IRM

Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 8:30 a.m. ET Senior Vice President of Investor Relations - Mark Rupe President and Chief Executive Officer - William Meaney Executive Vice President and Chief Financial Officer - Barry Hytinen Operator: Good morning, and welcome to the Iron Mountain Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mark Rupe, Senior Vice President of Investor Relations. Please go ahead. Mark Rupe: Thanks, Bailey. Good morning, everyone, and welcome to our second quarter 2026 earnings conference call. Joining us today are Bill Meaney, our President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer. After our prepared remarks, we'll open the line for Q&A. Today's call will include forward-looking statements, which are subject to risks and uncertainties. For a discussion of the major risk factors that could cause our actual results to differ from these statements, please refer to today's earnings materials, including the safe harbor language on Slide 2 of the earnings presentation and our annual and quarterly reports on Form 10-K and 10-Q. Each of these items as well as reconciliations of non-GAAP financial measures referenced during this call can be found on our Investor Relations website. With that, I'll turn the call over to Bill. William Meaney: Thank you, Mark, and thank you all for joining us today to discuss our second quarter results. As you saw in this morning's release, our team delivered another outstanding performance with record-breaking second quarter results exceeding our expectations across all metrics, driven by strong execution of our growth plans. Revenue increased 19% year-over-year, including organic growth of 17% and adjusted EBITDA and AFFO grew 16% and 17%, respectively. The foundation of our ongoing success continues to be driven by exceptional customer stewardship, combined with the strength in our traditional records business and the expanding portfolio of growth businesses. Our Data Center, ALM and Digital businesses collectively grew more than 50% in the quarter or 14 percentage points on a consolidated basis. These 3 growth businesses accounted for 35% of our second quarter revenue, an increase of 750 basis points as compared to last year. This impressive growth is further strengthened by the consistent mid-single-digit growth that our highly recurring cash-generative physical storage business continues to deliver. Let me now share some of the highlights from the quarter and the confidence this provides as we expect to compound double-digit revenue and earnings growth well into the future. Our Data Center business continues to deliver strong growth, up 39% in the quarter with an equally promising outlook. We leased 13 megawatts in the second quarter and another 75 megawatts in July, bringing our year-to-date leasing to 110 megawatts. With strong industry demand and pipeline, we are well positioned with approximately 325 megawatts of leasable capacity expected to energize over the next 24 months. We delivered another outstanding performance in our Asset Lifecycle Management business with second quarter growth of 88%. ALM represents a multibillion-dollar opportunity for Iron Mountain. And as an industry leader, we are uniquely positioned to capture it on a global basis. By providing a compelling and differentiated value proposition, we continue to drive new customer wins and expand penetration within our existing base. Let me provide a framework for our ALM strategy, which consists of 2 principal channels, enterprise and hyperscale decommissioning. The enterprise channel offers the most consistent and strong growth potential. It benefits from a large, highly fragmented addressable market, representing 75% of the $35 billion ALM market. Much like our Records Management business, we are well positioned to serve a global customer base, capitalizing on our established brand, deep client relationships and logistics infrastructure aimed at this rapidly growing market. The enterprise channel also has several structural advantages, including client activity tends to be consistent and recurring in nature. It drives the vast majority of our ALM profitability and we see strong operating leverage over the next several years, which will drive profitability and margins even higher and through our strong cross-sell opportunity into our 240,000 customers, we see sustainable growth of 25% or more annually for the foreseeable future. Turning to the hyperscale decommissioning channel, this also represents a significant long-term growth opportunity supported by the rapid growth in renewal of data centers. In this hyperscale channel, we offer a complete solution, including decommissioning, remarketing and securely disposing equipment through our comprehensive global platform. Our Digital Solutions business maintained its strong momentum, achieving record quarterly revenue in line with our expectations of continued double-digit organic growth. I am especially pleased with the traction we are seeing in DXP, our AI-powered agentic solutions platform. As this platform expands, the recurring nature of our digital business is now more than 45% of our revenue. This naturally helps underpin the long-term growth momentum of the business. I am also proud that we continue to gain recognition by leading analyst firms. In Q2, Forrester recognized Iron Mountain as a top provider of document mining and analytics platforms, positioning Insight DXP as a top scorer for agentic AI functionality, data privacy, validation rules, globalization and platform breadth. And lastly, from an operational perspective, we continue to execute very well, driving overall enterprise adjusted EBITDA growth of 16% in the quarter, which was ahead of our expectation. Based on this strong performance and continued momentum in our business, we are pleased to increase our full year financial outlook. I now want to highlight a couple of notable recent recognitions that reinforce our strategic efforts. In June, we achieved portfolio-wide HITRUST r2 accreditation, which serves as the gold standard data security credential within heavily regulated industries. And more recently, Iron Mountain was recognized on the Wall Street Journal's Best Companies for the Future list, capturing the #12 spot in the innovation category for S&P 500 companies. These accolades build directly upon our momentum from last quarter where we highlighted our FedRAMP High authorization and Google Partner of the Year recognition. Now let me share some of the wins from the quarter that illustrate the strength of our synergistic business model and commercial success. In Records Management, in the U.S., we won a contract to deploy our Smart Sort solution to process 10 million files as part of a building relocation for a leading global financial institution. In Digital Solutions, we continue to build momentum as evidenced by the number and types of DXP deployments we are winning. In the U.K., we secured a 3-year global managed services agreement with a leading fintech company to deliver intelligent intake management across 45 countries. DXP will digitize and process 500,000 inbound items annually using AI agents to classify content, enrich metadata and apply the appropriate governance rules. Our real-time dashboards will provide greater operational visibility while strengthening compliance and controls across markets. In Australia, a long-standing financial services customer chose Iron Mountain to digitize 40 million images into DXP, leveraging our Policy Center solution to automate records retention and destruction whilst ensuring robust governance through a paperless environment integrated into their technology ecosystem. I'm also very pleased with the continued momentum in our government business with considerable new wins in this quarter and expanding deployments in our existing contracts, both in the U.S. and on a global basis. We had particularly strong bookings performance in Europe this quarter. Now let me highlight some of our data center wins. We signed a 25-megawatt lease in July, fully leasing our London 3 asset. This came on the heels of the 10-megawatt lease we signed in Amsterdam. Both of these leases are a direct result of the large and expanding pipeline we have around AI inference. Also in July, a major global hyperscaler leased 51 megawatts in Mumbai as part of a 10-year contract. India is quickly becoming a major hyperscale data center market and we are well positioned with another 100 megawatts of future development capacity. Turning to our Asset Lifecycle Management business, we continue to successfully scale our global capabilities, broaden our customer base through cross-selling initiatives and deepen our penetration among existing customers. In the second quarter, we secured a multiyear global ALM program with a long-standing business services customer to manage their IT assets annually across North America, EMEA and APAC. This is another example of a customer standardizing with Iron Mountain across the world