Financial Data and Key Metrics Changes - The company reported a record performance in Q4 2025, achieving a 17% year-over-year growth in revenue, with total revenue reaching $1.84 billion, an increase of $262 million compared to the previous year [3][19] - For the full year 2025, revenue increased 12% to $6.9 billion, Adjusted EBITDA grew 15% to $2.6 billion, and AFFO increased 15% to $1.5 billion [3][23] - Adjusted EBITDA margin improved to 38.3%, the highest level reported to date, with Adjusted EBITDA of $705 million in Q4, up 17% year-over-year [21][22] Business Line Data and Key Metrics Changes - Data center revenue increased by 30% in 2025, with a remarkable 39% growth in Q4 alone, driven by strong leasing activity [4][26] - Asset Lifecycle Management (ALM) revenue surged 63% in total for 2025, with 40% organic growth, and 56% organic growth in Q4 [6][27] - Digital solutions revenue surpassed $500 million in 2025, reflecting double-digit growth, with a strong pipeline for future contracts [7] Market Data and Key Metrics Changes - The company anticipates over 25% revenue growth in the data center segment for 2026, supported by a strong backlog and leasing momentum [5][31] - The physical storage business achieved record revenue growth at a mid-single-digit rate, marking the 37th consecutive year of organic storage rental revenue growth [9][24] Company Strategy and Development Direction - The company aims to sustain industry-leading revenue and earnings growth into 2026 and beyond, capitalizing on robust demand in the data center industry and expanding its ALM and digital solutions businesses [4][10] - The company is focused on cross-selling opportunities within its existing customer base, leveraging its established relationships to drive growth [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering another record year in 2026, with guidance for total revenue between $7.625 billion and $7.775 billion, representing a year-on-year growth of 12% at the midpoint [31] - The company highlighted the importance of its legacy physical storage business as a strong foundation for cash flow and growth investments [8][10] Other Important Information - The company declared a quarterly dividend of $0.864 per share, a 10% increase from the previous year, reflecting its commitment to returning value to shareholders [28] - The company plans to invest $2.0 billion in growth capital expenditures in 2026, focusing on pre-leasing strategies before commencing construction [29] Q&A Session Summary Question: Can you discuss the data center pipeline and leasing activity? - Management noted strong momentum with over 40 megawatts of leasing in Q4 and highlighted key markets such as Northern Virginia, Richmond, Madrid, and India as areas of significant interest [35][36] Question: What is the momentum in the ALM business for organic growth this year? - Management indicated a strong outlook for the ALM business, forecasting upwards of 20% organic growth, driven by both new customer acquisitions and increased penetration within existing accounts [40][45] Question: How much of the ALM growth came from volumes versus pricing? - Management stated that the growth was balanced between hyperscale and enterprise segments, with strong pricing trends contributing positively to revenue [48][50] Question: Can you elaborate on gross margin trends in the services business? - Management explained that while total gross margin is affected by mix, services gross margin improved significantly, indicating strong operational execution and pricing strategies [52][54] Question: What is the M&A landscape for ALM and data centers? - Management expressed that while they do not foresee significant M&A activity in the data center space, they remain open to opportunities in the ALM market to expand their global footprint [57][61] Question: What are the expectations for the U.S. Department of Treasury contract? - Management expects to generate at least $45 million from the Treasury contract in 2026, with potential for this to ramp up to around $100 million as the outsourcing process progresses [76][78]

分组1 - Iron Mountain reported quarterly earnings of $1.44 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and showing a significant increase from $0.5 per share a year ago, resulting in an earnings surprise of +3.35% [1] - The company posted revenues of $1.84 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.18%, and up from $1.58 billion in the same quarter last year [2] - Iron Mountain's shares have increased approximately 20.8% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.4% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.32 on revenues of $1.8 billion, and for the current fiscal year, it is $5.69 on revenues of $7.58 billion [7] - The Zacks Industry Rank indicates that the Business - Information Services sector is currently in the bottom 34% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

IRON MOUNTAIN Q1 2025 Earnings Presentation IRON MOUNTAIN Q4 2025 Earnings Presentation February 12, 2026 FORWARD LOOKING STATEMENTS We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investme ...

