+0.7%	$3.0B-0.4%	$3.0B
Cost of Revenue	$3.5B	$3.1B+14.2%	$2.7B+14.4%	$2.4B+7.7%	$2.2B+16.0%	$1.9B+7.4%	$1.8B-4.1%	$1.8B+2.2%	$1.8B+7.8%	$1.7B	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$4.1B	$3.8B+10.7%	$3.5B+10.6%	$3.1B+7.1%	$2.9B+11.9%	$2.6B+9.0%	$2.4B-1.6%	$2.4B-0.1%	$2.4B+11.5%	$2.2B	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.4B	$1.4B+4.1%	$1.3B+8.4%	$1.2B+8.4%	$1.1B+11.5%	$1.0B+7.7%	$949.2M-4.3%	$991.7M-1.5%	$1.0B+7.4%	$937.2M-5.2%	$988.3M+17.0%	$845.0M-2.8%	$869.6M-5.9%	$924.0M+8.7%	$850.4M+1.9%	$834.6M
Operating Income	$1.4B	$1.2B+15.3%	$1.0B+9.5%	$921.8M-12.2%	$1.0B+22.9%	$854.2M-8.6%	$934.8M+19.6%	$781.3M-3.3%	$808.3M+27.5%	$634.1M+26.4%	$501.6M-4.4%	$524.5M-4.5%	$549.3M+12.3%	$489.2M-11.9%	$555.5M-2.8%	$571.2M
EBITDA	N/A	$2.2B+14.5%	$1.9B+12.5%	$1.7B-4.5%	$1.8B+15.8%	$1.5B-3.3%	$1.6B+10.2%	$1.4B-0.6%	$1.4B+25.2%	$1.2B+21.2%	$953.9M+9.6%	$870.0M-3.6%	$902.4M+11.2%	$811.3M-6.9%	$871.8M-2.1%	$890.7M
Interest Expense	$876.8M	$829.3M+14.9%	$721.6M+23.1%	$585.9M+20.1%	$488.0M+216.8%	-$418.0M+0.1%	-$418.5M+0.2%	-$419.3M-2.4%	-$409.6M-15.8%	-$353.6M-13.8%	-$310.7M-17.7%	-$263.9M-201.2%	$260.7M+2.6%	$254.2M+4.8%	$242.6M+18.2%	$205.3M
Income Tax	$69.7M	$58.9M-3.2%	$60.9M+52.4%	$39.9M-42.5%	$69.5M-60.6%	$176.3M+495.4%	$29.6M-50.6%	$59.9M+40.2%	$42.8M+86.2%	$23.0M-48.9%	$44.9M+19.2%	$37.7M+138.8%	-$97.3M-256.6%	$62.1M-45.6%	$114.3M+7.3%	$106.5M
Net Income	$434.5M	$152.3M-17.1%	$183.7M-1.9%	$187.3M-66.7%	$562.1M+24.2%	$452.7M+32.0%	$343.1M+27.9%	$268.3M-24.4%	$355.1M+106.8%	$171.7M+60.1%	$107.2M-14.4%	$125.2M-61.9%	$328.7M+228.8%	$100.0M-42.5%	$174.0M-56.4%	$399.6M
EPS (Basic)	N/A	$0.49-19.7%	$0.61-3.2%	$0.63-67.2%	$1.92+23.1%	$1.56+31.1%	$1.19+28.0%	$0.93-25.0%	$1.24+93.8%	$0.64+48.8%	$0.43-25.9%	$0.58-65.3%	$1.67+227.5%	$0.51-48.0%	$0.98-51.7%	$2.03
