Analyst Consensus ?
ConsensusHold21 ratings
Bullish1466.7%
Neutral29.5%
Bearish523.8%
Iron Mountain Incorporated · IRM · FY2026 Q2 · Calendar Q3 2026
Iron Mountain Q2: Data Center and ALM Growth Lift Guidance
Iron Mountain's Q2 analysis supports a constructive operating thesis: data-center leasing, ALM expansion, and Digital Solutions are driving growth while management is raising its full-year outlook. The thesis still depends on converting the leasing pipeline, executing Groupe ATF integration, and sustaining demand across these growth businesses.
Reported Before market openNYSEReal Estate
$34.78B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.60
Consensus $0.54
EPS surprise
+10.5%
Reported versus consensus
Reported revenue
$2.03B
Consensus $1.97B
Revenue surprise
+3.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.3%
Event window
SPY move
-0.2%
Same window
Abnormal move
+1.5%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-12.0%
Up to 20 sessions
IRMSPY benchmark
Ask FN2 about IRM FY2026 Q2
Transcript, numbers and history already loaded
Why did IRM rise 1.3% after beating EPS estimates in FY2026 Q2?What changed in IRM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for IRM after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Q2 showed record performance and a higher full-year outlook, with Data Center and ALM growth remaining central. The company added Groupe ATF in France and Belgium, reported 325 MW remaining to be energized in its data-center pipeline, and highlighted portfolio-wide HITRUST r2 accreditation and a new $1.5 billion fixed-coupon bond.
Guidance delta
Management raised full-year 2026 revenue, EBITDA, and AFFO guidance after record Q2 performance.
Key takeaways
- Q2 revenue and EBITDA surpassed prior guidance, according to the supplied analysis.
- Data Center and ALM delivered combined growth above 50%, increasing their contribution to the revenue mix.
- Management cited a 325 MW data-center pipeline remaining to be energized.
- Groupe ATF expands Iron Mountain's ALM platform in France and Belgium.
- Digital Solutions and the DXP platform remain part of the growth strategy.
Management priorities
- Energize and lease additional data-center capacity in India, Europe, and Northern Virginia.
- Integrate Groupe ATF and deepen ALM capabilities in France and Belgium.
- Expand DXP deployments and the Digital Solutions portfolio.
- Invest $553 million in growth capital expenditure for data-center and ALM infrastructure.
- Execute the AI, operational-efficiency, and margin-expansion transformation program.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$118.13Current
$58Low
$120.46Average
$155High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 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 | Sep 8, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 6, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 1, 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 current price $118.13. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Analyst unavailable | $132 | $114.34 | +11.7% | Sep 21, 2026 |
| Barclays | Analyst unavailable | $144 | $116.86 | +21.9% | Sep 8, 2026 |
| Truist Financial | Analyst unavailable | $155 | $122.47 | +31.2% | Aug 27, 2026 |
| Wells Fargo | Eric Luebchow | $140 | $127.13 | +18.5% | Aug 6, 2026 |
| Barclays | Brendan Lynch | $143 | $126.31 | +21.1% | Jul 1, 2026 |
| Truist Financial | Tobey Sommer | $140 | $126.66 | +18.5% | May 1, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $130 | $107 | +10.0% | Mar 4, 2026 |
| Barclays | Analyst unavailable | $127 | $110.29 | +7.5% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $126 | $90.4 | +6.7% | Jan 13, 2026 |
| Jefferies | Jonathan Petersen | $120 | $99.89 | +1.6% | Sep 22, 2025 |
| Wells Fargo | Eric Luebchow | $135 | $123.42 | +14.3% | Oct 17, 2024 |
| Goldman Sachs | George Tong | $130 | $122 | +10.0% | Oct 16, 2024 |
| Barclays | Brendan Lynch | $133 | $118.84 | +12.6% | Oct 9, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $140 | $115.36 | +18.5% | Sep 23, 2024 |
| Wells Fargo | Eric Luebchow | $90 | $78.61 | -23.8% | Mar 15, 2024 |
| RBC Capital | Jonathan Atkin | $68 | $59.84 | -42.4% | Aug 22, 2023 |
| RBC Capital | Analyst unavailable | $58 | $52.26 | -50.9% | Dec 16, 2022 |
| BNP Paribas | Analyst unavailable | $66 | $55.54 | -44.1% | Dec 14, 2022 |
| Barclays | Brendan Lynch | $58 | $49.46 | -50.9% | Jun 25, 2022 |
| Stifel Nicolaus | Shlomo Rosenbaum | $62 | $55.42 | -47.5% | Apr 16, 2022 |
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Start freeCompany 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.
Historical context
All IRM earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the IRM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T18:13:53.198409+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T18:50:54.106703+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T18:50:54.103622+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 · As of 2026-09-22. For educational purposes only; not investment advice.