The earnings call highlighted a strong financial performance with record-breaking results across several business segments, particularly in Data Center and Digital Solutions. However, there were some challenges, including a slight shortfall in leasing expectations and foreign exchange headwinds. The overall outlook remains positive, with continued growth expected in 2025.

Company Guidance

During the Iron Mountain Fourth Quarter 2024 Earnings Conference Call, the company reported robust financial performance and set optimistic guidance for 2025. For 2024, Iron Mountain achieved record revenue of $6.1 billion, a 12% increase, with adjusted EBITDA growing 14% to $2.2 billion and AFFO rising 11% to $1.3 billion. The fourth quarter alone saw revenue rise 11%, adjusted EBITDA grow by 15%, and AFFO increase by 12% compared to the previous year. Looking forward to 2025, the company projects continued strong growth, forecasting revenue between $6.65 billion and $6.8 billion, representing an 11% increase on a constant currency basis. They also anticipate adjusted EBITDA to grow 12% to 13% and AFFO to rise by 9% to 11% on a constant currency basis. The company plans to achieve this through its diversified portfolio, including data centers and digital solutions, with these growth areas now comprising 25% of total revenue. Furthermore, Iron Mountain announced a 10% increase in its quarterly dividend, reflecting confidence in sustained growth and shareholder value.

Record-Breaking Financial Performance

For the full year 2024, revenue increased 12% to $6.1 billion, adjusted EBITDA grew 14% to $2.2 billion, and AFFO increased 11% to $1.3 billion. The fourth quarter saw revenue increase by 11%, adjusted EBITDA grow by 15%, and AFFO increase by 12%.

Strong Growth in Data Center Business

Data Center revenue grew by 25% in 2024 to a record $620 million, with leasing more than 100 megawatts for the third consecutive year, and a planned increase to 125 megawatts for 2025.

Expansion in Digital Solutions

The Digital Solutions business achieved record revenue in 2024, with significant growth in SaaS-based platforms and increasing adoption of AI and machine learning capabilities.

Asset Lifecycle Management (ALM) Growth

ALM revenue increased by 119% in 2024, with nearly 30% organic growth, bolstered by strong performance from recent acquisitions.

Increased Dividend

The Board of Directors authorized a 10% increase in the quarterly dividend, reflecting confidence in future growth.

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Iron Mountain (IRM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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IRM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 01, 2025	2025 (Q1)	0.41 / -	0.43	―	―	―
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)
Feb 23, 2023	2022 (Q4)	0.44 / 0.43	0.43	0.00% (0.00)

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
Feb 13, 2025	$102.73	$95.25	-7.28%
Nov 06, 2024	$124.93	$113.71	-8.98%
Aug 01, 2024	$101.28	$108.18	+6.81%
May 02, 2024	$76.56	$75.48	-1.41%

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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