Short answer
Iron Mountain (IRM) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $6.9B (+12.2% year over year) and net income of $145M.
- Top risk flagged: Legal risk from compliance with ASC Topic 606 for revenue recognition, requiring significant judgment on performance obligations and variable consideration timing
FY2025 key financial metrics · XBRL
- Revenue
- $6.9B
- +12.2% YoY
- Net income
- $145M
- −19.7% YoY
- Operating margin
- 16.9%
- +0.4 pp YoY
- EPS (diluted)
- $0.49
- −19.7% YoY
- ROE
- -14.7%
- +21.1 pp YoY
- Operating cash flow
- $1.3B
- +12.0% YoY
Source: XBRL data from the Iron Mountain (IRM) FY2025 10-K on SEC EDGAR. USD.
Iron Mountain FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global information management services spanning physical records, digital transformation, data centers, and asset lifecycle management
- New product emphasis: October 2025 launch of Insight Digital Experience Platform (DXP) 2.0 with AI agents and smart document processing
- Strategic shift: completion of Project Matterhorn to transform operating model, enabling global solution-based sales and operational optimization
- Quantitative highlight: ~$6.9 billion revenue in 2025, 488 MW leased data center capacity with 97% leased, 29,400 employees globally (up from prior year not specified)
- Noteworthy fact: $574.4 million restructuring/ transformation costs since Project Matterhorn inception, $195.9 million incurred in 2025 alone
Management Discussion & Analysis
- Revenue $6.90B, up 12.2% YoY (+$751.8M); storage rental $4.05B (+10.1%), service $2.85B (+15.5%)
- Operating income $1.16B, up 15.3%; adjusted EBITDA $2.57B (+15.1%) with margin 37.3% vs 36.4%
- Best segment: Global Data Center revenue $803.4M (+29.6%), EBITDA margin 51.8% vs 45.6%; worst: Corporate & Other loss $(205.9M) improving from $(269.3M)
- Capital expenditures $2.27B (2025), up from $1.79B, with $2.07B growth investments; dividends paid $919.4M; net cash from operations $1.34B; financing raised $1.39B Euro Notes
- 2026 capex guidance ~$2.2B total; management notes cost containment and growth from data centers; key risk includes foreign exchange volatility and evolving tax laws (Pillar Two)
Risk Factors
- Legal risk from compliance with ASC Topic 606 for revenue recognition, requiring significant judgment on performance obligations and variable consideration timing
- Macroeconomic risk from foreign currency fluctuations impacting 33.7% of revenues, e.g., Euro revenue 6.8% weakened 4.4% against USD in 2025
- Operational risk from $195.9M restructuring/transformational costs in 2025 related to Project Matterhorn's global operating model integration
- Competitive threat from digital offerings and asset lifecycle management services growth potentially disrupted by innovative SaaS platforms in data management
- Financial risk due to high interest expense $829.3M in 2025, increasing leverage pressure versus net income $152.3M and Adjusted EBITDA $2.57B
Generated from the filing text; verify against the original. How to read a 10-K
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