Filing Flows › Iron Mountain (IRM) › Q4 2025
Iron Mountain (IRM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Iron Mountain (IRM) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +5% from the quarter before. Operating margin was 18.5%, net earnings $89.3M (4.8% of revenue).
Iron Mountain, Q4 2025: revenue $1.8B (+17% year over year), operating margin 18.5%, net earnings $89.3M, operating cash flow $500M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +5% | +17% |
| Operating profit | $341M | +11% | +21% |
| Net earnings | $89.3M | +6% | -14% |
| Operating cash flow | $500M | +87% | +16% |
What changed
Revenue was $1.8B in Q4 2025, up 17% year over year and up 5% from the previous quarter. Records Management was the largest line at 62% of revenue.
Operating profit was $0.34B, a 18.5% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 18% margin then. Total costs grew 16% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.09B, down 14% year over year. The effective tax rate was 10.7%.
Operating cash flow was $0.50B (up 16% year over year), 537% of net income including minority interests. Non-cash charges added back $0.28B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.11B. Capital expenditures of $0.52B exceeded it, leaving free cash flow of −$0.02B.
Questions
What was Iron Mountain's revenue in the fourth quarter 2025?
Iron Mountain (IRM) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +5% from the quarter before.
Was Iron Mountain profitable in the fourth quarter 2025?
Operating profit was $341M (18.5% of revenue) and net earnings $89.3M.
Source: Iron Mountain 10-K on SEC EDGAR.