Q2 FY2026
Filed Aug 5, 2026Iron Mountain Reports Second Quarter 2026 Results
Second-quarter revenue increased 18.5%, net income turned positive from a prior-year loss, Adjusted EBITDA increased 15.7%, AFFO increased 17.0%, and the company increased full-year 2026 guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Storage Rental RevenueGAAP | $1.14B | – | 12% |
| Service RevenueGAAP | $894M | – | 27% |
| Total RevenuesGAAP | $2.03B | – | 19% |
| Organic revenue growthother | 16.8% | – | 16.8% year over year |
| Net Income (Loss)GAAP | $106M | – | n/a |
| Reported EPSGAAP | $0.34 | – | n/a |
| Adjusted EPSnon-GAAP | $0.60 | – | 25% |
| Adjusted EBITDAnon-GAAP | $727M | – | 16% |
| Adjusted EBITDA Marginnon-GAAP | 35.8% | – | -90 bps |
| FFO (Normalized) per sharenon-GAAP | $1.01 | – | 16.1% |
| AFFOnon-GAAP | $433M | – | 17% |
| AFFO per sharenon-GAAP | $1.44 | – | 16% |
| Year-to-date Storage Rental RevenueGAAP | $2.23B | – | 14% |
| Year-to-date Service RevenueGAAP | $1.74B | – | 29% |
| Year-to-date Total RevenuesGAAP | $3.96B | – | 20% |
| Year-to-date Net Income (Loss)GAAP | $255M | – | n/a |
| Year-to-date Reported EPSGAAP | $0.82 | – | n/a |
| Year-to-date Adjusted EPSnon-GAAP | $1.20 | – | 30% |
| Year-to-date Adjusted EBITDAnon-GAAP | $1.44B | – | 19% |
| Year-to-date Adjusted EBITDA Marginnon-GAAP | 36.2% | – | -40 bps |
| Year-to-date FFO (Normalized) per sharenon-GAAP | $1.99 | – | 21.3% |
| Year-to-date AFFOnon-GAAP | $859M | – | 20% |
| Year-to-date AFFO per sharenon-GAAP | $2.87 | – | 19% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Storage Rental RevenueStorage rental revenue increased 11.5% excluding the impact of foreign currency exchange. | $1.14B | – | 12% |
| Service RevenueService revenue increased 26.3% excluding the impact of foreign currency exchange. | $894M | – | 27% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026 and Q3 2026 outlook
- RevenueFull Year 2026: $7,940 - $8,010; Q3 2026: ~$1,980
- NoteAdjusted EBITDA: Full Year 2026: $2,945 - $2,975; Q3 2026: ~$745
- NoteAFFO: Full Year 2026: $1,760 - $1,780; Q3 2026: ~$440
- NoteAFFO Per Share: Full Year 2026: $5.87 - $5.93; Q3 2026: ~$1.47
- NoteFull Year 2026 approximate Y/Y % change at midpoint: Total Revenue ~16%; Adjusted EBITDA ~15%; AFFO ~15%; AFFO Per Share ~14%
- NoteQ3 2026 approximate Y/Y % change: Total Revenue ~13%; Adjusted EBITDA ~13%; AFFO ~12%; AFFO Per Share ~11%
Capital returns
- On August 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the third quarter.
- The third quarter 2026 dividend is payable on October 2, 2026, to shareholders of record at the close of business on September 15, 2026.
What drove it
- Total reported revenues increased 17.6% excluding the impact of foreign currency exchange, driven by an 11.5% increase in storage rental revenue and a 26.3% increase in service revenue.
- Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 50% year over year in the second quarter.
- Adjusted EBITDA growth was driven by increased revenue and Adjusted EBITDA across each segment and improved operating leverage from continued transformation activities.
- Data center leasing was 110 megawatts year to date, including 13 megawatts in Q2 2026 and 75 megawatts in July.
- Net Income improvement was driven primarily by increased Operating Income.