EPS (Diluted)	$1.40	$0.49-19.7%	$0.61-3.2%	$0.63-66.8%	$1.90+22.6%	$1.55+30.3%	$1.19+28.0%	$0.93-24.4%	$1.23+92.2%	$0.64+52.4%	$0.42-27.6%	$0.58-65.1%	$1.66+232.0%	$0.50-49.0%	$0.98-51.5%	$2.02
Diluted Shares (Avg)	N/A	298M+0.5%	296M+0.8%	294M+0.5%	292M+0.5%	291M+0.8%	289M+0.3%	288M+0.4%	287M+7.4%	267M+7.9%	247M+16.6%	212M+7.8%	197M+2.3%	192M+10.0%	175M-10.8%	196M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$2.0B+18.5%	$1.9B+21.6%	$1.8B+16.6%	$1.8B+12.6%	$1.7B+11.6%	$1.6B+7.8%	$1.6B+11.4%	$1.6B+12.2%
Cost of Revenue	$958.6M+27.0%	$889.8M+25.3%	$822.5M+19.4%	$791.9M+16.7%	$754.8M+11.7%	$710.2M+8.7%	$688.9M+14.6%	$678.4M+14.6%
Gross Profit	$1.1B+11.8%	$1.0B+18.6%	$1.0B+14.4%	$962.2M+9.5%	$957.1M+11.5%	$882.3M+7.1%	$892.3M+9.0%	$879.0M+10.4%
SG&A Expenses	$402.3M+3.0%	$372.8M+13.0%	$338.5M+1.5%	$335.2M-2.0%	$390.5M+13.2%	$329.7M+3.2%	$333.3M+5.8%	$341.9M+8.5%
Operating Income	$373.5M+43.7%	$395.2M+55.4%	$341.0M+20.7%	$308.6M+22.9%	$259.9M+12.9%	$254.3M+3.5%	$282.4M+22.4%	$251.2M+5.6%
EBITDA	$654.9M+27.8%	$663.1M+36.3%	$618.6M+19.6%	$570.8M+18.1%	$512.5M+12.7%	$486.4M+6.9%	$517.0M+20.0%	$483.4M+10.7%
Interest Expense	$223.4M+9.0%	$223.8M+14.9%	$219.8M+13.0%	$209.7M+12.7%	$205.1M+16.2%	$194.7M+18.4%	$194.5M-80.9%	$186.1M+21.8%
Income Tax	$14.8M-9.2%	$27.1M+82.8%	$11.2M-39.6%	$16.6M+33.8%	$16.3M+22.4%	$14.8M-10.7%	$18.5M+105.6%	$12.4M+25.1%
Net Income	$106.1M+344.8%	$149.0M+817.9%	$93.1M-11.9%	$86.2M+356.2%	-$43.3M-225.2%	$16.2M-78.9%	$105.7M+262.0%	-$33.7M-136.8%
EPS (Basic)	$0.34+326.7%	$0.48+860.0%	$0.30-14.3%	$0.28+354.5%	-$0.15-225.0%	$0.05-80.0%	$0.35+250.0%	-$0.11-135.5%
EPS (Diluted)	$0.34+326.7%	$0.48+860.0%	$0.30-14.3%	$0.28+354.5%	-$0.15-225.0%	$0.05-80.0%	$0.35+250.0%	-$0.11-135.5%
Diluted Shares (Avg)	300M+1.5%	299M+0.5%	N/A	298M+1.5%	295M-0.2%	297M+0.7%	N/A	294M-0.2%

