Iron Mountain Inc. ( IRM ) reported its third-quarter results on Wednesday, which topped Wall Street expectations.

The company posted adjusted earnings of 54 cents per share, up from 44 cents a year earlier and slightly above analysts’ estimate of 53 cents.

Adjusted funds from operations (AFFO) per share rose to $1.32 from $1.13 a year earlier.

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Revenue rose to $1.754 billion from $1.56 billion a year earlier, slightly in line with analyst expectations of $1.752 billion.

The growth was supported by strong storage rental growth and a solid increase in service revenue.

Adjusted EBITDA margin improved to 37.6% an expansion of 110 basis points, while operating income came in at $308.59 million.

In the third quarter of 2025, Iron Mountain reported Storage Rental Revenue of approximately $1.03 billion, up 10% from the previous year.

Meanwhile, its Service Revenue reached about $721 million, representing a 16% increase from the same period last year.

By segment, Global Records and Information Management (RIM) revenue rose to $1.34 billion, up from $1.26 billion a year earlier.

Global Data Center revenue climbed to $204 million from $153 million. Corporate and Other revenue increased to $211 million from $144 million.

The company operates 30 data centers in major markets, including Northern Virginia, Phoenix, Frankfurt, London, and Amsterdam. The data-center business has an adjusted EBITDA margin of about 50%, which the company said is increasing.

Dividend

The company’s Board of Directors declared a quarterly cash dividend of 86.4 cents per share for the fourth quarter, an increase of 10% from the prior payout. The dividend will be paid on January 6, 2026, to shareholders of record as of December 15, 2025.

The company said it continues to generate over $1 billion in annual operating cash flow, which more than covers its recurring capital expenditures and dividend commitments.

Outlook

Looking ahead, Iron Mountain reiterates full-year 2025 revenue between $6.79 billion and $6.94 billion versus $6.87 billion analysts’ estimate, adjusted EBITDA of $2.52 billion to $2.57 billion, and AFFO per share in the range of $5.04 to $5.13.

For the fourth quarter of 2025, the company expects revenue of about $1.8 billion, adjusted EBITDA of roughly $690 million, and AFFO per share of approximately $1.39.

The company stated that its Global Records and Information Management (RIM) segment is expected to generate approximately $5.3 billion in revenue for 2025 with a strong adjusted EBITDA margin of about 45%.

Management Commentary

William L. Meaney, President and CEO of Iron Mountain, stated, “We are pleased to report another quarter of very strong performance in the third quarter, achieving all-time record Revenue, Adjusted EBITDA, and AFFO with strength across all of our key metrics. Our continued success is the result of our team’s consistent execution of our growth strategy and unwavering focus on meeting our customers’ needs with innovative solutions.”

During the earnings call, Meaney said, “We are just scratching the surface of the $165 billion total addressable market for our services.”

He noted that growth businesses, including data center, digital, and ALM, drove about two-thirds of quarterly revenue gains and expressed confidence that strong revenue growth can continue beyond 2027.

Price Action: IRM shares were trading lower by 1.99% to $101.26 premarket at last check Wednesday.

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