and builds on other recent single vendor consolidation wins. In Australia, we were awarded a 3-year agreement by a government department for the secure disposition of 100,000 IT assets annually. We won due to our proven scale, security standards and the strength of our local partnership. And in our ALM decommissioning business in Europe, thanks to our market-leading position and the global reach of our brand and capabilities, we were pleased to be selected by a neo-cloud customer to decommission and remarket tens of thousands of IT assets and conduct on-site shredding of drives. And in Canada, a leading financial institution selected Iron Mountain as their decommissioning partner across the country, building on our existing exclusive partnership in the U.S. In conclusion, as you heard today, our team is delivering very strong results across the business. And notwithstanding our success, we are still in the early phases of our long-term growth trajectory. This growth trajectory is underpinned by an ever-expanding revenue share from our rapidly expanding portfolio of growth businesses. This portfolio is already more than 30% of the consolidated revenue, supporting our ability to drive sustained double-digit top and bottom line consolidated growth well into the future. I want to extend my sincere thanks to mountaineers across the world for their steadfast dedication to serving our more than 240,000 customers. I also especially wish to express my gratitude to our customers for allowing Iron Mountain to serve as the trusted guardian of your most important assets, helping you unlock value and enhance efficiency. With that, I'll turn the call over to Barry. Barry Hytinen: Thanks, Bill, and thank you all for joining us to discuss our results. Our second quarter performance reflects another outstanding team effort. We delivered record results across the business, driven by the successful execution of our growth plans. Revenue of $2.03 billion was up $317 million year-on-year. This was approximately $65 million ahead of the projection we provided on our last call, driven principally by upside in our ALM hyperscale decommissioning business. As compared to last year, revenue increased 19% on a reported basis, 18% on a constant currency basis and 17% on an organic basis. While the change in FX rates contributed approximately $14 million in revenue year-on-year, I would like to note that this was slightly below what we had assumed in our outlook as the dollar strengthened following our last call. Adjusted EBITDA of $727 million was a new record and increased $99 million or 16% year-on-year. This was above the $715 million projection we provided on our last call. This strong performance was driven by better-than-expected revenue growth and continued cost discipline across the business. Our margin performance in the quarter reflects the team's outstanding growth in services revenue, which naturally drives a mix headwind. AFFO was $433 million, up $63 million. This represented an increase of 17% as compared to last year and AFFO on a per share basis was $1.44, up 16% to last year and was $0.04 ahead of the projection we provided on our last call. Now turning to segment performance. In our Global RIM business, second quarter revenue of $1.4 billion was a quarterly record and grew $110 million as compared to last year. This marks the third quarter in a row during which our Global RIM business has delivered more than $100 million of year-on-year revenue growth. Segment growth was 8% on a reported basis and 7% on an organic basis. The consistent growth we continue to deliver is the result of strong performances in both our storage and services businesses. Storage revenue growth was up 7% on a reported basis and up 5% on an organic basis. Global RIM service revenue grew 11% and was up 9% on an organic basis. This was driven by our Digital business, which grew more than 25% and continued strength in core services. From a profitability perspective, Global RIM adjusted EBITDA increased $34 million to $621 million. This was an increase of 6% year-on-year with an adjusted EBITDA margin of 43%. Turning to our Global Data Center business. We achieved revenue of $263 million in the second quarter, an increase of $73 million or 39% year-on-year, driven by lease commencements and positive pricing trends. In the second quarter, we signed 13 megawatts of new leases, including a 10-megawatt lease in Amsterdam and 3 megawatts in our Enterprise segment. We also commenced 25 megawatts and renewed 189 leases totaling 4 megawatts. Renewal pricing was strong with spreads of 12% and 14% on a cash and GAAP basis, respectively. Second quarter Data Center adjusted EBITDA was $137 million, up $41 million year-on-year resulting in an adjusted EBITDA margin of 52.2%, up 140 basis points to last year. And on like-for-like power, our Data Center margin was up over 100 basis points sequentially from the first quarter. Turning to Asset Lifecycle Management, total ALM revenue was $288 million, an increase of $135 million or 88% year-on-year. On an organic basis, our team grew revenue by more than $127 million or 82%. This strong performance exceeded our projection by more than $45 million, driven by both our enterprise and hyperscale decommissioning channels. Enterprise continued its strong trajectory, growing more than 60% organically through increased penetration of existing customers and the addition of new wins. Data center decommissioning revenue increased more than 100% year-on-year. This was driven partially by $30 million of timing benefit related to a couple of large projects that hyperscalers accelerated into the quarter versus their initial schedule. From a profitability perspective, we drove solid improvement in margins, reflecting improved operating performance across the business as well as acquisition synergies. Let me now provide additional color on the price environment for memory and our updated outlook for ALM. Memory prices continue to remain elevated as compared to last year. Relative to the first quarter, mix and pricing varied across memory components with some up and some down. In terms of our outlook, we are pleased to once again raise our ALM projection, and we now expect full year revenue to approach $1 billion. This outlook assumes strong growth on the enterprise side to continue in the second half of the year. Consistent with our strategy to offer our clients a complete ALM solution across the world, we recently acquired Groupe ATF, which expands our capabilities and ALM offering in France and in Belgium. Now turning to cash flow on a consolidated basis. Year-to-date operating cash flow was $888 million, up $315 million from last year. This marks the best first half operating cash flow the company has ever achieved. Free cash flow improved $441 million in the first half of 2026 as compared to the first half of 2025. This significant increase was driven principally by growth in our business, improved cash cycle and the conclusion of our Matterhorn restructuring in 2025, which was $100 million in the first half of 2025 and 0 this year. Turning to capital allocation. Our focus remains on investing in high-return opportunities that drive double-digit growth and growing our dividend while maintaining our strong balance sheet. Our Board of Directors declared our quarterly dividend of $0.864 per share to be paid in early October. On a trailing 4-quarter basis, our AFFO payout ratio is now 60%. In terms of capital investments, in the second quarter, we invested $553 million of growth CapEx and $38 million of recurring CapEx. Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 4.8x remaining at the lowest level we've had on this metric since prior to the company's REIT conversion in 2014. During the quarter and aligned with our strategy, our team successfully issued a new $1.5 billion bond achieving a 6.25% fixed coupon maturing in 2035. We are very pleased to have achieved a new milestone with this offering. It includes our first-ever investment-grade covenant package. We are gratified that debt investors continue to appreciate the strength of Iron Mountain's credit profile. I would like to thank our bondholders for their support of our growth initiatives. And now turning to our outlook for the full year 2026. Based on our strong second quarter performance and positive outlook, we are increasing our financial guidance for the year. The updated guidance can be found on Slides 14 and 15 in our second quarter earnings presentation, which is available on our Investor Relations website. We now expect total revenue to be within the range of $7.94 billion to $8.01 billion, which represents year-on-year growth of 16% at the midpoint. We now expect adjusted EBITDA to be within the range of $2.945 billion to $2.975 billion, which represents year-on-year growth of 15% at the midpoint. We expect AFFO to be within the range of $1.76 billion to $1.78 billion or $5.87 to $5.93 on a per share basis. At the midpoint, this represents 15% and 14% growth, respectively. Now