Iron Mountain Inc (IRM) · Nov 5, 2026 · Earnings
Beat — Adj. EPS $0.64 vs ~$0.612 consensus
Iron Mountain’s Q3 earnings narrowly beat consensus, with 34% data-center growth, strong leasing and higher 2026 guidance.
Iron Mountain is moving beyond its mature records-storage base into faster-growing data centers, digital solutions and asset lifecycle management; its prior-quarter story already featured record results, more than 50% growth in those businesses and 110 MW of data-center leasing year to date.
The quarter cleared the earnings bar, but only narrowly. Adjusted EPS of $0.64 was modestly above the published consensus of roughly $0.612, while revenue of $1.991 billion was essentially in line with the $1.99 billion expectation.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Total revenue (Record Q3 Results) | $1,991M (+13%) | $1,754M | ~$1,990M |
| Adjusted EPS (Record Q3 Results) | $0.64 (+19%) | $0.54 | ~$0.612 |
| Adjusted EBITDA (Record Q3 Results) | $748M (+13%) | $660M | |
| AFFO per share (Record Q3 Results) | $1.53 (+16%) | $1.32 |
The more important signal is where growth came from. Global RIM, still the cash-generating core, grew 7%, but Global Data Center revenue rose 34% and ALM revenue rose 43% reported, or 38% organically. The mix is shifting toward the businesses meant to carry Iron Mountain’s next phase of growth. 〔0〕
Data-center execution remains the clearest upside to the existing story. Iron Mountain signed 102 MW of leases in Q3, taking year-to-date leasing to 137 MW, versus 110 MW through July in the previous quarter. That supports the company’s established backlog-driven growth plan rather than representing a new strategic pivot. 〔1〕
The outlook was raised, but the filing does not quantify the prior baseline. Management says the increased 2026 guidance absorbs the stronger dollar, with midpoint targets of roughly $7.985 billion revenue, $2.963 billion adjusted EBITDA, $1.790 billion AFFO and $5.97 AFFO per share. The unchanged 37.6% adjusted EBITDA margin shows growth is continuing without incremental margin expansion this quarter. 〔2〕
The dividend increase reinforces cash-flow confidence but is not the main surprise. The announced 15% increase effective January 2027 is consistent with Iron Mountain’s established policy of growing the payout alongside AFFO per share, while leverage at 4.8x remains inside the stated 4.5x–5.5x target range. 〔3〕
Bottom line: Iron Mountain delivered a modest earnings beat and stronger evidence that data centers and ALM are taking over as the growth engines. The business story improves, but the quarter advances an already-established plan rather than rewriting it outright.
Q4 earnings report, expected early February 2027
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