Iron Mountain (NYSE:IRM) Posts Quarterly Earnings Results, Beats Estimates By $0.93 EPS

Iron Mountain (NYSE:IRM) announced its earnings results on Thursday. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $0.50 by $0.93, Zacks reports. Iron Mountain had a net margin of 2.10% and a negative return on equity of 99.59%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the firm earned $1.17 earnings per share. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. Iron Mountain updated its Q2 2026 guidance to 1.400-1.400 EPS and its FY 2026 guidance to 5.790-5.860 EPS.

Here are the key takeaways from Iron Mountain’s conference call:

• Iron Mountain reported an exceptional Q1 with 22% year-over-year growth in revenue, adjusted EBITDA and AFFO, 17% organic growth (highest in 25+ years), and raised its full-year financial outlook.
• Data center revenue grew 47%, with 22 MW leased in Q1 plus 10 MW in April (32 MW YTD), 400 MW of capacity to be energized over 24 months, and management now expects leasing to be meaningfully above its prior 100 MW guide.
• Asset Lifecycle Management (ALM) revenue surged 92% (77% organic) driven by decommissioning and enterprise wins, and Iron Mountain raised ALM full-year revenue guidance to $950 million (+$100M).
• Operational and cash metrics strengthened — record Q1 operating cash flow of $339M, adjusted EBITDA up 22% with margin expansion, AFFO up 22%, and net lease adjusted leverage improved to 4.8x, enabling higher retained cash flow guidance.
• Component/memory prices helped ALM results but have been volatile — prices rose, then moderated and stabilized; management says current levels align with guidance, but the pricing environment remains a potential source of variability.

Iron Mountain Price Performance

Shares of NYSE IRM traded up $1.10 during mid-day trading on Friday, hitting $127.09. 2,399,871 shares of the stock traded hands, compared to its average volume of 1,825,798. Iron Mountain has a twelve month low of $77.77 and a twelve month high of $127.94. The company has a market cap of $37.81 billion, a PE ratio of 264.78 and a beta of 1.13. The firm has a 50 day simple moving average of $108.73 and a two-hundred day simple moving average of $98.25.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 3rd. Investors of record on Monday, June 15th will be issued a dividend of $0.864 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $3.46 annualized dividend and a dividend yield of 2.7%. Iron Mountain’s dividend payout ratio (DPR) is 720.83%.

Key Stories Impacting Iron Mountain

Here are the key news stories impacting Iron Mountain this week:

• Positive Sentiment: Q1 beat & guidance raise — Iron Mountain reported stronger-than-expected Q1 results (revenue up ~21.5%, AFFO and EPS beat) and raised FY2026 and Q2 guidance, signaling sustained demand across data centers and digital services. Press Release / Slide Deck
• Positive Sentiment: AI/data-center tailwind — Reuters and other outlets attribute the guidance lift to accelerating demand from AI workloads driving colocation and data-center services, a higher-growth area for IRM. Iron Mountain raises annual forecast on AI-fueled data center boom
• Positive Sentiment: AFFO and profitability momentum — Analysts highlighted strong AFFO growth (~22%) and improved cash-generation metrics that underpin the stock’s re-rating and dividend capacity. Zacks: Q1 AFFO Tops Estimates
• Positive Sentiment: Analyst upgrade / higher target — JPMorgan upgraded IRM to “Overweight” and raised its target to $138, reinforcing buy-side momentum and setting an upgraded valuation anchor. Benzinga
• Neutral Sentiment: Dividend declared — Board announced a $0.864 quarterly dividend (ex-dividend June 15), which supports the REIT income story but is expected rather than transformative. (Company release / earnings materials linked above.)
• Neutral Sentiment: Market technicals and coverage — Coverage pieces and trade notes flagged IRM’s move into resistance/record-high territory after the print, which can attract momentum traders but may also invite short-term profit-taking. Invezz: resistance story
• Negative Sentiment: Insider & institutional selling — Reports note substantial insider sales recently (including multiple executive disposals) and large institutional position shifts, which could concern some investors about near-term liquidity or tax-driven selling pressure.

Insider Transactions at Iron Mountain

In other news, Director Jennifer Allerton sold 7,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $108.88, for a total transaction of $762,160.00. Following the sale, the director directly owned 11,541 shares in the company, valued at approximately $1,256,584.08. The trade was a 37.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William L. Meaney sold 38,474 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $102.71, for a total value of $3,951,664.54. Following the sale, the chief executive officer owned 38,474 shares in the company, valued at approximately $3,951,664.54. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 451,648 shares of company stock worth $48,297,449. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Iron Mountain

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Compound Planning Inc. increased its position in Iron Mountain by 121.7% in the 4th quarter. Compound Planning Inc. now owns 9,018 shares of the financial services provider’s stock valued at $748,000 after acquiring an additional 4,950 shares during the period. Corient Private Wealth LLC raised its position in Iron Mountain by 29.5% during the 4th quarter. Corient Private Wealth LLC now owns 262,254 shares of the financial services provider’s stock worth $21,754,000 after purchasing an additional 59,730 shares during the last quarter. Strive Financial Group LLC bought a new position in Iron Mountain during the 4th quarter worth $44,000. Mercer Global Advisors Inc. ADV raised its position in Iron Mountain by 12.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 75,680 shares of the financial services provider’s stock worth $6,278,000 after purchasing an additional 8,164 shares during the last quarter. Finally, State of Tennessee Department of Treasury raised its position in Iron Mountain by 48.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 90,289 shares of the financial services provider’s stock worth $8,318,000 after purchasing an additional 29,620 shares during the last quarter. 80.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on IRM. JPMorgan Chase & Co. lifted their price objective on Iron Mountain from $121.00 to $138.00 and gave the company an “overweight” rating in a report on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Iron Mountain in a report on Tuesday, April 21st. Truist Financial set a $140.00 price objective on shares of Iron Mountain in a research report on Friday. Barclays upped their price objective on shares of Iron Mountain from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Finally, Loop Capital set a $130.00 price objective on shares of Iron Mountain in a research report on Wednesday, March 4th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $131.67.

Iron Mountain Company Profile

Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.

Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers’ digital transformation.