Iron Mountain (IRM)
Secures business records, data-center capacity, and retired IT assets across their lifecycles.
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Iron Mountain rents secure space. Most of it is shelving stacked with the paper records companies are required to keep — rent arrives monthly whether or not anyone opens a box. That patient old business now funds a newer one: powered rooms leased to computer companies, worn-out servers stripped and resold, and the paper scanned into software sold by subscription. The boxes pay for the build.
Item facts: FY2025 · year ended December 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 15 more below
Records Storage
Rent on paper records that companies must keep — roughly 46 cents of every revenue dollar, and the cash that funds everything else. Boxes almost never leave, so the line grows on price: up 7% in the latest quarter, 5% stripping out acquisitions and currency.
Competes with Records storage (Access Information Management) · Records management storage (Crown Records Management) · Regional records storage (Restore plc)
In plain English
Regulated businesses generate paper they are not allowed to throw away, and nobody wants it filling the office basement. Iron Mountain owns the basement instead: about 98 million square feet of it across 61 countries, aisles of steel racking, lidded cartons, and a van that brings one back when you ask for it.
The customer pays every month for the space, on contracts that run years and step the price up as they go. Because hauling boxes elsewhere is a chore, customers rarely leave — more than 240,000 of them are on the books, and no single one is anywhere near a tenth of sales.
Records Services (retrieval, transport, shredding)
Everything that happens to a box besides sitting there: fetching it, driving it, shredding it, scanning it on demand. About 22 cents of the revenue dollar, up 11% last quarter, but lumpier than rent — it rides office moves and clear-outs.
Competes with Shred-it document destruction (Stericycle) · Mobile shredding (PROSHRED Security) · Retrieval and digitization attach (Access Information Management)
In plain English
The box does not just sit there. Someone drives it over, finds it again when a lawyer asks for it, wheels a locked bin around an office floor, shreds what is past its keep-by date and sells the paper pulp on to recyclers.
Think of the storage rent as a gym membership and this as the personal training: billed per job, sold into the very same accounts. It grows when customers move offices, merge, or finally clear out a floor, which makes it bumpier quarter to quarter than rent — and part of what it earns rides on the price of waste paper.
Global Data Center Business
Thirty-one buildings rented out by the kilowatt to companies that run computers at scale — 11.6% of revenue, up 39% in the latest quarter. Space is leased before it is built: 110 megawatts signed through July against a full-year goal of over 100.
Competes with PlatformDIGITAL (Digital Realty) · IBX and xScale colocation (Equinix) · Wholesale colocation campuses (Vantage Data Centers)
In plain English
A data center is a building full of other people's computers, and what the tenant is really paying for is electricity, cooling and a locked door. Iron Mountain runs thirty-one of them across twenty-one markets, and it signs the tenant before it pours much concrete — the big leases run ten years, so the rent is spoken for long before the machines arrive.
One customer took fifty-one megawatts in Mumbai this July on a ten-year contract; Iron Mountain does not say who. Renewing tenants paid about 12% more cash rent than before. Power supply and building permits are what gate the next site.
Asset Lifecycle Management
Retired servers and laptops collected, wiped, refurbished and resold — roughly $633 million last year, and guided to approach $1 billion this year. The revenue is the resale price, and used-memory prices are not Iron Mountain's to set.
Competes with Sims Lifecycle Services (Sims Limited) · SK tes IT asset disposal (SK ecoplant) · Asset remarketing (Liquidity Services)
In plain English
Every server a company retires is two problems at once: it holds data that has to be destroyed in a way you can prove, and it holds parts still worth real money. Iron Mountain collects the machine from 34 sites across eight markets, wipes or shreds the drives, tests what still works and sells it on.
Closer to a scrapyard with a security clearance than to a warehouse. Two kinds of customer feed it — ordinary companies refreshing their IT, and the giant computing operators clearing out whole rooms, a slice that doubled year over year last quarter. A good quarter can owe as much to memory prices as to how many machines came through the door.
