Iron Mountain Shatters Record, Data Center Boom Powers Fifth Straight Year Of All-Time Highs

by | Feb 12, 2026 | General

Iron Mountain Inc (NYSE:IRM) reported its fourth-quarter results on Thursday, which topped Wall Street expectations.

The company reported adjusted earnings of 61 cents per share, up from 50 cents last year and above the 59-cent estimate. Adjusted funds from operations (AFFO) per share rose to $1.44 from $1.24 a year ago.

Revenue climbed to $1.843 billion, beating the $1.803 billion forecast. This growth was driven by strong storage rental and service revenue.

Adjusted EBITDA margin remained steady at 38.3%, with operating income at $341.04 million.

Storage rental revenue grew 13% to $1.06 billion, while service revenue surged 22% to $782 million.

By segment:

  • Global Records and Information Management (RIM) revenue rose to $1.37 billion from $1.26 billion
  • Global Data Center revenue climbed to $237 million from $170 million, and
  • Corporate and Other revenue increased to $234 million from $153 million.

Dividend

On February 12, Iron Mountain’s board declared a quarterly cash dividend of $0.86 per share of common stock for the first-quarter.

CEO William L. Meaney said the company delivered another record fourth-quarter performance, exceeding expectations. This marks the fifth straight year of all-time highs in revenue, adjusted EBITDA, and AFFO.

Meaney added that Iron Mountain expects its outlook for double-digit revenue and profit growth in 2026 to remain strong, supported by growth businesses accounting for a larger share of revenue and steady expansion in its highly recurring physical records storage operations.

He also noted that strong data center leasing in the fourth quarter gives the company added momentum heading into 2026, backed by 400 megawatts of capacity scheduled to come online over the next 24 months.

Outlook

Iron Mountain expects fiscal 2026 revenue of $7.625 billion-$7.775 billion (versus an analyst consensus estimate of $7.596 billion) and AFFO per share of $5.69-$5.79 (versus an analyst consensus estimate of $4.22).

The company expects first-quarter revenue of $1.86 billion (versus an analyst consensus estimate of $1.797 billion) and AFFO per share of $1.39 (versus an analyst consensus estimate of $1.40).

Price Action: IRM shares were trading higher by about 9% to $109 per share at last check on Thursday.

Image: Shutterstock