turning to the third quarter. We expect revenue of approximately $1.98 billion and adjusted EBITDA of approximately $745 million, both an increase of 13% to the third quarter of last year. We expect AFFO of approximately $440 million, an increase of 12% to last year or $1.47 per share. In light of the strength of the U.S. dollar since our last earnings call, let me provide some context on our updated outlook. On the same FX rates as used at the time of our last guidance, our full year outlook at the midpoint represents an increase of $125 million for revenue with a $60 million increase in the second half, an increase of $25 million for adjusted EBITDA with a $12 million increase in the second half, an increase of $35 million for AFFO with a $20 million increase in the second half, an increase of $0.10 per AFFO per share with a $0.06 increase in the second half. In conclusion, our team has delivered outstanding year-to-date results and our long-term growth opportunity remains very substantial. I want to express my thanks to our entire team for their focus and dedication to serving our customers and their deep commitment to Iron Mountain. And with that, operator, would you please open the line for Q&A. Operator: [Operator Instructions] Our first question comes from Eric Luebchow with Wells Fargo. Eric Luebchow: Great to see some of the data center leasing come through in July in India and London. Maybe you can talk a little bit about what the pipeline looks like beyond July for the rest of the year. You've already exceeded the 100-megawatt target that you laid out at the beginning of the year. What are some of the top-of-mind campuses, whether it be Richmond or other places in Virginia, where you're seeing demand? William Meaney: Thanks for the question. Yes, we're really pleased with the momentum that we're building in the data center leasing side as we, kind of, predicted with -- on the last call, we had 400 megawatts that was being energized over the next 24 months. As we sit here today, after the strong leasing that we've had in the first half of the year, including July, we have 325 megawatts that remain, that will be energized in the next 24 months. Obviously, we have a lot coming after that. But we feel really good about the pipeline that we have, which includes the Richmond campus, as you highlighted, but beyond Richmond, also including Europe and more in India. So really we feel really good about the momentum we're building. I mean obviously, the leasing at these -- for these large hyperscale deals is a little bit lumpy, but it's -- the assets we have are compelling and the pipeline that we have against those assets is super strong. Operator: Our next question comes from George Tong with Goldman Sachs. Keen Fai Tong: Sticking with the data center piece, acknowledging signings and leasings can be lumpy. Can you talk about the pipeline and how discussions with hyperscalers are currently progressing and what your latest leasing target is for full year 2026? William Meaney: George, thank you. As we said in the last call, in terms of what we expect to happen in 2026 on the leasing side is we still say that we think we will meaningfully exceed obviously our original guidance of 100 megawatts, which we're already beyond. So I would say that we still feel very good that we'll meaningfully exceed that number. I think that's really based on, to your point, on the pipeline that we have against the 325 megawatts of the amount of capacity that will be energized over the next 24 months. And a lot of that is -- I think I made a comment in my remarks, a lot of it is to do with building out of inference capacity for the hyperscale community. And then also the expansion of not just hyperscale, but I would say a number of data center providers in India. So the pipeline is strong and multiple against each of those assets, and I would expect that we will meaningfully exceed where we are sitting today by the end of the year. But these are large leases and tend to be lumpy in nature. Barry Hytinen: Yes. And George, I would just add that as we talked about publicly a few times, it is our intention to be more consistent with the rest of the industry and not necessarily be guiding to leasing on a given year. That's part of the reason why we've been sharing with the investment community our energization schedule because that, I think, to Bill's point about it being lumpy, is a better indication of what the potential is and frankly, the likelihood over that period of time because all of those megawatts that we have energizing over the next couple of years are in great markets. We have robust pipeline against that. In fact, we're even starting to build pipeline against the megawatts we have that energized after that period of time and having some very good conversations about that, as you would expect, since a good amount of that additional megawatts is in Northern Virginia, which is, as you know, the #1 market in the world. So we feel really, really good about where we are, and I just echo Bill's point, like we're going to -- we're obviously going to meaningfully exceed our original target for the year. Thanks, George. Operator: Our next question comes from Brendan Lynch with Barclays. Brendan Lynch: I wanted to follow up on Groupe ATF. Can you give us some details on the size of the acquisition, the operating synergies you anticipate with your existing European exposure and the opportunity to cross-sell your respective customer base? William Meaney: Thanks, Brendan. Let me take the cross-sell and the commercial side, and then I'll ask Barry to comment on ATF more in terms of the acquisition. So yes, I mean, it is consistent with our strategy to add to our platform. So we have, as you know, a very strong ALM platform in Europe as we do in most major geographies where we operate. But this particular acquisition will actually broaden and deepen our platform in basically key markets of Belgium and France. So we feel really good about that. Obviously, there's a lot of synergies on that, and it gives us the ability to have more conversations with our customers. So -- and we're already starting to see the fruits of that in terms of customers that we've known for a long time in one part of our business, say, in Records Management or in the Digital business, is we're now able to have a broader conversation with them, including ALM. And you can see that in our ALM print this quarter, we are up 88% year-on-year in terms of ALM sales. Barry Hytinen: Brendan, a couple of more details on the Groupe ATF deal. So we just closed it. It closed right at the end of July, or I think technically August 1. And it's not a huge deal. I mean, think like high teens millions of revenue annually. So I think in the back half, you ought to be expecting something like $7 million of contribution in light of the timing of when we closed it and just the normal cadence of the business. It's like a lot of these enterprise opportunities that we see out there. It's, kind of, a low 20% -- kind of low 20s EBITDA margin and it is very consistent with our, if you will, algorithm for tuck-in acquisitions, kind of thinking that we paid in the 5 to 7x multiple, and we expect it to synergize well below 5x because as your question notes, there's a lot of synergy. And there's synergy both on the cost side as well as on the revenue side in terms of the additional cross-selling that Bill mentioned. And just to give you a sense, so Groupe ATF, as I mentioned, is quite well established in France and in Belgium. And as you probably know, France is one of the top ALM markets, both in the world as one of the very top markets in Europe. So we are very pleased to be able to support our clients in a more robust way and continue to tuck-in acquisitions on the enterprise side. As we've seen before with other tuck-in acquisitions, we've been able to drive considerable growth of top line as well as a considerable improvement in margin. And so we expect that to occur here. And I'll just note that our corporate development team and our ALM team are doing a great job with continuing to develop a robust pipeline of tuck-in acquisitions of this sort. We're going to obviously continue to be very financially disciplined using our 5 to 7 turns of multiple of EBITDA as our kind of basis for what we pay versus a build versus buy type of situation. And I'll just acknowledge again that the enterprise business is growing very, very fast. So we're very pleased with the opportunity in that channel. As Bill highlighted, it's a much higher margin business for us within ALM. And as that grows, we think we're going to develop a multibillion-dollar ALM business. Thanks, Brendan. Operator: Our next question comes from Tobey Sommer with Truist. Tobey Sommer: I wanted to pull on that thread with ALM. Is your global scale now sufficient so as to unlock MSAs with the largest global multinationals and you'd be able to service them truly globally? The growth has been very impressive, but I'm wondering