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

Key Points

• Iron Mountain reported quarterly EPS of $0.64, beating the $0.61 consensus by $0.03. Revenue was $1.99 billion, in line with estimates and up 13.5% year over year.
• Growth was driven by data centers and asset lifecycle management: data-center revenue rose 34%, while ALM revenue increased 43%. The company raised its 2026 revenue and AFFO guidance.
• The board approved a 15% dividend increase, lifting the quarterly payout to $0.993 per share.

Iron Mountain (NYSE:IRM - Get Free Report) announced its quarterly earnings data on Thursday. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.03, FiscalAI reports. The firm had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.99 billion. Iron Mountain had a net margin of 5.54% and a negative return on equity of 85.44%. The business's revenue for the quarter was up 13.5% on a year-over-year basis. During the same period last year, the firm 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 Trading Up 1.1%

Shares of NYSE IRM traded up $1.12 during midday trading on Friday, reaching $106.62. The company's stock had a trading volume of 2,512,615 shares, compared to its average volume of 1,253,290. Iron Mountain has a fifty-two week low of $77.77 and a fifty-two week high of $134.68. The stock has a market capitalization of $31.74 billion, a price-to-earnings ratio of 69.68 and a beta of 1.18. The stock has a 50 day simple moving average of $113.75 and a 200-day simple moving average of $115.38.

Iron Mountain Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 6th. Stockholders of record on Tuesday, December 15th will be paid a dividend of $0.9930 per share. 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 (DPR) is 247.14%.

Key Headlines Impacting Iron Mountain

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 Buying and Selling

In other Iron Mountain news, EVP Greg W. Mcintosh sold 5,000 shares of the business's stock in a transaction dated 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 $7,676,552.64. The trade was a 7.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William L. Meaney sold 38,474 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $114.08, for a total transaction of $4,389,113.92. Following the transaction, the chief executive officer owned 38,474 shares of the company's stock, valued at approximately $4,389,113.92. This represents a 50.00% 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. Over the last 90 days, insiders sold 97,948 shares of company stock worth $11,048,567. 1.70% of the stock is owned by insiders.

Analyst Ratings Changes

IRM has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Iron Mountain from $138.00 to $147.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of Iron Mountain from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Jefferies Financial Group cut their price objective on shares of Iron Mountain from $147.00 to $135.00 and set a "buy" rating on the stock in a research report on Monday, October 12th. Truist Financial upped their target price on shares of Iron Mountain from $140.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. Finally, The Goldman Sachs Group increased their target price on Iron Mountain from $153.00 to $155.00 and gave the stock a "buy" rating in a report on Tuesday, October 6th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $143.89.

Iron Mountain Company Profile

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.

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