Short answer
Iron Mountain (IRM) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.8B (up 12.6% year over year) with net income of $84M.
Q3 2025 key financials · XBRL
- Revenue
- $1.8B
- +12.6% YoY · +2.5% QoQ
- Net income
- $84M
- +350.7% YoY · +287.6% QoQ
- Operating margin
- 17.6%
- EPS (diluted)
- $0.29
- +363.6% YoY · +293.3% QoQ
Source: XBRL data from the Iron Mountain (IRM) Q3 2025 10-Q on SEC EDGAR. USD.
Iron Mountain Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.75B in Q3 2025, up 12.6% YoY from $1.56B in Q3 2024
- Adjusted EBITDA margin 37.6% vs 36.5% YoY; Net income $84.3M profit vs -$33.6M loss YoY in Q3
- Best segment: Global Data Center, revenue +33.2% to $204.1M; Adjusted EBITDA margin 52.6% vs 43.6% YoY
- Worst segment: Global RIM margin down slightly to 44.7% vs 45.1%; revenue +6.2% to $1.34B
- Operating cash flow increased $74.9M YoY to $840M; capital expenditures $1.76B up from $1.17B, focusing on data centers
- Declared Q4 dividend $0.864/share; ongoing Project Matterhorn restructuring costs $152.4M YTD
- Credit facility amendment increased Term Loan A to $500M; $1.39B Euro Notes issued to repay Revolving Credit Facility and upcoming GBP Notes
- Management reaffirms liquidity through operations, cash on hand, and financing; expects $1.95B total CapEx for 2025 with $1.8B growth investment
Risk Factors
- New risk: Project Matterhorn transformation costs $530.9M through Sept 2025, risk of execution delays or cost overruns impacting financials
- Updated risk: Digital offerings and ALM business driving service revenue growth, critical to sustaining organic growth into 2026
- Regulatory risk: Tax structural rate 14.8% vs 15.1% prior year, includes discrete tax items impacting provision for income taxes and adjusted EPS
- Operational risk: Stability in Global RIM segment volume near-term; lease commencements growth key in Global Data Center segment performance
- Financial risk: Interest expense increased to $209.7M in Q3 2025 from $186.1M prior year quarter, reflecting higher debt servicing costs
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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