Revenue growth has accelerated to 21.6% in 2026Q1, though NOI margins have compressed from 57.6% in 2023Q4 to 54.0% as the company scales its newer, cost-intensive business segments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 7.25B | 6.9B | 6.15B | 5.48B | 5.1B | 4.49B | 4.15B | 4.26B | 4.23B | 3.85B | 3.51B | 3.01B | 3.12B | 3.03B | 3.01B | 3.01B | 2.92B | 3.01B | 3.06B | 2.73B | 2.35B | 2.08B | 1.82B | 1.5B | 1.32B | 1.17B | 986.37M | 519.5M | 270.3M | 183.5M | 129.75M |
| Revenue Growth % | 15.64% | 12.22% | 12.22% | 7.38% | 13.63% | 8.3% | -2.71% | 0.87% | 9.89% | 9.52% | 16.74% | -3.52% | 3.03% | 0.69% | -0.31% | 3.36% | -3.22% | -1.36% | 11.91% | 16.15% | 13.1% | 14.34% | 21.07% | 13.87% | 12.58% | 18.73% | 89.87% | 92.19% | 47.3% | 41.43% | - |
| Property Operating Expenses | 3.26B | 5.13B | 2.7B | 2.36B | 2.19B | 1.89B | 1.76B | 1.83B | 1.8B | 1.69B | 1.57B | 1.29B | 1.34B | 1.29B | 1.28B | 1.25B | 1.2B | 1.27B | 1.38B | 1.26B | 1.07B | 938.24M | 823.9M | 680.75M | 622.3M | 561.94M | 480.18M | 258.9M | 153M | 100.8M | 73.87M |
| Net Operating Income (NOI) | 3.99B | 1.77B | 3.45B | 3.12B | 2.91B | 2.6B | 2.39B | 2.43B | 2.42B | 2.16B | 1.94B | 1.72B | 1.77B | 1.74B | 1.73B | 1.77B | 1.71B | 1.74B | 1.67B | 1.47B | 1.28B | 1.14B | 993.69M | 820.58M | 696.2M | 609.18M | 506.19M | 260.6M | 117.3M | 82.7M | 55.88M |
| NOI Margin % | 55.02% | 25.69% | 56.15% | 56.98% | 57.11% | 57.98% | 57.63% | 56.99% | 57.37% | 56.18% | 55.35% | 57.11% | 56.87% | 57.41% | 57.5% | 58.7% | 58.7% | 57.82% | 54.76% | 53.84% | 54.29% | 54.85% | 54.67% | 54.66% | 52.8% | 52.02% | 51.32% | 50.16% | 43.4% | 45.07% | 43.07% |
| Operating Expenses | 2.68B | 367.87M | 2.44B | 2.2B | 1.86B | 1.75B | 1.46B | 1.65B | 1.62B | 1.55B | 1.44B | 1.19B | 1.22B | 1.25B | 1.17B | 1.2B | 1.15B | 1.19B | 1.18B | 1.02B | 868.89M | 753.13M | 649.19M | 515.69M | 443.61M | 464.2M | 391.07M | 196.3M | 146M | 79.9M | 36.13M |
| G&A Expenses | 1.44B | 1.39B | 1.34B | 1.24B | 1.14B | 1.02B | 913.17M | 991.66M | 977.31M | 905.73M | 859.65M | 829.63M | 855.36M | 912.72M | 850.37M | 834.59M | 777.88M | 874.36M | 882.36M | 771.38M | 670.07M | 569.7M | 486.25M | 383.64M | 332.33M | 306.93M | 261.67M | 128.9M | 37M | 30.1M | 20.01M |
| EBITDA | 2.33B | 2.43B | 1.94B | 1.71B | 1.8B | 1.55B | 1.6B | 1.46B | 1.46B | 1.16B | 953.93M | 869.99M | 902.42M | 811.28M | 871.81M | 890.7M | 851.75M | 832.12M | 747.15M | 709.37M | 621.02M | 578.66M | 511.77M | 439.46M | 367.35M | 303.5M | 244.53M | 131.7M | 97.8M | 51.3M | 32.62M |
| EBITDA Margin % | 32.18% | 35.21% | 31.48% | 31.29% | 35.18% | 34.53% | 38.68% | 34.16% | 34.63% | 30.07% | 27.17% | 28.92% | 28.95% | 26.81% | 29.01% | 29.55% | 29.2% | 27.61% | 24.46% | 25.98% | 26.42% | 27.84% | 28.16% | 29.27% | 27.86% | 25.92% | 24.79% | 25.35% | 36.18% | 27.96% | 25.14% |
| Depreciation & Amortization | 1.03B | 1.02B | 926.49M | 793.02M | 745.64M | 696.97M | 669.45M | 674.94M | 655.19M | 522.38M | 452.33M | 345.46M | 353.14M | 322.04M | 316.34M | 319.5M | 304.2M | 283.57M | 254.62M | 254.66M | 213.84M | 191.87M | 167.28M | 134.57M | 114.76M | 158.52M | 129.41M | 67.4M | 50.1M | 28.2M | 12.87M |
