Iron Mountain Incorporated reported first‑quarter 2026 revenue of $1.936 billion, up 22% year‑over‑year, and net income of $143.7 million, a jump from $16.2 million in Q1 2025. Reported earnings per share were $0.60, compared with $0.05 a year earlier, and the company’s diluted EPS also rose to $0.60. The reported EPS beat the consensus estimate of $0.52 by $0.08, while revenue surpassed the $1.86 billion estimate by roughly $80 million.
The growth was driven by a 47% year‑over‑year increase in data‑center revenue and a 92% organic rise in asset‑lifecycle‑management (ALM) revenue. Digital‑solutions and physical‑storage segments also contributed, with the company noting that its high‑margin physical‑storage business continued to expand. These gains were underpinned by strong demand for data‑center capacity to support AI workloads and by the successful integration of recent acquisitions such as Premier Surplus and ACT Logistics.
Management raised its full‑year 2026 guidance, lifting revenue expectations to $7.825 billion–$7.925 billion and AFFO per share to $5.79–$5.86. The upward revision reflects confidence in sustained demand for the company’s integrated information‑management platform and the accelerating momentum in its high‑growth data‑center and ALM businesses.
"Our first quarter results were exceptional, above our expectations with 22% year‑over‑year growth for revenue, adjusted EBITDA and AFFO," said President and CEO William L. Meaney. "Our team’s execution of our growth plans and consistent delivery of value to our customers continues to drive the record performance across our business." CFO Barry Hytinen added, "Total ALM revenue was $232 million, and we are increasing our full‑year outlook for ALM revenue to $950 million."
The earnings beat was driven by a combination of higher mix, pricing power in the data‑center segment, and disciplined cost management. Revenue beat expectations by $80 million, and the $0.08 EPS beat was largely attributable to the strong performance of the high‑margin data‑center and ALM businesses, which offset any one‑time charges and maintained margin expansion. The raised guidance signals management’s confidence in continued demand and operational execution.
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