whether we're at the cusp of that or it's already occurred where you're unlocking large global footprints on a regular basis? William Meaney: Thank you, Tobey, for the question. I would say that it's approaching that. In other words, by far, we have the best platform. It's still a fragmented market, but we have the best platform. So in places like Europe and North America, yes, we have that. We're still working and building it out in places like India and Asia. Australia, we have the platform. But to your point, if you note the win that I mentioned in terms of a long-standing business services customer, where we just won a contract that's across multiple of those geographies, it was exactly to your point as we were the only one that could give them -- it's not -- give them the MSA, but more important, give them the certainty that we could execute that in a -- both an economic but also in a very secure way because the security around these IT assets really plays into our brand and our strength. And I would like to maintain a level of humility on it. But just objectively, if you look at us versus any of the other alternatives for companies that are looking to operate on multiple geographies where they're sensitive to the security of these assets, is we really do -- are the only ones that have the platform that can play in those key geographies. That being said, there's still -- as we talked about just the recent acquisition in France, is we can continue to build on that, which gives us further growth opportunities. And there are certain areas in Asia Pacific, and I would say the Middle East that we're still building up the platforms. Barry Hytinen: And Tobey, I would just add that to put it in perspective on that opportunity, look, this year, our enterprise ALM business is going to be up north of 50% versus last year, call it, a little over $600 million of revenue for the full year. And you're talking about ALM -- you're talking about the segment of ALM that is very large. I mean this TAM for ALM is $35-plus billion and growing. The enterprise business is 75 or more percent and we're only, like, $600 million. So we are really just getting started in the business, and it's -- but we've grown a lot. That enterprise business has grown about 15 or 20-fold in the last 5 or 6 years. So very strong growth, a lot of growth ahead of us. And I'll just also mention that the other piece of the pie on ALM hyperscale data center decommissioning and broader data center decommissioning with corporate clients, that slug is a very meaningful target for us as well. And in fact, the hyperscale data center decommissioning segment is expected to double over the next 4 or 5 years in terms of the TAM from $3 billion to about $6 billion of TAM. And that is driven by, of course, the massive growth of data centers over the last few years and the continuous renewal of those that gear inside those data centers. So we feel really well positioned in ALM. Operator: Our next question comes from Andrew Steinerman with JPMorgan. Alexander EM Hess: This is Alex Hess on for Andrew Steinerman. Just wanted to maybe think strategically for a second with you guys about, obviously, the TAM estimates that you guys gave in 2022 especially around data center and ALM now perhaps are a touch conservative. How do you think about further cross-selling, further service penetration, mining the seams as the number of really scaled companies, huge capital commitments expands throughout the data center ecosystem? Just it feels like there might be more roles for you guys to play there. How are you thinking about that holistically attacking and monetizing the seams of the TAM? William Meaney: Thanks, Alex, for the question, and I'll ask Barry to also add because I think you're pulling on really an important thread. I mean it was the whole thesis behind when we launched Matterhorn and reorganized our go-to-market and our commercial strategy, which is really about -- if you think about Iron Mountain today, it's multiple mountain ranges, if you will, and we need to sell the whole range with our commercial engine. But specifically, if you kind of drill down on your kind of -- you're also following on, on the hyperscale decommissioning segment of the ALM market and the data center ecosystem. We just kind of focus on that is we are building muscle and approaches to better and further penetrate that. I mean, we're already having large success. Barry mentioned that the hyperscale decommissioning side of the business is going to double in the next, say, 4 or 5 years. There's also some decommissioning in some of our enterprise customers that's either refreshing their data centers, in some cases, closing down their data centers and going to colo, which obviously gives us an opportunity to pick up some colo customers on the enterprise side, in the data center side. And so whether it's the hyperscale customer relationships that we have, which started with selling data center leasing to them, which is now much more kind of cradle-to-grave, including helping to dispose of some of their IT assets when they're going through refresh cycles is we're finding that the synergy between the data center business and the hyperscale enterprise decommissioning business is really meaningful. And we are, in fact, having those conversations, and you're starting to see that reflecting the 88% year-over-year growth that we've seen in the segment. But Barry, you might want to comment further. Barry Hytinen: I guess I'll pick up on that, Alex, thanks for the question. I would say, I think it's pretty clear, we're the only provider of a complete end-to-end life cycle solution for the hyperscale marketplace. As we develop, we operate and we decommission data centers, we can do it all for them. And I think that's one of the reasons why we're seeing continued strength in both businesses. Bill mentioned on the prepared remarks, a new element of data center that's coming in as an incremental leg for us on hyperscale decommissioning, that's neo-cloud. You think about all the neo-clouds that have been developing over the last few quarters, a couple of few years, they also will have a lot of refreshing to do over time. And as you think about what's coming in the future to be refreshed, it will be more GPU-based i.e., higher-priced gear with likely even more demand in the secondary market. So we feel very good about that. And of course, the bigger TAM is the enterprise side where we're building that very complete global solution that is akin to what the company did in records, whereby we have offered clients a solution to a series of challenges they have, and we can do it and they standardize with us, and we want to do a very similar type of exercise for our clients on the ALM side. Thank you. Operator: Our next question comes from Nate Crossett with BNP. Nathan Daniel Crossett: Just on the core storage business, I was wondering if you could just give an update on your outlook for Global RIM volume and pricing. And then separately, if there's anything to know on just the ramping of the [ DOT ] contract. Barry Hytinen: Nate, thanks for those. So our physical volume continues to grow very nicely. You can see in the supplemental report, it was up, I think, 2.5 million cubic feet on a sequential basis. As I've said before, I'll say it again, we have never stored more physical volume on behalf of clients than we are storing right now. So it continues to be a very strong performance for us. We always -- I always have been saying like we expect our physical volume to grow very slowly in a positive way, something like slightly up to maybe 50 basis points or so a year. And we've been consistently performing. Our team continues to find ways to help clients and consolidate incremental volume. We are leveraged to markets where there's of continued outsourcing of volume ongoing, such as India, where our team is doing great things and our Indian business incidentally is doing exceptionally well, not just on the volume side, I might add on the physical side, but the big lease that we just signed in Mumbai does speak to how we are approaching India in a very comprehensive way. We think that's a huge growth opportunity for us over the next few years. So physical volume, I expect it to continue to be slightly up for the foreseeable future. As it relates to revenue management, I'll just say what we endeavor to do, as you know, Nate, because you've covered it for a long time, is we look to charge for value. And our revenue management initiatives are based on the fact that we can support those through offerings to clients that they can't get from anybody else. So whether it be our Smart Sort, our Smart Reveal, digital on-demand, cross-selling of ALM services together. We really feel that the way we generate the ability to drive revenue management is through generating significant value for clients. And we want to continue to have very satisfied clients and I'm pleased to say, by the way, that our retention rate continued to increase