Not reported in any period shown, so not listed: R&D Expenses.

IRM Balance Sheet

IRM quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$21.1B+12.9%	$18.7B+7.1%	$17.5B+8.3%	$16.1B+11.7%	$14.5B+2.1%	$14.1B+2.4%	$13.8B+16.5%	$11.9B+8.0%	$11.0B+15.7%	$9.5B+49.4%	$6.4B-2.6%	$6.5B-1.3%	$6.6B+3.9%	$6.4B+5.2%	$6.0B
Current Assets	$1.9B+14.4%	$1.7B-2.6%	$1.7B+12.2%	$1.5B+7.3%	$1.4B+13.5%	$1.3B+2.7%	$1.2B+2.3%	$1.2B-38.1%	$2.0B+75.4%	$1.1B+29.6%	$857.9M-6.5%	$917.7M-1.7%	$933.6M-8.8%	$1.0B+12.0%	$914.5M
Cash & Equivalents	$158.5M+1.8%	$155.7M-30.1%	$222.8M+57.1%	$141.8M-44.6%	$255.8M+24.8%	$205.1M+5.9%	$193.6M+17.0%	$165.5M-82.1%	$925.7M+291.4%	$236.5M+84.2%	$128.4M-19.7%	$159.8M+32.6%	$120.5M-50.5%	$243.4M+35.3%	$179.8M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	$11.7M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	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+1.0%	$850.7M+0.5%	$846.9M+1.3%	$835.7M+20.9%	$691.2M+22.5%	$564.4M-6.6%	$604.3M-2.0%	$616.8M+7.8%	$572.2M+5.3%	$543.5M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.3B+4.0%	$5.1B+1.3%	$5.0B+2.8%	$4.9B+9.4%	$4.5B-2.1%	$4.6B+1.6%	$4.5B+1.0%	$4.4B+9.1%	$4.1B+4.2%	$3.9B+65.4%	$2.4B-2.6%	$2.4B-1.6%	$2.5B+5.5%	$2.3B+3.6%	$2.3B
Total Liabilities	$22.1B+15.0%	$19.2B+11.3%	$17.3B+11.3%	$15.5B+14.0%	$13.6B+4.5%	$13.0B+5.3%	$12.4B+23.6%	$10.0B+15.2%	$8.7B+14.9%	$7.6B+29.2%	$5.8B+3.1%	$5.7B+1.8%	$5.6B+6.9%	$5.2B+8.6%	$4.8B
Current Liabilities	$2.6B-15.2%	$3.1B+38.1%	$2.2B+16.6%	$1.9B-5.0%	$2.0B+1.1%	$2.0B+2.4%	$1.9B+30.8%	$1.5B+12.1%	$1.3B+27.1%	$1.0B+24.3%	$841.8M-1.7%	$856.7M-11.6%	$969.1M+7.1%	$905.0M+6.6%	$849.0M
Non-Current Liabilities	$19.5B+20.8%	$16.1B+7.4%	$15.0B+10.6%	$13.6B+17.4%	$11.6B+5.1%	$11.0B+5.9%	$10.4B+22.3%	$8.5B+15.8%	$7.3B+13.0%	$6.5B+30.1%	$5.0B+3.9%	$4.8B+4.6%	$4.6B+6.8%	$4.3B+9.0%	$3.9B
