Iron Mountain Inc

Latest Results (28.08.2026):

Iron Mountain Inc — first quarter 2026 (Q1 2026): Iron Mountain Incorporated delivered record quarterly results across key metrics in Q1 2026, with total revenue of $1.936 billion (up 21.6% reported, 18.6% constant‑currency), strong margin expansion and higher cash‑flow measures. The company reported net income of $149.0 million and raised full‑year 2026 guidance following robust performance in its growth businesses (data center, digital and asset lifecycle management).

Top-line growth

Total revenue was $1.936 billion in Q1 2026, +21.6% year‑over‑year (18.6% excl. FX). Storage rental revenue was $1,094.8 million (+15% reported) and service revenue was $841.4 million (+31% reported). Organic revenue growth was 17.2% year‑over‑year.

Profitability and EPS

Net income was $149.0 million in Q1 2026 versus $16.2 million in Q1 2025. Reported diluted EPS was $0.48 and adjusted EPS was $0.60 (up ~40% vs Q1 2025 adjusted EPS).

Adjusted EBITDA and margin

Adjusted EBITDA was $707.9 million, up 22.1% versus Q1 2025 (19.5% on a constant‑currency basis). Adjusted EBITDA margin was 36.6% (approximately +20 bps year‑over‑year).

AFFO and FFO

AFFO was $426.1 million ($1.43 per diluted share), +22.3% year‑over‑year. FFO (Normalized) was $294.5 million ($0.99 per diluted share), up versus the prior year on a per‑share basis.

Growth businesses and data center momentum

Data center, digital and asset lifecycle management collectively grew >50% year‑over‑year in Q1 2026. Management reported leasing momentum in data centers with 32 megawatts leased through April and a pipeline tied to ~400 megawatts of capacity to be energized/available over the next 24 months.

Guidance and capital allocation

Iron Mountain raised full‑year 2026 guidance: total revenue $7,825–$7,925 million (~14% at midpoint), Adjusted EBITDA $2,925–$2,965 million (~14%) and AFFO $1,735–$1,755 million (~13%). The Board declared a Q2 2026 cash dividend of $0.864 per share payable July 3, 2026 (record June 15, 2026).

Balance sheet snapshots

Cash and cash equivalents were $250.7 million at 3/31/2026. Long‑term debt, net of current portion, totaled $16.886 billion. Total assets were $21.487 billion and total (deficit) equity was $(938.4) million at quarter end.