Iron Mountain InSight DXP
Software that reads scanned documents, sorts them and runs the work that follows. Past $600 million a year as of September, with more than 45% of it recurring. Watch whether one-off scanning jobs keep turning into subscriptions.
Competes with Document understanding (UiPath) · Document processing platform (Hyperscience) · Content management (Hyland)
In plain English
Scanning a filing cabinet gets you a heap of pictures nobody can search. This is the part that reads them — works out what each page is, pulls the names and numbers off it, files it, then runs whatever comes next: paying an invoice, handling a pension claim, deleting a record the day its keep-by date passes.
Customers pay a subscription to use it, and the paper already sitting in Iron Mountain's warehouses is where a lot of the documents come from. Clearances do a lot of the selling: a US government cloud approval and a portfolio-wide security certification are what open public-sector and regulated deals.
U.S. Treasury digitization program
A five-year job digitizing the U.S. Department of the Treasury's paperwork, worth up to $714 million — the biggest single contract Iron Mountain has named. Only a few million dollars have landed so far; this year is the ramp.
Competes with Document mining and analytics (OpenText) · Document processing automation (Automation Anywhere) · Document data capture (Rossum)
In plain English
The U.S. Department of the Treasury runs on paper forms, and in 2025 it handed Iron Mountain the job of turning them into data. The deal was first announced at around $140 million, then replaced by a five-year one worth up to $714 million, taken off providers who already had the work.
Payment is per form processed, so the money arrives in waves around tax season rather than evenly, and the whole thing is gated by a government cloud clearance. Very little has landed yet — about two million dollars one quarter, six the next.
Records StorageRent on paper records that companies must keep — roughly 46 cents of every revenue dollar, and the cash that funds everything else. Boxes almost never leave, so the line grows on price: up 7% in the latest quarter, 5% stripping out acquisitions and currency.Rent on paper records that companies must keep — roughly 46 cents of every revenue dollar, and the cash that funds everything else. Boxes almost never leave, so the line grows on price: up 7% in the latest quarter, 5% stripping out acquisitions and currency.
In plain English
Regulated businesses generate paper they are not allowed to throw away, and nobody wants it filling the office basement. Iron Mountain owns the basement instead: about 98 million square feet of it across 61 countries, aisles of steel racking, lidded cartons, and a van that brings one back when you ask for it.
The customer pays every month for the space, on contracts that run years and step the price up as they go. Because hauling boxes elsewhere is a chore, customers rarely leave — more than 240,000 of them are on the books, and no single one is anywhere near a tenth of sales.
Competes with Records storage (Access Information Management) · Records management storage (Crown Records Management) · Regional records storage (Restore plc)
Records Services (retrieval, transport, shredding)Everything that happens to a box besides sitting there: fetching it, driving it, shredding it, scanning it on demand. About 22 cents of the revenue dollar, up 11% last quarter, but lumpier than rent — it rides office moves and clear-outs.Everything that happens to a box besides sitting there: fetching it, driving it, shredding it, scanning it on demand. About 22 cents of the revenue dollar, up 11% last quarter, but lumpier than rent — it rides office moves and clear-outs.
In plain English
The box does not just sit there. Someone drives it over, finds it again when a lawyer asks for it, wheels a locked bin around an office floor, shreds what is past its keep-by date and sells the paper pulp on to recyclers.
Think of the storage rent as a gym membership and this as the personal training: billed per job, sold into the very same accounts. It grows when customers move offices, merge, or finally clear out a floor, which makes it bumpier quarter to quarter than rent — and part of what it earns rides on the price of waste paper.
Competes with Shred-it document destruction (Stericycle) · Mobile shredding (PROSHRED Security) · Retrieval and digitization attach (Access Information Management)
Global Data Center BusinessThirty-one buildings rented out by the kilowatt to companies that run computers at scale — 11.6% of revenue, up 39% in the latest quarter. Space is leased before it is built: 110 megawatts signed through July against a full-year goal of over 100.Thirty-one buildings rented out by the kilowatt to companies that run computers at scale — 11.6% of revenue, up 39% in the latest quarter. Space is leased before it is built: 110 megawatts signed through July against a full-year goal of over 100.