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+2.8%	$8.3B+3.2%	$8.0B+16.2%	$6.9B+13.5%	$6.1B+27.8%	$4.8B+4.2%	$4.6B+10.8%	$4.1B+10.4%	$3.7B+13.8%	$3.3B
Total Equity	-$981.0M-95.0%	-$503.1M-337.7%	$211.6M-66.8%	$636.7M-25.6%	$856.0M-24.7%	$1.1B-22.4%	$1.5B-21.3%	$1.9B-19.0%	$2.3B+18.6%	$1.9B+280.6%	$508.8M-40.6%	$856.4M-17.8%	$1.0B-9.5%	$1.1B-7.7%	$1.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$67.8M-63.5%	$185.6M-79.4%	$902.6M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$22.0B+8.8%	$21.5B+11.0%	$21.1B+12.9%	$20.6B+11.7%	$20.2B+12.3%	$19.4B+8.6%	$18.7B+7.1%	$18.5B+9.4%
Current Assets	$2.1B+10.9%	$2.0B+16.7%	$1.9B+14.4%	$1.9B+9.4%	$1.9B+10.7%	$1.8B+0.9%	$1.7B-2.6%	$1.7B+6.3%
Cash & Equivalents	$204.8M-6.1%	$250.7M+61.4%	$158.5M+1.8%	$195.2M+15.8%	$218.0M+51.1%	$155.3M-18.9%	$155.7M-30.1%	$168.5M-1.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$1.5B+7.2%	$1.4B+8.6%	$1.4B+11.8%	$1.4B+10.3%	$1.4B+8.9%	$1.3B+3.5%	$1.3B+2.5%	$1.2B+6.5%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$5.3B+0.7%	$5.3B+2.6%	$5.3B+4.0%	$5.3B+1.4%	$5.2B+2.6%	$5.1B+0.7%	$5.1B+1.3%	$5.2B+5.3%
Total Liabilities	$23.2B+10.9%	$22.7B+13.2%	$22.1B+15.0%	$21.5B+14.9%	$20.9B+15.7%	$20.1B+12.6%	$19.2B+11.3%	$18.7B+12.7%
Current Liabilities	$2.9B-3.4%	$2.7B-6.5%	$2.6B-15.2%	$2.9B+23.8%	$3.0B+39.0%	$2.8B+40.0%	$3.1B+38.1%	$2.3B+15.8%
Non-Current Liabilities	$20.3B+13.3%	$20.0B+16.4%	$19.5B+20.8%	$18.7B+13.6%	$17.9B+12.6%	$17.2B+9.1%	$16.1B+7.4%	$16.4B+12.3%
Long-Term Debt	$17.1B+15.6%	$16.9B+19.1%	$16.2B+24.7%	$15.5B+17.0%	$14.8B+15.6%	$14.2B+12.6%	$13.0B+10.1%	$13.2B+14.7%
Total Equity	-$1.3B-66.9%	-$1.2B-73.9%	-$981.0M-95.0%	-$882.0M-240.5%	-$767.4M-477.6%	-$698.5M-3868.7%	-$503.1M-337.7%	-$259.0M-198.7%

