NYSE : IRM
Iron Mountain Incorporated — Financial statements
Real Estate · REIT - Specialty · United States
Last price 116.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 34.70B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 4.32B | 4.05B | 3.68B | 3.37B | 3.03B | 2.87B |
| Other Revenue | 3.24B | 2.85B | 2.47B | 2.11B | 2.07B | 1.62B |
| Total Revenue | 7.56B | 6.90B | 6.15B | 5.48B | 5.10B | 4.49B |
| Property Expenses | 3.46B | 3.08B | 2.70B | 2.36B | 2.19B | 1.89B |
| Selling, General & Administrative | 1.45B | 1.39B | 1.34B | 1.24B | 1.14B | 1.02B |
| Depreciation & Amortization | 1.09B | 1.02B | 900.90M | 776.16M | 727.60M | 680.42M |
| Total Operating Expenses | 6.00B | 5.50B | 4.94B | 4.37B | 4.06B | 3.59B |
| Operating Income | 1.56B | 1.40B | 1.21B | 1.11B | 1.05B | 901.32M |
| Interest Expense | -888.95M | -846.46M | -736.23M | -598.40M | -496.29M | -425.30M |
| Interest & Investment Income | 12.15M | 17.13M | 14.67M | 12.47M | 8.28M | 7.34M |
| Currency Exchange Gain (Loss) | 49.59M | -105.64M | 39.06M | -36.80M | 61.68M | 15.75M |
| Other Non-Operating Income | -86.99M | -17.66M | -76.81M | -33.84M | 78.77M | -22.25M |
| EBT Excluding Unusual Items | 647.65M | 451.29M | 453.61M | 453.47M | 698.72M | 476.86M |
| Merger & Restructuring Charges | -13.51M | -19.55M | -35.84M | -25.88M | -47.75M | -12.76M |
| Gain (Loss) on Sale of Investments | -38.00M | 35.80M | ||||
| Gain (Loss) on Sale of Assets | -39.13M | -24.64M | -6.20M | 12.82M | -12.53M | 371.34M |
| Other Unusual Items | -5.68M | -671.00K | ||||
| Pretax Income | 504.19M | 211.19M | 244.54M | 227.21M | 631.64M | 629.01M |
| Income Tax Expense | 69.72M | 58.93M | 60.87M | 39.94M | 69.49M | 176.29M |
| Earnings From Continuing Operations | 434.46M | 152.25M | 183.67M | 187.26M | 562.15M | 452.73M |
| Net Income to Company | 434.46M | 152.25M | 183.67M | 187.26M | 562.15M | 452.73M |
| Minority Interest in Earnings | -15.81M | -7.66M | -3.51M | -3.03M | -5.17M | -2.51M |
| Net Income | 418.65M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
| Net Income to Common | 418.65M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
| Basic Shares Outstanding | 296.58M | 295.40M | 293.37M | 291.94M | 290.81M | 289.46M |
| Diluted Shares Outstanding | 300.02M | 297.82M | 296.23M | 293.96M | 292.44M | 290.98M |
| EPS (Basic) | 1.41 | 0.49 | 0.61 | 0.63 | 1.92 | 1.56 |
| EPS (Diluted) | 1.40 | 0.49 | 0.61 | 0.63 | 1.90 | 1.55 |
| Dividend Per Share | 3.38 | 3.22 | 2.73 | 2.54 | 2.47 | 2.47 |
| Operating Margin | 20.65% | 20.34% | 19.72% | 20.26% | 20.50% | 20.07% |
| Profit Margin | 5.54% | 2.10% | 2.93% | 3.36% | 10.91% | 10.02% |
| EBITDA | 2.55B | 2.33B | 2.04B | 1.83B | 1.72B | 1.54B |
| EBITDA Margin | 33.73% | 33.74% | 33.21% | 33.41% | 33.77% | 34.34% |
