Filing Flows › Iron Mountain (IRM) › Q3 2025
Iron Mountain (IRM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Iron Mountain (IRM) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +2% from the quarter before. Operating margin was 17.6%, net earnings $84.3M (4.8% of revenue).
Iron Mountain, Q3 2025: revenue $1.8B (+13% year over year), operating margin 17.6%, net earnings $84.3M, operating cash flow $268M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +2% | +13% |
| Operating profit | $309M | +19% | +23% |
| Net earnings | $84.3M | — | — |
| Operating cash flow | $268M | -29% | +6% |
What changed
Revenue was $1.8B in Q3 2025, up 13% year over year and up 2% from the previous quarter. Records Management was the largest line at 63% of revenue. Records Management added $0.07B year over year (up 7%), 36% of the total change.
Operating profit was $0.31B, a 17.6% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 16% margin then. Total costs grew 11% against revenue growth of 13%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $0.08B. The effective tax rate was 16.1%.
Operating cash flow was $0.27B (up 6% year over year), 310% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.52B exceeded it, leaving free cash flow of −$0.26B.
Questions
What was Iron Mountain's revenue in the third quarter 2025?
Iron Mountain (IRM) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +13% from a year earlier and +2% from the quarter before.
Was Iron Mountain profitable in the third quarter 2025?
Operating profit was $309M (17.6% of revenue) and net earnings $84.3M.
Source: Iron Mountain 10-Q on SEC EDGAR.