Iron Mountain Reports Record Q3 2026 Results, Hikes Dividend 15%, and Raises Full-Year Guidance

Iron Mountain Inc. (NYSE: IRM) Q3 2026 Earnings & Operational Highlights

1. Key Financial Performance

Iron Mountain reported record third-quarter 2026 operational and financial results:

• Revenue: Reached $1,990.6 million, an increase of 13.5% year-over-year (13.3% on a constant currency basis, 12.8% organic).
  • Storage Rental Revenue: $1,149.5 million, up 11.3% YoY.
  • Service Revenue: $841.1 million, up 16.6% YoY.
• Profitability:
  • Operating Income: $410.6 million, up 33.0% YoY.
  • Net Income Attributable to IRM: $124.1 million ($0.41 diluted EPS), compared to $84.3 million ($0.28 diluted EPS) in Q3 2025.
  • Adjusted EPS: $0.64 compared to $0.54 in Q3 2025, an increase of 18.5%.
  • Adjusted EBITDA: $748.0 million (+13.3% YoY), achieving an Adjusted EBITDA margin of 37.6%.
• Cash Flow & REIT Metrics:
  • FFO (Normalized): $316.1 million ($1.05 per diluted share), up 14.2% YoY.
  • AFFO: All-time record $458.4 million ($1.53 per diluted share), representing a 15.9% increase per share YoY.

2. Segment Growth Dynamics

• Global RIM: Revenue reached $1,433 million (+7% YoY on both reported and organic basis).
• Global Data Center: Revenue jumped 34% YoY to $274 million. Signed 102 megawatts of new leases during Q3, bringing year-to-date leasing to 137 megawatts. Operating portfolio stands at 545 MW with total developable capacity of ~1.4 GW.
• Corporate and Other (including Asset Lifecycle Management - ALM): Revenue increased 34% YoY to $284 million, with ALM growing 43% reported (38% organic).

3. Capital Allocation & Dividend Increase

• Dividend: Board declared a quarterly cash dividend of $0.993 per share, a 15% increase, payable January 6, 2027, to shareholders of record as of December 15, 2026.
• Balance Sheet Leverage: Long-term net lease adjusted leverage ratio was 4.8x as of September 30, 2026, well within the target range of 4.5x–5.5x.

4. Raised Full-Year 2026 Financial Guidance

• Revenue: $7,950M to $8,020M (~16% YoY growth at midpoint)
• Adjusted EBITDA: $2,948M to $2,978M (~15% YoY growth at midpoint)
• AFFO: $1,780M to $1,800M (~16% YoY growth at midpoint)
• AFFO Per Share: $5.94 to $6.00 (~15% YoY growth at midpoint)
• Q4 2026 Outlook: Revenue of ~$2,030M, Adjusted EBITDA of ~$780M, and AFFO per share of ~$1.57.