Iron Mountain Incorporated reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $6.9 billion, a 12.2% increase from $6.15 billion in 2024. The company's operating income also rose by 15.3% to $1.16 billion, while net income attributable to Iron Mountain decreased by 19.7% to $144.6 million, primarily due to increased interest expenses and other costs. Adjusted EBITDA increased by 15.1% to $2.57 billion, reflecting a margin improvement to 37.3%.
The company experienced notable growth in both its storage rental and service revenue segments. Storage rental revenue grew by 10.1% to $4.05 billion, driven by effective revenue management strategies in its Global Records and Information Management (RIM) business and improved pricing in its Global Data Center business. Service revenue saw a more substantial increase of 15.5%, totaling $2.85 billion, bolstered by growth in digital solutions and asset lifecycle management services, as well as contributions from recent acquisitions.
Strategically, Iron Mountain completed its Project Matterhorn initiative, which aimed to transform its operating model and enhance its global service offerings. The project incurred approximately $574.4 million in restructuring and transformation costs since its inception, with $195.9 million spent in 2025 alone. The company also expanded its data center operations, operating 31 data centers across 21 global markets, with 97% of its existing capacity leased out. This expansion is part of Iron Mountain's strategy to capture a larger share of the growing data center market.
Operationally, Iron Mountain served over 240,000 customers, including 95% of the Fortune 1000, and reported a total employee headcount of approximately 29,400 as of December 31, 2025. The company noted that its customer retention levels remained strong, and it is focused on increasing cross-selling opportunities among its various service lines. The company also emphasized its commitment to sustainability, achieving a landfill diversion rate of 82% and matching 100% of its data center energy consumption with clean energy since 2017.
Looking ahead, Iron Mountain anticipates continued revenue and EBITDA growth in 2026, driven by new product offerings, market expansion, and ongoing digital transformation initiatives. The company expects to invest approximately $2.2 billion in capital expenditures, primarily focused on growth investments in its data center and real estate segments. However, it also acknowledged potential risks, including market conditions and regulatory changes, that could impact its strategic growth plans.
About IRON MOUNTAIN INC
Iron Mountain Incorporated is a global leader in information management, providing physical and digital storage, data centers, digital transformation, and asset lifecycle services. Serving over 240,000 customers across diverse industries in 61 countries, it offers secure, compliant, and sustainable solutions that support digital and physical asset management, leveraging extensive real estate, advanced data centers, and innovative digital platforms to deliver reliable, scalable, and integrated information services.
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