Iron Mountain delivered strong first-quarter results with record revenue and growth across key segments. Despite challenges in leasing activity and flat pricing in ALM, the overall performance was robust with significant customer wins and increased guidance.

Company Guidance

During the Iron Mountain First Quarter 2025 Earnings Call, the company reported robust financial performance, achieving record quarterly revenue of $1.6 billion, which represents an 8% year-over-year growth, and record first-quarter adjusted EBITDA of $580 million, reflecting a 12% increase from the previous year. Excluding foreign exchange effects, revenue and adjusted EBITDA grew by 9% and 13%, respectively. The company's growth businesses, including data center, digital solutions, and asset lifecycle management (ALM), collectively expanded by over 20%. The traditional records business also achieved record results, contributing to sustainable double-digit revenue and profit growth. The company's commercial team has made significant progress in executing its strategy, with notable customer wins and cross-selling success. The full-year 2025 guidance was increased, projecting total revenue in the range of $6.74 billion to $6.89 billion and adjusted EBITDA between $2.505 billion and $2.555 billion, driven by continued strong performance and positive market outlook.

Record-Breaking Revenue and Growth

Iron Mountain achieved all-time high quarterly revenue of $1.6 billion, representing 8% year-over-year growth, and record first-quarter adjusted EBITDA of $580 million, an increase of 12% compared to last year.

Strong Performance in Key Business Units

The portfolio of growth businesses, including data center, digital solutions, and asset lifecycle management, collectively grew more than 20% in the quarter. The traditional records business also achieved record results.

Significant Customer Wins and Cross-Selling Success

Iron Mountain secured multiple records management and ALM deals, enhancing customer value and cross-selling success. Notable contracts include a 10-year contract in the UK and a significant order from the Department of Treasury valued at approximately $140 million.

Data Center Segment Surge

The data center business experienced revenue growth of over 20% year-over-year, with a 24% organic storage growth. New commencements were 12 megawatts, and the business anticipates 125 megawatts of total new leasing.

Asset Lifecycle Management Growth

The ALM business achieved 44% reported revenue growth, including 22% organic growth. The acquisition of Premier Surplus is expected to add approximately $10 million to full-year results.

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Iron Mountain (IRM) Earnings, Revenues Date & History

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IRM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 31, 2025	2025 (Q2)	0.50 / -	0.42	―	―	―
May 01, 2025	2025 (Q1)	0.40 / 0.43	0.43	0.00% (0.00)
Feb 13, 2025	2024 (Q4)	0.53 / 0.50	0.52	-3.85% (-0.02)
Nov 06, 2024	2024 (Q3)	0.48 / 0.44	0.45	-2.22% (-0.01)
Aug 01, 2024	2024 (Q2)	0.42 / 0.42	0.4	5.00% (+0.02)
May 02, 2024	2024 (Q1)	0.42 / 0.43	0.42	2.38% (+0.01)
Feb 22, 2024	2023 (Q4)	0.45 / 0.52	0.43	20.93% (+0.09)
Nov 02, 2023	2023 (Q3)	0.43 / 0.45	0.48	-6.25% (-0.03)
Aug 03, 2023	2023 (Q2)	0.33 / 0.40	0.46	-13.04% (-0.06)
May 04, 2023	2023 (Q1)	0.35 / 0.42	0.38	10.53% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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IRM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 01, 2025	$89.67	$91.85	+2.43%
Feb 13, 2025	$101.80	$94.39	-7.28%
Nov 06, 2024	$123.79	$112.68	-8.97%
Aug 01, 2024	$100.36	$107.19	+6.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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