Iron Mountain

Iron Mountain Incorporated (Iron Mountain) is a real estate investment trust (REIT), based in Portsmouth, New Hampshire. It serves more than 240,000 customers in 61 countries. It stores and manages physical records, and it also runs data centers, digital services and asset lifecycle management (ALM). In Q3 2026, storage rental revenue was $1,150 million and service revenue was $841 million.

A REIT does not report earnings per share as its main measure, so this page uses adjusted funds from operations (AFFO) per share. Iron Mountain reports AFFO after recurring capital spending but before growth capital spending. William Meaney is President and Chief Executive Officer. The shares trade on the New York Stock Exchange in US dollars.

The market prices Iron Mountain close to the AI estimate, as a growth company whose AFFO per share must keep rising faster than the cost of the debt that funds growth in data centers and services. In Q3 2026, revenue rose 13.5% to $1,990.6 million, and AFFO per share rose 16% to $1.53. For nine months, AFFO per share rose 18% to $4.40. Guidance for 2026 AFFO per share is $5.94 to $6.00.

The company plans about $2,050 million of growth capital spending in 2026, which is more than its AFFO of $1,780 million to $1,800 million, so it adds debt: total debt was $18.1 billion at September 30, 2026. For the price to stay close to the AI estimate, three things must be true. Data center leasing must stay strong, after 137 megawatts of new leases in nine months. Growth in storage and service revenue must keep AFFO per share growing at a double-digit rate.

The cost of new debt must stay near the current level, so that interest does not take the gain. The dividend rose 15% to $0.993 per quarter, which signals confidence in AFFO growth. The next tests are the Q4 2026 report and 2027 guidance in February 2027. If AFFO growth holds, the price can stay close to the AI estimate.

If growth slows or the cost of debt rises, the AI estimate would fall.

AI estimate, checked by Kevin. How it is made

1. Feb 11, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceAFFO per share lands in the 2026 range of $5.94 to $6.00 and 2027 guidance shows double-digit growth, and this passes; slower growth fails.
2. May 2027 · est.Pending

   Q1 2027 results: data center leasing and leverageNew data center leases continue at a pace near that of 2026 while leverage stays under 5.0, and this passes; weak leasing or higher leverage fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Iron Mountain reported Q3 2026 results. Revenue was $1,990.6 million, up 13.5%. Net income was $128.9 million, against $86.2 million. Adjusted EBITDA was $748.0 million, up 13.3%, with a margin of 37.6%. AFFO was $458.4 million, or $1.53 per share, up 16%. The company leased 102 megawatts of data center capacity in the quarter and 137 megawatts in nine months.
• November 5, 2026Iron Mountain raised its 2026 guidance. It now expects revenue of $7,950 million to $8,020 million, Adjusted EBITDA of $2,948 million to $2,978 million, AFFO of $1,780 million to $1,800 million and AFFO per share of $5.94 to $6.00.
• November 5, 2026Iron Mountain raised its quarterly dividend by 15% to $0.993 per share for Q4 2026. It is payable on January 6, 2027, to holders of record on December 15, 2026.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 11, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · irm-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · irm-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled June 26, 2026 · Read it on sec.gov
• 8-KShareholder vote results and Other company newsFiled May 12, 2026 · irm-20260507
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · irm-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 8-KOther company newsFiled March 9, 2026 · irm-20260309
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 12, 2026 · irm-20251231

Every filing on SEC EDGAR (CIK 1020569)

• Debt is large and keeps growing. Total debt was $18.1 billion at September 30, 2026, and interest expense was $216.5 million in Q3. The net total lease adjusted leverage ratio was 4.8, against a limit of 7.0.
• Growth capital spending is more than AFFO. The company plans about $2,050 million of growth capital spending in 2026, mostly for data centers, and it must raise debt or equity to fund the gap.
• Data center demand can fall or move. Leases of 27.7 megawatts expire in 2027 and 45.2 megawatts in 2028, and a customer can choose another provider.
• Physical records volume grows slowly: global records management volume rose only 0.9% from Q3 2025 to Q3 2026, so growth must come from price, services and new businesses. Service revenue can swing from quarter to quarter: it fell 6.0% from Q2 to Q3 2026.
• The REIT status has tax rules. If Iron Mountain fails to qualify as a REIT, it would pay more tax.

At September 30, 2026, Iron Mountain had cash of $188.2 million and long-term debt of $18,096 million before discounts, of which $1,233 million is the current portion. Its net total lease adjusted leverage ratio was 4.8, against a maximum of 7.0, and its fixed charge coverage ratio was 2.5, against a minimum of 1.5. Read more

Yield at the current rate

3.1% (current annual rate, at today’s price)

Dividend yield

3.1% (last 12 months, at today’s price of $112.43)

Paid per share

$3.456 in the last 12 months (4 payments)

Current annual rate

$3.456 ($0.864 × 4 a year)

Payout ratio

657% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $0.864 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.4% a year. From 2015 to 2025, the dividend grew by about 5.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.