Iron Mountain Incorporated (IRM) Earnings
Iron Mountain Incorporated is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.54. IRM has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +48.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.50 | $1.43 | +185.4% | $1.9B | +4.0% |
| Feb 12, 2026 | $1.39 | $1.44 | +3.6% | $1.8B | -1.0% |
| Nov 5, 2025 | $1.29 | $1.32 | +2.3% | $1.8B | -2.7% |
| Aug 6, 2025 | $1.19 | $1.24 | +4.2% | $1.7B | -2.7% |
| May 1, 2025 | $1.16 | $1.17 | +0.9% | $1.6B | -4.6% |
| Feb 13, 2025 | $1.20 | $1.24 | +3.3% | $1.6B | -2.5% |
| Aug 1, 2024 | $1.06 | $1.08 | +1.9% | $1.5B | +2.0% |
| May 2, 2024 | $1.05 | $1.10 | +4.8% | $1.5B | +1.6% |
| Feb 22, 2024 | $1.05 | $1.11 | +5.7% | $1.4B | -2.0% |
| Nov 2, 2023 | $1.00 | $0.99 | -1.0% | $1.4B | -1.8% |
| Aug 3, 2023 | $0.93 | $0.94 | +1.1% | $1.4B | +0.3% |
| May 4, 2023 | $0.93 | $0.97 | +4.3% | $1.3B | -0.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Strong first quarter results with 22% y-o-y growth in revenue, adjusted EBITDA, and AFFO. Organic growth 17% (highest in over 25 years). Growth businesses (data, data center, ALM, digital) grew >50% in Q1, now >30% of total revenue. Physical records storage had best quarterly growth in years, 38th consecutive year of organic storage rental growth. Commercial team progress in cross-selling ALM and digital. Strong bookings across business. Data center revenue up 47% in Q1, leased ~22MW in Q1 and 10MW in April, 32MW leased YTD. 400MW available to lease capacity energized over next 24 months. ALM revenue up 92% in Q1, driven by enterprise and decommissioning businesses. Digital solutions revenue record in Q1, up >20% y-o-y. Government business: second best Q1 bookings in company history, won contracts for digitization and physical document management. FedRAMP high authorization for digital services suite. Other wins in records management, digital solutions, data center, and ALM.
Guidance
Increased full-year financial outlook: total revenue expected $7.825 - $7.925 billion (14% y-o-y midpoint), raised by $175 million midpoint. Adjusted EBITDA expected $2.925 - $2.965 billion (14% y-o-y midpoint), raised by $45 million midpoint. AFFO expected $1.735 - $1.755 billion or $5.79 - $5.86 per share (13% growth, raised by $25 million AFFO and 9 cents per share). Second quarter outlook: revenue ~$1.965 billion (15% y-o-y), adjusted EBITDA ~$715 million (14% y-o-y), AFFO ~$418 million or $1.40 per share (13% y-o-y).
Segment performance
Global RIM business: First quarter revenue of $1.4 billion was a quarterly record, grew $148 million y-o-y, reported growth 12% y-o-y (8% organic). Storage revenue up 9% (6% organic) on reported basis. Global range service revenue grew over 16% with organic growth >12%. Global RIM adjusted EBITDA increased $61 million to $618 million, margin 44%. Global Data Center business: Q1 revenue $255 million, up $82 million (47% y-o-y). Signed 22 megawatts new leases, commenced 24 megawatts, renewed 193 leases totaling 7 megawatts. Future dev capacity in Northern Virginia increased 20% to 195 megawatts. Q1 adjusted EBITDA $133 million, margin 52.1% (30bps below last year, up 120bps ex power). Asset Lifecycle Management: Total ALM revenue $232 million, up $111 million (92% y-o-y). Organic growth $93 million (77%). Data center decommissioning organic growth >100%, enterprise channel organic growth >45%. Recent acquisitions contributing $17 million. Increasing full-year ALM revenue outlook to $950 million.
Risks & headwinds
Forward-looking statements subject to risks and uncertainties, refer to earnings materials for major risk factors.
Analyst Q&A
Q: Go over if there's any change of where you're spending your CapEx for the year. And do you feel like your data center growth in any way is constrained in terms of your current CapEx plan?
A: Bill said no constraint on data center growth, 400MW energizing capacity in next 2 years, leasing activity up, expecting meaningfully above 100MW guidance; Barry reiterated CapEx expectation slightly down from last year, majority of construction pre-leased to high credit quality tenants.
Q: Quantification about new federal opportunities impact on near-term or longer-term outlook, update on Treasury contract.
A: Bill said second highest Q1 bookings in government segment, government business digitally led, FedRAMP high classification helps; IRS $9M recognized in Q1, still expect $45M in 2026 and >$100B annually from 2027.
Q: Perspective on ALM and footprint, tipping point for wallet share.
A: Bill said footprint in 61 countries helps, won ad company deal by serving in 30 countries; Barry said enterprise business can build on itself for years, added two dozen Fortune 1000 clients in ALM, still under penetrated with clients.
Q: Color on price increases process in 2026, given February-March inflation expectations.
A: Focus on value, not CPI/PPI; implemented revenue management actions late Jan, majority in Q1, comps harder in Q2, some cohort actions in second half, full year targets same order as last year, leaned into more revenue management actions on service lines.
Q: Portion of 100MW leasing in 2026 in active late-stage negotiations, quarterly cadence.
A: Bill said meaningfully above 100MW guidance, advanced discussions across portfolio, large contracts, lumpy, across globe; Barry said pricing strong on new leases, mix and pricing pleased.
Q: Update on India and WebWorks, ALM growth path, inorganic opportunities.
A: Bill said WebWorks fully integrated, 100% owned, new team in place, advanced discussions in India; Barry said ALM market large, fragmented, continuing to evaluate inorganic opportunities, looking for tuck-ins, deals in mid to upper single multiples of EBITDA, hyperscale business growth strong.
Q: Impact of Meta extending non-AI server life to 7 years on ALM business.
A: Bill said seen trend of clients pushing out renew cycles due to memory shortage, benefit from OEMs asking to sell used memory, uptick in servicing projects; Barry said infrastructure growth over next several years, modest changes in useful life not likely to slow growth.