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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 |
| 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 |
| Operating Income | - | 1,046.28 | 1,110.04 | 1,212.92 | 1,403.92 |
| EBITDA | - | 1,873.57 | 1,618.63 | 1,907.25 | 2,114.85 |
| EBIT | - | 1,127.93 | 825.61 | 980.77 | 1,057.65 |
| Pretax Income | - | 631.64 | 227.21 | 244.54 | 211.19 |
| Tax Provision | - | 69.49 | 39.94 | 60.87 | 58.93 |
| Net Income | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Net Income Common Stockholders | - | 556.98 | 184.23 | 180.16 | 144.59 |
| Total Expenses | - | 4,057.29 | 4,370.25 | 4,936.99 | 5,497.82 |
| Interest Expense | - | 496.29 | 598.40 | 736.23 | 846.46 |
| Interest Income | - | 8.28 | 12.47 | 14.67 | 17.13 |
| Selling General And Administration | - | 1,140.58 | 1,236.29 | 1,339.54 | 1,393.90 |
| Normalized EBITDA | - | 1,808.96 | 1,881.69 | 2,147.46 | 2,474.40 |
| Normalized Income | - | 499.49 | 401 | 360.55 | 403.82 |
| Market Cap | 34,516.47 | 34,516.47 | 34,516.47 | 34,516.47 | 34,516.47 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Iron Mountain Incorporatedthis co. | IRM | $34.2B | 238.72↑ premium | -35.18 | -14.7% | 25.25 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| VICI Properties Inc. | VICI | $30.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 10.95 |
| 1.09 |
| 10.0% |
| 12.95 |
| Extra Space Storage Inc. | EXR | $30.2B | 30.81 | 2.23 | 7.3% | 18.17 |
| Equity Residential | EQR | $23.6B | 20.83 | 2.12 | 10.2% | 12.69 |
| SBA Communications Corporation | SBAC | $23.6B | 22.09 | -4.80 | -21.7% | 19.06 |
| Weyerhaeuser Company | WY | $18.0B | 55.70 | 1.91 | 3.4% | 22.25 |
| Peer Median | - | 34.17 | 2.02 | 5.3% | 20.65 | |