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Iron Mountain Incorporated is a global leader in information management services, and is trusted by more than 240,000 customers in 61 countries. It also includes approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Their broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (ALM) needs. Their longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals commercial, legal, financial, healthcare, technology, life sciences, energy, business services, entertainment and government organizations. They are listed on the New York Stock Exchange (the NYSE) and are a constituent of the Standard & Poor's 500 Index, the Morgan Stanley Capital International (MSCI) REIT index and the FTSE EPRA Nareit Global Real Estate Index. As of December 31, 2025, we were number 567 on the Fortune 1000. We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014. The firm was founded and incorporated in 1951 in Delaware, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.9B | $2.1B | $145M | $-1.0B | -14.7% | 12.2% | -19.7% |
| 2024 | $6.1B | $1.9B | $180M | $-657M | -35.8% | 12.2% | -2.2% |
| 2023 | $5.5B | $1.6B | $184M | $-232M | 87.0% | 7.4% | -66.9% |
| 2022 | $5.1B | $1.9B | $557M | $44M | 87.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,103.57 | 5,480.29 | 6,149.91 | 6,901.74 |
| Operating Revenue | - | 5,103.57 | 5,480.29 | 6,149.91 | 6,901.74 |
| Cost Of Revenue | - | 2,189.12 | 2,357.80 | 2,696.55 | 3,079.48 |
| Gross Profit | - | 2,914.45 | 3,122.49 | 3,453.36 | 3,822.26 |
| Operating Expense | - | 1,868.17 | 2,012.45 | 2,240.44 | 2,418.34 |
| Selling General And Administration | - | 1,140.58 | 1,236.29 | 1,339.54 | 1,393.90 |
| Total Expenses | - | 4,057.29 | 4,370.25 | 4,936.99 | 5,497.82 |
| Operating Income | - | 1,046.28 | 1,110.04 | 1,212.92 | 1,403.92 |
| Total Operating Income As Reported | - | 1,049.87 | 921.78 | 1,009.52 | 1,163.82 |
| EBITDA | - | 1,873.57 | 1,618.63 | 1,907.25 | 2,114.85 |
| Normalized EBITDA | - | 1,808.96 | 1,881.69 | 2,147.46 | 2,474.40 |
| EBIT | - | 1,127.93 | 825.61 | 980.77 | 1,057.65 |
| Interest Income | - | 8.28 | 12.47 | 14.67 | 17.13 |
| Interest Expense | - | 496.29 | 598.40 | 736.23 | 846.46 |
| Net Interest Income | - | -488.01 | -585.93 | -721.56 | -829.34 |
| Other Non Operating Income Expenses | - | 8.77 | -33.84 | -6.61 | -3.86 |
| Other Income Expense | - | 73.37 | -296.90 | -246.82 | -363.40 |
| Interest Income Non Operating | - | 8.28 | 12.47 | 14.67 | 17.13 |
| Interest Expense Non Operating | - | 496.29 | 598.40 | 736.23 | 846.46 |
| Net Non Operating Interest Income Expense | - | -488.01 | -585.93 | -721.56 | -829.34 |
| Pretax Income | - | 631.64 | 227.21 | 244.54 | 211.19 |
| Tax Provision | - | 69.49 | 39.94 | 60.87 | 58.93 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 7.11 | -46.30 | -59.81 | -100.31 |
| Net Income Continuous Operations | - | 562.15 | 187.26 | 183.67 | 152.25 |
| Net Income From Continuing And Discontinued Operation | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Net Income From Continuing Operation Net Minority Interest | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Net Income | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Net Income Common Stockholders | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Net Income Including Noncontrolling Interests | - | 562.15 | 187.26 | 183.67 | 152.25 |
| Normalized Income | - | 499.49 | 401 | 360.55 | 403.82 |
| Diluted NI Availto Com Stockholders | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Basic Average Shares | - | 290.81 | 293.36 | 293.36 | 295.40 |
| Diluted Average Shares | - | 292.44 | 293.96 | 296.23 | 297.82 |
| Reconciled Depreciation | - | 745.64 | 793.02 | 926.48 | 1,057.20 |
| Reconciled Cost Of Revenue | - | 2,171.08 | 2,340.94 | 2,670.97 | 3,046.71 |
| Total Unusual Items | - | 64.60 | -263.06 | -240.21 | -359.54 |
| Total Unusual Items Excluding Goodwill | - | 64.60 | -263.06 | -240.21 | -359.54 |
| Minority Interests | - | -5.17 | -3.03 | -3.51 | -7.66 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Special Income Charges | - | 2.92 | -226.26 | -279.27 | -253.90 |
| Other Special Charges | - | 0.67 | - | 5.68 | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 89.68 | 239.09 | 267.40 | 229.26 |
| Gain On Sale Of Security | - | 61.68 | -36.80 | 39.06 | -105.64 |
| Depreciation Amortization Depletion Income Statement | - | 727.60 | 776.16 | 900.90 | 1,024.44 |
| Depreciation And Amortization In Income Statement | - | 727.60 | 776.16 | 900.90 | 1,024.44 |
| General And Administrative Expense | - | 839.84 | 873.20 | 977.34 | 1,015.58 |
| Other Gand A | - | 839.84 | 873.20 | 977.34 | 1,015.58 |
| Gain On Sale Of Ppe | - | 93.27 | 12.82 | -6.20 | -24.64 |
| Rent Expense Supplemental | 795.80 | - | - | - | - |
| Selling And Marketing Expense | - | 300.73 | 363.09 | 362.19 | 378.32 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Iron Mountain Incorporatedthis co. | IRM | $38.8B | 268.02↑ premium | -39.50 | -14.7% | 27.26 |
| Public Storage | PSA | $53.8B | 30.17 | 10.99 | 36.4% | 19.64 |
| Crown Castle Inc. | CCI | $40.9B | 92.20 | -25.04 | -27.2% | 25.60 |
| Ventas, Inc. | VTR | $38.5B | 152.98 | 3.07 | 2.0% | 22.43 |
| CBRE Group, Inc. | CBRE | $38.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 33.14 |
| 4.32 |
| 13.0% |
| 22.97 |
| Extra Space Storage Inc. | EXR | $32.2B | 33.05 | 2.40 | 7.3% | 19.07 |
| VICI Properties Inc. | VICI | $29.3B | 10.56 | 1.05 | 10.0% | 12.66 |
| AvalonBay Communities, Inc. | AVB | $26.8B | 25.53 | 2.31 | 9.1% | 16.22 |
| Equity Residential | EQR | $26.2B | 23.42 | 2.38 | 10.2% | 13.85 |
| Peer Median | - | 31.61 | 2.39 | 9.5% | 19.36 | |