IRM Financials Iron Mountain

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 41 d ago Overview →

Growth & profitability

Revenue has grown 10.7% per year over the past 5 years.
Net income has grown slower than revenue (-15.0% vs 10.7% per year).
Operating margin has contracted, at 16.9% in the latest year.

Financial health

Total debt ($16.4B) exceeds cash ($159M); net debt is $16.3B.
Total debt has grown in line with revenue (13.6% vs 10.7% per year).
Operating income covered interest expense 1.4× in the latest year.
Total debt is 7.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 603.9% of earnings.
The dividend has grown 5.1% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$6.9B	$152M	0.0%	16.9%	-15.5%	0.7%	-$932M	$16.4B	$159M
2024	$6.1B	$184M	0.0%	16.4%	-36.5%	1.0%	-$595M	$13.7B	$156M
2023	$5.5B	$187M	0.0%	16.8%	88.5%	1.1%	-$226M	$11.9B	$223M
2022	$5.1B	$562M	0.0%	20.6%	88.3%	3.5%	$52M	$10.6B	$142M
2021	$4.5B	$453M	0.0%	19.0%	52.9%	3.1%	$148M	$9.3B	$256M
2020	$4.1B	$343M	0.0%	22.5%	30.2%	2.4%	$549M	$8.7B	$205M
2019	$1.6B	$268M	0.0%	49.4%	18.3%	1.9%	$274M	$8.7B	$194M
2018	$1.6B	$355M	0.0%	50.4%	19.1%	3.0%	$475M	$8.1B	$165M
2017	$3.8B	$172M	0.0%	16.5%	7.5%	1.6%	$378M	$7.0B	$926M
2016	$3.5B	$107M	0.0%	14.3%	5.5%	1.1%	$215M	$6.3B	$236M
2015	—	$125M	—	—	24.6%	2.0%	$252M	$4.8B	$128M
2014	—	$329M	—	—	38.4%	5.0%	$111M	$4.6B	—
2013	—	$100M	—	—	9.6%	1.5%	$220M	$4.2B	—
2012	—	$174M	—	—	15.1%	2.7%	$192M	$3.8B	—
2011	—	$400M	—	—	32.1%	6.6%	$406M	$3.4B	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$2.0B	$106M	0.0%	18.4%	-8.3%	0.5%	-$39M	$17.3B	$205M
Mar '26	$1.9B	$149M	0.0%	20.4%	-12.3%	0.7%	-$179M	$17.1B	$251M
Dec '25	$1.8B	$93M	0.0%	18.5%	-9.5%	0.4%	-$16M	$16.4B	$159M
Sep '25	$1.8B	$86M	0.0%	17.6%	-9.8%	0.4%	-$256M	$16.2B	$195M
Jun '25	$1.7B	-$43M	0.0%	15.2%	5.6%	-0.2%	-$182M	$15.6B	$218M
Mar '25	$1.6B	$16M	0.0%	16.0%	-2.3%	0.1%	-$477M	$14.9B	$155M
Dec '24	$1.6B	$106M	0.0%	17.9%	-21.0%	0.6%	-$186M	$13.7B	$156M
Sep '24	$1.6B	-$34M	0.0%	16.1%	13.0%	-0.2%	-$143M	$13.4B	$169M
Jun '24	$1.5B	$35M	0.0%	15.0%	-26.1%	0.2%	-$15M	$12.9B	$144M
Mar '24	$1.5B	$77M	0.0%	16.6%	415.6%	0.4%	-$251M	$12.7B	$192M
Dec '23	$1.4B	$29M	0.0%	16.3%	13.8%	0.2%	$70M	$11.9B	$223M
Sep '23	$1.4B	$91M	0.0%	17.1%	34.8%	0.5%	-$141M	$11.7B	$171M
Jun '23	$1.4B	$1M	0.0%	15.7%	0.3%	0.0%	-$18M	$11.2B	$149M
Mar '23	$1.3B	$66M	0.0%	18.3%	12.0%	0.4%	-$137M	$11.0B	$146M
Dec '22	$1.3B	$126M	0.0%	19.4%	19.7%	0.8%	$89M	$10.6B	$142M
Sep '22	$1.3B	$193M	0.0%	22.2%	36.5%	1.2%	-$52M	$10.3B	$155M
Jun '22	$1.3B	$202M	0.0%	22.8%	31.2%	1.3%	$122M	$10.1B	$145M
Mar '22	$1.2B	$42M	0.0%	17.8%	5.5%	0.3%	-$107M	$10.2B	$196M
Dec '21	$3.3B	$61M	0.0%	5.9%	7.2%	0.4%	$103M	$9.3B	$256M
Sep '21	$412M	$68M	0.0%	44.1%	7.0%	0.5%	-$49M	$9.1B	$161M

Valuation over time

How the market has priced IRM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 28.0× (Mar '23) to 224.9× (Sep '26).
The price-to-sales ratio has risen from 3.1× (Mar '23) to 5.0× (Sep '26).
The dividend yield has fallen from 4.6% (Mar '23) to 2.7% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is IRM growing its revenue and profit?

Over the past 5 years, Iron Mountain's revenue has grown 10.7% per year, and net income declined 15.0% per year. These are computed facts, not advice.

How much debt does IRM have?

As of FY2025, Iron Mountain reported $16.4B of total debt against $159M of cash; operating income covered interest expense 1.4×.

What is IRM's profit margin?

In FY2025, gross margin was —, operating margin 16.9%, and net margin 2.2%.

What is IRM's P/E ratio?

As of Sep '26, Iron Mountain traded at a price-to-earnings ratio of about 224.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.