over the last several quarters, including this quarter. And then lastly, as it relates to the IRS deal. Yes, Bill and I both mentioned that our digital business continued to grow, had a record quarter. And I'll say that the IRS deal was a few million dollars -- a couple of million dollars ahead of our expectations in the second quarter, ramped even faster. I think we did about $15-plus million, that's up from the $9 million that we did in the first quarter. So we're probably running a little bit ahead of our expectations for the full year, and I'll just reiterate that we continue to expect in 2027 that business to be in excess of $100 million and to carry on in that way for years to come. Thank you, Nate. Operator: [Operator Instructions] Our next question comes from Jon Atkin with RBC Capital Markets. Jonathan Atkin: A couple of cats and dogs, if I could just throw these in. One is, can you comment on the role of indirect channel in driving sales now or maybe going forward in any of your segments, I suppose? And then operating efficiencies, a lot of your margin expansion is through things like revenue management and sweating assets more effectively. But in terms of things that require, like, quote-to-cash or sales force efficiency and so forth. Anything on the operations side that we should be thinking about as a source of margin expansion? And then thirdly, I think Web Werks had a bare metal computer hosting unit. And I just wondered whether that is a line of business that you see some potential in to maybe expand? William Meaney: Thanks, Jon. I think let me kind of start and I'll ask Barry, especially on the transformation side because that rolls up to him. And I should just kind of caveat is, for us, transformation is a lifestyle, not a diet. So it's part of the ongoing -- and AI is part of the story, but not all of the story, but it is about how do we actually make sure that we're doing things the right way, the most efficient. And it's also part, if you think about every 3 years, the size of the company at these growth rates is 50% bigger than it is today. That's been the story over the last 4 or 5 years, and we continue to expect that to be the story over the next many, many years to come. So the transformation and the efficiency isn't just about margin, it's making sure that we're fit and we're building capacity that can manage that growth in the best way going forward. So I'll ask Barry to talk a little bit -- to give you a little bit more flavor. But we think we're really excited about what our transformation office has been able to do with our leaders. Coming to your point on the channels, I think it's a really good question, is that we are using channels more and more, mostly, it's on the digital side. You can imagine, you have a lot of the big systems integrators that have been serving customers on business process outsourcing or BPM-type work. And they're coming to us more and more saying, can they partner with us because of the unique capabilities that we built when we were -- the first time we won AI partner of the year with Google, which was, I guess, 7 or 8 years ago, and we've been building on that capacity. We own the IP, and we're building on that capacity, which allows companies really to seize, what I call, the holy grail of straight-through processing in their back office on a number of solutions. And so we are finding more and more -- and not just systems integrators, but that's one of the channels that we're using. We're also across the marketplaces of the Azure, the GCP or the Google platform as well as the AWS platform. So we're able to seamlessly work with those 3 cloud providers through their marketplaces and allow customers to use their credits or commits with those 3 cloud providers to buy Iron Mountain services, and that is becoming a bigger and bigger part of the service. In terms of bare metals, no, I mean, we are very focused on digital infrastructure and Infrastructure-as-a-Service for our customers. We think that is -- it keeps us out of conflicts. And we think that adding to that, what we think makes the most sense for Iron Mountain is the synergies that we see with our data center infrastructure, not in doing bare metal as a service but rather helping them with their IT assets when they go through decommissioning cycles, which has been a huge part of our growth. Barry Hytinen: And Jon, on the transformation, I'll add a little bit of color here. First of all, you should -- just in the short term, you should be expecting our margin to continue to improve as implied in the guidance of half-to-half and quarter-to-quarter because that's both our seasonal pattern as well as just how the mix will play out, I think, over the next few quarters, the improving mix. In terms of transformation, in particular, we have a very broad program ongoing, which will drive considerable EBITDA and the opportunity to further invest in our growth initiatives. And so those are efficiency-driven, productivity-driven. I could give you a whole laundry list. I'll hit a few of the high points. In our core physical services, the team continues to drive incredible margin opportunity. It is strength to strength from that team continuing to do it. And you might say, how is that possible after all these years of improving trends there? And the team is very innovative and continues to adapt. So for example, they partner with our real estate team. And as you know, we've got a multi-decade real estate program here where we are slowly but surely improving our footprint, which enables us to unlock transportation savings. It enables us to be more efficient inside the warehouses, that is a big factor for us now and going forward. Another one is our -- we have significantly improved the capabilities in our procurement organization, and they are driving considerable savings now and in the future. And even more important, they are -- we're really starting to more strategically source. So that is a huge transformation area. Our customer care organization is getting much more efficient and productive. And as Bill mentioned, as you think about the business doubling over the last 5 years and with a huge growth agenda going forward being that much more efficient in the way we go to work for our customers, and that can be leveraging AI that can just be more effective [ call-time ] response that drives incremental margin as well. And I guess I'll end with AI. So when we think about AI, Jon, there's a whole lot of leverage that we can drive on our operations in terms of both being more efficient, more effective. And it's really across the organization from our support functions of finance, legal, HR, but also in the commercial area and being that much more effective in terms of how we respond to RFPs, how we are developing pipeline. And lastly, just to sum it up, our transformation program is really built around customer-focused growth, so think revenue, operational excellence, continued modernization and AI transformation. So thanks, Jon. Operator: This concludes our question-and-answer session and the Iron Mountain Second Quarter 2026 Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Iron Mountain, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Iron Mountain wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Iron Mountain. The Motley Fool has a disclosure policy. Iron Mountain (IRM) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Iron Mountain Incorporated? Here are five stocks we like better. Iron Mountain reported record Q2 2026 results, with revenue up 19% year over year to $2.03 billion and adjusted EBITDA up 16% to $727 million. Data centers, asset lifecycle management (ALM) and digital solutions grew more than 50% collectively. Data center leasing momentum accelerated, with 110 megawatts leased year to date and roughly 325 megawatts expected to be energized over the next 24 months. Management expects to meaningfully exceed its original 100-megawatt full-year leasing target. The company raised its 2026 outlook, projecting $7.94 billion–$8.01 billion in revenue, $2.945 billion–$2.975 billion in adjusted EBITDA and AFFO of $5.87–$5.93 per share, supported by ALM revenue expected to approach $1 billion. 3 REITs to Watch as AI Data Center Spending Surpasses Office Construction Iron Mountain (NYSE:IRM) reported record second-quarter results for 2026, with revenue rising 19% year over year to $2.03 billion and adjusted EBITDA increasing 16% to $727 million, as growth in data centers, asset lifecycle management and digital solutions outpaced the company’s expectations. President and Chief Executive Officer Will Meaney said organic revenue grew 17% during the quarter, while adjusted funds from operations, or AFFO, increased 17%. The company’s data center, asset lifecycle management, or ALM, and digital businesses collectively grew by more than 50%, contributing 35% of second-quarter revenue, up 750 basis points from a year earlier. