The quarter cleared both the published bar and Iron Mountain's own setup. Revenue of $2.03 billion was above the published consensus of roughly $1.99 billion, while adjusted EPS of $0.60 exceeded the roughly $0.56 expectation. More importantly for this REIT, AFFO per share reached $1.44, ahead of the company's prior Q2 outlook of about $1.40. This was a real, if not dramatic, beat rather than simply a "record" quarter in company language.
| Metric | Q2 2026 actual | Q2 2025 | Expectation / prior outlook |
|---|---|---|---|
| Revenue | $2.029B | $1.712B | Published consensus: ~$1.99B (Record Q2 2026 Results) |
| Adjusted EPS | $0.60 | $0.48 | Published consensus: ~$0.56 (Record Q2 2026 Results) |
| Adjusted EBITDA | $727M | $628M | Prior Q2 outlook: ~$715M (Record Q2 2026 Results; Q1 guidance) |
| AFFO | $433M | $370M | Prior Q2 outlook: ~$418M (Record Q2 2026 Results; Q1 guidance) |
| AFFO per share | $1.44 | $1.24 | Prior Q2 outlook: ~$1.40 (Record Q2 2026 Results; Q1 guidance) |
| Adjusted EBITDA margin | 35.8% | 36.7% | Down 90 basis points year over year (Record Q2 2026 Results) |
The full-year raise validates the beat, but it is incremental rather than a major reset. The midpoint of 2026 guidance rose by $100 million for revenue, $15 million for adjusted EBITDA, $25 million for AFFO, and $0.08 per share for AFFO per share versus the prior ranges. Management also shows that, after translating both outlooks at current exchange rates, the underlying improvement is larger than the headline change suggests: revenue midpoint rises from $7.875 billion to $7.975 billion and AFFO per share from $5.83 to $5.90. That turns a one-quarter beat into a modestly better full-year earnings setup. (2026 Guidance; 2026 Mid-Point Guidance With FX Considerations)
Growth is broad enough to support the higher outlook, led by the businesses investors already expect to carry the story. Data-center revenue grew 39%, Global RIM grew 8%, and Corporate & Other grew 67%, with ALM up 88%. Data-center leasing was only 13 MW during Q2, but the company added 75 MW after quarter-end, bringing year-to-date leasing through July to 110 MW. The post-quarter leases are new information and reinforce the backlog-led growth case, though their revenue contribution is principally future rather than current-quarter. (Record Q2 2026 Results; Data Center: Executing Multi-Year Growth Plan)
The offset is profitability: revenue grew faster than EBITDA. Adjusted EBITDA increased 16% against 19% revenue growth, leaving margin 90 basis points lower year over year. The filing does not give enough segment-level cost detail to identify the precise driver, but the margin slippage means the result is not an across-the-board upside surprise. Net: the earnings beat and upward guidance revision outweigh that pressure, making this modestly better than the market's standing expectations rather than an unqualified step-change. (Record Q2 2026 Results)
Read the original 8-K on SEC EDGAR ↗