IRM · Iron Mountain Incorporated

Iron Mountain delivered a record first quarter in 2026, with total revenue of $1.94 billion, up 21.6% year-over-year (18.6% constant currency, 17.2% organic). Growth was broad-based: Global RIM revenue increased 12% (8% organic), Global Data Center revenue surged 47% (44% organic), and Corporate & Other (including ALM) rose 70% (57% organic). The growth businesses—data center, digital solutions, and asset lifecycle management—collectively grew over 50% and now represent 33% of total revenue. Adjusted EBITDA reached $708 million, up 22.1%, with margin expanding 20 bps to 36.6%. Net income attributable to Iron Mountain was $143.7 million, or $0.48 per diluted share, compared to $16.0 million, or $0.05 per share, in the prior year. Adjusted EPS was $0.60, up 40% from $0.43. AFFO grew 22% to $426 million, or $1.43 per share. Management highlighted strong execution in data center leasing (22 MW signed in Q1, plus 10 MW post-quarter), record digital revenue, and robust ALM growth driven by component remarketing and enterprise customers. The company raised its full-year 2026 guidance: revenue now expected $7.825–$7.925 billion (~14% growth), Adjusted EBITDA $2.925–$2.965 billion (~14% growth), and AFFO $1.735–$1.755 billion (~13% growth). A quarterly dividend of $0.864 per share was declared, payable July 3, 2026. The balance sheet remains solid with net lease-adjusted leverage of 4.8x, within the 4.5x–5.5x target range.