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Jun 30, 2025
Iron Mountain Q2 2025 Earnings Report
Iron Mountain reported strong second quarter 2025 results, achieving record revenue, Adjusted EBITDA, and AFFO, and subsequently increased its full-year financial guidance.
Key Takeaways
Iron Mountain delivered an outstanding performance in the second quarter of 2025, with record financial results across all key metrics, exceeding expectations. The company achieved record quarterly revenue of $1.7 billion, a 11.6% increase year-over-year, driven by strong growth in data center, digital, and asset lifecycle management businesses, which collectively grew over 30%. Despite a net loss due to foreign exchange impacts, Adjusted EBITDA and AFFO also reached record highs, leading to an increased full-year guidance.
Achieved record quarterly revenue of $1.7 billion, an 11.6% increase on a reported basis and 11.0% excluding foreign exchange effects.
Data center, digital, and asset lifecycle management (ALM) businesses collectively grew more than 30%.
Delivered record quarterly Adjusted EBITDA of $628 million and record quarterly AFFO of $370 million, or $1.24 per share.
Increased 2025 financial guidance, reflecting strong operational outperformance and positive outlook.
Revenue by Segment
Forward Guidance
Iron Mountain has increased its full-year 2025 financial guidance across all key metrics, reflecting strong operational outperformance and a positive outlook for continued growth.
Positive Outlook
- Total Revenue guidance increased to $6.79 billion - $6.94 billion, indicating approximately 12% year-over-year growth at the midpoint.
- Adjusted EBITDA guidance raised to $2.52 billion - $2.57 billion, representing about 14% year-over-year growth at the midpoint.
- AFFO guidance increased to $1.505 billion - $1.530 billion, suggesting approximately 13% year-over-year growth at the midpoint.
- AFFO Per Share guidance raised to $5.04 - $5.13, indicating about 12% year-over-year growth at the midpoint.
- The increase in guidance is driven by strong Q2 outperformance and positive outlook for the remainder of the year.
Challenges Ahead
- No specific negative forward guidance points were provided in the report; the outlook is entirely positive with increased guidance across all metrics.
- The report does not provide a reconciliation of non-GAAP measures for annual guidance, citing unreasonable efforts to obtain certain information.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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