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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Iron Mountain (IRM) investor relations material
Iron Mountain Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $1.8 billion, up 13% year-over-year, with double-digit growth across all major business lines and growth businesses (data center, digital, ALM) now representing 28% of total revenue, up from 15% in 2021.
Adjusted EBITDA reached $660 million, up 16% year-over-year, and AFFO increased 18% to $393 million ($1.32 per share), both all-time highs.
Net income for Q3 2025 was $86 million, reversing a loss in the prior year quarter.
Board authorized a 10% increase in the quarterly dividend, effective January 2026, marking the fourth consecutive annual increase.
Maintained a strong balance sheet with net lease-adjusted leverage at 5.0x, within the target range.
Financial highlights
Q3 2025 total revenue: $1.8 billion, up 13% year-over-year; Adjusted EBITDA: $660 million, up 16%; AFFO: $393 million, up 18%; AFFO per share: $1.32, up 17%.
Storage rental revenue grew 10% year-over-year to $1.03 billion; service revenue rose 16% to $721 million.
Adjusted EBITDA margin improved 110 basis points to 37.6%.
Adjusted EPS was $0.54, up 23% year-over-year; reported EPS was $0.28, compared to a loss of $0.11 last year.
Year-to-date total revenue increased 11% to $5.06 billion; AFFO per share up 13% to $3.73.
Outlook and guidance
Reiterated full-year 2025 guidance: revenue of $6.79–$6.94 billion (~12% growth), Adjusted EBITDA of $2.52–$2.57 billion (~14% growth), AFFO of $1.51–$1.53 billion (~13% growth), and AFFO per share of $5.04–$5.13 (~12% growth).
Q4 2025 revenue and Adjusted EBITDA each expected to increase ~14% year-over-year.
Data center revenue growth of over 30% expected in Q4, with 36 MW of new leases commencing.
Data center revenue growth of at least 25% projected for 2026 based on signed leases.
Capital expenditures for 2025 are projected at approximately $1.95 billion, with $1.8 billion allocated to growth investments.
Growth businesses' revenue contribution to total
AFFO growth sustainability for dividend increase?
Strategy for physical to digital shift risk
Data center capacity: demand type and timing?
ALM growth: component pricing sensitivity?
Treasury contract: DXP platform's competitive edge?
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Next Iron Mountain earnings date
J.P. Morgan 2025 Ultimate Services Investor Conference18 Nov, 2025
Next Iron Mountain earnings date
J.P. Morgan 2025 Ultimate Services Investor Conference18 Nov, 2025
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Frequently asked questions
Iron Mountain Incorporated, founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include information management, digital transformation, secure storage, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.
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