| D&A For Ebitda | 989.15M | 924.65M | 829.30M | 720.88M | 676.99M | 641.00M |
| EBIT | 1.56B | 1.40B | 1.21B | 1.11B | 1.05B | 901.32M |
| EBIT Margin | 20.65% | 20.34% | 19.72% | 20.26% | 20.50% | 20.07% |
| Funds From Operations (FFO) | 899.14M | 584.17M | 571.46M | 517.20M | 792.94M | 659.88M |
| FFO Per Share | 3.01 | 1.96 | 1.93 | 1.76 | ||
| Adjusted Funds From Operations (AFFO) | 1.68B | 1.54B | 1.34B | 1.21B | 792.94M | 659.88M |
| AFFO Per Share | 5.63 | 5.17 | 4.54 | 4.12 | ||
| FFO Payout Ratio | 110.87% | 157.38% | 138.16% | 142.62% | 91.35% | 108.86% |
| Effective Tax Rate | 13.83% | 27.91% | 24.89% | 17.58% | 11.00% | 28.03% |
| Revenue as Reported | 7.56B | 6.90B | 6.15B | 5.48B | 5.10B | 4.49B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 12.71B | 12.01B | 10.12B | 9.01B | 7.70B | 6.98B |
| Cash & Equivalents | 204.79M | 158.53M | 155.72M | 222.79M | 141.80M | 255.83M |
| Accounts Receivable | 1.49B | 1.44B | 1.29B | 1.26B | 1.17B | 961.42M |
| Goodwill | 5.27B | 5.29B | 5.08B | 5.02B | 4.88B | 4.46B |
| Other Intangible Assets | 1.24B | 1.27B | 1.27B | 1.28B | 1.42B | 1.18B |
| Other Current Assets | 411.82M | 332.78M | 244.13M | 252.93M | 230.43M | 224.02M |
| Deferred Long-Term Tax Assets | 31.75M | 26.41M | 14.07M | 18.39M | 16.90M | |
| Deferred Long-Term Charges | 210.96M | 201.27M | 167.21M | 155.12M | 113.13M | |
| Other Long-Term Assets | 642.00M | 380.39M | 318.17M | 248.38M | 414.83M | 251.59M |
| Total Assets | 21.96B | 21.13B | 18.72B | 17.47B | 16.14B | 14.45B |
| Current Portion of Long-Term Debt | 157.56M | 159.79M | 586.71M | 81.58M | 43.69M | 268.26M |
| Current Portion of Leases | 395.42M | 375.42M | 443.80M | 330.88M | 332.60M | 300.76M |
| Long-Term Debt | 16.64B | 15.74B | 12.73B | 11.50B | 10.19B | 8.65B |
| Long-Term Leases | 2.76B | 2.77B | 2.61B | 2.87B | 2.72B | 2.49B |
| Accounts Payable | 857.18M | 710.66M | 678.72M | 539.59M | 469.20M | 369.14M |
| Accrued Expenses | 1.09B | 470.16M | 408.83M | 418.21M | 128.27M | 560.58M |
| Current Unearned Revenue | 397.97M | 402.09M | 326.88M | 325.67M | 328.91M | 307.47M |
| Other Current Liabilities | 2.42M | 501.38M | 642.33M | 540.25M | 614.90M | 212.36M |
| Long-Term Unearned Revenue | 170.28M | 165.80M | 110.60M | 100.77M | 32.96M | 33.69M |
| Long-Term Deferred Tax Liabilities | 181.56M | 184.01M | 205.34M | 235.41M | 263.00M | 223.93M |
| Other Long-Term Liabilities | 203.71M | 284.28M | 196.27M | 133.55M | 284.42M | 110.36M |
| Total Liabilities | 22.85B | 21.77B | 18.94B | 17.08B | 15.41B | 13.52B |
| Common Stock | 2.98M | 2.96M | 2.94M | 2.92M | 2.91M | 2.90M |
| Additional Paid-In Capital | 4.82B | 4.79B | 4.65B | 4.53B | 4.47B | 4.41B |
| Distributions in Excess of Earnings | -5.69B | -5.41B | -4.58B | -3.95B | -3.39B | -3.22B |