Not reported in any period shown, so not listed: Inventory, Retained Earnings.

IRM Cash Flow Statement

IRM quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.7B	$1.3B+12.0%	$1.2B+7.5%	$1.1B+20.0%	$927.7M+22.2%	$758.9M-23.2%	$987.7M+2.2%	$966.7M+3.3%	$935.5M+29.8%	$721.0M+32.6%	$543.9M+0.4%	$541.8M+14.5%	$472.9M-6.8%	$507.5M+17.3%	$432.7M-29.7%	$615.4M
Depreciation & Amortization	N/A	$1.0B+13.7%	$900.9M+16.1%	$776.2M+6.7%	$727.6M+6.9%	$680.4M+4.3%	$652.1M-0.9%	$658.2M+2.9%	$639.5M+22.4%	$522.4M+15.5%	$452.3M+30.9%	$345.5M-2.2%	$353.1M+9.7%	$322.0M+1.8%	$316.3M-1.0%	$319.5M
Stock-Based Compensation	N/A	$140.3M+18.7%	$118.1M+60.1%	$73.8M+29.8%	$56.9M-6.8%	$61.0M+61.9%	$37.7M+5.7%	$35.7M+14.4%	$31.2M+3.8%	$30.0M+3.6%	$29.0M+5.0%	$27.6M-6.9%	$29.6M-2.4%	$30.4M0.0%	$30.4M+76.0%	$17.3M
Capital Expenditures	$2.1B	$2.3B+26.8%	$1.8B+33.8%	$1.3B+53.0%	$875.4M+43.3%	$611.1M+39.4%	$438.3M-36.8%	$693.0M+50.6%	$460.1M+34.1%	$343.1M+4.4%	$328.6M+13.2%	$290.2M-19.8%	$361.9M+26.0%	$287.3M+19.4%	$240.7M+15.1%	$209.2M
Free Cash Flow	-$490.9M	-$931.6M-56.6%	-$594.9M-163.6%	-$225.7M-531.3%	$52.3M-64.6%	$147.8M-73.1%	$549.4M+100.7%	$273.7M-42.4%	$475.5M+25.8%	$377.8M+75.5%	$215.3M-14.4%	$251.5M+126.5%	$111.0M-49.6%	$220.3M+14.7%	$192.1M-52.7%	$406.3M
Investing Cash Flow	-$2.4B	-$2.6B-20.5%	-$2.1B-47.9%	-$1.4B+13.0%	-$1.7B-250.8%	-$473.3M-454.0%	-$85.4M+88.3%	-$730.9M+67.1%	-$2.2B-270.7%	-$599.4M-11.8%	-$536.0M-17.4%	-$456.6M+4.9%	-$480.0M+24.7%	-$637.7M-59.3%	-$400.2M-609.8%	$78.5M
Financing Cash Flow	$689.0M	$1.3B+44.6%	$876.7M+106.0%	$425.7M-33.4%	$639.2M+389.5%	-$220.8M+75.1%	-$886.7M-345.6%	-$199.0M-136.1%	$550.7M+1.9%	$540.4M+331.1%	$125.4M+215.5%	-$108.5M-646.5%	$19.9M+7.0%	$18.6M-34.2%	$28.2M+103.7%	-$763.8M
Dividends Paid	$996.9M	$919.4M+16.4%	$789.5M+7.0%	$737.6M+1.8%	$724.4M+0.8%	$718.3M+0.3%	$716.3M+1.7%	$704.5M+4.6%	$673.6M+53.1%	$440.0M-13.0%	$505.9M+24.4%	$406.5M-25.0%	$542.3M+162.2%	$206.8M-35.1%	$318.8M+84.7%	$172.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$38.1M-96.1%	$985.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$549.3M+46.4%	$338.6M+71.6%	$500.0M+15.9%	$267.6M+5.8%	$375.1M-1.8%	$197.3M+51.7%	$431.6M-3.5%	$252.9M+14.8%
Depreciation & Amortization	$281.4M+11.4%	$267.8M+15.4%	$277.5M+18.3%	$262.2M+12.9%	$252.6M+12.5%	$232.2M+10.8%	$234.6M+17.3%	$232.2M+16.8%
Stock-Based Compensation	$56.8M-5.9%	$28.3M+8.3%	N/A	$32.1M+8.7%	$60.4M+101.9%	$26.1M+85.9%	N/A	$29.6M+61.4%
Capital Expenditures	$588.2M+5.6%	$518.0M-23.2%	$516.2M-16.4%	$523.9M+32.3%	$556.8M+40.3%	$674.8M+77.0%	$617.6M+63.8%	$396.1M+9.6%
Free Cash Flow	-$38.9M+78.6%	-$179.5M+62.4%	-$16.2M+91.3%	-$256.3M-79.0%	-$181.6M-1145.8%	-$477.5M-90.1%	-$186.0M-364.7%	-$143.2M-1.3%
Investing Cash Flow	-$634.9M-8.7%	-$531.5M+30.7%	-$605.9M+12.8%	-$617.4M-28.1%	-$584.0M-34.5%	-$766.8M-45.9%	-$694.9M-69.8%	-$482.1M-23.7%
Financing Cash Flow	$32.8M-89.2%	$271.2M-53.1%	$66.7M-71.9%	$318.3M+17.9%	$304.0M+4127.4%	$578.8M+59.9%	$237.5M+990.0%	$269.9M+39.1%
Dividends Paid	$257.2M+11.0%	$275.6M+23.3%	$232.2M+10.5%	$232.0M+21.6%	$231.8M+21.5%	$223.5M+12.9%	$210.0M+10.6%	$190.8M+5.6%

Not reported in any period shown, so not listed: Share Buybacks.

