Iron Mountain Posts Record Q2 2026 Results and Lifts Full-Year Outlook

summarizeSummary

Iron Mountain delivered record Q2 2026 results, with revenue of $2.0B and net income of $106M, and raised its full-year guidance. Data center leasing surged to 110 MW year-to-date, while growth businesses expanded over 50%.

check_boxKey Events · Earnings and Guidance · IRM

• Record Q2 Revenue and Profitability

  Total revenue reached $2.0 billion, up 18.5% year-over-year, with net income of $106 million compared to a $43 million loss in Q2 2025. Adjusted EBITDA grew 15.7% to $727 million, and AFFO per share rose 16% to $1.44.

• Full-Year Guidance Raised

  Iron Mountain increased 2026 guidance: revenue now $7.94B-$8.01B (midpoint ~16% growth), Adjusted EBITDA $2.945B-$2.975B (~15% growth), AFFO $1.76B-$1.78B (~15% growth), and AFFO per share $5.87-$5.93 (~14% growth).

• Data Center Leasing Acceleration

  Year-to-date data center leasing reached 110 megawatts through July, including 75 MW signed in July alone. This supports a backlog expected to drive 25%+ revenue growth in 2026 and an additional $370 million beyond 2026.

• Growth Businesses Surge Over 50%

  Data center, digital solutions, and asset lifecycle management (ALM) collectively grew more than 50% year-over-year in Q2, now representing 35% of total revenue. ALM alone grew 88%.

auto_awesomeAnalysis · IRM · Real Estate & Construction

A record quarter saw revenue climb 18.5% to $2.0 billion, while the bottom line swung from a net loss to $106 million in net income. Adjusted EBITDA advanced 15.7% to $727 million, and AFFO per share reached $1.44, a 16% increase. Bolstered by robust data center leasing—110 MW year-to-date—and surging growth businesses, management raised full-year 2026 guidance across all key metrics. The combination of accelerating execution and an improved outlook makes this a significant update for investors.