$IRM · IRON MOUNTAIN INC
Iron Mountain reported Q3 FY2026 results (quarter ended September 30, 2026) via an 8-K Item 2.02. Total revenue was $1.991B, up 13.5% reported (12.8% organic). Net income was $128.9M vs $86.2M a year ago; Adjusted EPS was $0.64 vs $0.54. Adjusted EBITDA hit a record $748M (37.6% margin), and AFFO reached an all-time high $458M ($1.53/share). The board raised the quarterly dividend 15% to $0.993/share and raised full-year 2026 guidance.
- Record Q3 revenue of $1.991B, up 13.5% reported and 12.8% organic.
- Growth businesses (data center, digital, ALM) grew over 30% YoY; 102 MW data center leasing in Q3.
- Adjusted EPS of $0.64 vs $0.54 a year ago, up 19%.
- Record Adjusted EBITDA of $748M at a 37.6% margin, up 13.3% YoY.
- Quarterly dividend raised 15% to $0.993/share; FY2026 AFFO guidance raised to $1,780-$1,800M.
Extended-hours last trade of $114.09 is down 3.97% vs the $118.81 regular close, suggesting a negative after-hours reaction despite the beat and raised guidance.
A record quarter with a 15% dividend increase and raised guidance signals durable growth, yet the stock fell ~4% after hours.
Iron Mountain's data center leasing (137 MW YTD) and 30%+ growth in digital/ALM segments underscore its shift from records storage toward high-growth data infrastructure, a key REIT-sector theme.
Forward-looking risk disclosures cite execution of the strategic growth plan, customer shift away from paper/tape storage, and cybersecurity/data-privacy compliance costs as factors that could cause results to differ materially.