Analyst Consensus ?
ConsensusHold21 ratings
Bullish1466.7%
Neutral29.5%
Bearish523.8%
Iron Mountain Incorporated · IRM · FY2026 Q3 · Calendar Q4 2026
Iron Mountain’s Q3 growth broadens, while expansion risks remain
The supplied Q3 analysis supports a growth case led by data-center leasing, enterprise ALM and digital solutions, alongside a raised full-year outlook. That case depends on converting a large development pipeline into operating capacity while managing capital intensity, regulatory and permitting hurdles, FX exposure and execution.
Why did IRM fall 11.1% after beating EPS estimates in FY2026 Q3?
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Reported Before market openNYSEReal Estate
$31.41B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0.61
EPS surprise
+4.6%
Reported versus consensus
Reported revenue
$1.99B
Consensus $1.99B
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.1%
Event window
SPY move
-4.4%
Same window
Abnormal move
-6.7%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
-0.2%
Up to 20 sessions
IRMSPY benchmark
Ask FN2 about IRM FY2026 Q3
Choose a question to continue your research
Why did IRM fall 11.1% after beating EPS estimates in FY2026 Q3?What changed in IRM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for IRM after FY2026 Q3 earnings.
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Transcript intelligence
What changed
The Q3 analysis describes record quarterly performance, with data-center, enterprise ALM and digital solutions contributing to growth. Management raised FY 2026 guidance and increased the quarterly dividend; the call also highlighted sizeable leasing activity, backlog and plans to energize additional capacity.
Guidance delta
Management raised FY 2026 guidance. The supplied analysis does not quantify the change, so no magnitude is stated here.
Key takeaways
- The analysis identifies data-center demand and leasing as a leading growth driver, with 102 MW of quarterly leasing and a $575 million revenue backlog.
- Enterprise ALM growth and digital deployments broaden the growth mix beyond traditional records storage.
- Management paired its raised FY outlook with continued investment and a plan to energize roughly 325 MW of data-center capacity over the next 24 months.
- The combination of expansion plans and dividend growth leaves execution, funding intensity and cash-generation discipline important to monitor.
Management priorities
- Energize additional data-center capacity, including projects in India and the United States.
- Expand InSight DXP deployments and digital solutions with government and enterprise customers.
- Continue tuck-in acquisitions to extend ALM scale and operating leverage.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$105.71Current
$58Low
$120.46Average
$155High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 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 $105.71. 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 | +24.9% | Sep 21, 2026 |
| Barclays | Analyst unavailable | $144 | $116.86 | +36.2% | Sep 8, 2026 |
| Truist Financial | Analyst unavailable | $155 | $122.47 | +46.6% | Aug 27, 2026 |
| Wells Fargo | Eric Luebchow | $140 | $127.13 | +32.4% | Aug 6, 2026 |
| Barclays | Brendan Lynch | $143 | $126.31 | +35.3% | Jul 1, 2026 |
| Truist Financial | Tobey Sommer | $140 | $126.66 | +32.4% | May 1, 2026 |
| Loop Capital Markets | Zhiger Kurmet | $130 | $107 | +23.0% | Mar 4, 2026 |
| Barclays | Analyst unavailable | $127 | $110.29 | +20.1% | Feb 23, 2026 |
| Barclays | Analyst unavailable | $126 | $90.4 | +19.2% | Jan 13, 2026 |
| Jefferies | Jonathan Petersen | $120 | $99.89 | +13.5% | Sep 22, 2025 |
| Wells Fargo | Eric Luebchow | $135 | $123.42 | +27.7% | Oct 17, 2024 |
| Goldman Sachs | George Tong | $130 | $122 | +23.0% | Oct 16, 2024 |
| Barclays | Brendan Lynch | $133 | $118.84 | +25.8% | Oct 9, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $140 | $115.36 | +32.4% | Sep 23, 2024 |
| Wells Fargo | Eric Luebchow | $90 | $78.61 | -14.9% | Mar 15, 2024 |
| RBC Capital | Jonathan Atkin | $68 | $59.84 | -35.7% | Aug 22, 2023 |
| RBC Capital | Analyst unavailable | $58 | $52.26 | -45.1% | Dec 16, 2022 |
| BNP Paribas | Analyst unavailable | $66 | $55.54 | -37.6% | Dec 14, 2022 |
| Barclays | Brendan Lynch | $58 | $49.46 | -45.1% | Jun 25, 2022 |
| Stifel Nicolaus | Shlomo Rosenbaum | $62 | $55.42 | -41.3% | Apr 16, 2022 |
Track every rating change on IRM the moment it posts. Free to start.
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 earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| VMRK Vivmark Residential | FY2026 Q3 · Calendar Q4 2026 | -425.6% | +2.4% | Vivmark lifts 2026 revenue outlook as merger integration advances |
| LAMR Lamar Advertising Company | FY2026 Q3 · Calendar Q4 2026 | -3.6% | -0.8% | Lamar Q3: AFFO Outlook Raised as Digital and Political Demand Support Growth |
| SPG Simon Property Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.9% | -0.9% | Simon Property lifts 2026 FFO outlook as leasing remains strong |
| SPG-PJ Simon Property Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.9% | — | Simon Property raises 2026 FFO outlook as leasing stays strong |
Latest beats and misses
Who reports nextBeat on EPS
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
- STEFY2027 Q2 · November 4, 2026+9.7% EPS+2.5% move
- AFRMFY2027 Q1 · November 5, 2026+23.8% EPS+1.9% move
- VRSKFY2026 Q3 · November 5, 2026+2.1% EPS+6.9% move
- APDFY2026 Q4 · November 5, 20260.0% EPS-2.9% move
Missed on EPS
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
- UHALFY2027 Q2 · November 4, 2026-15.4% EPS-3.2% move
- LAMRFY2026 Q3 · November 5, 2026-3.6% EPS-0.8% move
- CMIFY2026 Q3 · November 5, 2026-6.0% EPS-4.9% move
Get the IRM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-05T17:11:57.211722+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T15:40:45.319699+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T15:40:45.316177+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 2026-11-06. For educational purposes only; not investment advice.