Iron Mountain (NYSE:IRM) reported record quarterly and full-year results that beat expectations across key metrics, driven by aggressive expansion in its data center and digital solutions units.
The Portsmouth, New Hampshire-based real estate investment trust also issued a bullish forecast for 2026, signaling confidence that its pivot from traditional paper storage to digital asset management continues to gain momentum.
The company announced fourth-quarter revenue of $1.8 billion, a 16.6% increase from the same period a year earlier.
Full-year revenue climbed 12.2% to $6.9 billion.
The results were underpinned by robust organic growth, which hit 14% in the final quarter and 10% for the full year.
Iron Mountain’s strategy to diversify beyond physical storage is yielding significant returns, as its growth portfolio—comprising data center, digital, and asset lifecycle management (ALM) businesses—collectively surged more than 40% year-over-year in the fourth quarter.
Profitability metrics also reached new highs.
Adjusted EBITDA for the quarter came in at $705 million, contributing to a full-year total of $2.6 billion.
Net income for the quarter was $93 million, bringing the full-year figure to $152 million.
Crucially for REIT investors, the company generated Adjusted Funds From Operations (AFFO) of $430 million, or $1.44 per share, in the fourth quarter.
Full-year AFFO totaled $1.5 billion, or $5.17 per share, providing ample coverage for dividends and capital reinvestment.
Looking ahead, Iron Mountain issued strong guidance for 2026, projecting revenue growth between 10% and 13%.