Iron Mountain is executing an aggressive expansion into data centers and ALM, driving revenue growth to 18.5% YoY in 2026Q2, but this growth is heavily debt-financed, with total debt reaching $19.6B and shareholders' equity at -$1.3B. The company's AFFO has be...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth accelerated to 18.5% YoY in 2026Q2, reaching $2.0B, but NOI margin declined to 52.8% from 55.9% a year earlier, reflecting a mix shift toward lower-margin ALM and data center operations.
Iron Mountain’s records and information management (RIM) business shows strong pricing power and consistent revenue growth. The company’s customer retention rate was 93.3% in Q4 2025, ensuring a steady stream of recurring revenue.
The data center portfolio was 97% leased in Q4 2025 and the firm aims to nearly triple its capacity. Data‑center revenues grew 30% in 2025 and are projected to rise by over 25% in 2026, supported by a significant pre‑leased backlog.
The asset lifecycle management (ALM) and digital solutions (DS) segments are expanding quickly. New government contracts, including an expanded U.S. Treasury deal to digitize tax returns, are adding recurring revenue and opening additional opportunities.
Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Aug 5, 2026 | $0.60+10.5% vs $0.54 | $2.0B+3.1% vs $2.0B |
Q2 2026 Apr 30, 2026 | $0.60+19.8% vs $0.50 | $1.9B+4.0% vs $1.9B |
Q1 2026 Feb 12, 2026 | $0.61+3.7% vs $0.59 | $1.8B+2.0% vs $1.8B |
Q4 2025 Nov 5, 2025 | $0.54-8.2% vs $0.59 | $1.8B+0.0% vs $1.8B |
Iron Mountain (NYSE: IRM) expects to maintain a substantial pipeline of powered and permitted data center capacity as it leases existing inventory, while continuing to expand its asset lifecycle management and digital businesses, executives said at a company news event. Chief Executive Officer Bill Meaney said the company had leased more than 50 megawatts in Mumbai
Iron Mountain NYSE: IRM expects to maintain a substantial pipeline of powered and permitted data center capacity as it leases existing inventory, while continuing to expand its asset lifecycle management and digital businesses, executives said at a company news event.
Iron Mountain Incorporated (IRM) Presents at RBC Capital Markets 2026 Global Communications and Infrastructure Conference Transcript
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Iron Mountain (NYSE: IRM), a global leader in information management services, today announced its first-time inclusions in four analyst reports from Gartner, IDC, and Forrester. For Iron Mountain, these recognitions demonstrate the company's market momentum and highlight the innovation of its AI-powered digital capabilities as enterprises seek trusted data foundations for artificial intelligence and enterprise automation. At the core of this momentum is Iron.
Benchmark IRM against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Iron Mountain Incorporated (IRM)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $113.39 | $33.74B | 231.41 | 12.22% | 2.1% | — | 2.72% | |
| $133.25 | $28.15B | 29.03 | 1.19% | 27.96% | 6.7% | — | |
| $283.81 | $52.92B | 31.50 | 2.74% | 41.8% | 21.89% | — | |
| $37.52 | $8.52B | 25.70 | 5.33% | 29.41% | 12.17% | — | |
| $43.40 | $3.35B | 62.00 | -2.26% | 10.48% | 5.05% | — | |
| $1.48 | $946.7M | -4.93 | -3.97% | -13.84% | -7% | — |
Iron Mountain Incorporated (IRM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Iron Mountain Incorporated (IRM) SEC filings — annual & quarterly reports (10-K, 10-Q)
Aug 5, 2026·SEC
Jun 26, 2026·SEC
May 12, 2026·SEC
Get notified when IRM posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
Iron Mountain Incorporated (IRM) stock FAQ — growth, dividends, profitability & financials explained
Iron Mountain Incorporated (IRM) reported $7.56B in revenue for fiscal year 2025. This represents a 5729% increase from $129.7M in 1996.
Iron Mountain Incorporated (IRM) grew revenue by 12.2% over the past year. This is steady growth.
Yes, Iron Mountain Incorporated (IRM) is profitable, generating $418.7M in net income for fiscal year 2025 (2.1% net margin).
Yes, Iron Mountain Incorporated (IRM) pays a dividend with a yield of 2.72%. This makes it attractive for income-focused investors.
Iron Mountain Incorporated (IRM) generated Funds From Operations (FFO) of $1.47B in the trailing twelve months. FFO is the primary profitability metric for REITs.