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 4 High-Yield Real Estate Stocks to Buy as Investors Get Defensive “Our team delivered another outstanding performance with record-breaking second quarter results exceeding our expectations across all metrics,” Meaney said. Iron Mountain’s data center business generated $263 million in second-quarter revenue, up $73 million, or 39%, from the prior year. The segment’s adjusted EBITDA rose $41 million to $137 million, and its adjusted EBITDA margin increased 140 basis points year over year to 52.2%. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Picks & Shovels: Investing in the Physical Foundation of AI The company signed 13 megawatts of new data center leases in the second quarter, including a 10-megawatt lease in Amsterdam. In July, it signed an additional 75 megawatts of leases, bringing year-to-date leasing to 110 megawatts. July activity included a 25-megawatt lease that fully leased Iron Mountain’s London Three asset and a 51-megawatt, 10-year agreement with a major global hyperscaler in Mumbai. Meaney said the company has about 325 megawatts of capacity expected to be energized during the next 24 months, following leasing activity in the first half and July. He said demand is strong across the company’s pipeline, including at its Richmond campus, in Europe and in India. → No Hangover: Revisiting Microsoft One Week After Earnings Management said it expects to “meaningfully exceed” its original 100-megawatt full-year leasing target, though executives noted that large hyperscale leases can be uneven from quarter to quarter. Chief Financial Officer Barry Hytinen said the company plans to emphasize its energization schedule rather than issue annual leasing guidance, describing the available capacity as located in attractive markets with robust customer pipelines. ALM revenue rose 88% year over year to $288 million, including 82% organic growth. Hytinen said the segment exceeded the company’s prior projection by more than $45 million, supported by both enterprise ALM services and hyperscale data center decommissioning. Enterprise ALM revenue grew more than 60% organically, aided by expansion with existing customers and new contract wins. Data center decommissioning revenue increased more than 100% from the prior year, partially reflecting about $30 million of timing benefits from large hyperscaler projects that were accelerated into the second quarter. Meaney characterized ALM as a multibillion-dollar opportunity, citing a $35 billion addressable market. The company said the enterprise channel accounts for roughly 75% of that market and offers recurring activity and cross-selling opportunities across Iron Mountain’s customer base of more than 240,000 customers. Iron Mountain raised its full-year ALM revenue outlook and now expects the business to approach $1 billion in 2026 revenue. Hytinen said the enterprise ALM business is expected to grow more than 50% this year and generate slightly more than $600 million of full-year revenue. The company also recently acquired Group ATF, an ALM provider in France and Belgium. Hytinen said the transaction closed around Aug. 1 and involves annual revenue in the high teens of millions. Iron Mountain expects approximately $7 million of revenue contribution during the second half, with the acquired business carrying an EBITDA margin in the low 20% range before expected cost and revenue synergies. Global records and information management revenue reached a quarterly record of $1.4 billion, up 8% on a reported basis and 7% organically. Storage revenue rose 5% organically, while services revenue increased 9% organically. Iron Mountain’s digital business grew more than 25%, according to Hytinen. Meaney said digital solutions posted record quarterly revenue and that more than 45% of digital revenue is now recurring. He also cited traction for the company’s AI-powered InSight DXP platform, including new deployments with financial services and fintech customers in the United Kingdom and Australia. Hytinen said physical storage volumes continued to increase, with the company storing more physical volume for customers than at any prior point. He expects physical volumes to remain modestly positive, supported by continued outsourcing in markets including India. The company also said its Internal Revenue Service digital-services contract ramped faster than expected. Hytinen said the contract generated more than $15 million of second-quarter revenue, compared with about $9 million in the first quarter, and that Iron Mountain continues to expect annual revenue from the program to exceed $100 million in 2027. Iron Mountain raised its full-year financial outlook following the second-quarter performance. The company now expects: Total revenue of $7.94 billion to $8.01 billion, representing 16% growth at the midpoint. Adjusted EBITDA of $2.945 billion to $2.975 billion, representing 15% growth at the midpoint. AFFO of $1.76 billion to $1.78 billion, or $5.87 to $5.93 per share. For the third quarter, the company expects approximately $1.98 billion in revenue, $745 million in adjusted EBITDA and $440 million in AFFO, or $1.47 per share. Iron Mountain generated $888 million in year-to-date operating cash flow, up $315 million from the prior-year period. The company invested $553 million in growth capital expenditures and $38 million in recurring capital expenditures during the second quarter. It ended the period with net lease-adjusted leverage of 4.8 times and declared a quarterly dividend of $0.864 per share, payable in early October. Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives. Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers' digital transformation. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Iron Mountain Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $1.03 billion, up 19% year over year (18% constant currency, 17% organic). Adjusted EBITDA: $707 million, up 16% year over year. AFFO: $433 million, up 17% year over year; $1.44 per share, up 6%. Global RIM Revenue: $1.4 billion, up 8% reported (7% organic); storage revenue up 5% organic, service revenue up 9% organic. Global RIM Adjusted EBITDA: $621 million, up 6% year over year. Data Center Revenue: $263 million, up 39% year over year. Data Center Adjusted EBITDA: $137 million, up $41 million year over year; margin of 52.2%. ALM Revenue: $288 million, up 88% year over year (82% organic). Operating Cash Flow: $888 million year-to-date, up $315 million. Full-Year 2026 Revenue Guidance: $7.94 billion to $8.01 billion, representing 16% growth at midpoint. Full-Year 2026 Adjusted EBITDA Guidance: $2.945 billion to $2.975 billion, representing 15% growth at midpoint. Full-Year 2026 AFFO Guidance: $1.76 billion to $1.78 billion, or $5.87 to $5.93 per share. Warning! GuruFocus has detected 10 Warning Signs with IRM. Is IRM fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record-breaking Q2 2026 results with revenue up 19% year-over-year, including 17% organic growth, exceeding expectations across all metrics. Strong growth in key business segments: data center revenue up 39%, ALM up 88%, and digital solutions achieving record quarterly revenue. Data center leasing momentum with 110 MW signed year-to-date, including a 75 MW lease in July, and a robust pipeline of 325 MW expected to energize over the next 24 months. ALM business is scaling rapidly, with enterprise channel growing over 60% organically and a clear path to a multi-billion dollar opportunity, supported by strategic acquisitions like Group AFT. Improved financial position with net lease-adjusted leverage at 4.8x, the lowest since 2014, and successful issuance of first investment-grade bond at 6.2% coupon. Raised full-year 2026 guidance for revenue, adjusted EBITDA, and AFFO, reflecting confidence in continued double-digit growth. Strong cash flow generation with year-to-date operating cash flow up $315 million and free cash flow up $441 million, driven by business growth and improved cash cycle. Digital solutions platform DXP gaining traction with over 45% recurring revenue, and recognition as a top provider by Forrester for agentic AI functionality. Global RIM business delivered record quarterly revenue with 7% organic growth, driven by strong storage and services performance, including digital growth over 25%. Cross-selling synergies are materializing, with wins like a multi-year global ALM program with a business services customer and a 25 MW data center lease in London. Foreign exchange headwinds impacted revenue by approximately $14 million year-over-year, with the dollar strengthening more than assumed in guidance. Data center leasing is lumpy, with only 13 MW signed in Q2, though July's 75 MW lease partially offsets this volatility. ALM revenue growth was partly driven by $30 million of accelerated hyperscale projects, which may not be repeatable in future quarters. Margin performance faced a mixed headwind from strong growth in lower-margin businesses like ALM, pressuring overall adjusted EBITDA margin. The company's growth strategy relies heavily on continued