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Iron Mountain

IRM Q1 2026 Earnings

Reported Apr 30, 2026 at 6:49 AM ET · SEC Source

Q1 26 EPS

$0.60

BEAT +16.19%

Est. $0.52

Q1 26 Revenue

$1.94B

BEAT +4.00%

Est. $1.86B

vs S&P Since Q1 26

+4.2%

BEATING MARKET

IRM +6.2% vs S&P +2.0%

Market Reaction

Did IRM Beat Earnings? Q1 2026 Results

Iron Mountain posted a standout first quarter for fiscal 2026, with earnings per share of $0.60 beating the $0.52 consensus estimate by 16.19% and revenue of $1.94 billion topping expectations by 4.00% while climbing 21.6% year over year. The primary… Read more Iron Mountain posted a standout first quarter for fiscal 2026, with earnings per share of $0.60 beating the $0.52 consensus estimate by 16.19% and revenue of $1.94 billion topping expectations by 4.00% while climbing 21.6% year over year. The primary engine behind the quarter's strength was the company's data center business, where revenue surged 47% to $254.72 million on 44% organic growth, while the three high-growth segments collectively expanded more than 50% and now represent a third of total revenue. GAAP net income swelled to $149.00 million from just $16.23 million a year ago as operating income rose 55% and prior-year restructuring charges of $54.75 million did not recur. Adjusted EBITDA climbed 22% to $707.94 million, and AFFO per share reached $1.43. Buoyed by the momentum, management raised full-year 2026 guidance, lifting the revenue range to $7.83 billion to $7.92 billion and AFFO per share guidance to $5.79 to $5.86, projecting data center revenue growth of at least 25% for the year.

Key Takeaways

  • • Growth businesses (data center, ALM, digital) collectively grew more than 50% year over year
  • • Data center revenue growth of 47% with strong 44% organic growth
  • • ALM revenue growth of 92% (77% organic) driven by higher component remarketing revenue and enterprise customer expansion
  • • Record storage volume of 735M+ cubic feet with 93.3% retention rate
  • • Strong data center renewal pricing: 12% cash and 14% GAAP mark-to-market
  • • Organic service revenue growth accelerated to 24.3%
  • • Absence of restructuring charges ($54.7 million in Q1 2025 vs. zero in Q1 2026)
  • • Improved operating leverage from continued improvement activities

IRM Forward Guidance & Outlook

Iron Mountain raised full-year 2026 guidance across all key metrics: Total revenue now expected at $7,825–$7,925 million (previously $7,625–$7,775 million), representing approximately 14% year-over-year growth at midpoint. Adjusted EBITDA guidance raised to $2,925–$2,965 million (from $2,875–$2,925 million), approximately 14% growth. AFFO guidance raised to $1,735–$1,755 million (from $1,705–$1,735 million), approximately 13% growth. AFFO per share guidance raised to $5.79–$5.86 (from $5.69–$5.79). Q2 2026 guidance points to approximately $1,965 million in revenue and approximately $715 million in Adjusted EBITDA. The company expects at least 100 MW of new data center leasing in 2026, with the current backlog expected to drive 25%+ data center revenue growth in 2026, and more than $350 million of incremental growth beyond 2026 before any new leasing. Approximately 400 MW of data center capacity is energizing over the next 24 months, including approximately 175 MW in the next 18 months.

24/7 Wall St

IRM YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

IRM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We are pleased to report another quarter of exceptional results, with record performance that exceeded our expectations and showed strength across all key metrics. Our business is experiencing significant momentum, driven by outstanding performance in our growth businesses of data center, ALM, and digital and continued solid growth in our highly recurring physical records storage business. Our team's strong execution of our growth plans and commitment to delivering value to our customers through innovative solutions remain the foundation of our ongoing success.”

— William L. Meaney, Q1 2026 Earnings Press Release

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