| D&A / Revenue % | 14.17% | 14.84% | 15.07% | 14.47% | 14.61% | 15.52% | 16.14% | 15.83% | 15.5% | 13.58% | 12.88% | 11.48% | 11.33% | 10.64% | 10.53% | 10.6% | 10.43% | 9.41% | 8.33% | 9.33% | 9.1% | 9.23% | 9.2% | 8.96% | 8.7% | 13.54% | 13.12% | 12.97% | 18.53% | 15.37% | 9.92% |
| Operating Income | 1.3B | 1.41B | 1.01B | 921.78M | 1.05B | 854.17M | 934.78M | 781.34M | 808.27M | 634.05M | 501.61M | 524.53M | 549.28M | 489.25M | 555.47M | 571.2M | 547.55M | 548.54M | 492.53M | 454.72M | 407.19M | 386.78M | 344.5M | 304.89M | 252.59M | 144.98M | 115.12M | 64.3M | 47.7M | 23.1M | 19.75M |
| Operating Margin % | 18.01% | 20.36% | 16.42% | 16.82% | 20.57% | 19.02% | 22.54% | 18.33% | 19.13% | 16.49% | 14.28% | 17.44% | 17.62% | 16.17% | 18.48% | 18.95% | 18.77% | 18.2% | 16.12% | 16.66% | 17.32% | 18.61% | 18.95% | 20.31% | 19.16% | 12.38% | 11.67% | 12.38% | 17.65% | 12.59% | 15.22% |
| Interest Expense | 4M | 829.34M | 736.23M | 598.4M | 496.29M | 425.3M | 426.85M | 425.86M | 415.84M | 361.23M | 318.22M | 267.86M | 263.16M | 258.38M | 245.02M | 207.57M | 206.51M | 227.79M | 236.63M | 228.59M | 194.96M | 183.58M | 185.75M | 150.47M | 136.63M | 134.74M | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.28x | 1.33x | 1.38x | 2.27x | 2.48x | 1.87x | 1.77x | 1.99x | 1.56x | 1.46x | 1.61x | 1.85x | 1.62x | 2.21x | 2.70x | 2.62x | 2.47x | 1.97x | 1.99x | 2.09x | 2.11x | 1.85x | 2.03x | 1.85x | 1.10x | - | - | - | - | - |
| Non-Operating Income | 9.8M | 346.27M | 28.75M | 96.17M | -78.06M | -200.15M | 135.23M | 27.34M | -18.25M | 71.77M | 36.74M | 94.61M | 62.74M | 70.99M | 13.64M | 10.73M | 6.98M | -14.64M | 25.54M | 0 | 0 | 0 | 0 | 0 | -796K | -3.67M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 356.24M | 211.19M | 244.54M | 227.21M | 631.64M | 629.01M | 372.7M | 328.14M | 357.91M | 216.1M | 146.64M | 162.07M | 223.37M | 163.02M | 298.37M | 352.9M | 336.49M | 332.83M | 224.87M | 223.02M | 224.22M | 197.02M | 166.74M | 156.99M | 119.95M | -8.13M | -15.81M | 9.5M | -7.7M | -1.8M | 0 |
| Pretax Margin % | 4.92% | 3.06% | 3.98% | 4.15% | 12.38% | 14% | 8.99% | 7.7% | 8.47% | 5.62% | 4.18% | 5.39% | 7.16% | 5.39% | 9.93% | 11.71% | 11.54% | 11.04% | 7.36% | 8.17% | 9.54% | 9.48% | 9.17% | 10.46% | 9.1% | -0.69% | -1.6% | 1.83% | -2.85% | -0.98% | 0% |
| Income Tax | 71.22M | 58.93M | 60.87M | 39.94M | 69.49M | 176.29M | 29.61M | 59.93M | 36.26M | 25.95M | 44.94M | 37.71M | -97.28M | 63.06M | 114.87M | 106.49M | 169.47M | 110.53M | 142.92M | 69.01M | 93.8M | 81.48M | 69.57M | 66.73M | 49.3M | 26.04M | 9.13M | 10.6M | 3.3M | 7.4M | 19.24M |
| Effective Tax Rate % | 19.99% | 27.91% | 24.89% | 17.58% | 11% | 28.03% | 7.94% | 18.26% | 10.13% | 12.01% | 30.65% | 23.27% | -43.55% | 38.68% | 38.5% | 30.18% | 50.36% | 33.21% | 63.56% | 30.94% | 41.83% | 41.36% | 41.73% | 42.51% | 41.1% | -320.21% | -57.72% | 111.58% | -42.86% | -411.11% | - |
| Net Income | 272.3M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M | 342.69M | 267.38M | 363.35M | 183.82M | 104.82M | 123.24M | 326.12M | 97.26M | 171.71M | 395.54M | -53.9M | 220.88M | 82.04M | 153.09M | 128.86M | 116.6M | 94.19M | 84.64M | 58.29M | -44.06M | -27.82M | -14.3M | -11M | -15.2M | 508K |
