The strong beat and guidance raise reinforce the data center/ALM growth narrative. Watch for continued hyperscale leasing momentum (110 MW YTD) and margin trajectory as growth investments scale. The stock likely gaps up on the print; consider holding through the earnings call for incremental leasing updates.
Price Chart
Executive Summary
Iron Mountain reported Q2 2026 revenue of $2.03B (+18.5% YoY) and AFFO per share of $1.44, beating the Street consensus of $1.28 by 12.5%. Full-year 2026 guidance was raised across revenue, Adjusted EBITDA, and AFFO, driven by record results in data center (+39% revenue), ALM (+88%), and continued organic growth of 16.8%. The beat and raised outlook confirm strong execution momentum.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $2.03B (+18.5% YoY, +16.8% organic)
- AFFO per share $1.44 vs consensus $1.28 (+12.5% beat)
- Full-year 2026 guidance raised: revenue $7.94B-$8.01B, AFFO $1.76B-$1.78B, AFFO/sh $5.87-$5.93
- Data center revenue +39% YoY; 110 MW leased YTD through July (13 MW in Q2, 75 MW in July)
- ALM revenue +88% YoY (organic +82%)
- Adjusted EBITDA $727M (+15.7% YoY); margin 35.8% (-90bps YoY)
- Net lease-adjusted leverage 4.8x, within 4.5x-5.5x target
Financial Impact
AFFO per share beat consensus by $0.16 (12.5%); full-year guidance raised by ~$0.08-$0.07 per share at midpoint
Risk Factors
- Adjusted EBITDA margin contracted 90bps YoY to 35.8% due to growth business mix shift
- Interest expense rose 9% YoY to $223M; net debt to TEV 31.5%
- FX headwinds could pressure reported results if USD strengthens further
- Data center development capex remains elevated ($472M in Q2)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001020569-26-000068 |
| Document: final-q22026earningspres.htm | 0001020569-26-000068 |
| Document: ironmountainq22026earnin.htm | 0001020569-26-000068 |
| Document: irm-20260805.htm | 0001020569-26-000068 |
| Document: 0001020569-26-000068-index-headers.html | 0001020569-26-000068 |
| Document: 0001020569-26-000068-index.html | 0001020569-26-000068 |
| Document: 0001020569-26-000068.txt | 0001020569-26-000068 |
| 8-K Data (Synthetic) | 0001020569-26-000068 |
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 13w 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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