Iron Mountain (NYSE:IRM) Announces Earnings Results, Beats Estimates By $0.03 EPS

Iron Mountain (NYSE:IRM) released its earnings results on Thursday. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03, FiscalAI reports. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. Iron Mountain’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 earnings per share.

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

• Iron Mountain reported 13% revenue growth, 13% adjusted EBITDA growth and 17% AFFO growth, with records in AFFO and AFFO per share. The company raised 2026 guidance to $7.95–$8.02 billion in revenue and $1.78–$1.80 billion in AFFO.
• Data center revenue grew 34%, with record quarterly leasing of 102 MW and a $575 million revenue backlog. The company said 325 MW of capacity is expected to energize over the next 24 months and raised its 2027 data center revenue estimate to more than $1.3 billion.
• Asset lifecycle management (ALM) revenue increased 43% (38% organically), led by enterprise ALM growth above 50% and strength in data center decommissioning. Management expects 2026 ALM revenue to exceed $1 billion and is planning for more than 25% organic growth in 2027, assuming memory prices remain stable.
• The traditional records business continued to grow, with storage revenue up 5% (more than 7% excluding a prior-year one-time benefit), while digital solutions posted another record revenue quarter. Management said growth businesses are expected to contribute 11 of the company’s 16 percentage points of consolidated growth in 2026.
• The board approved a 15% quarterly dividend increase; net lease-adjusted leverage ended the quarter at 4.8x, and year-to-date operating cash flow reached a company record. Management also cited continued cost-efficiency opportunities across its businesses.

Iron Mountain Stock Up 1.1%

Shares of NYSE IRM traded up $1.12 on Friday, reaching $106.62. 2,512,615 shares of the company’s stock traded hands, compared to its average volume of 1,253,290. The business’s 50 day simple moving average is $113.75 and its two-hundred day simple moving average is $115.38. Iron Mountain has a 12 month low of $77.77 and a 12 month high of $134.68. The company has a market cap of $31.74 billion, a price-to-earnings ratio of 69.68 and a beta of 1.18.

Iron Mountain Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Tuesday, December 15th will be given a $0.9930 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $3.97 annualized dividend and a dividend yield of 3.7%. This is an increase from Iron Mountain’s previous quarterly dividend of $0.8640. Iron Mountain’s dividend payout ratio is currently 247.14%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Iron Mountain from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. BNP Paribas Exane increased their target price on shares of Iron Mountain from $138.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Jefferies Financial Group decreased their price target on shares of Iron Mountain from $147.00 to $135.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Wall Street Zen cut shares of Iron Mountain from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Rothschild & Co Redburn started coverage on Iron Mountain in a research note on Monday, September 21st. They issued a “buy” rating and a $132.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Iron Mountain has a consensus rating of “Moderate Buy” and a consensus target price of $143.89.

More Iron Mountain News

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

• Positive Sentiment: Adjusted Q3 earnings were $1.53 per share versus the $1.47 consensus estimate. AFFO and revenue also topped estimates, with growth supported by data-center leasing, asset lifecycle management and resilient storage operations. Iron Mountain raised its 2026 outlook. Article: IRM Q3 AFFO Beats Estimates on Data Center and ALM Growth
• Positive Sentiment: The quarterly dividend increased nearly 15% to $0.993 per share, or about $3.97 annualized, offering a higher income return for shareholders. Article: Iron Mountain Increases Quarterly Dividend per Share by 15%
• Negative Sentiment: Fourth-quarter revenue guidance fell short of forecasts, creating a near-term concern despite the Q3 beat and higher full-year outlook. This softer outlook may limit the market’s reaction to the otherwise favorable results. Article: Iron Mountain shares decline as revenue guidance falls below forecasts despite Q3 earnings beat

Insider Activity

In other news, EVP Mark Kidd sold 6,000 shares of Iron Mountain stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $115.60, for a total value of $693,600.00. Following the completion of the sale, the executive vice president directly owned 95,507 shares in the company, valued at $11,040,609.20. The trade was a 5.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Greg McIntosh sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $116.96, for a total transaction of $584,800.00. Following the sale, the executive vice president directly owned 65,634 shares of the company’s stock, valued at approximately $7,676,552.64. This represents a 7.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,948 shares of company stock worth $11,048,567 over the last 90 days. 1.70% of the stock is currently owned by insiders.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a global information management and storage company that helps organizations protect, manage and optimize their physical and digital assets. Founded in 1951, the company began as a records storage provider and has expanded into a broader information lifecycle management business.

Its services include records storage and retrieval, information governance, secure shredding and destruction, document scanning, digital transformation, backup and recovery, and data center services.