EarningsQ2 2026 Earnings Report
MX:IRM1 Q2 2026 EPS Results
Actual EPS$10.90
Consensus EPS$9.86
Beat/MissBeat by +$1.04
One Year Ago EPS$8.72
MX:IRM1 Q2 2026 Revenue Results
Actual Revenue$36.85B
Expected Revenue$35.76B
Beat/MissBeat by +$1.10B
YoY Revenue Growth+18.52%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:IRM1 Upcoming Earnings
Iron Mountain's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:IRM1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong, broad-based operational and financial momentum: record revenue, EBITDA and AFFO growth; rapid expansion in Data Center, ALM and Digital businesses; robust cash generation and improved leverage; and raised full-year guidance. Notable risks include FX variability, timing/lumpiness in hyperscaler projects (including a ~$30M timing benefit), memory-price variability affecting ALM, and the ongoing need to build scale in certain geographies. On balance, the favorable metrics, raised guidance, and strategic wins materially outweigh the manageable challenges.Company Guidance
Record Revenue and Organic Growth
Total revenue of $2.03 billion in Q2, up $317 million year-over-year (+19% reported, +18% constant currency, +17% organic). Revenue was approximately $65 million ahead of prior projection.
Strong Profitability Expansion
Adjusted EBITDA reached a record $727 million, up $99 million or +16% year-over-year. AFFO was $433 million, up $63 million or +17% year-over-year; AFFO per share was $1.44, +16% and $0.04 ahead of prior projection.
Data Center Business Momentum
Data Center revenue of $263 million, up $73 million or +39% year-over-year. Q2 leasing of 13 MW (plus 75 MW in July) for year-to-date leasing of 110 MW; ~325 MW of leasable capacity expected to energize over the next 24 months. Data Center adjusted EBITDA $137 million, margin 52.2% (up 140 bps YoY); renewal pricing spreads ~12% cash / 14% GAAP.
Breakout Asset Lifecycle Management (ALM) Growth
ALM revenue of $288 million, up $135 million or +88% year-over-year (organic +82%). Enterprise ALM growing >60% organically; data center decommissioning revenue >100% YoY. Company raised ALM full-year projection toward ~$1 billion.
Digital Solutions and AI Traction
Digital business delivered record quarterly revenue and grew >25% (Global RIM services contribution). DXP (AI-powered platform) shows strong traction; digital recurring revenue now >45% of digital business, and Forrester recognized DXP for agentic AI functionality and platform breadth.
Portfolio Mix Shift to Growth Businesses
Data Center, ALM and Digital collectively grew >50% in the quarter and represented 35% of Q2 consolidated revenue, up 750 basis points versus prior year, supporting sustained double-digit top- and bottom-line growth expectations.
Cash Flow, Leverage and Capital Allocation
Year-to-date operating cash flow of $888 million (up $315 million) — best first half ever. Free cash flow improved $441 million YTD. Net lease adjusted leverage 4.8x (lowest since pre-2014). Board declared quarterly dividend of $0.864/share; trailing 4-quarter AFFO payout ratio ~60%.
Strategic Wins & Recognitions
Notable commercial wins across businesses (e.g., Smart Sort 10M files, DXP global managed services for fintech covering 45 countries and 500k items/year, 40M-image digitization in Australia, major data center leases including 51 MW in Mumbai). Accreditations: portfolio-wide HITRUST r2, Wall Street Journal Best Companies for the Future (#12 in innovation), Forrester recognition and previous FedRAMP High and Google Partner awards.
Updated and Raised Full-Year Guidance
Full-year guidance raised: revenue $7.94B–$8.01B (≈+16% at midpoint), adjusted EBITDA $2.945B–$2.975B (≈+15% at midpoint), AFFO $1.76B–$1.78B (≈+15% at midpoint). Q3 guide: revenue ≈$1.98B, adjusted EBITDA ≈$745M, AFFO ≈$440M.
MX:IRM1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed