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IRM

Iron Mountain Incorporated

NYSE · Real Estate · REIT - Specialty · US

$116.86
+1.64%
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Research · Sep 3, 2026

[IRM] Iron Mountain Thesis 2026: Data Center Revenue Accelerates, Record Year Achieved

Iron Mountain FY25 (Dec 31, 2025) at $6.90B revenue (+12%). NI $145M; EPS $0.49. Adj EBITDA $2.57B (+15%). AFFO $1.54B (+15%+). Q4 organic +14%. Data center revenue +30% FY25; Q4 DC $237M (+39%). Q4 RIM $1.37B (+9% reported / +7% organic). FY26 guide: revenue $7.625-$7.775B (+12%), adj EBITDA $2.875-$2.925B (+13%), AFFO $1.705-$1.735B.

Research · Mar 12, 2026

Which data center REITs benefit most as hyperscalers race to lock up AI-ready capacity?

Data center REITs are experiencing unprecedented demand as hyperscalers and GPU cloud providers race to lock up AI-ready capacity, with CoreWeave alone planning $30-35B in 2026 capex. Digital Realty offers the best risk-reward with its 5 GW power pipeline and record backlog, while Iron Mountain is the highest-upside dark horse with 30%+ data center revenue growth at a meaningful valuation discount to peers.