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Blackstone Real Estate Income Trust vs Iron Mountain: revenue, profit, margins and growth compared

Blackstone Real Estate Income Trust brought in $8B of revenue in fiscal 2025, Iron Mountain $6.9B in fiscal 2025. Revenue changed by -6.7% at Blackstone Real Estate Income Trust and +12.2% at Iron Mountain on the year before, so Iron Mountain grew faster. Blackstone Real Estate Income Trust kept -41.2% of its revenue as net profit, Iron Mountain 2.1%. Free cash flow was $1.1B at Blackstone Real Estate Income Trust and -$931.6M at Iron Mountain.

Side by side, latest fiscal year

BSTTIRM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8B$6.9B
Revenue growth-6.7%+12.2%
Net income-$3.3B$144.6M
Net margin-41.2%2.1%
Free cash flow$1.1B-$931.6M
Free cash flow margin13.4%-13.5%
Earnings per share (diluted)-$0.92$0.49
Cash$1.6B$158.5M
Debt$55.5B$16.4B
Price to earningsn/a225.8
Market valuen/a$32.9B
Dividend yieldn/a2.91%
Rank by revenue in sector#6 of 231 · Real estate#8 of 231 · Real estate

Over the years

Revenue
BSTT FY2018: $723.3MBSTT FY2019: $1.7BBSTT FY2020: $2.6BBSTT FY2021: $3.7BBSTT FY2022: $7.6BBSTT FY2023: $8.9BBSTT FY2024: $8.5BBSTT FY2025: $8BIRM FY2018: $4.2BIRM FY2019: $4.3BIRM FY2020: $4.1BIRM FY2021: $4.5BIRM FY2022: $5.1BIRM FY2023: $5.5BIRM FY2024: $6.1BIRM FY2025: $6.9BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $8BIRM $6.9B
Net income
BSTT FY2018: -$281.1MBSTT FY2019: -$401.8MBSTT FY2020: -$853.4MBSTT FY2021: -$804.8MBSTT FY2022: -$883.5MBSTT FY2023: -$691.8MBSTT FY2024: -$890.5MBSTT FY2025: -$3.3BIRM FY2018: $353.9MIRM FY2019: $267.4MIRM FY2020: $342.7MIRM FY2021: $450.2MIRM FY2022: $557MIRM FY2023: $184.2MIRM FY2024: $180.2MIRM FY2025: $144.6MFY18FY19FY20FY21FY22FY23FY24FY25
BSTT -$3.3BIRM $144.6M
Net margin
BSTT FY2018: -38.9%BSTT FY2019: -23.8%BSTT FY2020: -33.4%BSTT FY2021: -21.8%BSTT FY2022: -11.6%BSTT FY2023: -7.7%BSTT FY2024: -10.4%BSTT FY2025: -41.2%IRM FY2018: 8.4%IRM FY2019: 6.3%IRM FY2020: 8.3%IRM FY2021: 10.0%IRM FY2022: 10.9%IRM FY2023: 3.4%IRM FY2024: 2.9%IRM FY2025: 2.1%FY18FY19FY20FY21FY22FY23FY24FY25
BSTT -41.2%IRM 2.1%
Revenue growth
BSTT FY2019: +133.1%BSTT FY2020: +51.3%BSTT FY2021: +44.9%BSTT FY2022: +106.8%BSTT FY2023: +16.8%BSTT FY2024: -4.5%BSTT FY2025: -6.7%IRM FY2019: +0.9%IRM FY2020: -2.7%IRM FY2021: +8.3%IRM FY2022: +13.6%IRM FY2023: +7.4%IRM FY2024: +12.2%IRM FY2025: +12.2%FY19FY20FY21FY22FY23FY24FY25
BSTT -6.7%IRM +12.2%
Free cash flow
BSTT FY2018: $150.4MBSTT FY2019: $401.2MBSTT FY2020: $644.7MBSTT FY2021: $1.2BBSTT FY2022: $1.4BBSTT FY2023: $1.2BBSTT FY2024: $950.5MBSTT FY2025: $1.1BIRM FY2018: $475.5MIRM FY2019: $273.7MIRM FY2020: $549.4MIRM FY2021: $147.8MIRM FY2022: $52.3MIRM FY2023: -$225.7MIRM FY2024: -$594.9MIRM FY2025: -$931.6MFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $1.1BIRM -$931.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Blackstone Real Estate Income Trust and Iron Mountain

Which is bigger by revenue, Blackstone Real Estate Income Trust or Iron Mountain?

Blackstone Real Estate Income Trust is bigger by revenue: $8B in fiscal 2025, against $6.9B for Iron Mountain in fiscal 2025.

Which keeps more of its revenue as profit, Blackstone Real Estate Income Trust or Iron Mountain?

Blackstone Real Estate Income Trust had a net margin of -41.2% in fiscal 2025; Iron Mountain had 2.1% in fiscal 2025.

Which grew revenue faster, Blackstone Real Estate Income Trust or Iron Mountain?

In their latest fiscal years revenue changed by -6.7% at Blackstone Real Estate Income Trust and +12.2% at Iron Mountain.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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