Iron Mountain reports record Q1 2026: revenue up 22%, raises full-year guidance

Iron Mountain reported record Q1 2026 results with total revenue of $1,936 million, up 22% year-over-year (19% on a constant currency basis). Net income increased to $149 million from $16 million in the prior year quarter. Adjusted EBITDA grew 22% to $708 million with margin expansion of 20 basis points to 36.6%. AFFO per share increased 22% to $1.43.

Iron Mountain raised its full-year 2026 guidance across all key metrics. Revenue guidance increased to $7,825-$7,925 million (from $7,625-$7,775 million), representing approximately 14% year-over-year growth at the midpoint. Adjusted EBITDA guidance was raised to $2,925-$2,965 million (from $2,875-$2,925 million), and AFFO per share guidance increased to $5.79-$5.86 (from $5.69-$5.79).

Iron Mountain increased its dividend by 10% in November 2025, representing the fourth consecutive year of dividend growth. The company maintains a 61% AFFO payout ratio on a trailing twelve-month basis and is committed to growing the dividend in line with AFFO per share growth.

The Global Data Center segment generated $255 million in Q1 2026 revenue, up 47% year-over-year (44% on a constant currency basis). The company signed 22 MW of new leases during the quarter and an additional 10 MW lease in Amsterdam subsequent to quarter end. Iron Mountain expects at least 100 MW of new leasing in 2026 and has approximately 400 MW energizing in the next 24 months.

The Corporate and Other segment, which includes Asset Lifecycle Management (ALM), reported revenue of $277 million in Q1 2026, up 70% year-over-year (68% on a constant currency basis). ALM revenue specifically grew 92% on a reported basis and 77% organically, driven by higher component remarketing revenue and increased revenue with enterprise customers. The company operates in a fragmented $35 billion ALM market.

Iron Mountain announced its first quarter 2026 financial results through an earnings press release and supplemental financial information. The company also provided a slide presentation for use during its earnings conference call. These materials are posted on the company's investor relations website.

Iron Mountain delivered record Q1 2026 results across all key metrics. Total revenue rose 21.6% year-over-year to $1.9 billion, driven by 15.4% growth in storage rental revenue and 30.6% growth in service revenue. Adjusted EBITDA increased 22.1% to $708 million, and AFFO per share rose 22% to $1.43. Organic revenue growth was 17.2%, with growth businesses (data center, digital, asset lifecycle management) collectively growing over 50%. Based on this strong performance, the company raised its full-year 2026 guidance for revenue, Adjusted EBITDA, and AFFO.

The Board declared a $0.864 per share quarterly dividend for Q2 2026, payable July 3, 2026 to shareholders of record on June 15, 2026. This represents a continuation of the company's regular dividend program, consistent with the Q1 2026 dividend of $0.864 per share disclosed in the supplemental tables.

Management disclosed that the company has leased 32 megawatts of data center capacity through April 2026, indicating strong early-year leasing activity. The company also highlighted 400 megawatts of capacity coming online over the next 24 months, supporting continued growth in the data center segment, which saw storage rental revenue increase 46% year-over-year in Q1.

Net Income surged to $149 million in Q1 2026 from $16.2 million in Q1 2025, driven by higher operating income. This substantial improvement reflects the company's strong revenue growth and operating leverage, though investors should note that AFFO and Adjusted EBITDA are the primary metrics management uses to evaluate performance.

Organic revenue growth (excluding acquisitions, divestitures, and foreign exchange) accelerated to 17.2% in Q1 2026, up from 13.6% in Q4 2025. Storage rental organic growth was 12.4% and service revenue organic growth was 24.3%, both showing sequential acceleration. This indicates strong underlying business momentum across the company's core operations.

Iron Mountain delivered record Q1 2026 revenue of $1.9 billion, up 21.6% year-over-year (18.6% excluding foreign exchange effects). Storage rental revenue grew 12.6% and service revenue grew 27.6% on a constant-currency basis. The company attributes the strength to its growth businesses — data center, digital, and asset lifecycle management — which collectively grew more than 50% year-over-year, alongside continued solid growth in its core physical records storage business.

Net income surged to $149.0 million from $16.2 million in Q1 2025, driven by higher operating income. Adjusted EBITDA rose 22.1% to $707.9 million (19.5% on a constant-currency basis), reflecting revenue growth across all segments and improved operating leverage. AFFO per share increased 22% to $1.43, up from $1.17 in the prior-year quarter.

The Board declared a Q2 2026 dividend of $0.864 per share, payable July 3, 2026 to shareholders of record on June 15, 2026. This represents the company's regular quarterly distribution to shareholders.

The CEO disclosed that Iron Mountain has leased 32 megawatts of data center capacity through April 2026, a strong start to the year. The company has 400 megawatts of capacity energizing and available over the next 24 months, and pipeline momentum continues to build, supporting expectations for sustained growth in the data center segment.