IRON MOUNTAIN INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IRON MOUNTAIN INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,511	3,846	4,226	4,263	4,147	4,492	5,104	5,480	6,150	6,902
Cost of revenue		1,665	1,794	1,833	1,757	1,887	2,189	2,358	2,697	3,079
Gross profit		2,181	2,432	2,429	2,390	2,604	2,914	3,122	3,453	3,822
Selling, general and administrative	988	937	1,007	992	949	1,023	1,141	1,236	1,340	1,394
Operating income	502	634	808	781	935	854	1,050	922	1,010	1,164
Interest expense							488	586	722	829
Interest income	7.56	7.66	6.55	6.56	8.31	7.34	8.28	12.5	14.7	17.1
Other non-operating income	-44.3	-79.4	11.7	-33.9	-144	193	69.8	-109	-43.4	-123
Pre-tax income	106	163	203	203	373	629	632	227	245	211
Income tax	44.9	23	42.8	59.9	29.6	176	69.5	39.9	60.9	58.9
Net income to minority interests	2.41	1.61	1.2	0.94	0.4	2.51	5.17	3.03	3.51	7.66
Net income	105	170	354	267	343	450	557	184	180	145
EBITDA	954	1,156	1,448	1,440	1,587	1,535	1,777	1,698	1,910	2,188
EPS, basic	0.40	0.64	1.24	0.93	1.19	1.56	1.92	0.63	0.61	0.49
EPS, diluted	0.39	0.64	1.23	0.93	1.19	1.55	1.90	0.63	0.61	0.49
Shares, basic (weighted)	265	266	286	287	288	289	291	292	293	295
Shares, diluted (weighted)	267	267	287	288	289	291	292	294	296	298
Dividend per share	1.89	2.27	2.38	2.45	2.47	2.47	2.47	2.54	2.73	3.22

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	236	926	165	194	205	256	142	223	156	159
Receivables	691	836	847	851	859	961	1,175	1,260	1,291	1,444
Inventory						0	11.7
Other current assets	184	189	196	192	205	224	230	253	244	333
Total current assets	1,112	1,950	1,208	1,236	1,270	1,441	1,547	1,736	1,691	1,935
Property, plant and equipment	3,083	3,418	4,490	4,623	4,502	4,668	5,115	6,315	7,632	9,546
Lease right-of-use assets			0	1,869	2,197	2,314	2,584	2,696	2,490	2,465
Goodwill	3,905	4,070	4,441	4,485	4,558	4,464	4,883	5,018	5,084	5,286
Intangible assets	1,269	1,401	1,507	1,393	1,327	1,181	1,423	1,280	1,275	1,270
Other non-current assets	134	134	212	210	296	382	588	430	546	623
Total assets	9,487	10,975	11,857	13,817	14,149	14,450	16,141	17,474	18,717	21,125
Accounts payable	222	289	319	325	360	369	469	540	679	711
Accrued liabilities	450	653	781	962	1,146	1,033	1,032	1,250	1,367	1,291
Deferred revenue	201	242	265	274	296	307	329	326	327	402
Short-term debt	173	146	126	389	194	309	87.5	121	715	216
Total current liabilities	1,047	1,330	1,491	1,950	1,996	2,019	1,918	2,236	3,087	2,619
Long-term debt	6,078	6,897	8,016	8,276	8,510	8,963	10,481	11,813	13,004	16,216
Lease liabilities			0	1,729	2,045	2,171	2,429	2,562	2,335	2,300
Other non-current liabilities	99.5	73	111	143	205	144	317	238	312	450
Total liabilities	7,550	8,687	9,995	12,353	13,013	13,593	15,504	17,262	19,022	21,834
Total debt	6,251	7,043	8,143	8,665	8,703	9,272	10,569	11,933	13,719	16,432
Paid-in capital	3,490	4,165	4,263	4,299	4,340	4,413	4,468	4,534	4,647	4,790
Other comprehensive income	-213	-104	-266	-263	-256	-338	-442	-371	-570	-369
Shareholders' equity	1,937	2,297	1,861	1,464	1,137	856	637	212	-503	-981
Minority interests	0.12	1.4	1.41	0.27	0	1.12	0.13	0.13	198	272
Total equity	1,937	2,285	1,862	1,464	1,137	857	637	212	-305	-709
Total liabilities and equity	9,487	10,972	11,857	13,817	14,149	14,450	16,141	17,474	18,717	21,125
Shares outstanding	284	283	286	287	288	290	291	292	294	296

