Iron Mountain (IRM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.5

Last Year’s EPS

0.43

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 5 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 12, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented strong and broad-based growth across multiple strategic businesses with record quarterly and full-year results, meaningful margin expansion, robust data center and ALM momentum, and confident multi-year guidance. Risks discussed include mix-driven gross margin effects, near-term EBITDA phasing, execution dependence on pre-leasing and hyperscaler demand, exposure to memory pricing for ALM remarketing, and sensitivity to FX and acquisition assumptions. Overall, the company emphasized operational execution, disciplined capital allocation, and a constructive backlog and pipeline that support continued double-digit growth.

Company Guidance

Guidance summary: For full-year 2026 Iron Mountain guided revenue of $7.625–$7.775 billion (≈+12% YoY at the midpoint; ~+10% organic constant-currency), adjusted EBITDA of $2.875–$2.925 billion (+13% at the midpoint), AFFO of $1.705–$1.735 billion (+12% at the midpoint) and AFFO per share of $5.69–$5.79 (+11% at the midpoint). First-quarter targets are revenue ≈$1.855 billion (+16% YoY; +12% organic cc), adjusted EBITDA ≈$685 million (+8% YoY) and AFFO ≈$425 million. Key segment calls: Global Data Center revenue is expected to exceed $1.0 billion in 2026 (>25% YoY) with plans to lease 100+ MW in 2026 and a 400 MW land bank (half expected to energize in ~18 months) supporting >25% data-center revenue growth in 2026 and another year of 20%+ growth in 2027; ALM is guided to ~$850 million (~35% YoY) with expanding margins; digital momentum continues after eclipsing $500 million in 2025 and recurring digital now >40% of digital revenue. Capital and balance-sheet items: 2026 growth CapEx $2.0 billion and recurring CapEx $150 million (slightly below 2025), FX is expected to benefit full-year revenue by ≈$75 million, last year’s acquisitions add ≈$45 million of revenue, like‑for‑like FX targets imply ≈$8.1 billion revenue and $3.0 billion EBITDA, net lease‑adjusted leverage ended Q4 at 4.9x and is expected to be similar at year‑end 2026, dividend set at $0.864/quarter (up 10% YoY) with a target payout in the low‑60s of AFFO per share, cash interest modeled ≈$905 million and cash taxes assumed up ≈$20 million, and no restructuring charges are planned.

Record Quarterly and Full-Year Financial Performance

Q4 revenue $1.84B (+17% YoY reported; +15% constant currency; +14% organic). Full-year revenue $6.9B (+12% YoY). Adjusted EBITDA Q4 $705M (+17% YoY) and full-year $2.57B (+15% YoY). AFFO Q4 $430M (+17% YoY) and full-year $1.54B (+>15% YoY); AFFO per share $1.44 in Q4 (+16% YoY).

Data Center Momentum and Growth Outlook

Data center revenue +30% in 2025 (Q4 +39% YoY). Signed/leased 43 MW in Q4 and commenced 41 MW; renewals totaled 4 MW. Company expects >25% data center revenue growth in 2026, projects >$1.0B data center revenue in 2026 and anticipates leasing over 100 MW in 2026. Land bank of ~400 MW expected to energize over next 24 months.

Asset Lifecycle Management (ALM) Accelerating

ALM revenue +63% in 2025 (total) and +40% organic in 2025; Q4 organic ALM growth +56%. Q4 ALM revenue $190M (+70% YoY reported; +56% organic). Enterprise ALM organic growth expected >20% in 2026. ALM revenue guidance for 2026: $850M (~+35% YoY). Fortune 1,000 customers using ALM increased from 270 to 360.

Digital Solutions Expansion (DXP)

Digital revenue eclipsed $500M in 2025 (all-time high) with another year of double-digit growth. Number of DXP deals in Q4 was all-time high and average deal value more than doubled vs prior year. Recurring business now >40% of digital revenue and pipeline growing.

Growth Portfolio Contribution

Data center, ALM, and digital collectively grew >30% in 2025 to nearly $2.0B in revenue, accounted for two-thirds of total growth and contributed ~8 percentage points to consolidated growth.

Physical Storage Franchise Stability

Nearly $5.0B physical storage business grew at mid-single digit rate in 2025; 37th consecutive year of organic storage rental revenue growth. Total storage revenue in Q4 $1.0B (+13% YoY).

Margin and Expense Improvements

Adjusted EBITDA margin reached 38.3% in Q4 (highest reported to date) and enterprise adjusted EBITDA increased 15% in 2025 with margin improvement of ~90 basis points. Services gross margin up >100 bps YoY and +350 bps sequentially. Lowest SG&A expense ratio in many years.

Strong Guidance for 2026

2026 guidance: revenue $7.625–7.775B (midpoint +12% YoY); adjusted EBITDA $2.875–2.925B (midpoint +13% YoY); AFFO $1.705–1.735B (midpoint +12% YoY); AFFO per share $5.69–5.79 (midpoint +11% YoY). Five-year CAGRs implied >12% revenue and >13% EBITDA on like-for-like FX.

Capital Allocation and Balance Sheet

Quarterly dividend declared $0.864 (+10% YoY). Q4 growth CapEx $525M and recurring CapEx $43M. 2026 planned growth CapEx $2.0B and recurring CapEx $150M (~$1.8B+ to data centers). Net lease-adjusted leverage ended Q4 at 4.9x, lowest since pre-2014 REIT conversion.

Notable New Commercial Wins

Multiple large contract wins across geographies and verticals: Fortune 500 healthcare (RIM + ALM + governance), major UK government department (records management), global media archival deal (1,600+ high-value assets), Asia financial services DXP win (500M images/files metadata extraction), and ongoing ramp with Department of the Treasury.

Iron Mountain (IRM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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IRM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	0.50 / -	0.43	―	―	―
Feb 12, 2026	2025 (Q4)	0.59 / 0.61	0.5	22.00% (+0.11)
Nov 05, 2025	2025 (Q3)	0.53 / 0.54	0.44	22.73% (+0.10)
Aug 06, 2025	2025 (Q2)	0.50 / 0.48	0.42	14.29% (+0.06)
May 01, 2025	2025 (Q1)	0.40 / 0.43	0.43	0.00% (0.00)
Feb 13, 2025	2024 (Q4)	0.53 / 0.50	0.52	-3.85% (-0.02)
Nov 06, 2024	2024 (Q3)	0.48 / 0.44	0.45	-2.22% (-0.01)
Aug 01, 2024	2024 (Q2)	0.42 / 0.42	0.4	5.00% (+0.02)
May 02, 2024	2024 (Q1)	0.42 / 0.43	0.42	2.38% (+0.01)
Feb 22, 2024	2023 (Q4)	0.45 / 0.52	0.43	20.93% (+0.09)

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

IRM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2026	$100.22	$106.00	+5.77%
Nov 05, 2025	$102.25	$99.43	-2.76%
Aug 06, 2025	$93.79	$88.38	-5.77%
May 01, 2025	$87.34	$89.46	+2.43%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.