In plain English
A data center is a building full of other people's computers, and what the tenant is really paying for is electricity, cooling and a locked door. Iron Mountain runs thirty-one of them across twenty-one markets, and it signs the tenant before it pours much concrete — the big leases run ten years, so the rent is spoken for long before the machines arrive.
One customer took fifty-one megawatts in Mumbai this July on a ten-year contract; Iron Mountain does not say who. Renewing tenants paid about 12% more cash rent than before. Power supply and building permits are what gate the next site.
Competes with PlatformDIGITAL (Digital Realty) · IBX and xScale colocation (Equinix) · Wholesale colocation campuses (Vantage Data Centers)
Asset Lifecycle ManagementRetired servers and laptops collected, wiped, refurbished and resold — roughly $633 million last year, and guided to approach $1 billion this year. The revenue is the resale price, and used-memory prices are not Iron Mountain's to set.Retired servers and laptops collected, wiped, refurbished and resold — roughly $633 million last year, and guided to approach $1 billion this year. The revenue is the resale price, and used-memory prices are not Iron Mountain's to set.
In plain English
Every server a company retires is two problems at once: it holds data that has to be destroyed in a way you can prove, and it holds parts still worth real money. Iron Mountain collects the machine from 34 sites across eight markets, wipes or shreds the drives, tests what still works and sells it on.
Closer to a scrapyard with a security clearance than to a warehouse. Two kinds of customer feed it — ordinary companies refreshing their IT, and the giant computing operators clearing out whole rooms, a slice that doubled year over year last quarter. A good quarter can owe as much to memory prices as to how many machines came through the door.
Competes with Sims Lifecycle Services (Sims Limited) · SK tes IT asset disposal (SK ecoplant) · Asset remarketing (Liquidity Services)
Iron Mountain InSight DXPSoftware that reads scanned documents, sorts them and runs the work that follows. Past $600 million a year as of September, with more than 45% of it recurring. Watch whether one-off scanning jobs keep turning into subscriptions.Software that reads scanned documents, sorts them and runs the work that follows. Past $600 million a year as of September, with more than 45% of it recurring. Watch whether one-off scanning jobs keep turning into subscriptions.
In plain English
Scanning a filing cabinet gets you a heap of pictures nobody can search. This is the part that reads them — works out what each page is, pulls the names and numbers off it, files it, then runs whatever comes next: paying an invoice, handling a pension claim, deleting a record the day its keep-by date passes.
Customers pay a subscription to use it, and the paper already sitting in Iron Mountain's warehouses is where a lot of the documents come from. Clearances do a lot of the selling: a US government cloud approval and a portfolio-wide security certification are what open public-sector and regulated deals.
Competes with Document understanding (UiPath) · Document processing platform (Hyperscience) · Content management (Hyland)
U.S. Treasury digitization programA five-year job digitizing the U.S. Department of the Treasury's paperwork, worth up to $714 million — the biggest single contract Iron Mountain has named. Only a few million dollars have landed so far; this year is the ramp.A five-year job digitizing the U.S. Department of the Treasury's paperwork, worth up to $714 million — the biggest single contract Iron Mountain has named. Only a few million dollars have landed so far; this year is the ramp.
In plain English
The U.S. Department of the Treasury runs on paper forms, and in 2025 it handed Iron Mountain the job of turning them into data. The deal was first announced at around $140 million, then replaced by a five-year one worth up to $714 million, taken off providers who already had the work.
Payment is per form processed, so the money arrives in waves around tax season rather than evenly, and the whole thing is gated by a government cloud clearance. Very little has landed yet — about two million dollars one quarter, six the next.
Competes with Document mining and analytics (OpenText) · Document processing automation (Automation Anywhere) · Document data capture (Rossum)
Named in filings, launches and programs
- Crozier Fine ArtsBrandStorage, crating and transport for art collections. Most of the small leftover revenue line, and never once mentioned on the last eight earnings calls.