Core Viewpoint - Iron Mountain forecasts fiscal 2026 revenue exceeding Wall Street estimates due to increased enterprise spending on data center land leases for artificial intelligence workloads [1] Group 1: Revenue Forecast - The company anticipates annual revenue between $7.63 billion and $7.78 billion, surpassing the estimated $7.60 billion [1] - Expected annual adjusted funds from operations are projected to be between $5.69 and $5.79 per share, compared to the estimate of $5.73 per share [1] - First-quarter revenue is expected to be around $1.86 billion, exceeding the estimate of $1.80 billion [1] Group 2: Market Context - The surge in generative artificial intelligence is driving companies to invest heavily in large data centers to support complex model training and operations [1] - Iron Mountain has transitioned from a physical record management company to a provider of digital information management for numerous businesses [1] - The fourth-quarter revenue reported was $1.84 billion, which also beat the estimates of $1.80 billion [1]

Financial Performance - Iron Mountain reported Q4 2025 revenue of $1.8 billion, a year-over-year increase of 16.6%, and full year revenue of $6.9 billion, reflecting a 12.2% growth [8]. - Q4 2025 net income was $93 million, down 12% from $106 million in Q4 2024; full year net income was $152 million, a decrease of 17% from $184 million in 2024 [10][11]. - Adjusted EBITDA for Q4 2025 was $705 million, a 16.6% increase from $605 million in Q4 2024; full year Adjusted EBITDA was $2.6 billion, up 15% from $2.2 billion [10][19]. - AFFO for Q4 2025 was $430 million, a 16.8% increase from $368 million in Q4 2024; full year AFFO was $1.54 billion, up 14.6% from $1.34 billion [19]. - The company reported a net income of $89,270 for Q4 2025, compared to a net loss of $(44,921) in Q2 2025 [24]. - Net income attributable to Iron Mountain Incorporated for Q4 2025 was $89,270, a decrease of 14.1% from $103,932 in Q4 2024 [46]. - The company reported a net income (loss) per share of $0.30 for Q4 2025, down from $0.35 in Q4 2024 [47]. - Full Year 2025 Reported EPS was $0.49, down 19.7% from Full Year 2024 [61]. Revenue Growth - Organic revenue growth for Q4 2025 was 14% year-over-year, while the full year growth was 10% [8]. - The company's growth businesses, including data center, digital, and asset lifecycle management, grew over 40% year-over-year in Q4 and more than 30% for the full year [8]. - Organic storage rental revenue growth was 10.9% in Q4 2025, while organic service revenue growth was 17.7% [25]. - Total revenues for Q4 2025 reached $1,843,167, representing a 16.6% increase year-over-year compared to $1,581,279 in Q4 2024 [46]. - Storage rental revenue for the full year 2025 was $4,052,510, up 10.1% from $3,682,259 in 2024 [48]. - Full Year 2025 Service Revenue amounted to $2,849,227, showing a 15.5% increase from Full Year 2024 [69]. Guidance and Projections - Iron Mountain issued guidance for 2026, projecting total revenue between $7.625 billion and $7.775 billion, representing approximately 12% year-over-year growth [15]. - The company expects Adjusted EBITDA for 2026 to be between $2.875 billion and $2.925 billion, indicating a growth of approximately 13% [15]. - Iron Mountain's AFFO per share for 2026 is projected to be between $5.69 and $5.79, reflecting an approximate 11% increase [15]. Capital Expenditures and Investments - Total growth capital expenditures for full year 2025 reached $2.07 billion, a 17.7% increase from 2024 [98]. - Data center growth capital expenditures in Q4 2025 were $417.16 million, reflecting a 10.7% increase from Q3 2025 [97]. - The company has a total of 190.5 MW under development, with 127.0 MW pre-leased, representing a 66.7% pre-leased rate [84]. - Total expected investment for data center expansion is $1.62 billion, with cumulative investment of $939.9 million [84]. Operational Metrics - Storage facility capacity utilization improved to 81.3% in Q4 2025, up from 79.6% in Q4 2024 [25]. - The total volume of storage reached 744,001 cubic feet in Q4 2025, showing consistent growth [25]. - The company added 1,237 buildings and 98,623 square feet to its global real estate portfolio by the end of 2025 [71]. - Data Center Operating Portfolio reached a total of 488.2 MW with a leased percentage of 96.9% [81]. - Total Data Center Portfolio capacity increased to 1,339.9 MW by Q4 2025, up from 1,279.9 MW in Q4 2024 [82]. Debt and Financial Ratios - Long-term debt, net of current portion, increased to $16,215,885 in 2025 from $13,003,977 in 2024 [44]. - The weighted average interest rate on total long-term debt is 5.54%, with a maturity date of March 18, 2030 [87]. - The company has a net debt of $16.39 billion, resulting in a net debt to total enterprise value ratio of 40.0% [88]. - The net lease-adjusted leverage ratio remained stable at 4.9x in Q4 2025 [24]. Profitability Metrics - Adjusted EPS for Q4 2025 reached $0.61, reflecting a 13.0% increase quarter-over-quarter and a 22.0% increase year-over-year [54]. - Storage Rental Gross Profit for Q4 2025 was $746,659, with a Gross Margin of 69.7%, down 80 basis points from Q3 2025 [66]. - Service Gross Profit for Q4 2025 increased to $274,008, with a Gross Margin of 35.5%, up 350 basis points from Q3 2025 [66]. Strategic Initiatives - The company plans to energize 400 megawatts of data center capacity over the next 24 months, contributing to its growth momentum [9]. - The company emphasizes the importance of executing its strategic growth plan, which includes investments in alternative technologies like artificial intelligence and expanding global operations [1].

