Jun 2026 (Q2 FY26) — Aug 5, 2026
Iron Mountain Q2 FY26 — Record Performance Driven by Growth Businesses and Strong Data Center Leasing
Read the full callIron Mountain (IRM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Iron Mountain earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,029 | +18.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.4 | +3.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
36 of 37 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Data center new leasing (megawatts) | over 100 megawatts | Dec 2025 | we still say that we think we will meaningfully exceed obviously, our original guidance of 100 megawatts, which were already beyond. | Achieved |
| Full-year adjusted EBITDA guidance | $2.875 billion to $2.925 billion | Dec 2025 | We now expect adjusted EBITDA to be within the range of $2.945 billion to $2.975 billion, which represents year-on-year growth of 15% at the midpoint. | Revised Up |
| Department of Treasury/IRS digital contract revenue timing | majority of contract revenue recognized in 2026 | Mar 2025 | I think we did about $15-plus million, that's up from the $9 million that we did in the first quarter. So we're probably running a little bit ahead of our expectations for the full year, and I'll just reiterate that we continue to expect in 2027 that business to be in excess of $100 million | On Track |
1 of IRON MOUNTAIN INC's 54 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 51 more targets are in the full ledger.
Claimed
- Revenue increased 19% year-over-year to $2.03 billion, approximately $65 million ahead of projections.
- Adjusted EBITDA grew 16% year-over-year to $727 million, exceeding projections by $12 million.
- AFFO per share increased 16% year-over-year to $1.44, $0.04 ahead of projections.
- Data Center business grew 39% in the quarter, with 30 megawatts leased in Q2 and an additional 75 megawatts in July, bringing year-to-date leasing to 110 megawatts.
- Asset Life Cycle Management (ALM) revenue grew 88% year-over-year, exceeding projections by $45 million, with enterprise ALM growing over 60% organically.
Qualified
- Foreign exchange rates contributed approximately $14 million less to revenue year-on-year than assumed in the outlook due to dollar strengthening.
- Hyperscale decommissioning revenue included a $30 million timing benefit from projects hyperscalers accelerated into the quarter.
Price
$111.55 −0.85% · −$0.96
Performance +6.7% 1Y
1Y: $104.58 on 17 Oct 2025 → $111.55. High $133.06 (23 Jun 2026), low $78.86 (18 Dec 2025).
- Previous close
- $112.51
- 52-week range
- $78.86 – $133.06
- One year
- +5.40%
Overview
- Symbol
- IRM
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
36 of 37 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Data center new leasing (megawatts) | over 100 megawatts | Dec 2025 | we still say that we think we will meaningfully exceed obviously, our original guidance of 100 megawatts, which were already beyond. | Achieved |
| Full-year adjusted EBITDA guidance | $2.875 billion to $2.925 billion | Dec 2025 | We now expect adjusted EBITDA to be within the range of $2.945 billion to $2.975 billion, which represents year-on-year growth of 15% at the midpoint. | Revised Up |
| Department of Treasury/IRS digital contract revenue timing | majority of contract revenue recognized in 2026 | Mar 2025 | I think we did about $15-plus million, that's up from the $9 million that we did in the first quarter. So we're probably running a little bit ahead of our expectations for the full year, and I'll just reiterate that we continue to expect in 2027 that business to be in excess of $100 million | On Track |
Claimed
- Revenue increased 19% year-over-year to $2.03 billion, approximately $65 million ahead of projections.
- Adjusted EBITDA grew 16% year-over-year to $727 million, exceeding projections by $12 million.
- AFFO per share increased 16% year-over-year to $1.44, $0.04 ahead of projections.
- Data Center business grew 39% in the quarter, with 30 megawatts leased in Q2 and an additional 75 megawatts in July, bringing year-to-date leasing to 110 megawatts.
- Asset Life Cycle Management (ALM) revenue grew 88% year-over-year, exceeding projections by $45 million, with enterprise ALM growing over 60% organically.
