Iron Mountain Incorporated Q1 2026 Earnings Recap

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.