| Comprehensive Income & Other | -415.28M | -369.01M | -569.95M | -371.16M | -442.00M | -338.35M |
| Total Common Equity | -1.28B | -981.01M | -503.12M | 211.65M | 636.67M | 855.95M |
| Minority Interest | 389.15M | 336.10M | 276.62M | 178.07M | 95.28M | 73.53M |
| Shareholders' Equity | -891.77M | -644.91M | -226.50M | 389.72M | 731.95M | 929.48M |
| Total Liabilities & Equity | 21.96B | 21.13B | 18.72B | 17.47B | 16.14B | 14.45B |
| Total Debt | 19.95B | 19.05B | 16.37B | 14.79B | 13.29B | 11.70B |
| Net Cash (Debt) | -19.74B | -18.89B | -16.22B | -14.57B | -13.15B | -11.45B |
| Net Cash Per Share | -65.80 | -63.44 | -54.75 | -49.56 | -44.95 | -39.34 |
| Filing Date Shares Outstanding | 297.70M | 295.84M | 293.74M | 292.28M | 290.90M | 289.83M |
| Total Common Shares Outstanding | 297.66M | 295.79M | 293.59M | 292.14M | 290.83M | 289.76M |
| Book Value Per Share | -4.30 | -3.32 | -1.71 | 0.72 | 2.19 | 2.95 |
| Tangible Book Value | -7.78B | -7.54B | -6.86B | -6.09B | -5.67B | -4.79B |
| Tangible Book Value Per Share | -26.15 | -25.48 | -23.37 | -20.83 | -19.49 | -16.53 |
| Land | 724.39M | 670.53M | 536.78M | 486.71M | 372.41M | |
| Buildings | 6.46B | 4.77B | 3.82B | 3.34B | 3.39B | |
| Construction In Progress | 1.83B | 1.59B | 1.62B | 936.27M | 384.71M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 418.65M | 144.59M | 180.16M | 184.23M | 556.98M | 450.22M |
| Depreciation & Amortization | 989.15M | 924.65M | 829.30M | 720.88M | 676.99M | 641.00M |
| Other Amortization | 139.15M | 138.70M | 102.53M | 79.18M | 76.77M | 64.82M |
| Gain (Loss) on Sale of Assets | 39.13M | 24.64M | 6.20M | -12.82M | 12.56M | -351.02M |
| Gain (Loss) on Sale of Investments | 38.00M | -35.82M | ||||
| Stock-Based Compensation | 138.88M | 140.28M | 118.14M | 73.80M | 56.86M | 61.00M |
| Change in Other Net Operating Assets | -99.00M | -60.55M | -72.40M | -40.59M | -252.44M | -131.67M |
| Other Operating Activities | 29.41M | 27.68M | 32.78M | 70.90M | -164.21M | 24.55M |
| Operating Cash Flow | 1.66B | 1.34B | 1.20B | 1.11B | 927.70M | 758.90M |
| Acquisition of Real Estate Assets | -2.15B | -2.27B | -1.79B | -1.34B | -875.38M | -611.08M |
| Sale of Real Estate Assets | 11.71M | 13.63M | 17.98M | 53.54M | 170.42M | 278.33M |
| Net Sale / Acq. of Real Estate Assets | -2.13B | -2.26B | -1.77B | -1.29B | -704.96M | -332.75M |
| Cash Acquisition | -67.26M | -101.62M | -178.41M | -41.85M | -803.69M | -204.00M |
| Investment in Marketable & Equity Securities | 2.56M | -43.18M | -9.83M | -15.83M | -73.23M | -78.62M |
| Investing Cash Flow | -2.39B | -2.57B | -2.14B | -1.44B | -1.66B | -473.31M |
| Long-Term Debt Issued | 18.40B | 16.15B | 19.38B | 12.95B | 5.71B | |
| Long-Term Debt Repaid | -16.00B | -14.47B | -18.19B | -11.59B | -5.16B | |
