Iron Mountain Incorporated reported record quarterly revenue of $1.7 billion for the second quarter of 2025, reflecting an increase of 11.6% compared to the same period in 2024. The growth was driven by a 10% rise in storage rental revenue and a 14% increase in service revenue. Adjusted EBITDA also reached a record of $628 million, marking a 15% increase year-over-year. Despite a net loss of $43 million attributed to foreign exchange impacts, the company generated record Adjusted Funds From Operations (AFFO) of $370 million, equivalent to $1.24 per share, which is a 15% increase from the prior year.
The Board of Directors declared a quarterly cash dividend of $0.785 per share, payable on October 3, 2025. In light of strong operational performance, Iron Mountain has raised its financial guidance for the full year 2025, projecting total revenue between $6.79 billion and $6.94 billion and Adjusted EBITDA between $2.52 billion and $2.57 billion, reflecting anticipated growth of approximately 12% year-over-year. The company continues to emphasize its commitment to delivering value across its information management services.
linkAug 06, 2025 06:49:13
Iron Mountain Incorporated has reported record quarterly revenue of $1.6 billion for the first quarter of 2025, reflecting a 7.8% increase compared to the same period last year. The company experienced strong performance in its data center, digital, and asset lifecycle management businesses, which collectively grew over 20%. However, net income decreased to $16 million, down from $77 million in Q1 2024, primarily due to foreign exchange impacts. Adjusted EBITDA rose to $580 million, marking a 12% increase year-over-year.
The Board of Directors declared a quarterly cash dividend of $0.785 per share for the second quarter of 2025, payable on July 3, 2025. Additionally, Iron Mountain has raised its full-year financial guidance for 2025, now projecting total revenue between $6.74 billion and $6.89 billion, with an expected year-over-year growth of approximately 11%. Adjusted EBITDA guidance has also been increased to a range of $2.505 billion to $2.555 billion, reflecting continued positive performance across its business segments.
linkMay 01, 2025 06:48:30
The press release outlines the material United States federal income tax considerations for the company as a real estate investment trust (REIT). It emphasizes that the company has elected to be taxed as a REIT since 2014 and believes it has complied with the necessary qualifications to maintain this status through 2024. The company has received private letter rulings from the IRS on certain matters, although it cautions that future IRS positions or changes in law could affect its tax status. Investors are advised to consult their tax advisors regarding the implications of acquiring and owning the company's stock.
On the negative side, the release highlights the complexities and risks associated with maintaining REIT status, noting that failure to qualify could result in significant tax liabilities and reduced cash available for distribution. The company also states that its ability to satisfy various REIT qualification tests is contingent on several factors, including the fair market valuation of its assets and compliance with income and asset management requirements. If the company fails to meet these tests, it could face taxation as a regular corporation, which would impose additional tax burdens on both the company and its stockholders.
linkFeb 14, 2025 16:32:29
On the downside, while Iron Mountain's adjusted net income per share fell by 3% year-over-year for both the fourth quarter and the full year, from $0.52 to $0.50 and from $1.82 to $1.77, respectively. Additionally, the company experienced a notable increase in interest expenses, which rose 23.1% for the full year, impacting overall profitability. The slight decline in full-year net income and earnings per share may raise concerns among investors despite the overall revenue growth.
linkFeb 13, 2025 06:49:25
Iron Mountain Incorporated has successfully completed a private offering of $1.2 billion in Senior Notes due 2033, with a fixed interest rate of 6.25%. The net proceeds from this offering, approximately $1.1855 billion, will be used to pay down a portion of the company's existing borrowings under its revolving credit facility, which indicates a strategy to manage debt effectively. The Notes are backed by the company's subsidiaries, ensuring a level of security for investors, and the interest payments will commence in January 2025.
However, the issuance of these Notes comes with certain risks. They are effectively subordinated to the company's secured debt and structurally subordinated to liabilities of subsidiaries that do not guarantee the Notes. Additionally, the company has imposed restrictive covenants that limit its ability to incur further debt, pay dividends, or engage in other corporate actions, which may affect its financial flexibility. The Notes also carry customary events of default that could trigger acceleration of payments, posing potential risks for investors.
linkDec 06, 2024 16:09:13
Iron Mountain Incorporated has amended its Credit Agreement to extend the maturity dates of its 2022 Revolving Facility and Term A Loans by over three years, now maturing on March 18, 2030. The amendment also eliminates the credit spread adjustment for these loans and increases the borrowing capacity under the Revolving Facility by $500 million, enhancing the company's financial flexibility.
On the downside, as of the amendment date, Iron Mountain reported $1.2 billion in outstanding borrowings under the 2022 Revolving Loans and $218.75 million under the Term A Loans. While the company has increased its available borrowing capacity, it also carries significant debt, which could impact its financial position and obligations moving forward.
linkNov 07, 2024 16:42:20
Iron Mountain reported total revenues of $1.6 billion for the third quarter of 2024, marking a 12% increase from the same period last year. The growth was driven by a 9% rise in storage rental revenue and a 17% increase in service revenue. Additionally, adjusted EBITDA rose to $568 million, up 14% year-over-year, while the company also declared a quarterly cash dividend of $0.715 per share for the fourth quarter. The year-to-date performance also showed positive trends, with total revenues and adjusted EBITDA both increasing by 13% compared to 2023.
On the downside, Iron Mountain reported a net loss of $34 million for the quarter, a significant decline from a net income of $91 million in the same quarter last year. This loss was attributed to adverse foreign currency exchange impacts and increased operating expenses. The reported earnings per share also fell to $(0.11) compared to $0.31 in the previous year. Year-to-date net income also declined by 51%, highlighting challenges despite the revenue growth.
linkNov 06, 2024 06:52:46
Iron Mountain's second quarter results show significant growth, with net income rising to $35 million from $1 million last year. The company achieved record revenue and adjusted earnings, driven by increased storage and service revenues. They leased 66 megawatts in data centers and raised their annual projection. Additionally, a 10% increase in the quarterly dividend reflects strong performance. Overall, the outlook for 2024 remains positive, positioning Iron Mountain towards the upper end of its guidance range.
linkAug 01, 2024 06:49:35
Iron Mountain Incorporated and its subsidiaries amended their Credit Agreement, reducing interest rates on existing loans, extending maturity dates, and incurring incremental loans. The amended loans now bear interest at a rate of SOFR plus 2.00% or the base rate plus 1.00%. The total outstanding borrowings of the Amended and Upsized 2031 Term B Loans amounted to $1,806,671,273.42. The terms of the Credit Agreement, apart from the amendments, remain unchanged. The report advises caution in relying on the representations and warranties made in the Amendment as they may not fully reflect the current state of the company.
linkJul 03, 2024 16:00:12
Iron Mountain reports strong Q1 2024 results with record revenue and net income of $77 million. Achieved 12% revenue increase year-over-year, exceeding guidance. Leased 30 megawatts in data center. Declared $0.65 dividend per share for Q2 2024. Affirmed full year 2024 guidance with revenue expected to reach $6-6.15 billion and adjusted EBITDA $2.175-2.225 billion. Company focuses on information management services and digital transformation to meet customer needs.
linkMay 02, 2024 06:47:59