Qualified
- Foreign exchange rates contributed approximately $14 million less to revenue year-on-year than assumed in the outlook due to dollar strengthening.
- Hyperscale decommissioning revenue included a $30 million timing benefit from projects hyperscalers accelerated into the quarter.
The full ledger
Open IRON MOUNTAIN INC’s full ledger
A free account opens 5 company ledgers a month. All 54 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Iron Mountain Q1 FY26 — Exceptional Growth Across All Key Metrics
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Iron Mountain Q4 FY25 — Record Performance Driven by Data Center, ALM, and Digital Growth
Read the full callEvery analysed call
Iron Mountain earnings calls (IRM)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,557 | 1,581 | 1,593 | 1,712 | 1,754 | 1,843 | 1,936 | 2,029 |
| Expenses | 1,306 | 1,299 | 1,338 | 1,452 | 1,446 | 1,502 | 1,541 | 1,656 |
| Operating profit | 251 | 282 | 254 | 260 | 309 | 341 | 395 | 374 |
| Operating margin | 16.1% | 17.9% | 16.0% | 15.2% | 17.6% | 18.5% | 20.4% | 18.4% |
| Interest | 186 | 194 | 195 | 205 | 210 | 220 | 224 | 223 |
| Profit before tax | -21 | 124 | 31 | -27 | 103 | 104 | 176 | 121 |
| Tax rate | −58.3% | 14.9% | 47.8% | −60.3% | 16.1% | 10.7% | 15.4% | 12.2% |
| EPS ($ per share) | -0.11 | — | 0.05 | -0.15 | 0.28 | — | 0.48 | 0.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Total liabilities | 9,995 | 12,353 | 13,013 | 13,593 | 15,504 | 17,262 | 19,022 | 21,834 |
| Fixed assets | 4,490 | 4,623 | 4,502 | 4,668 | 5,115 | 6,315 | 7,632 | 9,546 |
| Total assets | 11,857 | 13,817 | 14,149 | 14,450 | 16,141 | 17,474 | 18,717 | 21,125 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 936 | 967 | 988 | 759 | 928 | 1,114 | 1,197 | 1,340 |
| Cash from investing | -2,222 | -731 | -85 | -473 | -1,660 | -1,444 | -2,137 | -2,574 |
| Cash from financing | 551 | -199 | -887 | -221 | 639 | 426 | 877 | 1,268 |
| Net cash flow | -760 | 28 | 12 | 51 | -114 | 81 | -67 | 3 |
| Capital expenditure | -460 | -693 | -438 | -611 | -875 | -1,339 | -1,792 | -2,272 |
| Free cash flow | 475 | 274 | 549 | 148 | 52 | -226 | -595 | -932 |
IRM revenue by segment
Global Records and Information Management Business shrank from 81% to 71% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Global Records and Information Management Business | 81% | 80% | 79% | 77% | 76% | 74% | 73% | 71% | +8.3% |
| Corporate and Other | 9% | 10% | 10% | 12% | 12% | 13% | 14% | 16% | +67.4% |
| Global Data Center Business | 10% | 11% | 11% | 11% | 12% | 13% | 13% | 13% | +38.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
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 | 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.
