Iron Mountain Q2 2026 Delivers Record Revenue and Boosted Guidance on Data Center and ALM Strength

Iron Mountain Incorporated (NYSE: IRM) delivered a stellar second quarter in 2026, reporting record financial performance across key metrics and raising guidance for the full year.

Strong Financial Results for Q2 2026

The company reported total revenue of approximately $2.03 billion for the quarter ended June 30, 2026, marking a year-over-year increase of about 19% on a reported basis and 17.6% on a constant currency basis. This growth was driven by a 12% increase in storage rental revenue and a 27% increase in service revenue. Net income reached $106 million, a substantial turnaround from a net loss of $43 million in the same quarter last year. Adjusted EBITDA rose 16%, reaching $727 million, while AFFO (Adjusted Funds From Operations) increased 17% to $433 million, or $1.44 per share. All figures exclude foreign exchange effects where noted.  

Growth exceeded the company’s digital, data center, and asset lifecycle management (ALM) businesses, which collectively grew more than 50% year over year in the quarter.  

Business Segment Highlights

The Global Records and Information Management (RIM) segment delivered solid performance, with roughly 7–8% revenue growth. The Global Data Center business surged with 39% year-over-year revenue growth, bolstered by strong renewal pricing and 13 megawatts of new leases in Q2, bringing year-to-date leasing to 110 megawatts as of the end of July. ALM—covering IT asset lifecycle management—posted exceptional results with revenue rising 88% reported and 82% organically. Feature clients include hyperscale data center operators and enterprise customers. 

Guidance Boost Reflects Momentum

Following the quarter’s performance, Iron Mountain raised its full-year 2026 guidance. Total revenue is now expected in the range of $7.94 billion to $8.01 billion (~16% growth), up from prior guidance of approximately $7.83 billion. Adjusted EBITDA is projected between $2.945 billion and $2.975 billion (~15% growth), and AFFO per share is forecast at $5.87–$5.93 (~14% growth). 

Investor Returns and Capital Allocation

The Board declared a quarterly cash dividend of $0.864 per share for Q3 2026, payable October 2 to shareholders of record on September 15. The company continues delivering shareholder value amid growth in its high-margin, rapidly expanding digital, data center, and ALM segments. 

Why It Matters

Iron Mountain’s Q2 results underscore its evolving business model—from traditional physical records storage to a diversified, digital-forward enterprise anchored by high-growth data center and ALM services. The strong lease momentum and cross-segment execution reflect successful strategy deployment. The raised guidance reinforces confidence in the company’s transformational journey and fiscal resilience.

As investors consider IRM, watch for how data center leasing trends and ALM growth sustain through the remainder of 2026, as well as margin trends and capital return metrics.

Note: IRM’s live stock price as of August 27, 2026, was $122.69, a 0.04% increase.