high capital expenditures, with $553 million in growth CapEx in Q2, which could strain cash flow if returns lag. The ALM market is highly fragmented, and while Iron Mountain is a leader, competition and the need for continuous tuck-in acquisitions (like Group AFT) add execution risk. The IRS contract, while ramping faster than expected, still represents a relatively small portion of revenue, and its long-term profitability is not yet fully proven. The company's transformation initiatives, while driving margin improvements, require ongoing investment and may face execution challenges as the business scales. The data center pipeline is concentrated in specific markets like Northern Virginia and India, which could expose the company to regional demand fluctuations. The company's guidance assumes continued strong growth in ALM and digital solutions, which may be subject to market volatility and customer spending patterns. Q: Can you provide an update on the data center leasing pipeline beyond July, given that you've already exceeded your initial 100-megawatt target for the year?A: Bill Meaney (CEO) stated that the company is pleased with the momentum, having 325 megawatts of leasable capacity expected to energize over the next 24 months. He noted a strong pipeline across the Richmond campus, Europe, and India, driven by hyperscale inference capacity and expansion from data center providers. Barry Hytinen (CFO) added that the company intends to shift away from annual leasing guidance, focusing instead on the energization schedule as a better indicator of potential, and expects to "meaningfully exceed" the original target for the year. Q: Can you discuss the details of the Group AFT acquisition, including its size, synergies, and cross-selling opportunities?A: Barry Hytinen (CFO) detailed that Group AFT, which closed at the end of July, generates high-teens millions in annual revenue, with an expected contribution of about $7 million in the back half of the year. The acquisition, which expands Iron Mountain's ALM offering in France and Belgium, was purchased at a 5-7 times EBITDA multiple, with synergized costs below 5 times. Bill Meaney (CEO) highlighted that the deal broadens their European platform and enables deeper conversations with existing customers, already showing results in ALM sales growth. Q: Is Iron Mountain at the cusp of unlocking large global footprints with major multinational customers in the ALM business, or has this already occurred?A: Bill Meaney (CEO) stated that the company is approaching this milestone, noting that while the market remains fragmented, Iron Mountain has the best platform, particularly in Europe and North America. He cited a recent win with a long-standing business services customer across multiple geographies, where Iron Mountain was the only provider able to offer both economic and secure execution. Barry Hytinen (CFO) added that the enterprise ALM business is expected to grow north of 50% this year to over $600 million, representing only about 6% of a $35 billion TAM, indicating significant growth headroom. Q: How does Iron Mountain plan to further cross-sell and penetrate the data center ecosystem, given the expanding number of scaled companies and capital commitments?A: Bill Meaney (CEO) explained that the synergy between the data center business and hyperscale decommissioning is becoming meaningful, with conversations reflecting a "cradle to grave" approach. Barry Hytinen (CFO) emphasized that Iron Mountain is the only provider offering an end-to-end life cycle solution for the hyperscale marketplace, from development and operation to decommissioning. He also noted the incremental opportunity from "neo clouds" and the future refresh cycles of GPU-based gear, which will have higher secondary market value. Q: Can you provide an update on the outlook for Global RIM volume and price, and any details on the ramp of the IRS contract?A: Barry Hytinen (CFO) reported that physical volume grew by 2.5 million cubic feet sequentially, with the company storing more volume than ever before. He expects volume to grow slightly, up to 50 basis points annually, driven by markets like India. On the IRS contract, he noted it was a few million dollars ahead of expectations in Q2, with revenue of about $15 million, up from $9 million in Q1, and reiterated expectations for the business to exceed $100 million in 2027. Q: What is the role of channels in driving sales, and what are the key sources of margin expansion on the operational side?A: Bill Meaney (CEO) highlighted the growing role of systems integrators and cloud marketplaces (Azure, GCP, AWS) in driving digital solutions sales, allowing customers to use their cloud credits. He clarified that Iron Mountain is not pursuing bare metal services, focusing instead on digital infrastructure and helping customers with IT asset decommissioning. Barry Hytinen (CFO) detailed transformation initiatives driving margin expansion, including real estate optimization, strategic procurement, customer care efficiency, and leveraging AI across operations and commercial functions. Q: Can you elaborate on the strong ALM performance in Q2, particularly the 88% year-over-year growth and the drivers behind it?A: Barry Hytinen (CFO) attributed the strong performance to both the enterprise and hyperscale decommissioning channels. Enterprise grew more than 60% organically through increased penetration and new wins, while data center decommissioning revenue grew over 100%, partially driven by $30 million of accelerated projects from hyperscalers. He noted that memory prices remain elevated, and the company raised its full-year ALM projection to approach $1 billion in revenue. Q: What is the latest leasing target for full-year 2026, and how are discussions progressing?A: Bill Meaney (CEO) reiterated that the company expects to "meaningfully exceed" its original 100-megawatt guidance, based on a strong pipeline against the 325 megawatts of capacity energizing over the next 24 months. He noted that demand is driven by hyperscale inference capacity and expansion in India, with multiple bids against each asset, though leases remain lumpy in nature. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Iron Mountain (IRM) came out with quarterly earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.4 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.86%. A quarter ago, it was expected that this real estate investment trust would post earnings of $1.39 per share when it actually produced earnings of $0.6, delivering a surprise of -56.83%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Iron Mountain, which belongs to the Zacks Business - Information Services industry, posted revenues of $2.03 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.20%. This compares to year-ago revenues of $1.71 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Iron Mountain shares have added about 51.3% since the beginning of the year versus the S&P 500's gain of 13%. While Iron Mountain has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Iron Mountain was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $1.98 billion in revenues for the coming quarter and $5.85 on $7.92 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Information Services is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the broader Zacks Business Services sector, Pixelworks (PXLW), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This maker of chips used in high-end digital video devices is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of +80%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Pixelworks' revenues are expected to be $0.3 million, down 96.