IRM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

IRM quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	55.4%-0.8pp	56.1%-0.8pp	57.0%-0.1pp	57.1%-0.9pp	58.0%+0.3pp	57.6%+0.6pp	57.0%-0.6pp	57.6%+0.8pp	56.7%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	16.9%+0.4pp	16.4%-0.4pp	16.8%-3.8pp	20.6%+1.5pp	19.0%-3.5pp	22.5%+4.2pp	18.3%-0.8pp	19.1%+2.6pp	16.5%+2.2pp	14.3%-3.2pp	17.4%-0.2pp	17.6%+1.4pp	16.2%-2.3pp	18.5%-0.5pp	18.9%
Net Margin	2.2%-0.8pp	3.0%-0.4pp	3.4%-7.6pp	11.0%+0.9pp	10.1%+1.8pp	8.3%+2.0pp	6.3%-2.1pp	8.4%+3.9pp	4.5%+1.4pp	3.0%-1.1pp	4.2%-6.4pp	10.5%+7.2pp	3.3%-2.5pp	5.8%-7.5pp	13.3%
Return on Equity	N/A	N/A	88.5%+0.2pp	88.3%+35.4pp	52.9%+22.7pp	30.2%+11.9pp	18.3%-0.8pp	19.1%+11.6pp	7.5%+1.9pp	5.5%-19.1pp	24.6%-13.8pp	38.4%+28.8pp	9.6%-5.5pp	15.1%-16.9pp	32.1%
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%+0.5pp	1.9%-1.1pp	3.0%+1.4pp	1.6%+0.4pp	1.1%-0.8pp	2.0%-3.1pp	5.0%+3.5pp	1.5%-1.2pp	2.7%-3.9pp	6.6%
Current Ratio	0.74+0.2x	0.55-0.2x	0.780.0x	0.81+0.1x	0.71+0.1x	0.640.0x	0.63-0.2x	0.81-0.7x	1.47+0.4x	1.060.0x	1.02-0.1x	1.07+0.1x	0.96-0.2x	1.13+0.1x	1.08
Debt-to-Equity	N/A	N/A	55.81+39.3x	16.46+6.0x	10.47+3.0x	7.49+1.8x	5.65+1.3x	4.31+1.3x	3.00-0.1x	3.14-6.2x	9.35+4.0x	5.33+1.4x	3.96+0.7x	3.25+0.6x	2.63
Asset Turnover	0.330.0x	0.330.0x	0.310.0x	0.320.0x	0.310.0x	0.290.0x	0.310.0x	0.360.0x	0.350.0x	0.37-0.1x	0.470.0x	0.480.0x	0.460.0x	0.470.0x	0.50
FCF Margin	-13.5%-3.8pp	-9.7%-5.5pp	-4.1%-5.2pp	1.0%-2.3pp	3.3%-10.0pp	13.3%+6.8pp	6.4%-4.8pp	11.3%+1.4pp	9.8%+3.7pp	6.1%-2.2pp	8.4%+4.8pp	3.6%-3.7pp	7.3%+0.9pp	6.4%-7.1pp	13.5%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	52.8%-3.2pp	54.0%-1.4pp	55.4%-1.1pp	54.9%-1.6pp	55.9%0.0pp	55.4%-0.4pp	56.4%-1.2pp	56.4%-0.9pp
Operating Margin	18.4%+3.2pp	20.4%+4.4pp	18.5%+0.6pp	17.6%+1.5pp	15.2%+0.2pp	16.0%-0.7pp	17.9%+1.6pp	16.1%-1.0pp
Net Margin	5.2%+7.8pp	7.7%+6.7pp	5.1%-1.6pp	4.9%+7.1pp	-2.5%-4.8pp	1.0%-4.2pp	6.7%+4.6pp	-2.2%-8.7pp
Return on Assets	0.5%+0.7pp	0.7%+0.6pp	0.4%-0.1pp	0.4%+0.6pp	-0.2%-0.4pp	0.1%-0.4pp	0.6%+0.4pp	-0.2%-0.7pp
Current Ratio	0.73+0.1x	0.77+0.2x	0.74+0.2x	0.66-0.1x	0.63-0.2x	0.62-0.2x	0.55-0.2x	0.75-0.1x
Asset Turnover	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.080.0x	0.080.0x	0.080.0x	0.080.0x
FCF Margin	-1.9%+8.7pp	-9.3%+20.7pp	-0.9%+10.9pp	-14.6%-5.4pp	-10.6%-9.7pp	-30.0%-13.0pp	-11.8%-16.7pp	-9.2%+1.0pp

