IRM Iron Mountain (IRM) Q4 FY24 earnings call
Iron Mountain delivered record Q4 and full-year FY24 results, driven by broad-based strength across its traditional records management and high-growth digital, data center, and ALM segments. The company's strategic focus on customer-centricity and cross-selling, validated by Project Matterhorn, continues to yield double-digit growth and margin expansion. Management is confident in sustained momentum, reflected in a 10% dividend increase and strong 2025 guidance, despite some Q4 sequential headwinds from FX and strategic portfolio adjustments.
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IRM operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Leased capacity Data Center | 10 MWAs it relates to leasing, we had a very good year of activity in 2024, our third consecutive year where we leased more than 100 megawatts, including 10 megawatts in the fourth quarter.Source: earnings call transcript | — | 13 MWWe leased 13 megawatts in the quarter, including a couple of larger enterprise deals with financial services firms.Source: earnings call transcript | 43 MWWith 43 megawatts leased in the fourth quarter, we entered 2026 with strong momentum in leasing and have great assets in prime markets.Source: earnings call transcript | ~22 MWWe leased approximately 22 megawatts in the first quarter and another 10 megawatts in April, positioning us at 32 megawatts leased year-to-date.Source: earnings call transcript | 30 MWWe leased [ 30 ] megawatts in the second quarter and another 75 megawatts in July, bringing our year-to-date leasing to 110 megawatts.Source: earnings call transcript | — |
| Capital expenditures Growth | $685MCapital expenditures in the fourth quarter were $721 million with $685 million of growth and $36 million of recurring.Source: earnings call transcript | $629MCapital expenditures in the first quarter were $657 million with $629 million of growth and $28 million of recurring.Source: earnings call transcript | $472MIn terms of capital investments, we invested $472 million of growth CapEx and $42 million of recurring CapEx in the third quarter.Source: earnings call transcript | $525MIn terms of capital investments, we invested $525 million of growth CapEx and $43 million of recurring CapEx in the fourth quarter.Source: earnings call transcript | $492MIn terms of capital investments, in the first quarter, we invested $492 million of growth CapEx and $35 million of recurring CapEx.Source: earnings call transcript | $553MIn terms of capital investments, in the second quarter, we invested $553 million of growth CapEx and $38 million of recurring CapEx.Source: earnings call transcript | +12.4% |
| Capital expenditures Recurring | $36MCapital expenditures in the fourth quarter were $721 million with $685 million of growth and $36 million of recurring.Source: earnings call transcript | $28MCapital expenditures in the first quarter were $657 million with $629 million of growth and $28 million of recurring.Source: earnings call transcript | $42MIn terms of capital investments, we invested $472 million of growth CapEx and $42 million of recurring CapEx in the third quarter.Source: earnings call transcript | $43MIn terms of capital investments, we invested $525 million of growth CapEx and $43 million of recurring CapEx in the fourth quarter.Source: earnings call transcript | $35MIn terms of capital investments, in the first quarter, we invested $492 million of growth CapEx and $35 million of recurring CapEx.Source: earnings call transcript | $38MIn terms of capital investments, in the second quarter, we invested $553 million of growth CapEx and $38 million of recurring CapEx.Source: earnings call transcript | +8.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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