Iron Mountain Incorporated

Iron Mountain Incorporated (IRM) reported FY 2025 total revenues of $6.90B, with operating income of $1.16B and net income attributable to common stockholders of $144.6M. Operating expenses totaled $5.74B, driven by cost of sales excluding depreciation and amortization at $3.08B, SG&A at $1.39B, and depreciation and amortization at $1.02B. Key one-time items included restructuring costs of $195.9M and acquisition costs of $19.5M, partially offset by a $24.6M gain on disposal of property and equipment. Interest expense net was $829.3M, and other expense net was $123.3M, leading to pre-tax income of $211.2M after a $58.9M tax provision. Cash from operations reached $1.34B, supporting $2.27B in capital expenditures amid $2.57B investing outflows. Financing activities generated $1.27B, including $1.39B from senior notes and net debt proceeds of $1.01B, alongside $919.4M in parent dividends. Balance sheet shows $21.13B total assets, $18.84B total liabilities, and -$709.3M total equity, with stockholders' deficit of -$981.0M and $16.44B total debt. Cash ended at $158.5M current, $141.8M reported. Strong operating cash flow funds growth investments despite high leverage.

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