| Net Debt Issued (Repaid) | 1.62B | 2.40B | 1.68B | 1.18B | 1.36B | 545.54M |
| Issuance of Common Stock | 25.86M | |||||
| Common Dividends Paid | -996.89M | -919.39M | -789.53M | -737.65M | -724.39M | -718.34M |
| Other Financing Activities | 62.84M | -209.78M | -13.72M | -20.93M | 7.28M | -73.87M |
| Foreign Exchange Rate Adjustments | 32.14M | -30.89M | -3.77M | -13.88M | -20.51M | -14.02M |
| Net Cash Flow | -13.20M | 2.82M | -67.07M | 80.99M | -114.03M | 50.77M |
| Levered Free Cash Flow | -436.09M | -1.10B | -408.30M | -71.56M | 72.26M | 158.58M |
| Unlevered Free Cash Flow | 86.28M | -608.14M | 26.26M | 285.58M | 364.40M | 407.84M |
| Cash Interest Paid | 899.66M | 824.59M | 770.69M | 512.45M | 482.67M | 428.11M |
| Cash Income Tax Paid | 122.19M | 121.61M | 90.74M | 89.60M | 99.63M | 130.29M |
| Change in Working Capital | -99.00M | -60.55M | -72.40M | -40.59M | -252.44M | -131.67M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 34.53B | 24.52B | 30.85B | 20.43B | 14.49B | 15.15B |
| Enterprise Value | 54.28B | 43.47B | 47.04B | 34.84B | 27.42B | 26.61B |
| Last Close Price | 116.55 | 81.09 | 99.18 | 64.20 | 43.82 | 43.85 |
| Price/FFO Ratio | 41.65 | 41.37 | 51.39 | 36.48 | ||
| Price/AFFO Ratio | 22.26 | 15.69 | 21.84 | 15.58 | ||
| PE Ratio | 82.69 | 169.58 | 171.22 | 110.91 | 26.02 | 33.66 |
| PS Ratio | 4.59 | 3.55 | 5.02 | 3.73 | 2.84 | 3.37 |
| PB Ratio | -38.02 | -136.18 | 52.43 | 19.80 | 16.30 | |
| P/OCF Ratio | 20.96 | 18.30 | 25.77 | 18.35 | 15.62 | 19.97 |
| EV/Sales Ratio | 7.20 | 6.30 | 7.65 | 6.36 | 5.37 | 5.92 |
| EV/EBITDA Ratio | 21.34 | 18.67 | 23.03 | 19.03 | 15.91 | 17.25 |
| EV/EBIT Ratio | 34.86 | 30.96 | 38.78 | 31.38 | 26.21 | 29.52 |
| Debt / Equity Ratio | -22.37 | -29.54 | -72.29 | 37.95 | 18.15 | 12.59 |
| Debt / EBITDA Ratio | 6.09 | 6.27 | 6.01 | 5.94 | 5.78 | 5.61 |
| Net Debt / Equity Ratio | -22.14 | -29.30 | -71.61 | 37.38 | 17.96 | 12.32 |
| Net Debt / EBITDA Ratio | 7.74 | 8.11 | 7.94 | 7.96 | 7.63 | 7.42 |
| Asset Turnover | 0.36 | 0.35 | 0.34 | 0.33 | 0.33 | 0.31 |
| Quick Ratio | 0.58 | 0.61 | 0.47 | 0.66 | 0.69 | 0.60 |
| Current Ratio | 0.73 | 0.74 | 0.55 | 0.78 | 0.81 | 0.71 |
| Return on Equity (ROE) | 225.06% | 33.39% | 67.67% | 42.59% | ||
| Return on Assets (ROA) | 4.63% | 4.41% | 4.19% | 4.13% | 4.28% | 3.94% |
| Return on Invested Capital (ROIC) | 6.27% | 6.99% | 5.22% | |||
| Earnings Yield | 1.21% | 0.59% | 0.58% | 0.90% | 3.84% | 2.97% |
| Dividend Yield | 2.98% | 3.88% | 2.60% | 3.63% | 4.96% | 4.73% |
| Payout Ratio | 246.35% | 635.85% | 438.25% | 400.39% | 130.06% | 159.55% |
| Buyback Yield / Dilution | -1.38% | -0.53% | -0.77% | -0.52% | -0.51% | -0.81% |
| Total Shareholder Return | 1.58% | 3.35% | 1.83% | 3.11% | 4.46% | 3.92% |