Company Overview - Iron Mountain Incorporated (IRM) is a global leader in storage and information management solutions with a market capitalization of $28.7 billion, offering a wide range of services including information management, digital transformation, information security, data center, and asset lifecycle management [1] Stock Performance - Over the past year, IRM shares have declined by 8.5%, while showing a year-to-date growth of 17%. In comparison, the S&P 500 Index has returned 15.6% over the past year and 1.7% in 2026 [2] - IRM has underperformed the State Street Real Estate Select Sector SPDR ETF (XLRE) over the past 52 weeks but has outperformed it with a 4.7% increase this year [3] Analyst Insights - A bearish report from Gotham City Research indicated that IRM shares are overvalued, suggesting a valuation range of $22 to $40, leading to a 2.9% decline in shares on November 19 [6] - For the current year ending December 2025, analysts project IRM's EPS to rise by 162.2% year-over-year to $4.64 on a diluted basis, with a strong earnings surprise history [7] - Among 12 analysts covering IRM, the consensus rating is a "Strong Buy," with nine "Strong Buy" ratings, one "Moderate Buy," one "Hold," and one "Strong Sell" [7] Price Targets - Barclays analyst Brendan Lynch maintained a "Buy" rating on IRM shares with a price target of $123, while the mean price target of $116 indicates a 19.5% premium to current market prices [8] - The highest price target of $140 suggests a potential upside of 44.2% from current levels [8]

Core Insights - Iron Mountain Incorporated (IRM) is expected to report fourth-quarter 2025 results on February 12, with anticipated year-over-year growth in revenues and adjusted funds from operations (AFFO) per share [1][9] Financial Performance - In the last reported quarter, IRM delivered a 2.3% surprise in AFFO per share, with solid performances across all segments, including storage, service, global RIM, and data center businesses, although higher interest expenses slightly undermined performance [2][9] - Over the trailing four quarters, IRM's AFFO per share has consistently surpassed the Zacks Consensus Estimate, with an average beat of 2.68% [3] Revenue Growth Drivers - The fourth-quarter earnings are likely supported by a stable base of recurring revenues from core storage and records management businesses, which are expected to drive overall revenue growth [3] - The expansion of faster-growing segments, particularly data centers, is likely to have boosted leasing activity, contributing to growth in the global data center segment [4] - An aggressive expansion strategy, including acquisitions and development initiatives, is expected to complement organic growth in storage revenues, aiding top-line performance [5] Revenue Projections - The Zacks Consensus Estimate for storage rental revenues is projected at $1.06 billion, up from $942 million in the year-ago period [6] - Service revenues are estimated at $745.3 million, an increase from $639.3 million reported in the prior-year quarter [6] - The global data center segment is expected to generate $230.1 million, up from $170.2 million in the year-ago period [6] - The total revenue consensus estimate stands at $1.81 billion, indicating a 14.2% increase from the prior-year quarter [7] AFFO Expectations - The Zacks Consensus Estimate for quarterly AFFO per share has remained unchanged at $1.39 over the past three months, suggesting significant growth from the year-ago quarter [7][9] - The current Earnings ESP for IRM is 0.00%, and it holds a Zacks Rank of 3, indicating that the model does not predict a surprise in AFFO per share for this quarter [10]

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Core Viewpoint - Iron Mountain Incorporated has announced the tax treatment for all 2025 distributions on its common stock, providing detailed information on various tax categories related to its distributions [1]. Distribution Tax Treatment - The announcement includes specifics on Form 1099, detailing the total distribution, ordinary taxable dividend, qualified taxable dividend, total capital gain distribution, and unrecaptured Section 1250 gain [1]. - The payment date for these distributions is also specified, indicating when shareholders can expect to receive their payments [1].

Group 1 - Iron Mountain Incorporated (NYSE:IRM) is viewed positively by hedge funds, with a consensus sentiment that is moderately bullish, indicating a potential upside of over 30% based on a 1-year median price target of $125.25 [1] - The stock has received coverage from 6 analysts, with 5 assigning Buy ratings and 1 giving a Sell call, reflecting strong analyst support [1] - Tobey Sommer from Truist Financial has reaffirmed a Buy rating for Iron Mountain with a target price of $110, suggesting an almost 15% upside for investors [2] Group 2 - Sommer's optimistic rating is based on the anticipated reacceleration of data center megawatt leasing expected in the final quarter of 2026, along with strong financial forecasts for that year [3] - Iron Mountain holds a leading market position in the fragmented IT asset disposition segment, which is part of a broader $55 billion market [4] - The company operates as a hybrid REIT specializing in information security and management, data centers, digital transformation, and asset lifecycle management, partnering with 95% of Fortune 1000 companies across over 60 countries [5]