| Net Margin % | 3.76% | 2.09% | 2.93% | 3.36% | 10.91% | 10.02% | 8.26% | 6.27% | 8.6% | 4.78% | 2.99% | 4.1% | 10.46% | 3.21% | 5.71% | 13.12% | -1.85% | 7.33% | 2.69% | 5.61% | 5.48% | 5.61% | 5.18% | 5.64% | 4.42% | -3.76% | -2.82% | -2.75% | -4.07% | -8.28% | 0.39% |
| Net Income Growth % | 123.11% | -19.74% | -2.21% | -66.92% | 23.71% | 31.38% | 28.17% | -26.41% | 97.67% | 75.36% | -14.94% | -62.21% | 235.3% | -43.36% | -56.59% | 833.84% | -124.4% | 169.24% | -46.41% | 18.8% | 10.52% | 23.79% | 11.29% | 45.19% | 232.31% | -58.34% | -94.58% | -30% | 27.63% | -3092.13% | - |
| Funds From Operations (FFO) | 1.3B | 1.17B | 1.11B | 977.25M | 1.3B | 1.15B | 1.01B | 942.32M | 1.02B | 706.2M | 557.15M | 468.7M | 679.26M | 419.3M | 488.05M | 715.04M | 250.31M | 504.45M | 336.66M | 407.75M | 342.7M | 308.47M | 261.47M | 219.21M | 173.05M | 114.46M | 101.58M | 53.1M | 39.1M | 13M | 13.38M |
| FFO Margin % | 17.93% | 16.94% | 17.99% | 17.83% | 25.52% | 25.54% | 24.4% | 22.11% | 24.1% | 18.36% | 15.87% | 15.58% | 21.79% | 13.86% | 16.24% | 23.72% | 8.58% | 16.74% | 11.02% | 14.94% | 14.58% | 14.84% | 14.39% | 14.6% | 13.13% | 9.77% | 10.3% | 10.22% | 14.47% | 7.08% | 10.31% |
| FFO Growth % | 96.7% | 5.64% | 13.24% | -24.98% | 13.55% | 13.34% | 7.41% | -7.48% | 44.23% | 26.75% | 18.87% | -31% | 62% | -14.09% | -31.74% | 185.67% | -50.38% | 49.84% | -17.44% | 18.98% | 11.09% | 17.98% | 19.28% | 26.67% | 51.19% | 12.68% | 91.3% | 35.81% | 200.77% | -2.82% | - |
| FFO per Share | 4.35 | 3.93 | 3.74 | 3.32 | 4.45 | 3.94 | 3.51 | 3.28 | 3.55 | 2.65 | 2.25 | 2.21 | 3.45 | 2.18 | 2.79 | 3.65 | 1.24 | 2.47 | 1.66 | 2.02 | 1.71 | 1.56 | 1.33 | 1.12 | 0.89 | 0.61 | 0.57 | 0.47 | 0.38 | 0.22 | 0.23 |
| FFO Payout Ratio % | 53.57% | 78.65% | 71.34% | 75.48% | 55.61% | 62.62% | 70.77% | 74.77% | 66.14% | 62.31% | 90.8% | 86.73% | 79.84% | 49.32% | 65.33% | 24.14% | 15.14% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 4.5% |
| EPS (Diluted) | 0.91 | 0.49 | 0.61 | 0.63 | 1.90 | 1.55 | 1.19 | 0.93 | 1.27 | 0.64 | 0.42 | 0.58 | 1.66 | 0.50 | 0.98 | 2.02 | -0.27 | 1.08 | 0.40 | 0.76 | 0.64 | 0.56 | 0.48 | 0.43 | 0.30 | -0.23 | -0.16 | -0.13 | -0.11 | -0.26 | -0.02 |
| EPS Growth % | 119.7% | -19.67% | -3.17% | -66.84% | 22.58% | 30.25% | 27.96% | -26.77% | 98.44% | 52.38% | -27.59% | -65.06% | 232% | -48.98% | -51.49% | 848.15% | -125% | 170% | -47.37% | 18.75% | 14.29% | 16.67% | 11.63% | 43.33% | 230.43% | -43.75% | -23.08% | -18.18% | 57.69% | -1328.57% | - |
| EPS (Basic) | - | 0.49 | 0.61 | 0.63 | 1.92 | 1.56 | 1.19 | 0.93 | 1.27 | 0.64 | 0.43 | 0.58 | 1.67 | 0.51 | 0.99 | 2.03 | -0.27 | 1.09 | 0.41 | 0.77 | 0.65 | 0.57 | 0.49 | 0.44 | 0.31 | -0.23 | -0.16 | -0.13 | -0.11 | -0.26 | -0.02 |
| Diluted Shares Outstanding | 298.83M | 297.82M | 296.23M | 293.96M | 292.44M | 290.98M | 288.64M | 287.69M | 286.65M | 266.85M | 247.27M | 212.12M | 196.75M | 192.41M | 174.87M | 195.94M | 201.99M | 204.27M | 203.29M | 202.06M | 200.46M | 198.1M | 196.76M | 195.12M | 193.66M | 188.25M | 179.3M | 112.54M | 101.98M | 58.33M | 57.76M |
Negative AFFO cash burn
