Iron Mountain Q4 AFFO Hits $1.44, Revenues Up 16.6%
In Q4 2025, adjusted funds from operations rose 16.1% to $1.44 per share, beating consensus by $0.05, while total revenue surged 16.6% to $1.84 billion. Storage rental revenue climbed 12.7% to $1.061 billion and service revenue increased 22.3% to $781.9 million.
1. Fourth-Quarter Financial Results
Iron Mountain posted adjusted funds from operations of $1.44 per share in Q4 2025, a 16.1% year-over-year increase that topped estimates by $0.05, while total revenue climbed 16.6% to $1.84 billion.
2. Segment Revenue Growth
Storage rental revenue rose 12.7% to $1.061 billion and service revenue grew 22.3% to $781.9 million; the Global Data Center business delivered 39.1% growth to $236.7 million and the Corporate and Other segment surged 52.9% to $233.5 million.
3. 2026 Guidance and Balance Sheet
The company closed the quarter with $158.5 million in cash and $16.39 billion in net debt, and forecasts 2026 AFFO per share of $5.69–$5.79 alongside revenue of $7.625–$7.775 billion, aligning with revenue consensus and guiding AFFO at the high end.