The raised guidance and accelerating growth in data center and ALM (both >40% YoY) signal sustained momentum. Watch for continued data center leasing announcements and Q2 results to validate the 25%+ data center growth trajectory. The stock's 88% analyst bullish rating and strong historical T+20 performance (+4.56% avg) suggest the market will reward this beat and raise.
Price Chart
Executive Summary
Iron Mountain reported record Q1 2026 results with total revenue of $1.936B (+21.6% YoY), AFFO per share of $1.43 (+22.2% YoY), and raised full-year 2026 guidance across all key metrics. The beat was driven by 47% data center revenue growth, 92% ALM revenue growth, and strong organic revenue growth of 17.2%.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue of $1.936B, +21.6% YoY (organic +17.2%)
- AFFO per share of $1.43, +22.2% YoY vs consensus estimate of $1.27 (beat by 12.6%)
- Net income of $149M vs $16M in Q1 2025
- Adjusted EBITDA of $708M, +22.1% YoY
- Raised FY2026 guidance: revenue to $7.825B-$7.925B (prev $7.625B-$7.775B), AFFO per share to $5.79-$5.86 (prev $5.69-$5.79)
- Data center revenue grew 47% YoY; ALM revenue grew 92% YoY
- Data center leased 22 MW of new leases in Q1, with 32 MW leased through April
- Net lease-adjusted leverage improved to 4.8x from 5.0x a year ago
- Quarterly dividend maintained at $0.864/share
Financial Impact
Revenue beat consensus by ~$76M (4.1%), AFFO per share beat consensus by $0.16 (12.6%)
Risk Factors
- Data center development execution risk on 400 MW energizing over 24 months
- Interest expense growth (+14.9% YoY) could pressure AFFO if rates stay elevated
- ALM revenue is more variable and tied to hardware refresh cycles
- Total debt of $17.1B with net lease-adjusted leverage at 4.8x
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001020569-26-000036 |
| Document: q12026earningspressrelea.htm | 0001020569-26-000036 |
| Document: ironmountainq12026earnin.htm | 0001020569-26-000036 |
| Document: irm-20260430.htm | 0001020569-26-000036 |
| Document: 0001020569-26-000036-index-headers.html | 0001020569-26-000036 |
| Document: 0001020569-26-000036-index.html | 0001020569-26-000036 |
| Document: 0001020569-26-000036.txt | 0001020569-26-000036 |
| 8-K Data (Synthetic) | 0001020569-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | Insider Cluster | $111.84 $111.13 | ▼ −0.63% | ▼ −0.48% | $113.39 (+1.39%) |
Aug 10, 2026 7w ago | Insider Cluster | $122.39 $115.22 | ▼ −5.86% | ▼ −4.80% | $113.39 (−7.35%) |
Aug 5, 2026 8w ago | 8-K | $127.13 $111.84 | ▼ −12.03% | ▼ −11.43% | $113.39 (−10.81%) |
Jul 2, 2026 13w ago | Insider Cluster | $117.16 $124.64 | ▲ +6.38% | ▲ +6.80% | $113.39 (−3.22%) |
Jul 2, 2026 13w ago | Insider Cluster | $117.16 $124.64 | ▲ +6.38% | ▲ +6.80% | $113.39 (−3.22%) |
Jul 2, 2026 13w ago | Insider Cluster | $117.16 $124.64 | ▲ +6.38% | ▲ +6.80% | $113.39 (−3.22%) |
Jul 2, 2026 13w ago | Insider Cluster | $117.16 $124.64 | ▲ +6.38% | ▲ +6.80% | $113.39 (−3.22%) |
Jun 26, 2026 14w ago | 8-K | $129.97 $128.31 | ▼ −1.28% | ▼ −1.00% | $113.39 (−12.76%) |
May 8, 2026 21w ago | Insider Cluster | $128.84 $124.66 | ▼ −3.24% | ▼ −3.27% | $113.39 (−11.99%) |
Apr 30, 2026 22w ago | 8-K | $125.99 $128.25 | ▲ +1.79% | ▼ −3.43% | $113.39 (−10.00%) |
US Market Status
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