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 Aug 9, 2026, 10:20 UTC 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 225.2× (Nov '26).
The price-to-sales ratio has risen from 3.1× (Mar '23) to 5.0× (Nov '26).
The dividend yield has fallen from 4.6% (Mar '23) to 2.7% (Nov '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?

Iron Mountain's P/E (TTM) is 78.93 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the IRM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 225.2× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.