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	107	172	355	268	343	453	562	187	184	152
Depreciation and amortization	452	522	640	658	652	680	728	776	901	1,024
Stock-based compensation	29	30	31.2	35.7	37.7	61	56.9	73.8	118	140
Deferred income tax	-50.4	-39.4	-4.24	-0.62	-13	28.7	-55.9	-35.3	-41.4	-47.7
Change in receivables	-23.2	-89.7
Change in payables	-50.7	34.9
Cash from operations	544	721	936	967	988	759	928	1,114	1,197	1,340
Capital expenditures	-329	-343	-460	-693	-438	-611	-875	-1,339	-1,792	-2,272
Acquisitions	-292	-220	-1,759	-58.2	-119	-204	-804	-41.8	-178	-102
Cash from investing	-536	-599	-2,222	-731	-85.4	-473	-1,660	-1,444	-2,137	-2,574
Debt issued	925	2,657	0	988	7,939	4,972	12,950	18,386	14,965	17,010
Debt repaid					-8,604	-5,164	-11,593	-18,192	-14,473	-16,003
Stock issued	0	59.1	8.72	0	0
Dividends paid	-506	-440	-674	-705	-716	-718	-724	-738	-790	-919
Cash from financing	125	540	551	-199	-887	-221	639	426	877	1,268
Exchange rate effect	-25.2	27.3	-24.6	-8.73	-4.01	-14	-20.5	-13.9	-3.77	-30.9
Net change in cash	108	689	-760	28.1	11.5	50.8	-114	81	-67.1	2.82
Free cash flow	215	378	475	274	549	148	52.3	-226	-595	-932
Interest paid	297	368	388	395	390	428	483	512	771	825
Income taxes paid	69.9	104	64.5	61.7	43.5	130	99.6	89.6	90.7	122

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $111.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.2%	Gross profit / revenue.
Operating margin	18.8%	Operating income / revenue.
EBITDA margin	33.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	-6.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.9%	Cash from operations / revenue.
Effective tax rate	13.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	19.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	28.4%	Capital expenditures / revenue.
D&A / revenue	14.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-19.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-36.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-15.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-36.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-16.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	17.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.73x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / assets	79.0%	Total debt / total assets.
Liabilities / assets	104.4%	Total liabilities / total assets.
Net debt	$17.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.62x	Operating income / interest expense.
Working capital	-$793.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.78B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	0.74x	Revenue / average property, plant and equipment.
Receivables turnover	5.09x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	90 days	365 x average accounts payable / cost of revenue.
FCF conversion	-117.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	129.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.40	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.22	Revenue / diluted weighted shares.
FCF per share	-$1.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.52	Cash from operations / diluted weighted shares.
Book value per share	-$4.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.15	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	238.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$33.16B	Share price x shares outstanding.
Enterprise value	$50.30B	Market cap + total debt - cash - short-term investments.
P/E	79.2x	Market cap / net income. Only when net income is positive.
P/S	4.38x	Market cap / revenue.
P/OCF	20.0x	Market cap / cash from operations, when positive.
EV/Sales	6.65x	Enterprise value / revenue.
EV/EBIT	35.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.1x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.5%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was IRON MOUNTAIN INC's revenue in fiscal 2025?

IRON MOUNTAIN INC reported revenue of $6.90B for fiscal 2025, 12.2% higher than the year before.

Was IRON MOUNTAIN INC profitable in fiscal 2025?

Yes. Net income was $144.6M, a net margin of 2.1%.

How much free cash flow did IRON MOUNTAIN INC generate in fiscal 2025?

Cash from operations of $1.34B minus capital expenditures of $2.27B left free cash flow of -$931.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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