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Iron Mountain Inc. IRM	FY2025	$6.9B	$152.3M	2.2%	$34.3B	39/100
Crown Castle Inc. CCI	FY2025	$4.3B	$444.0M	10.4%	$33.9B	26/100
SBA Communications Corp SBAC	FY2025	$2.8B	$1.1B	37.4%	$19.4B	52/100
Digital Realty Trust, Inc. DLR	FY2025	$6.1B	$1.3B	21.5%	$66.3B	58/100
Weyerhaeuser Company WY	FY2025	$6.9B	$324.0M	4.7%	$13.8B	44/100
Equinix, Inc. EQIX	FY2025	$9.2B	$1.4B	14.6%	$101.2B	48/100

Where Iron Mountain Inc. Ranks

Frequently Asked Questions

What is Iron Mountain Inc.'s annual revenue?

Iron Mountain Inc. (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 Inc.'s revenue growing?

Iron Mountain Inc. (IRM) revenue grew by 12.2% year-over-year, from $6.1B to $6.9B in fiscal year 2025.

Is Iron Mountain Inc. profitable?

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

What is Iron Mountain Inc.'s EBITDA?

Iron Mountain Inc. (IRM) had EBITDA of $2.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Iron Mountain Inc. have?

As of fiscal year 2025, Iron Mountain Inc. (IRM) had $158.5M in cash and equivalents against $16.2B in long-term debt.

What is Iron Mountain Inc.'s gross margin?

Iron Mountain Inc. (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 Inc.'s operating margin?

Iron Mountain Inc. (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 Inc.'s net profit margin?

Iron Mountain Inc. (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 Inc. pay dividends?

Yes, Iron Mountain Inc. (IRM) paid $3.22 per share in dividends during fiscal year 2025.

What is Iron Mountain Inc.'s free cash flow?

Iron Mountain Inc. (IRM) recorded an outflow of $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 Inc.'s operating cash flow?

Iron Mountain Inc. (IRM) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Iron Mountain Inc.'s total assets?

Iron Mountain Inc. (IRM) had $21.1B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Iron Mountain Inc.'s capital expenditures?

Iron Mountain Inc. (IRM) invested $2.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Iron Mountain Inc. have outstanding?

Iron Mountain Inc. (IRM) had 296M shares outstanding as of fiscal year 2025.

What is Iron Mountain Inc.'s current ratio?

Iron Mountain Inc. (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 Inc.'s return on assets (ROA)?

Iron Mountain Inc. (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 Inc.'s P/E ratio?

Iron Mountain Inc. (IRM) trades at 78.9x earnings, its market capitalization divided by net income of $434.5M net income, trailing 12 months to June 30, 2026. The market capitalization is $34.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Iron Mountain Inc.'s price-to-sales ratio?

Iron Mountain Inc. (IRM) trades at 4.5x sales, its market capitalization divided by revenue of $7.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $34.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Iron Mountain Inc.'s debt-to-equity ratio negative or not reported?

Iron Mountain Inc. (IRM) has negative shareholder equity of -$981.0M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Inc.'s Piotroski F-Score?

Iron Mountain Inc. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Iron Mountain Inc.'s earnings high quality?

Iron Mountain Inc. (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 Inc. cover its interest payments?

Iron Mountain Inc. (IRM) has an interest coverage ratio of 1.40x, 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 Inc.?

Iron Mountain Inc. (IRM) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.