Iron Mountain Incorporated Q3 2026 Earnings Recap

Iron Mountain’s shares fell 11.2% after earnings. The transcript reports higher full-year guidance, but the likely source of investor disappointment is that it does not spell out the revised outlook or explain how the expected growth will translate into results; management’s upbeat framing and strong quarterly figures do not clarify what investors had expected.

Key Takeaways

• Revenue grew 13% year over year, both reported and organic; adjusted EBITDA rose 13% and AFFO 17%.
• Data center revenue increased 34%, with record quarterly leasing of 102 megawatts and a $575 million revenue backlog.
• Enterprise ALM grew more than 60%; digital solutions also set a quarterly revenue record, while physical storage grew mid-single digits.
• Adjusted EBITDA margin was 37.6%. Management said it raised full-year outlook but did not provide the revised figures in the supplied transcript.
• The company expects growth businesses to contribute 11 of 16 percentage points of consolidated growth in 2026; the board authorized a 15% increase in the quarterly dividend.