Iron Mountain Incorporated Earnings Recaps
Q1 2026
May 1, 2026
Iron Mountain shares surged 11.1% post-earnings, as the company delivered broad-based outperformance—highlighted by 22% year-over-year growth across revenue, adjusted EBITDA, and AFFO, and raised its full-year financial outlook. Standout momentum in data centers, digital solutions, and asset lifecycle management all contributed to best-in-decades organic growth.
Key takeaways
- First quarter organic growth of 17% represented the highest rate in over 25 years, driven by diversified business lines.
- Data center revenue jumped 47% year-over-year, with 32 megawatts leased year-to-date and ongoing strength in hyperscaler demand.
- Asset lifecycle management revenue soared 92%, reflecting both market demand and favorable pricing in decommissioning.
- Digital solutions grew more than 20% and secured major new contracts across healthcare, insurance, and public sector verticals.
- Management increased full-year guidance, citing exceptional bookings, significant government sector wins, and operational execution.
Q3 2025
Nov 5, 2025
Iron Mountain reported a robust third quarter of 2025, achieving record highs in revenue, adjusted EBITDA, and AFFO, all driven by strong demand across its diversified business segments.
Key takeaways
- Revenue increased 13% to $1.8 billion, with adjusted EBITDA rising 16% to $660 million and AFFO growing 18% to $393 million.
- Data center revenue surged 33% amidst a strong leasing market, with expectations of over 25% growth in 2026.
- Record performance in physical storage and digital solutions contributed significantly, with the latter winning a major $714 million contract for digitization services with the Department of Treasury.
- A 10% dividend increase was authorized by the Board, reflecting sustained strong performance and encouraging future cash returns to shareholders.
- The asset life cycle management segment demonstrated significant growth potential, with reported revenue increasing by 65%, bolstered by strategic acquisitions and cross-selling initiatives.