Iron Mountain (IRM): financials, SEC filings and peers
Iron Mountain (IRM) is an other specialized reits company in the Real Estate sector of the S&P 500, headquartered in Portsmouth, New Hampshire.
It was founded in 1951 and joined the S&P 500 on January 6, 2009.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Real Estate Investment Trusts”.
Iron Mountain at a glance
- Revenue (12 months)
- $7.8B
- Revenue growth
- +17.5%
- Operating margin
- 19.5%
- Net income (12 months)
- $477M
- Free cash flow (12 months)
- −$537M
- Cash
- $188M
- Debt
- $18.0B
- Diluted EPS (12 months)
- $1.53
Twelve months to September 30, 2026, from the 10-Q filed November 5, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Iron Mountain reported revenue of $7.8 billion, up 17.5% from a year earlier.
Its operating margin was 19.5%, up 2.8 percentage points from a year earlier: for every $100 of sales, about $19 was left as operating profit.
Net income was $477 million (6.1% of revenue), 189.5% higher than a year earlier.
Operating cash flow was $1.7 billion and capital spending $2.2 billion, leaving free cash flow of −$537 million (-6.9% of revenue). Capital spending equal to 29% of revenue is high; the company is investing heavily.
At the end of the period it held $188 million in cash and $18.0 billion in debt, a net debt position of $17.8 billion.
Five-year trend
- Revenue went from $4.1 billion in fiscal 2020 to $6.9 billion in fiscal 2025, about 10.7% a year.
- Revenue has grown for 5 fiscal years in a row.
- Operating margin narrowed from 22.5% to 16.9% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.5B | $5.1B | $5.5B | $6.1B | $6.9B |
| Revenue growth | 8.3% | 13.6% | 7.4% | 12.2% | 12.2% |
| Operating margin | 19.0% | 20.6% | 16.8% | 16.4% | 16.9% |
| Net income | $453M | $562M | $187M | $184M | $152M |
| Free cash flow | $148M | $52M | −$226M | −$595M | −$932M |
| Diluted EPS | $1.55 | $1.90 | $0.63 | $0.61 | $0.49 |
Fiscal years as reported in Iron Mountain’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed November 5, 2026 — quarterly report
- 8-K filed November 5, 2026 — Earnings results
- 10-Q filed August 5, 2026 — quarterly report
- 8-K filed August 5, 2026 — Earnings results
- 8-K filed June 26, 2026 — Material agreement; New debt obligation
- 8-K filed May 12, 2026 — Shareholder vote results; Other event
- 10-Q filed April 30, 2026 — quarterly report
- 8-K filed April 30, 2026 — Earnings results
Companies like Iron Mountain
Iron Mountain is the only S&P 500 company in Other Specialized REITs.
More from Real Estate
Questions about Iron Mountain
Is Iron Mountain's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $7.8 billion, up 17.5% from a year earlier, according to its SEC filings.
Is Iron Mountain profitable?
Yes. It earned $477 million in net income over the twelve months to September 30, 2026, a net margin of 6.1%.
Does Iron Mountain have more cash or more debt?
At September 30, 2026 it had $188 million in cash and $18.0 billion in debt, so more debt than cash.
When did Iron Mountain last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on November 5, 2026.
Which companies are similar to Iron Mountain?
In the S&P 500, Iron Mountain is grouped in Other Specialized REITs within the Real Estate sector.
Understand the numbers
Source: Iron Mountain’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.