Concerns
- Adjusted EBITDA Margin was 35.8%, compared with 36.7% in the second quarter of 2025, a change of -90 bps.
- Iron Mountain does not provide a reconciliation of non-GAAP measures discussed as part of annual guidance or long-term outlook because certain significant information required for reconciliation is not available without unreasonable efforts or at all.
What to watch
- Execution against Q3 2026 guidance of ~$1,980 in Total Revenue, ~$745 in Adjusted EBITDA, ~$440 in AFFO, and ~$1.47 in AFFO Per Share.
- Data center leasing following 110 megawatts leased through July.
- Adjusted EBITDA Margin following the second-quarter change of -90 bps year over year.
- Progress toward Full Year 2026 guidance of $7,940 - $8,010 in Total Revenue, $2,945 - $2,975 in Adjusted EBITDA, $1,760 - $1,780 in AFFO, and $5.87 - $5.93 in AFFO Per Share.
Balance sheet and cash flow
- AFFO was $432.7 million for the second quarter, compared with $369.7 million in the second quarter of 2025, an increase of 17.0%.
- Year to date, AFFO was $858.8 million compared with $718.1 million, or an increase of 19.6%.
Analysis
Iron Mountain reported broad second-quarter growth. Total Revenues were $2,029 million, up 19%, with Storage Rental Revenue of $1,135 million, up 12%, and Service Revenue of $894 million, up 27%. The release states that total reported revenue increased 17.6% excluding foreign currency exchange and that organic revenue growth was 16.8% year over year. Service revenue expanded faster than storage rental revenue, while data center, digital, and ALM growth businesses collectively grew more than 50% year over year.
Profitability improved materially from the prior-year period. Net Income was $106 million versus a Net Loss of $(43) million, which the company attributed primarily to increased Operating Income. Adjusted EBITDA increased to $727 million from $628 million, and Adjusted EPS increased to $0.60 from $0.48. Adjusted EBITDA Margin was 35.8%, compared with 36.7%, a change of -90 bps, despite the reported operating leverage from transformation activities.
Cash-generation measures also increased. AFFO was $433 million, up 17%, and AFFO per share was $1.44, up 16%. FFO (Normalized) per share was $1.01 compared with $0.87. Year-to-date results similarly showed Total Revenues of $3,965 million, Adjusted EBITDA of $1,435 million, and AFFO of $859 million, each above the respective prior-year amounts reported in the release.
Management raised full-year 2026 guidance to $7,940 - $8,010 in Total Revenue, $2,945 - $2,975 in Adjusted EBITDA, $1,760 - $1,780 in AFFO, and $5.87 - $5.93 in AFFO Per Share. Q3 2026 guidance calls for approximately $1,980 in Total Revenue, approximately $745 in Adjusted EBITDA, approximately $440 in AFFO, and approximately $1.47 in AFFO Per Share. The company also highlighted 110 megawatts of data center leasing year to date through July, including 75 megawatts in July.
Capital returns included a third-quarter quarterly cash dividend of $0.864 per share of common stock, payable on October 2, 2026, to shareholders of record on September 15, 2026. The principal reported point of attention is the Adjusted EBITDA Margin decline, while the raised guide, strong service revenue growth, and stated acceleration in data center leasing frame the operational outlook.
Management, verbatim
We delivered another record-breaking quarter, with our second quarter results exceeding our expectations due to our team’s strong execution of our growth plans and the continued trust of our clients.
William L. Meaney, President and CEO of Iron Mountain
Based on our strong Q2 outperformance and positive outlook, we are increasing our full year guidance.
William L. Meaney, President and CEO of Iron Mountain
Not in the filing
stated, not guessed- Operating income figure and operating margin
- Gross profit and gross margin
- Operating expenses
- Cash balance
- Debt balance and debt maturities
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Prior-quarter comparisons for reported metrics
- Prior-release outlook section for formal actual-versus-prior-guidance comparison
- Individual revenue figures for data center, digital, and ALM businesses
- Individual segment Adjusted EBITDA figures
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.