How did Iron Mountain's revenue and profitability change in the second quarter of 2026?

Total revenues were $2.03 billion, up 18.5% reported and 17.6% excluding foreign exchange, driven by storage rental revenue up 11.5% and service revenue up 26.3% on a constant currency basis. Net income was $106.1 million, compared with a net loss of $(43.3) million a year earlier, mainly due to higher operating income.

What changed in the company's 2026 guidance?

Iron Mountain increased full-year 2026 guidance to total revenue of $7,940–8,010 million (previously $7,825–7,925 million), Adjusted EBITDA of $2,945–2,975 million (previously $2,925–2,965 million), AFFO of $1,760–1,780 million (previously $1,735–1,755 million), and AFFO per share of $5.87–5.93 (previously $5.79–5.86). The company attributed the increase to strong operational performance.

How is the data center business performing?

Data center revenue grew 39% in the second quarter. The company leased 13 megawatts in Q2 and 110 megawatts year to date through July, including 75 megawatts signed in July. It operates 528.5 leasable megawatts and has a total data center portfolio of 1,372.9 megawatts. The filing states that current backlog is expected to drive growth of 25%+ in 2026.

What dividend did the board declare, and what is the balance sheet position?

The board declared a quarterly cash dividend of $0.864 per share, payable October 2, 2026 to shareholders of record at the close of business on September 15, 2026. At June 30, 2026, the company reported long-term debt, net of current portion, of $17.13 billion, cash of $204.8 million, and total (deficit) equity of $(955.0) million. Leverage was 4.8x.

IRM 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Iron Mountain Incorporated reported record second-quarter 2026 results, with total revenues of $2.03 billion^a, up 18.5% on a reported basis and 17.6% excluding foreign exchange effects.

Net income was $106.1 million^b, compared with a net loss of $(43.3) million in the second quarter of 2025. Adjusted EBITDA rose to $727.0 million, up 15.7%, and AFFO reached $432.7 million, or $1.44 per share, up 17.0%. Organic revenue growth was 16.8%, and the growth businesses of data center, digital and asset lifecycle management (ALM) collectively grew more than 50% year over year.

The company raised its full-year 2026 guidance. It now expects total revenue of $7,940 million to $8,010 million^c, Adjusted EBITDA of $2,945 million to $2,975 million, AFFO of $1,760 million to $1,780 million, and AFFO per share of $5.87 to $5.93. Data center leasing totaled 13 megawatts in the second quarter and 110 megawatts year to date through July, including 75 megawatts signed in July.

Leverage was 4.8x, within the company's 4.5x to 5.5x target range. The board declared a third-quarter cash dividend of $0.864^d per share, payable October 2, 2026 to shareholders of record on September 15, 2026.

Total (deficit) equity was $(955.0) million at June 30, 2026, and long-term debt, net of current portion, was $17.13 billion. The filing furnishes the earnings press release, the earnings conference call slide presentation and supplemental financial information as Exhibits 99.1, 99.2 and 99.3.

02—Key points

Key Highlights

Q2 2026 total revenues of $2.03 billion, up 18.5% reported and 17.6% excluding foreign exchange; organic revenue growth of 16.8%.
Net income of $106.1 million versus a net loss of $(43.3) million in Q2 2025; Adjusted EBITDA of $727.0 million, up 15.7%, with Adjusted EBITDA margin of 35.8%.
AFFO of $432.7 million, or $1.44 per share, up 17.0% year over year; year-to-date AFFO per share of $2.87.
Full-year 2026 guidance raised: revenue $7,940–8,010 million, Adjusted EBITDA $2,945–2,975 million, AFFO $1,760–1,780 million, AFFO per share $5.87–5.93.
Data center revenue grew 39% in Q2; 13 megawatts leased in Q2 and 110 megawatts leased year to date through July, including 75 megawatts in July.
Quarterly dividend of $0.864 per share declared, payable October 2, 2026; leverage of 4.8x within the 4.5x to 5.5x target range.
Long-term debt, net of current portion, of $17.13 billion and total (deficit) equity of $(955.0) million at June 30, 2026.

03—Questions

Frequently Asked Questions

How did Iron Mountain's revenue and profitability change in the second quarter of 2026?
Total revenues were $2.03 billion, up 18.5% reported and 17.6% excluding foreign exchange, driven by storage rental revenue up 11.5% and service revenue up 26.3% on a constant currency basis. Net income was $106.1 million, compared with a net loss of $(43.3) million a year earlier, mainly due to higher operating income.
What changed in the company's 2026 guidance?
Iron Mountain increased full-year 2026 guidance to total revenue of $7,940–8,010 million (previously $7,825–7,925 million), Adjusted EBITDA of $2,945–2,975 million (previously $2,925–2,965 million), AFFO of $1,760–1,780 million (previously $1,735–1,755 million), and AFFO per share of $5.87–5.93 (previously $5.79–5.86). The company attributed the increase to strong operational performance.
How is the data center business performing?
Data center revenue grew 39% in the second quarter. The company leased 13 megawatts in Q2 and 110 megawatts year to date through July, including 75 megawatts signed in July. It operates 528.5 leasable megawatts and has a total data center portfolio of 1,372.9 megawatts. The filing states that current backlog is expected to drive growth of 25%+ in 2026.
What dividend did the board declare, and what is the balance sheet position?
The board declared a quarterly cash dividend of $0.864 per share, payable October 2, 2026 to shareholders of record at the close of business on September 15, 2026. At June 30, 2026, the company reported long-term debt, net of current portion, of $17.13 billion, cash of $204.8 million, and total (deficit) equity of $(955.0) million. Leverage was 4.8x.

04—Continue

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