Iron Mountain Incorporated Q3 2025 Earnings Recap

Iron Mountain reported a robust third quarter of 2025, achieving record highs in revenue, adjusted EBITDA, and AFFO, all driven by strong demand across its diversified business segments.

Key Takeaways

• Revenue increased 13% to $1.8 billion, with adjusted EBITDA rising 16% to $660 million and AFFO growing 18% to $393 million.
• Data center revenue surged 33% amidst a strong leasing market, with expectations of over 25% growth in 2026.
• Record performance in physical storage and digital solutions contributed significantly, with the latter winning a major $714 million contract for digitization services with the Department of Treasury.
• A 10% dividend increase was authorized by the Board, reflecting sustained strong performance and encouraging future cash returns to shareholders.
• The asset life cycle management segment demonstrated significant growth potential, with reported revenue increasing by 65%, bolstered by strategic acquisitions and cross-selling initiatives.