Iron Mountain Incorporated (NYSE:IRM) delivered fourth-quarter results ahead of market expectations, capping a year of record-setting performance and lifting its shares more than 2% in premarket trading on Thursday.
The information management and data services group reported adjusted earnings per share of $0.61, edging past analyst estimates of $0.60. Revenue rose 16.6% year over year to $1.84 billion, beating the consensus forecast of $1.81 billion, supported by 14% organic revenue growth in the quarter.
“We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO,” said William L. Meaney, President and CEO of Iron Mountain.
Growth was led by the company’s expansion segments — data centers, digital solutions, and asset lifecycle management — which together advanced more than 40% from a year earlier. Storage rental revenue climbed 13% to $1.06 billion, while service revenue surged 22% to $782 million.
For the full year 2025, Iron Mountain generated revenue of $6.9 billion, up 12.2% from 2024. Adjusted EBITDA reached $2.6 billion, while adjusted funds from operations (AFFO) totaled $1.5 billion, or $5.17 per share.
Looking ahead, the company issued an upbeat 2026 forecast, guiding for revenue between $7.63 billion and $7.78 billion — above analyst expectations of $7.59 billion — implying growth of 10% to 13% year over year. Adjusted EBITDA is projected to increase 12% to 14%.
“Our outlook for continued double digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory,” Meaney added.