Iron Mountain Incorporated reported a total revenue of $6.15 billion for the fiscal year ending December 31, 2024, marking a 12.2% increase from $5.48 billion in 2023. The company's operating income also rose to $1.01 billion, up 9.5% from the previous year's $921.8 million. However, net income attributable to Iron Mountain decreased slightly by 2.2% to $180.2 million, compared to $184.2 million in 2023. The decline in net income was attributed to increased operating expenses, which rose by 12.8% to $5.14 billion, driven by higher labor and facility costs.
The company has made significant strides in its strategic initiatives, particularly through Project Matterhorn, which aims to transform its operating model and enhance its service offerings. Since its inception in September 2022, Iron Mountain has incurred approximately $378.5 million in restructuring and transformation costs related to this project. The company anticipates an additional $150 million in costs for the year ending December 31, 2025, as it continues to implement this initiative.
Operationally, Iron Mountain serves over 240,000 customers across 61 countries, including 95% of the Fortune 1000. The Global Records and Information Management (RIM) segment generated $4.98 billion in revenue, while the Global Data Center Business contributed $620 million. The company also reported a 14% increase in Adjusted EBITDA, reaching $2.24 billion, with an Adjusted EBITDA margin of 36.4%, up from 35.8% in 2023. The total employee headcount as of December 31, 2024, was approximately 28,850, reflecting the company's ongoing growth and expansion efforts.
Looking ahead, Iron Mountain expects continued revenue growth driven by its focus on new product offerings and market expansion. The company is particularly optimistic about its Global Digital Solutions and Asset Lifecycle Management (ALM) services, which are anticipated to contribute significantly to organic service revenue growth in 2025. Despite the challenges posed by rising operational costs and market conditions, Iron Mountain remains committed to leveraging its global scale and customer trust to drive future growth.
About IRON MOUNTAIN INC
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