IRM IRON MOUNTAIN INC

Overview and Growth

In fiscal 2025, IRON MOUNTAIN INC recorded $6.90B of revenue, net income of $144.59M, and an operating cash inflow of $1.34B. The $6.90B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 12.2% above fiscal 2024 revenue of $6.15B, marking a year-over-year increase. Diluted earnings per share were $0.49, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 19.7% from $0.61 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.33x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $3.82B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 55.4% of revenue, showing how much of the top line remained after direct costs. Operating income was $1.16B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 16.9%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $144.59M, after the operating, financing, tax, and other items recognized for the period. Net margin was 2.1%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $211.19M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 3.1%, relating income before taxes directly to revenue. The company recognized $58.93M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 27.9%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

At period end, the $21.13B asset base was financed through $21.77B of liabilities and -$709.33M of equity. Equity was negative at -$709.33M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. Current assets were $1.93B against $2.62B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.74x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $158.53M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 6.1%, excluding receivables and other current assets. Total debt was $16.43B, establishing the amount of borrowing carried within the company’s capital structure. Relative to total assets, debt measured 77.8%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 103.1%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.8%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.34B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 9.27x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $2.27B, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 169.5% of operating cash flow, leaving the remainder available as free cash flow. Operating cash flow and capital spending combined to leave a $931.63M cash deficit after capital spending. The free-cash-flow deficit equaled 13.5% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 4.4% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.