Abstract

Iron Mountain will release its fourth-quarter 2025 results on February 12, 2026 Pre-Market, and this preview summarizes consensus expectations, segment dynamics, and analyst sentiment alongside management’s guidance to frame potential upside and risks.

Market Forecast

For the current quarter, Iron Mountain’s total revenue is forecast at USD 1.80 billion, up 12.64% year over year, with estimated EBIT at USD 389.23 million, and estimated adjusted EPS at USD 0.59, up 6.71% year over year; margin consensus implies stable gross profit margin and net profitability near recent run-rate. The core Records and Information Management and services portfolio is expected to deliver steady volume, pricing, and intake trends, while digital infrastructure initiatives continue to support mix improvement. The most promising segment is warehouse leasing, with forecasted revenue momentum underpinned by storage volume growth and pricing, after last quarter’s USD 1.03 billion contribution and solid double-digit year-over-year growth.

Last Quarter Review

Iron Mountain reported last quarter revenue of USD 1.75 billion, a gross profit margin of 54.85%, GAAP net profit attributable to the parent company of USD 84.29 million, a net profit margin of 4.81%, and adjusted EPS of USD 0.54, up 22.73% year over year. A notable highlight was the sharp quarter-on-quarter recovery in GAAP net profit, which increased by 287.64%, reflecting improved operating leverage and lower transitory headwinds. Main business highlights included warehouse leasing revenue of USD 1.03 billion and services revenue of USD 721.20 million, with leasing benefitting from broad storage demand and services supported by activity-based projects.

Current Quarter Outlook (with major analytical insights)

Main Business: Physical Records Storage and Services

The core physical records storage business continues to anchor Iron Mountain’s earnings profile through subscription-like rental revenue, historically resilient customer retention, and ongoing intake that expands storage volume. Price discipline and contract structures support annual escalators, and the company’s asset footprint provides operating leverage as volume grows. Services, including retrievals, secure shredding, and workflow offerings, typically correlate with customer activity levels and compliance cycles; these revenues can be episodic but contribute useful margin mix when activity strengthens. This quarter’s stock performance will likely hinge on whether revenue growth remains in the low double digits alongside a steady gross profit margin near 54.85%, signaling successful balance between storage volume growth and cost containment.

Most Promising Business: Warehouse Leasing

Warehouse leasing remains the largest revenue contributor at USD 1.03 billion last quarter and exhibits structural tailwinds from long-term records retention and intake growth. The segment benefits from pricing tied to storage units and from continued conversions of new customers, which collectively support recurring revenue durability. Investors will watch for sustained year-over-year growth in leasing revenue, as indicated by the company’s quarter forecast for total revenue growth of 12.64%, to confirm demand resilience and pricing power. If leasing momentum holds and services stabilize, the combined effect should support EBIT expanding toward the USD 389.23 million estimate, reinforcing the adjusted EPS forecast near USD 0.59.

Factors Most Impacting the Stock Price This Quarter

Margin trajectory is critical: maintaining gross profit margin near the recent 54.85% benchmark would validate operational discipline despite inflationary and labor cost pressures. The translation of revenue growth into EBIT and adjusted EPS, especially relative to the USD 389.23 million EBIT and USD 0.59 EPS estimates, will influence sentiment around operational efficiency and capital allocation. Lastly, any commentary on growth initiatives and the mix between storage leasing and higher-margin services could determine investor expectations for sustainable double-digit revenue growth and stable net profit margin, which stood at 4.81% last quarter.

Analyst Opinions

The majority of recent commentary skews bullish, centered on confidence that Iron Mountain’s quarter will meet or modestly exceed revenue and EPS estimates, with additional attention on consistent leasing growth and a supportive pricing backdrop. Well-followed sell-side voices have highlighted the visibility of storage leasing revenue and the potential for modest margin expansion as operating efficiencies scale, aligning with forecasts for USD 1.80 billion in revenue and USD 0.59 adjusted EPS. Bullish views emphasize that sequential EBIT improvement toward USD 389.23 million would demonstrate healthy conversion of revenue to operating income, while cautious tones note sensitivity to activity-based services demand; the consensus tilt remains constructive as investors anticipate steady execution across core segments.