Insider filings
137 filings between Oct 21, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$3.0K
1 purchase by 1 insider
Sales
$117.57M
74 sales by 8 insiders
99% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 10
- Award — granted as compensation
- 33
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Meaney William L | — | $98.71M | Oct 1, 2026 |
| Kidd Mark | — | $7.98M | Sep 1, 2026 |
| Bhargava Mithu | — | $6.25M | Mar 19, 2026 |
| McIntosh Greg W | — | $2.64M | Oct 1, 2026 |
| Borges Daniel | — | $902.2K | May 21, 2026 |
| Allerton Jennifer | — | $762.2K | Mar 2, 2026 |
| Arway Pamela M | — | $244.0K | May 12, 2026 |
| RAKOWICH WALTER C | — | $94.2K | May 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 14,308 | $1.59M |
| Oct 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 13,358 | $1.46M |
| Oct 1, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| Oct 1, 2026 | McIntosh Greg W EVP, Chief Commercial Officer | Sale 10b5-1 plan | 5,000 | $553.6K |
| Oct 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 10,808 | $1.19M |
| Sep 1, 2026 | Kidd Mark EVP, GM Data Centers & ALM | Sale 10b5-1 plan | 6,000 | $693.6K |
| Sep 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 11,332 | $1.29M |
| Sep 1, 2026 | McIntosh Greg W EVP, Chief Commercial Officer | Sale 10b5-1 plan | 5,000 | $578.0K |
| Sep 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 20,952 | $2.39M |
| Sep 1, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| Sep 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 6,101 | $701.6K |
| Sep 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 89 | $10.3K |
| Aug 7, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| Aug 7, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 16,785 | $2.05M |
| Aug 7, 2026 | Kidd Mark EVP, GM Data Centers & ALM | Sale 10b5-1 plan | 6,000 | $736.2K |
| Aug 7, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 18,780 | $2.27M |
| Aug 7, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 2,909 | $357.1K |
| Aug 6, 2026 | McIntosh Greg W EVP, Chief Commercial Officer | Option exercise 10b5-1 plan | 6,839 | $253.0K |
| Aug 6, 2026 | McIntosh Greg W EVP, Chief Commercial Officer | Sale 10b5-1 plan | 5,000 | $635.6K |
| Aug 6, 2026 | McIntosh Greg W EVP, Chief Commercial Officer | Sale 10b5-1 plan | 6,839 | $869.4K |
| Jul 1, 2026 | Kidd Mark EVP, GM Data Centers & ALM | Sale 10b5-1 plan | 6,000 | $753.7K |
| Jul 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 2,530 | $318.3K |
| Jul 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 1,601 | $199.7K |
| Jul 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 7,173 | $888.3K |
| Jul 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 9,656 | $1.19M |
| Jul 1, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| Jul 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 17,514 | $2.13M |
| Jun 1, 2026 | Kidd Mark EVP, GM Data Centers & ALM | Sale 10b5-1 plan | 6,000 | $760.2K |
| Jun 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 9,247 | $1.19M |
| Jun 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 1,091 | $141.5K |
| Jun 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 10,156 | $1.28M |
| Jun 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 7,523 | $962.2K |
| Jun 1, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| Jun 1, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 10,457 | $1.33M |
| May 21, 2026 | Borges Daniel SVP & Chief Accounting Officer | Sale 10b5-1 plan | 7,189 | $902.2K |
| May 20, 2026 | RAKOWICH WALTER C Director | Sale 10b5-1 plan | 757 | $94.2K |
| May 12, 2026 | Arway Pamela M Director | Sale 10b5-1 plan | 1,892 | $244.0K |
| May 8, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 14,876 | $1.91M |
| May 8, 2026 | Meaney William L President and CEO | Option exercise 10b5-1 plan | 38,474 | $1.42M |
| May 8, 2026 | Meaney William L President and CEO | Sale 10b5-1 plan | 23,598 | $3.05M |
| May 8, 2026 | Kidd Mark EVP, GM Data Centers & ALM | Sale 10b5-1 plan | 6,000 | $767.5K |
| May 7, 2026 | Simons Doyle Director | Award | 1,892 | $0 |
| May 7, 2026 | RAKOWICH WALTER C Director | Award | 1,892 | $0 |
| May 7, 2026 | FORD MONTE E Director | Award | 1,892 | $0 |
| May 7, 2026 | Kelly Christie B. Director | Award | 1,892 | $0 |
| May 7, 2026 | Matlock Robin Director | Award | 1,892 | $0 |
| May 7, 2026 | Allerton Jennifer Director | Tax withheld | 133 | $16.9K |
| May 7, 2026 | Allerton Jennifer Director | Award | 1,892 | $0 |
| May 7, 2026 | Felix June Yee Director | Award | 1,892 | $0 |
| May 7, 2026 | Arway Pamela M Director | Award | 1,892 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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