Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, has announced impressive financial results for the third quarter of 2025, showcasing an all-time high in total revenue, Adjusted EBITDA, and Adjusted Funds From Operations (AFFO). The company's strong performance is attributed to its strategic execution and commitment to innovative solutions that cater to the evolving needs of its diverse customer base.

William L. Meaney, President and CEO of Iron Mountain, expressed his satisfaction with the results, stating, “Our continued success is the result of our team’s consistent execution of our growth strategy and unwavering focus on meeting our customers’ needs with innovative solutions. We have clear business momentum and are committed to sustaining industry-leading revenue and earnings growth for the foreseeable future.”

Financial Highlights

Total Revenue: For the three months ended September 30, 2025, Iron Mountain reported total revenues of $1.754 billion, an increase of 13% compared to $1.557 billion in the same quarter of 2024. On a year-to-date basis, revenues rose to $5.059 billion, an 11% increase from $4.569 billion in 2024.

Storage Rental Revenue: The company generated $1.033 billion in storage rental revenue, up 10% year-over-year, while service revenue surged 16% to $721 million.

Net Income: Iron Mountain recorded a net income of $86 million, a significant recovery from a net loss of $34 million in the third quarter of 2024.

Adjusted EBITDA: Adjusted EBITDA for the quarter was $660 million, representing a 16% increase year-over-year, with a corresponding Adjusted EBITDA margin of 37.6%, up from 36.5% in the prior year.

Adjusted EPS: The company reported an adjusted earnings per share (EPS) of $0.54, a 23% increase from $0.44 in the previous year.

Funds From Operations

Iron Mountain's normalized Funds From Operations (FFO) per share for Q3 2025 was $0.93, reflecting a 17.7% increase compared to $0.79 in Q3 2024. The company also reported an AFFO of $393 million, an 18.5% increase from $332 million in the same period last year.

Dividend Increase

On November 5, 2025, the Board of Directors declared a quarterly cash dividend of $0.864 per share, marking a 10% increase. This dividend is payable on January 6, 2026, to shareholders of record as of December 15, 2025. This decision underscores Iron Mountain's commitment to returning value to its shareholders while maintaining robust growth.

Fourth Quarter and Full Year Guidance

Iron Mountain has provided guidance for the fourth quarter and full year 2025, expecting total revenue to be in the range of $6.790 to $6.940 billion, a year-over-year increase of approximately 12%. Adjusted EBITDA is anticipated to be between $2.520 billion and $2.570 billion, also reflecting a 14% year-over-year growth, while AFFO is projected to be between $1.505 billion and $1.530 billion.

Conclusion

Iron Mountain's third-quarter results highlight the company's strong operational performance and commitment to growth in the information management sector. With a solid foundation of over 240,000 customers and a diverse range of offerings, Iron Mountain is well-positioned to continue delivering value to its stakeholders. The increase in dividends and optimistic forward guidance further illustrate its confidence in sustaining growth and profitability in the future.

Original press release