According to the latest quarterly filings, Iron Mountain achieved a 21.6% revenue growth rate in 2026Q1, signaling a significant acceleration from the 11.0% growth observed in 2023Q4, likely driven by the aggressive integration of data center capacity and expanded asset lifecycle management service offerings.
The company's ability to sustain double-digit top-line growth suggests that the pivot toward data-intensive infrastructure is successfully offsetting the maturity of the physical records segment. Investors should monitor whether this revenue trajectory can be maintained without further dilutive capital expenditures or excessive reliance on non-recurring service contracts.
As reported in financial statements, the NOI margin has experienced a slight contraction, moving from 57.6% in 2023Q4 to 54.0% in 2026Q1, which may indicate that the company's newer, higher-growth business segments carry a more intensive operating cost structure than the legacy storage business.
The compression in property-level profitability suggests that the shift toward data centers and ALM services introduces higher utility and labor costs that are not yet fully offset by pricing power. This trend warrants further investigation into whether these margins will stabilize as the new assets reach full operational maturity.
Based on reported figures, FFO per share has exhibited significant quarterly variance, ranging from a low of $0.68 in 2024Q3 to a peak of $1.34 in 2025Q4, reflecting the impact of periodic acquisition costs and the lumpy nature of service-related revenue recognition across the global portfolio.
The inconsistency in FFO growth suggests that the company's earnings quality is currently sensitive to the timing of capital deployment and operational integration. Analysts should be cautious in extrapolating recent FFO spikes, as they may not represent a sustainable run-rate for dividend coverage.
Data from the last ten quarters reveals a consistent trend of negative AFFO, with the 2026Q1 figure of -$182.2M highlighting a structural disconnect between reported FFO and the actual cash available for distribution after accounting for heavy maintenance and growth-related capital expenditures.
The persistent negative AFFO appears to imply that the company is funding its growth and dividend obligations through external financing rather than organic cash flow. This reliance on capital markets to bridge the gap between accounting earnings and cash reality may pose a risk to long-term financial flexibility.
Quick answers to the most common questions about buying IRM stock.
For fiscal year 2025, Iron Mountain Incorporated (IRM) reported total revenue of $6.90B. This represents a 5219.3% increase compared to $129.7M in 1996.
Iron Mountain Incorporated (IRM) is profitable, generating $144.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Iron Mountain Incorporated (IRM) reported an operating income of $1.41B, resulting in an operating profit margin of 20.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Iron Mountain Incorporated (IRM) generated $1.77B in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.