- Clutter by Iron MountainBrandManaged storage for households, relaunched August 2026. It was losing money when bought, and its shrinkage dented records-storage growth in late 2025.
- Smart Records Cleanup SuiteProduct lineTools that triage decades of legacy paper — one deployment sorted 10 million files while a global bank moved buildings.
- Digital MailServiceInbound post opened and scanned so it arrives as files instead of piling up in a mailroom.
- Intelligent Business Process ManagementServiceIron Mountain runs a customer's paperwork process end to end — invoices, pensions — as outsourced work rather than selling them a tool.
- Offsite tape vaultingServiceCustody of backup tapes and other legacy media in secure vaults, with data restoration and migration sold alongside.
- Media and entertainment archival servicesServicePreserving valuable film, audio and other media — a customer of 15 years asked Iron Mountain to look after more than 1,600 such assets.
- Iron Mountain Web WerksBrandThe Indian data center platform, bought out to full ownership in 2025, with roughly 100 further megawatts of development capacity cited in July 2026.
- Ooredoo joint ventureBrandData centers for Qatar and the wider Middle East with Ooredoo, the listed Qatari telecom operator. Ownership split not disclosed.
- Richmond, Virginia campusProduct · AnnouncedA development site bought in late 2024 that could carry more than 200 megawatts when fully built; still in the pipeline as of August 2026.
- Regency TechnologiesBrandAn acquired US IT-recycling business folded into the resale line; it added $36 million of revenue in one disclosed quarter.
- WisetekBrandAcquired IT asset disposal operator, part of the chain of purchases that built the teardown-and-resale business.
- Groupe ATFBrandIT asset disposal in France and Belgium, acquired August 2026 — the latest bolt-on to the resale network.
- CRC IndiaBrandIndian digitization business agreed in August 2025, one of the bolt-on purchases behind the scanning and document software line.
- Government and public-sector programsCustomer programSecurity clearances and standing government contracts that open public-sector buying, such as Florida's information-lifecycle arrangement.
Crozier Fine ArtsBrand
Storage, crating and transport for art collections. Most of the small leftover revenue line, and never once mentioned on the last eight earnings calls.
Clutter by Iron MountainBrand
Managed storage for households, relaunched August 2026. It was losing money when bought, and its shrinkage dented records-storage growth in late 2025.
Smart Records Cleanup SuiteProduct line
Tools that triage decades of legacy paper — one deployment sorted 10 million files while a global bank moved buildings.
Digital MailService
Inbound post opened and scanned so it arrives as files instead of piling up in a mailroom.
Intelligent Business Process ManagementService
Iron Mountain runs a customer's paperwork process end to end — invoices, pensions — as outsourced work rather than selling them a tool.
Offsite tape vaultingService
Custody of backup tapes and other legacy media in secure vaults, with data restoration and migration sold alongside.
Media and entertainment archival servicesService
Preserving valuable film, audio and other media — a customer of 15 years asked Iron Mountain to look after more than 1,600 such assets.
Iron Mountain Web WerksBrand
The Indian data center platform, bought out to full ownership in 2025, with roughly 100 further megawatts of development capacity cited in July 2026.
Ooredoo joint ventureBrand
Data centers for Qatar and the wider Middle East with Ooredoo, the listed Qatari telecom operator. Ownership split not disclosed.
Richmond, Virginia campusProduct · Announced
A development site bought in late 2024 that could carry more than 200 megawatts when fully built; still in the pipeline as of August 2026.
Regency TechnologiesBrand
An acquired US IT-recycling business folded into the resale line; it added $36 million of revenue in one disclosed quarter.
WisetekBrand
Acquired IT asset disposal operator, part of the chain of purchases that built the teardown-and-resale business.
Groupe ATFBrand
IT asset disposal in France and Belgium, acquired August 2026 — the latest bolt-on to the resale network.
CRC IndiaBrand
Indian digitization business agreed in August 2025, one of the bolt-on purchases behind the scanning and document software line.
Government and public-sector programsCustomer program
Security clearances and standing government contracts that open public-sector buying, such as Florida's information-lifecycle arrangement.