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.
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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 11/8/2026, 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) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | $0.64+4.6% vs $0.61 | $2.0B-0.1% vs $2.0B |
Q3 2026 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 |
Iron Mountain NYSE: IRM raised its full-year outlook after third-quarter revenue and adjusted earnings rose by double digits, helped by growth in data centers and asset lifecycle management. The company also increased its quarterly dividend by 15%.
Iron Mountain Incorporated (IRM) Q3 2026 Earnings Call Transcript
IRM's Q3 AFFO and revenues top estimates, driven by data center leasing, ALM growth and resilient storage operations. The company raises its 2026 outlook and dividend.
Although the revenue and EPS for Iron Mountain (IRM) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
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 |
|---|---|---|---|---|---|---|---|
| $106.52 | $31.69B | 69.69 | 12.22% | 5.88% | — | 2.9% | |
| $159.19 | $33.63B | 33.82 | 1.19% | 29.27% | 7.34% | 4.08% | |
| $337.46 | $62.93B | 32.87 | 2.74% | 37.76% | 17.61% | 3.88% | |
| $45.02 | $10.23B | 29.46 | 5.33% | 30.17% | 12.97% | 4.62% | |
| $2.34 | $1.5B | -3.87 | -3.97% | -17.02% | -8.27% | — | |
| $55.18 | $6.35B | 46.51 | 12.55% | 0.98% | 4.51% | — |
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
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Iron Mountain Incorporated (IRM) stock FAQ — growth, dividends, profitability & financials explained
Iron Mountain Incorporated (IRM) reported $7.80B in revenue over the trailing twelve months. Revenue was $6.90B in fiscal year 2025. That is 5219% more than the $129.7M of fiscal year 1996.
Iron Mountain Incorporated (IRM) grew revenue by 17.5% over the trailing twelve months, compared with the twelve months before.
Yes. Iron Mountain Incorporated (IRM) earned $458.5M in net income over the trailing twelve months (a 5.9% net margin).
Yes. Iron Mountain Incorporated (IRM) pays a dividend that yields 2.90% at the current price, a moderate yield.
Iron Mountain Incorporated (IRM) generated Funds From Operations (FFO) of $1.52B in the trailing twelve months. FFO is the primary profitability metric for REITs.
