IRM Iron Mountain (IRM) Q2 FY26 earnings call
Iron Mountain delivered record Q2 FY26 results, driven by exceptional performance in its data center, ALM, and digital businesses, which now comprise 35% of consolidated revenue. The company raised its full-year financial outlook, reflecting strong execution and continued momentum, particularly in data center leasing and ALM expansion, while maintaining a disciplined capital allocation strategy. Management highlighted the unique end-to-end solution offered to hyperscalers and the significant growth potential in the enterprise ALM market.
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IRM operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | This call Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Leased capacity Data Center | 10 MWAs it relates to leasing, we had a very good year of activity in 2024, our third consecutive year where we leased more than 100 megawatts, including 10 megawatts in the fourth quarter.Source: earnings call transcript | — | 13 MWWe leased 13 megawatts in the quarter, including a couple of larger enterprise deals with financial services firms.Source: earnings call transcript | 43 MWWith 43 megawatts leased in the fourth quarter, we entered 2026 with strong momentum in leasing and have great assets in prime markets.Source: earnings call transcript | ~22 MWWe leased approximately 22 megawatts in the first quarter and another 10 megawatts in April, positioning us at 32 megawatts leased year-to-date.Source: earnings call transcript | 30 MWWe leased [ 30 ] megawatts in the second quarter and another 75 megawatts in July, bringing our year-to-date leasing to 110 megawatts.Source: earnings call transcript | — |
| Capital expenditures Growth | $685MCapital expenditures in the fourth quarter were $721 million with $685 million of growth and $36 million of recurring.Source: earnings call transcript | $629MCapital expenditures in the first quarter were $657 million with $629 million of growth and $28 million of recurring.Source: earnings call transcript | $472MIn terms of capital investments, we invested $472 million of growth CapEx and $42 million of recurring CapEx in the third quarter.Source: earnings call transcript | $525MIn terms of capital investments, we invested $525 million of growth CapEx and $43 million of recurring CapEx in the fourth quarter.Source: earnings call transcript | $492MIn terms of capital investments, in the first quarter, we invested $492 million of growth CapEx and $35 million of recurring CapEx.Source: earnings call transcript | $553MIn terms of capital investments, in the second quarter, we invested $553 million of growth CapEx and $38 million of recurring CapEx.Source: earnings call transcript | +12.4% |
| Capital expenditures Recurring | $36MCapital expenditures in the fourth quarter were $721 million with $685 million of growth and $36 million of recurring.Source: earnings call transcript | $28MCapital expenditures in the first quarter were $657 million with $629 million of growth and $28 million of recurring.Source: earnings call transcript | $42MIn terms of capital investments, we invested $472 million of growth CapEx and $42 million of recurring CapEx in the third quarter.Source: earnings call transcript | $43MIn terms of capital investments, we invested $525 million of growth CapEx and $43 million of recurring CapEx in the fourth quarter.Source: earnings call transcript | $35MIn terms of capital investments, in the first quarter, we invested $492 million of growth CapEx and $35 million of recurring CapEx.Source: earnings call transcript | $38MIn terms of capital investments, in the second quarter, we invested $553 million of growth CapEx and $38 million of recurring CapEx.Source: earnings call transcript | +8.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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