Iron Mountain Q1 revenue up 21.6% as data center leases drive 47% segment growth

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Total revenue grew 21.6% YoY to $1.94B (vs 7.8% prior year), driven by 47.1% data center segment growth from lease commencements and 17.2% organic growth across the business. Adjusted EBITDA rose 22.1% to $708M with margin expanding 20bp to 36.6%.

  MD&A: Revenue & EBITDA verify on EDGAR →
• high

  Net income surged 818% to $149M from $16M prior year, reflecting revenue growth and the absence of $54.7M in Project Matterhorn restructuring charges that weighed on Q1 2025. The transformation program appears complete as planned.

  MD&A: Net Income verify on EDGAR →
• high

  Data center segment revenue jumped 47.1% YoY to $255M (vs 20.3% prior year) on 44.3% organic growth from lease commencements and higher customer power usage. Segment Adjusted EBITDA rose 46.2% to $133M, though margin compressed 30bp to 52.1% on pass-through power costs.

  MD&A: Data Center Segment verify on EDGAR →