Q2 26 EPS
$0.60
BEAT +7.51%
Est. $0.56
Q2 26 Revenue
$2.03B
BEAT +3.07%
Est. $1.97B
vs S&P Since Q2 26
-3.7%
TRAILING MARKET
IRM -3.3% vs S&P +0.4%
Market Reaction
Did IRM Beat Earnings? Q2 2026 Results
Iron Mountain posted a strong second quarter, with earnings per share of $0.60 beating the $0.56 consensus by 7.51% and revenue of $2.03 billion topping estimates by 3.07% on 18.5% year-over-year growth, as the company's accelerating pivot toward hig… Read more Iron Mountain posted a strong second quarter, with earnings per share of $0.60 beating the $0.56 consensus by 7.51% and revenue of $2.03 billion topping estimates by 3.07% on 18.5% year-over-year growth, as the company's accelerating pivot toward higher-growth businesses continued to reshape its financial profile. The primary engine behind the quarter was the explosive expansion of its growth segment portfolio, with data centers, digital solutions, and asset lifecycle management collectively growing more than 50% year over year and now representing 35% of total revenue. The Global Data Center segment alone surged 39% to $262.87 million, fueled by hyperscale demand tied to AI and inference workloads, while the Corporate and Other segment, anchored by ALM, jumped 67%. Net income swung to $106.10 million from a loss of $43.34 million a year ago, and AFFO per share rose 17% to $1.44. Management raised full-year 2026 revenue guidance to $7.94 billion to $8.01 billion and AFFO per share to $5.87 to $5.93, supported by a data center backlog that alone underpins an additional $370 million in revenue growth beyond 2026.
Key Takeaways
- • Growth businesses (data center, digital solutions, ALM) collectively grew more than 50% year over year
- • ALM revenue increased 88% (82% organic), with enterprise channel growing 60%+ and data center decommissioning more than doubling
- • Data center revenue grew 39% with strong renewal pricing at 12% cash and 14% GAAP mark-to-market
- • Record storage volume of 735M+ cubic feet with 93.4% retention rate
- • Organic revenue growth of 16.8% driven by revenue management, cross-selling, and scaling growth businesses
- • Elimination of restructuring and transformation charges versus $50.3M in Q2 2025
- • Storage facility capacity utilization increased to 81.6%
IRM Forward Guidance & Outlook
Iron Mountain raised its full-year 2026 guidance across all key metrics. Total revenue is now expected at $7,940–$8,010 million (previously $7,825–$7,925 million), representing approximately 16% year-over-year growth at the midpoint. Adjusted EBITDA is guided to $2,945–$2,975 million (previously $2,925–$2,965 million), approximately 15% growth. AFFO is expected at $1,760–$1,780 million (previously $1,735–$1,755 million), and AFFO per share at $5.87–$5.93 (previously $5.79–$5.86). Q3 2026 revenue is expected at approximately $1,980 million, with Adjusted EBITDA of approximately $745 million and AFFO per share of approximately $1.47. The company noted data center backlog as of June 30 supports an additional $370 million of revenue growth beyond 2026, with July leasing of 75 megawatts expected to add further. Management expects growth businesses to continue driving outsized contribution, with data center revenue growth of 25%+ in 2026 supported by current backlog. The company targets its AFFO payout ratio in the low 60s percent and leverage within a 4.5x–5.5x range.
IRM YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
IRM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another record-breaking quarter, with our second quarter results exceeding our expectations due to our team's strong execution of our growth plans and the continued trust of our clients. Our ongoing success continues to be driven by the collective strength in our physical records storage and growth businesses, together with the stewardship we provide to our more than 240,000 customers.”
— William L. Meaney, Q2 2026 Earnings Press Release
IRM Earnings Trends
IRM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IRM EPS Trend
Earnings per share: estimate vs actual
IRM Revenue Trend
Quarterly revenue: estimate vs actual
IRM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.56 | $0.60 | +7.51% | $2.03B | +3.07% |
| Q1 26 BEAT | $0.52 | $0.60 | +16.19% | $1.94B | +4.00% |
| Q4 25 BEAT FY | $0.59 | $0.61 | +3.81% | $1.84B | +2.21% |
| FY Full Year | — | $2.12 | — | $6.90B | — |
| Q3 25 BEAT | $0.53 | $0.54 | +2.45% | $1.75B | +0.04% |
| Q2 25 MISS | $0.50 | $0.48 | -4.23% | $1.71B | +1.70% |