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Mar 31, 2025
Iron Mountain Q1 2025 Earnings Report
Iron Mountain reported record first-quarter revenue and Adjusted EBITDA, with strength across its data center, digital, and ALM businesses.
Key Takeaways
Iron Mountain started 2025 with strong results, achieving record Q1 revenue of $1.6 billion and Adjusted EBITDA of $579.9 million. Growth was driven by double-digit gains in the data center, digital, and ALM segments. Despite significantly lower net income due to foreign exchange impacts, operational performance remained robust.
Achieved record Q1 revenue of $1.6 billion, up 7.8% year-over-year.
Net income fell to $16.2 million, impacted by currency exchange effects.
Adjusted EBITDA reached a record $579.9 million.
AFFO per share grew to $1.17 from $1.10 in Q1 2024.
Revenue by Segment
Forward Guidance
Iron Mountain raised its full-year 2025 guidance based on strong Q1 performance and favorable currency changes.
Positive Outlook
- Increased total revenue guidance to $6.74–$6.89 billion.
- Raised Adjusted EBITDA forecast to $2.505–$2.555 billion.
- AFFO outlook increased to $1.48–$1.51 billion.
- AFFO per share guidance raised to $4.95–$5.05.
- Growth expected across all major business lines, including digital and ALM.
Challenges Ahead
- Foreign exchange volatility remains a risk.
- Net income significantly lower than prior year, mostly due to currency effects.
- Interest expenses increased year-over-year.
- Operating margin pressure from restructuring and transformation costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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