Iron Mountain Incorporated (IRM) Earnings Call Transcripts
Iron Mountain Incorporated's Latest Earnings Call - Q1 FY2026
Iron Mountain Incorporated reported exceptional first quarter results for 2026, with revenue reaching $1.94 billion, a 22% increase year-over-year, and adjusted EBITDA of $708 million, also up 22%. The strong performance was driven by significant growth in data center and asset life cycle management (ALM) businesses, with management raising full-year guidance for revenue to a range of $7.825 billion to $7.925 billion. This reflects an increase of $175 million at the midpoint compared to previous guidance, indicating robust demand and operational efficiency.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $1.94 billion (beat) |
| Adjusted EBITDA | $708 million (beat) |
| AFFO | $426 million (beat) |
| Total Revenue Guidance | $7.825 billion - $7.925 billion (positive) |
| Adjusted EBITDA Guidance | $2.925 billion - $2.965 billion (positive) |
| Operating Cash Flow | $339 million (positive) |
Guidance from management
Iron Mountain raised its full-year revenue guidance to between $7.825 billion and $7.925 billion, reflecting a $175 million increase at the midpoint. Adjusted EBITDA guidance was also raised to a range of $2.925 billion to $2.965 billion.
What management said
George, the only thing I would add is that we continue to see pricing in all those markets be very strong and returns are looking quite good on those contracts that Bill is speaking to. And if you look at the price that we just generated on new leases as compared to -- I think the last couple of quarters, it's up nicely, I think, like double digits. So we're pleased with the mix as well as the pricing.
What analysts pressed on
Analysts expressed concerns regarding the impact of supply chain issues on the ALM business, particularly with clients extending server life cycles. There were also inquiries about the pace of data center leasing and whether current CapEx plans could constrain growth.
Main topics on the call
- Revenue Growth Acceleration — Iron Mountain achieved a remarkable 22% year-over-year revenue growth, with organic growth at 17%, the highest in over 25 years. CEO Bill Meaney stated, "Our first quarter results were exceptional, above our expectations...
- Data Center Business Expansion — The data center segment saw a 47% increase in revenue, driven by strong demand from hyperscalers. Meaney noted, "Industry demand remains very strong with hyperscalers continue to build out inference and cloud capacity."
- Asset Life Cycle Management Growth — ALM revenue surged by 92% year-over-year, indicating strong performance in both enterprise and decommissioning services. CFO Barry Hytinen highlighted that the team achieved "greater than 100% organic growth in our data ...
- Government Sector Opportunities — Iron Mountain's government business is expanding, with bookings in the public sector being the second highest in the company's history. Meaney remarked, "We are significantly expanding our government business across the ...
Read the full Iron Mountain Incorporated transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Iron Mountain Incorporated
Iron Mountain Incorporated (IRM) is a publicly listed company in the Specialized REITs industry, within the Real Estate sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 64 calls on record spanning February 13, 2020 to April 30, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 64 Iron Mountain Incorporated earnings call transcripts on record, spanning February 13, 2020 to April 30, 2026. Based on this history, Iron Mountain Incorporated reports quarterly. The most recent call on file is dated April 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- IRM
- Exchange
- NYSE
- Country
- US
- Sector
- Real Estate
- Industry
- Specialized REITs
- Calls on record
- 64
- First call
- February 13, 2020
- Most recent
- April 30, 2026
- Reporting cadence
- quarterly