Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Iron Mountain (IRM) delivered strong FY2025 revenue growth of 12.2% to $6.90B, driven by continued expansion in data center and records management services, though EPS declined 19.7% to $0.49 and long-term debt surged 19.8% to $16.43B as the REIT aggressively invested in growth infrastructure.
Revenue
$6.9B
+12.23% YoY
EPS (Diluted)
$0.49
-19.67% YoY
Operating Income
$1.16B
+15.28% YoY
Source: SEC XBRL
Iron Mountain (IRM) reported FY2025 revenue of $6.9B, up 12.2% year over year. Operating margin was 16.9%, up 0.5 points from 16.4% a year earlier. Operating cash flow was $1.34B, up 12.0% year over year.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.60 | 0.56 | Beat +6.4% |
| Mar 2026 | 0.60 | 0.52 | Beat +15.3% |
| Dec 2025This filing | 0.61 | 0.59 | Beat +3.1% |
| Sep 2025 | 0.54 | 0.53 | Beat +1.5% |
Reported EPS of $0.61 versus the $0.59 analyst consensus — a +3.1% beat for Dec 2025.
Compiled by AI from this SEC filing
IRM grew total revenue 12.2% year-over-year to $6.90B in FY2025 (from $6.15B in FY2024), reflecting strong demand across its storage and data center segments. This consistent double-digit growth underscores the company's ability to expand its customer base and increase pricing.
Source: 10-K Income Statement, XBRL Financial Data
Operating income rose 15.3% to $1.16B, outpacing revenue growth and lifting operating margin slightly from 16.4% to 16.9%. SG&A expenses grew at a more modest 4.1% to $1.39B, suggesting some operating leverage is being realized despite heavy investment.
Source: 10-K Income Statement, XBRL Financial Data
Investing cash outflows reached -$2.57B in FY2025 (up 20.5% from -$2.14B), funded in part by $1.27B in financing cash flows. Long-term debt increased 19.8% to $16.43B, reflecting IRM's aggressive data center buildout strategy as a REIT competing in the hyperscale infrastructure market.
Source: 10-K Cash Flow Statement & Balance Sheet, XBRL Financial Data
Basic and diluted EPS fell 19.7% to $0.49 from $0.61, likely due to higher interest expense on growing debt, increased depreciation & amortization (up 13.7% to $1.02B), and share issuance to fund REIT capital needs. This divergence between operating income growth and EPS is typical for capital-intensive REITs.
Source: 10-K Income Statement & Cash Flow Statement, XBRL Financial Data
Operating cash flow grew 12.0% to $1.34B, closely tracking revenue growth and demonstrating the business's cash-generative nature. For a REIT like IRM, operating cash flow is a critical metric supporting its dividend obligations to shareholders.
Source: 10-K Cash Flow Statement, XBRL Financial Data
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
IRM carries $16.43B in long-term debt as of FY2025, up 19.8% year-over-year, against negative stockholders' equity of -$981M (deteriorating 95% from -$503M). This extreme leverage amplifies interest rate risk and limits financial flexibility, particularly if capital markets tighten or interest rates remain elevated.
Source: 10-K Balance Sheet, XBRL Financial Data
Stockholders' equity stands at -$981M, nearly doubling in negativity from -$503M the prior year. While common for REITs that distribute most earnings as dividends, this signals that accumulated distributions and debt financing have eroded the book equity base, which could concern lenders and counterparties.
Source: 10-K Balance Sheet, XBRL Financial Data
IRM's current ratio of 0.74 indicates current liabilities exceed current assets, meaning the company relies on refinancing or operating cash flows to meet near-term obligations. While current liabilities did decline 15.2% to $2.62B, the company holds only $158.5M in cash, leaving limited buffer for unexpected disruptions.
Source: 10-K Balance Sheet, XBRL Financial Data
With investing cash outflows of -$2.57B significantly exceeding operating cash flow of $1.34B, IRM generates negative free cash flow, requiring continuous access to debt and equity capital markets. Any disruption to capital market access could impair the company's data center expansion plans and dividend sustainability.
Source: 10-K Cash Flow Statement, XBRL Financial Data
IRM's REIT structure requires distributing at least 90% of taxable income, forcing reliance on external capital for growth. Financing cash inflows of $1.27B in FY2025 (up 44.6%) suggest ongoing equity or debt issuance, which can dilute existing shareholders and contributed to the 19.7% EPS decline this year.
Source: 10-K Cash Flow Statement & Income Statement, XBRL Financial Data
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 6.90 $B | 6.15 $B | +12.23% |
Operating Income $B | 1.16 $B | 1.01 $B | +15.28% |
EPS (Basic) $ | 0.49 $ | 0.61 $ | -19.67% |
EPS (Diluted) $ | 0.49 $ | 0.61 $ | -19.67% |
SG&A Expense $B | 1.39 $B | 1.34 $B | +4.06% |
Answers draw on this SEC filing and the data on this page
Iron Mountain delivered strong organic revenue growth and a return to profitability in Q2 FY2026, driven by data center expansion and digital services, while managing higher costs and a shifting revenue mix.
IRM delivered strong Q1 FY2026 results with revenue surging 21.6% YoY to $1.94B and operating income jumping 55.4% to $395M, though the company carries significant leverage with $17.1B in long-term debt and negative stockholders' equity.