Iron Mountain (IRM) financial statements
Iron Mountain reported revenue of $6.9B in fiscal 2025, up 7.8% a year over 9 years.
Net income was $145M and the operating margin 16.9%, against 14.3% in 2016.
Free cash flow was -$932M, and the company returned $919M in dividends.
The diluted share count rose 20% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Iron Mountain's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5B | $3.8B | $1.6B | $1.6B | $4.1B | $4.5B | $5.1B | $5.5B | $6.1B | $6.9B |
| Cost of revenue | — | $1.7B | $1.8B | $1.8B | $1.8B | $1.9B | $2.2B | $2.4B | $2.7B | $3.1B |
| Gross profit | — | $2.2B | -$191M | -$252M | $2.4B | $2.6B | $2.9B | $3.1B | $3.5B | $3.8B |
| Selling, general and admin | $988M | $937M | $1.0B | $992M | $949M | $1.0B | $1.1B | $1.2B | $1.3B | $1.4B |
| Operating income | $502M | $634M | $808M | $781M | $935M | $854M | $1.0B | $922M | $1.0B | $1.2B |
| Interest expense | — | — | — | — | — | — | $488M | $586M | $722M | $829M |
| Pre-tax income | $106M | $163M | $203M | $203M | $373M | $629M | $632M | $227M | $245M | $211M |
| Income tax | $45M | $23M | $43M | $60M | $30M | $176M | $69M | $40M | $61M | $59M |
| Net income | $105M | $170M | $354M | $267M | $343M | $450M | $557M | $184M | $180M | $145M |
| EPS (diluted) | $0.42 | $0.64 | $1.23 | $0.93 | $1.19 | $1.55 | $1.90 | $0.63 | $0.61 | $0.49 |
| Diluted shares | 247M | 267M | 287M | 288M | 289M | 291M | 292M | 294M | 296M | 298M |
| Gross margin | — | 56.7% | -11.9% | -15.9% | 57.6% | 58.0% | 57.1% | 57.0% | 56.2% | 55.4% |
| Operating margin | 14.3% | 16.5% | 50.4% | 49.4% | 22.5% | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% |
| Net margin | 3.0% | 4.4% | 22.1% | 16.9% | 8.3% | 10.0% | 10.9% | 3.4% | 2.9% | 2.1% |
Balance sheet
Fiscal years, from Iron Mountain's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $236M | $926M | $165M | $194M | $205M | $256M | $142M | $223M | $156M | $159M |
| Receivables | $691M | $836M | $847M | $851M | $859M | $961M | $1.2B | $1.3B | $1.3B | $1.4B |
| Inventory | — | — | — | — | — | $0 | $12M | — | — | — |
| Total current assets | $1.1B | $2.0B | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | $1.7B | $1.7B | $1.9B |
| Property, plant and equipment | $3.1B | $3.4B | $4.5B | $4.6B | $4.5B | $4.7B | $5.1B | $6.3B | $7.6B | $9.5B |
| Goodwill | $3.9B | $4.1B | $4.4B | $4.5B | $4.6B | $4.5B | $4.9B | $5.0B | $5.1B | $5.3B |
| Total assets | $9.5B | $11.0B | $11.9B | $13.8B | $14.1B | $14.5B | $16.1B | $17.5B | $18.7B | $21.1B |
| Total current liabilities | $1.0B | $1.3B | $1.5B | $1.9B | $2.0B | $2.0B | $1.9B | $2.2B | $3.1B | $2.6B |
| Long-term debt | $6.1B | $6.9B | $8.0B | $8.3B | $8.5B | $9.0B | $10.5B | $11.8B | $13.0B | $16.2B |
| Total liabilities | $7.6B | $8.7B | $10.0B | $12.4B | $13.0B | $13.6B | $15.5B | $17.3B | $19.0B | $21.8B |
| Shareholders' equity | $1.9B | $2.3B | $1.9B | $1.5B | $1.1B | $856M | $637M | $212M | -$503M | -$981M |
| Net debt | $6.0B | $6.1B | $8.0B | $8.5B | $8.5B | $9.0B | $10.4B | $11.7B | $13.6B | $16.3B |
Cash flow
Fiscal years, from Iron Mountain's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $544M | $721M | $936M | $967M | $988M | $759M | $928M | $1.1B | $1.2B | $1.3B |
| Capital spending | $329M | $343M | $460M | $693M | $438M | $611M | $875M | $1.3B | $1.8B | $2.3B |
| Free cash flow | $215M | $378M | $475M | $274M | $549M | $148M | $52M | -$226M | -$595M | -$932M |
| Stock-based compensation | $29M | $30M | $31M | $36M | $38M | $61M | $57M | $74M | $118M | $140M |
| Dividends paid | $506M | $440M | $674M | $705M | $716M | $718M | $724M | $738M | $790M | $919M |
| Net borrowing | — | — | — | — | -$665M | -$192M | $1.4B | $194M | $492M | $1.0B |
| Free cash flow margin | 6.1% | 9.8% | 29.7% | 17.3% | 13.2% | 3.3% | 1.0% | -4.1% | -9.7% | -13.5% |
| Dividends per share | $2.05 | $1.65 | $2.35 | $2.45 | $2.48 | $2.47 | $2.48 | $2.51 | $2.67 | $3.09 |
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Open IRM in InvestinglyQuestions
What was Iron Mountain's revenue in 2025?
$6.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Iron Mountain generate?
-$932M in fiscal 2025 (operating cash flow minus capital spending).
From Iron Mountain's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.