Analyst Consensus ?
ConsensusHold20 ratings
Bullish1365.0%
Neutral210.0%
Bearish525.0%
Iron Mountain Incorporated · IRM · FY2026 Q1 · Calendar Q2 2026
Iron Mountain Beats on Revenue and EPS as Data Center, ALM Surge Drives 22% Growth
Iron Mountain's Q1 2026 results mark a clear acceleration from an already strong Q4 2025. Revenue grew 22% YoY with organic growth of 17% — the strongest in over 25 years — beating consensus on both EPS ($0.60 vs $0.50 estimate, +20%) and revenue ($1.94B vs $1.86B estimate, +4%). The data center segment surged 47% and ALM grew 92%, both accelerating from prior-quarter rates. FedRAMP High authorization for the InSight digital services suite opens a new federal pipeline. Management raised full-year guidance for revenue, EBITDA, and AFFO while announcing a dividend increase. The stock's 10% session move — roughly 9x the benchmark — reflects the market pricing in a materially improved growth trajectory. With a 400 MW data-center pipeline and ALM guidance lifted to $950M, the company has multiple visible growth drivers beyond the current quarter.
Reported Before market openNYSEReal Estate
$35.93B market cap
100quality score
Company context
Snapshot as of publicationEstablished in 1951, Iron Mountain Incorporated (NYSE: IRM) has become the world's foremost authority in storage and information management solutions. More than 225,000 organizations globally trust Iron Mountain with their critical assets. With an extensive physical infrastructure spanning over 90 million square feet, the company operates approximately 1,450 facilities in around 50 countries. Within this vast network, Iron Mountain safeguards billions of valued items, including vital corporate records, highly confidential digital assets, and invaluable cultural and historical artifacts. Their comprehensive suite of offerings encompasses secure document archiving, robust information governance, digital transformation initiatives, confidential destruction services, along with advanced data centers, cloud computing solutions, and specialized art storage and logistics. These services empower clients to mitigate costs and risks, ensure regulatory compliance, facilitate swift disaster recovery, and enable a more efficient, digital-first operational model.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.60
Consensus $1
EPS surprise
+19.8%
Reported versus consensus
Reported revenue
$1.94B
Consensus $1.86B
Revenue surprise
+4.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$120.75Previous close
$58Low
$114.27Average
$143High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 1, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 21, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Mar 4, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Nov 27, 2024 |
| Stifel | Buy | Buy | Maintain | Sep 23, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 2, 2024 |
| Exane BNP Paribas | Outperform | Outperform | Maintain | Dec 14, 2022 |
| Credit Suisse | Underperform | Underperform | Maintain | Feb 25, 2022 |
| Baird | Neutral | Underperform | Upgrade | Aug 2, 2019 |
| Bank of America | Underperform | Neutral | Downgrade | Jul 11, 2019 |
| B of A Securities | Underperform | Neutral | Downgrade | Jul 11, 2019 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Oct 26, 2018 |
| Berenberg | Buy | Buy | Maintain | Sep 20, 2018 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 18, 2017 |
| Deutsche Bank | Sell | Hold | Downgrade | Jun 7, 2017 |
| Jefferies | Underperform | Hold | Downgrade | Jun 2, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Sep 20, 2012 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 20, 2012 |
| Citigroup | Buy | Neutral | Upgrade | May 4, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $120.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Brendan Lynch | $143 | $126.31 | +18.4% | Jul 1, 2026 |
| Truist Financial | Tobey Sommer | $140 | $126.66 | +15.9% | May 1, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $130 | $107 | +7.7% | Mar 4, 2026 |
| Barclays | Analyst unavailable | $127 | $110.29 | +5.2% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $126 | $90.4 | +4.3% | Jan 13, 2026 |
| Jefferies | Jonathan Petersen | $120 | $99.89 | -0.6% | Sep 22, 2025 |
| Wells Fargo | Eric Luebchow | $135 | $123.42 | +11.8% | Oct 17, 2024 |
| Goldman Sachs | George Tong | $130 | $122 | +7.7% | Oct 16, 2024 |
| Barclays | Brendan Lynch | $133 | $118.84 | +10.1% | Oct 9, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $140 | $115.36 | +15.9% | Sep 23, 2024 |
| Wells Fargo | Eric Luebchow | $90 | $78.61 | -25.5% | Mar 15, 2024 |
| RBC Capital | Jonathan Atkin | $68 | $59.84 | -43.7% | Aug 22, 2023 |
| RBC Capital | Analyst unavailable | $58 | $52.26 | -52.0% | Dec 16, 2022 |
| BNP Paribas | Analyst unavailable | $66 | $55.54 | -45.3% | Dec 14, 2022 |
| Barclays | Brendan Lynch | $58 | $49.46 | -52.0% | Jun 25, 2022 |
| Stifel Nicolaus | Shlomo Rosenbaum | $62 | $55.42 | -48.7% | Apr 16, 2022 |
Track every rating change on IRM the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+10.0%
Event window
SPY move
+1.0%
Same window
Abnormal move
+9.0%
Stock minus SPY
Volume
3.6×
Versus trailing sessions
Subsequent drift
+1.8%
Up to 20 sessions
IRMSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Versus Q4 2025, growth accelerated across all major segments. Total revenue growth stepped up from 17% to 22% YoY, with organic growth at 17% — the strongest in over 25 years. Data center revenue growth accelerated from 39% to 47%, and ALM growth accelerated from 70% to 92%. The company earned FedRAMP High authorization for its InSight digital services suite, a new milestone not present in the prior quarter. Web Werks was fully integrated after 13 months, expanding the India footprint. Record Q1 operating cash flow of $339 million. Management raised full-year guidance, versus the maintained posture in Q4.
Guidance delta
Management raised full-year 2026 guidance for revenue, EBITDA, and AFFO, upgrading from the maintained stance in Q4 2025. ALM revenue guidance was increased to $950 million. CapEx is projected slightly lower than the prior year, with no constraint on data-center expansion. The dividend was increased, with a target payout ratio in the low-60s.
Key takeaways
- Revenue grew 22% YoY to $1.94B, beating consensus by 4%, with organic growth of 17% — the strongest in over 25 years.
- Data center revenue surged 47% YoY, accelerating from 39% in Q4, with the 400 MW pipeline on track to exceed the 100 MW leasing target for 2026.
- ALM revenue grew 92% YoY, accelerating from 70% in Q4, with full-year guidance raised to $950 million.
- FedRAMP High authorization earned for the InSight digital services suite, expanding the federal government pipeline.
- Record Q1 operating cash flow of $339 million; full-year guidance raised for revenue, EBITDA, and AFFO.
- EPS of $0.60 beat consensus of $0.50 by 20%; the stock gained 10% on the session, 9x the benchmark move.
Management priorities
- Lease and activate over 100 MW of data-center capacity in 2026
- Expand FedRAMP-authorized digital services across U.S. federal agencies
- Grow ALM revenue toward the $950 million full-year guidance target
- Continue dividend growth while maintaining a low-60s payout ratio
- Pursue tuck-in acquisitions to broaden ALM geographic reach
Related earnings events
Real EstateSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T06:11:14.517703+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T06:11:14.515050+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.