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Sep 30, 2025
Iron Mountain Q3 2025 Earnings Report
Iron Mountain posted record revenue and profitability in Q3 2025, driven by strong growth across key business lines.
Key Takeaways
Iron Mountain achieved all-time high revenue of $1.75 billion and adjusted EBITDA of $660 million in Q3 2025. Growth was led by data center, digital, and asset lifecycle management businesses, while net income returned to positive territory after a loss in the prior year.
Record quarterly revenue of $1.75B, up 12.6% YoY.
Adjusted EBITDA reached $660M, a new high for the company.
AFFO per share rose to $1.32, enabling a 10% dividend increase.
Growth businesses grew over 30% YoY, driving profitability gains.
Revenue by Segment
Forward Guidance
Iron Mountain reiterated its full-year 2025 guidance, expecting continued strong growth in revenue and EBITDA into Q4.
Positive Outlook
- Q4 revenue expected to grow ~14% YoY.
- Q4 adjusted EBITDA projected at ~$690M.
- Full-year AFFO expected between $1.505B and $1.530B.
- AFFO per share guidance set at $5.04–$5.13.
- Increased dividend by 10% due to solid cash generation.
Challenges Ahead
- Net income still recovering year-to-date vs 2024.
- High restructuring and transformation costs impacted margins.
- AFFO growth moderating slightly from Q3 peak.
- Ongoing cost pressures in SG&A and operations.
- Revenue headwinds from FX not fully offset.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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