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Iron Mountain vs Prologis: revenue, profit, margins and growth compared

Iron Mountain brought in $6.9B of revenue in fiscal 2025, Prologis $8.8B in fiscal 2025. Revenue changed by +12.2% at Iron Mountain and +7.2% at Prologis on the year before, so Iron Mountain grew faster. Iron Mountain kept 2.1% of its revenue as net profit, Prologis 37.9%.

Side by side, latest fiscal year

IRMPLD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$6.9B$8.8B
Revenue growth+12.2%+7.2%
Net income$144.6M$3.3B
Net margin2.1%37.9%
Free cash flow-$931.6Mn/a
Free cash flow margin-13.5%n/a
Earnings per share (diluted)$0.49$3.56
Cash$158.5M$1.1B
Debt$16.4B$35B
Price to earnings227.337.4
Market value$33.2B$126.1B
Dividend yield2.89%0.02%
Rank by revenue in sector#6 of 195 · Real estate#4 of 195 · Real estate

Over the years

Revenue
IRM FY2018: $4.2BIRM FY2019: $4.3BIRM FY2020: $4.1BIRM FY2021: $4.5BIRM FY2022: $5.1BIRM FY2023: $5.5BIRM FY2024: $6.1BIRM FY2025: $6.9BPLD FY2018: $2.8BPLD FY2019: $3.3BPLD FY2020: $4.4BPLD FY2021: $4.8BPLD FY2022: $6BPLD FY2023: $8BPLD FY2024: $8.2BPLD FY2025: $8.8BFY18FY19FY20FY21FY22FY23FY24FY25
IRM $6.9BPLD $8.8B
Net income
IRM FY2018: $353.9MIRM FY2019: $267.4MIRM FY2020: $342.7MIRM FY2021: $450.2MIRM FY2022: $557MIRM FY2023: $184.2MIRM FY2024: $180.2MIRM FY2025: $144.6MPLD FY2018: $1.6BPLD FY2019: $1.6BPLD FY2020: $1.5BPLD FY2021: $2.9BPLD FY2022: $3.4BPLD FY2023: $3.1BPLD FY2024: $3.7BPLD FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
IRM $144.6MPLD $3.3B
Net margin
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%PLD FY2018: 58.8%PLD FY2019: 47.2%PLD FY2020: 33.4%PLD FY2021: 61.8%PLD FY2022: 56.3%PLD FY2023: 38.1%PLD FY2024: 45.5%PLD FY2025: 37.9%FY18FY19FY20FY21FY22FY23FY24FY25
IRM 2.1%PLD 37.9%
Revenue growth
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%PLD FY2019: +18.8%PLD FY2020: +33.3%PLD FY2021: +7.2%PLD FY2022: +25.5%PLD FY2023: +34.3%PLD FY2024: +2.2%PLD FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
IRM +12.2%PLD +7.2%
Free cash flow
IRM FY2018: $475.5MIRM FY2019: $273.7MIRM FY2020: $549.4MIRM FY2021: $147.8MIRM FY2022: $52.3MIRM FY2023: -$225.7MIRM FY2024: -$594.9MIRM FY2025: -$931.6MPLD FY2018: $1.7BFY18FY19FY20FY21FY22FY23FY24FY25
IRM -$931.6MPLD $1.7B

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

Questions about Iron Mountain and Prologis

Which is bigger by revenue, Iron Mountain or Prologis?

Prologis is bigger by revenue: $8.8B in fiscal 2025, against $6.9B for Iron Mountain in fiscal 2025.

Which keeps more of its revenue as profit, Iron Mountain or Prologis?

Iron Mountain had a net margin of 2.1% in fiscal 2025; Prologis had 37.9% in fiscal 2025.

Which grew revenue faster, Iron Mountain or Prologis?

In their latest fiscal years revenue changed by +12.2% at Iron Mountain and +7.2% at Prologis.

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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