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iron Mountain Incorporated (IRM) : Free Stock Analysis Report Pixelworks, Inc. (PXLW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Delivers record quarterly results across all key performance metrics Achieves quarterly revenue of $2.0 billion, an increase of 18.5% on a reported basis and an increase of 17.6% excluding the effects of foreign exchange Organic revenue growth of 16.8% year over year in the second quarter Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 50% year over year in the second quarter Data center leasing of 110 megawatts year to date, including 13 megawatts in Q2 2026 and 75 megawatts in July Q2 2026 Net Income of $106 million, as compared to a Net Loss of $43 million in Q2 2025 Delivers quarterly Adjusted EBITDA of $727 million, an increase of 15.7% compared to $628 million in Q2 2025 Generates quarterly AFFO of $433 million, or $1.44 per share, an increase of 17% compared to last year Increases 2026 financial guidance driven by strong operational performance across the business PORTSMOUTH, N.H., August 05, 2026--(BUSINESS WIRE)--Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the second quarter of 2026. "We delivered another record-breaking quarter, with our second quarter results exceeding our expectations due to our team’s strong execution of our growth plans and the continued trust of our clients. Our ongoing success continues to be driven by the collective strength in our physical records storage and growth businesses, together with the stewardship we provide to our more than 240,000 customers," stated William L. Meaney, President and CEO of Iron Mountain. "Looking ahead, we are committed to capitalizing on the significant growth opportunities across our business. We are building momentum in our ALM and digital businesses through increased cross-selling and providing innovative solutions, and we are accelerating data center leasing, with 110 megawatts leased through July. Based on our strong Q2 outperformance and positive outlook, we are increasing our full year guidance." Total reported revenues for the second quarter were $2.0 billion, compared with $1.7 billion in the second quarter of 2025, an increase of 18.5%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 17.6% compared to the prior year, driven by an 11.5% increase in storage rental revenue and a 26.3% increase in service revenue. Year to date, total reported revenues increased 20.0%, or 18.1% excluding the impact of Fx. Net Income for the second quarter was $106.1 million, compared with $(43.3) million loss in the second quarter of 2025, driven primarily by increased Operating Income. Year to date, Net Income was $255.1 million, compared with $(27.1) million loss in 2025. Adjusted EBITDA for the second quarter was $727.0 million, compared with $628.4 million in the second quarter of 2025, an increase of 15.7%. On a constant currency basis, Adjusted EBITDA increased by 14.9% in the second quarter, compared to the second quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage from our continued transformation activities. Year to date, Adjusted EBITDA increased 18.8%, or 17.1% excluding the impact of Fx. FFO (Normalized) per share was $1.01 for the second quarter, compared with $0.87 in the second quarter of 2025, an increase of 16.1%. Year to date, FFO (Normalized) per share was $1.99, compared with $1.64 in 2025, or an increase of 21.3%. AFFO was $432.7 million for the second quarter, compared with $369.7 million in the second quarter of 2025, an increase of 17.0% driven by improved Adjusted EBITDA. Year to date, AFFO was $858.8 million compared with $718.1 million, or an increase of 19.6%. AFFO per share was $1.44 for the second quarter, compared with $1.24 in the second quarter of 2025, an increase of 16.1%. Year to date, AFFO per share was $2.87, compared to $2.41 in 2025, or an increase of 19.1%. Dividend On August 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the third quarter. The third quarter 2026 dividend is payable on October 2, 2026, to shareholders of record at the close of business on September 15, 2026. Guidance Iron Mountain increased full year 2026 guidance; details are summarized in the table below. Q2 2026 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Forward Looking Statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "projects", "pursue", "commit", "will" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology ("IT") systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Adjusted EBITDAWe define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted Earnings Per Share, or Adjusted EPSWe define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling items and discrete tax items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. Funds From Operations, or FFO (Nareit), and FFO (Normalized)Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per shareFFO (Normalized) divided by weighted average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFOWe define adjusted funds from operations ("AFFO") as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per shareAFFO divided by weighted average fully-diluted shares outstanding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805122397/en/ Contacts Investor Relations Contacts: Mark RupeSVP, Investor [email protected] (215) 402-7013 Erika CrabtreeManager, Investor [email protected] (617) 535-2845 Media Contact: [email protected]

Analysts on Wall Street project that Iron Mountain (IRM) will announce quarterly earnings of $1.40 per share in its forthcoming report, representing an increase of 191.7% year over year. Revenues are projected to reach $1.97 billion, increasing 14.8% from the same quarter last year. The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock. While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective. With that in mind, let's delve into the average projections of some Iron Mountain metrics that are commonly tracked and projected by analysts on Wall Street. Analysts' assessment points toward 'Revenues- Service Revenue' reaching $840.49 million. The estimate suggests a change of +19.7% year over year. Based on the collective assessment of analysts, 'Revenues- Storage Rental Revenue' should arrive at $1.13 billion. The estimate indicates a change of +11.5% from the prior-year quarter. Analysts expect 'Depreciation and amortization' to come in at $285.16 million. View all Key Company Metrics for Iron Mountain here>>> Shares of Iron Mountain have demonstrated returns of +6.6% over the past month compared to the Zacks S&P 500 composite's +1.7% change. With a Zacks Rank #3 (Hold), IRM is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iron Mountain Incorporated (IRM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Iron Mountain Incorporated IRM is slated to release second-quarter 2026 results on Aug. 5, before the opening bell. The quarterly results are likely to display year-over-year growth in revenues and adjusted funds from operations (AFFO) per share. In the last reported quarter, this real estate investment trust (REIT) delivered an AFFO per share surprise of 2.88%. The quarter reflected broad-based momentum, led by strong expansion in growth businesses and solid pricing in the core storage franchise. Over the trailing four quarters, Iron Mountain’s AFFO per share surpassed the Zacks Consensus Estimate on all occasions, the average beat being 3.25%. The graph below depicts this surprising history: Iron Mountain Incorporated price-eps-surprise | Iron Mountain Incorporated Quote In the second quarter, Iron Mountain’s earnings are likely to have been supported by stable recurring revenues from its core storage and records management businesses, which are expected to have driven overall revenue growth during the period. Alongside its storage operations, Iron Mountain continues to strengthen performance through the expansion of its faster-growing segments, particularly data centers. Strong demand for connectivity, interconnection and colocation space is likely to have boosted leasing activity, supporting growth in the company’s global data center segment during the second quarter. Foreign currency movements, along with higher interest expenses, are expected to have acted as headwinds to the quarterly performance. The Zacks Consensus Estimate for storage rental revenues is pegged at $1.13 billion, up from $1.01 billion reported in the year-ago period. The consensus estimate for service revenues is pinned at $840.5 million, up from $702 million reported in the prior-year quarter. The consensus estimate for its global data center segment revenues is pegged at $239.5 million, up from $189.4 million reported in the year-ago period. The consensus estimate for quarterly total revenues is pegged at $1.97 billion, indicating an increase of 14.9% from the prior-year quarter’s reported figure. The company’s activities in the to-be-reported quarter were inadequate to garner analysts’ confidence. The Zacks Consensus Estimate for the quarterly AFFO per share has remained unchanged at $1.40 over the past three months. The figure implies significant growth from the year-ago quarter’s reported number. Our proven model does not conclusively predict a surprise in terms of AFFO per share for Iron Mountain this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here. Iron Mountain has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT industry — Host Hotels & Resorts HST and Lamar Advertising LAMR — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter. HST, scheduled to report quarterly numbers on Aug. 5, has an Earnings ESP of +1.48% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Lamar Advertising is slated to report quarterly numbers on Aug. 6. LAMR has an Earnings ESP of +0.22% and a Zacks Rank of 3 at present. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Iron Mountain Incorporated (IRM) : Free Stock Analysis Report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report Lamar Advertising Company (LAMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Verisk Analytics (VRSK) came out with quarterly earnings of $1.98 per share, beating the Zacks Consensus Estimate of $1.94 per share. This compares to earnings of $1.88 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.06%. A quarter ago, it was expected that this insurance data provider would post earnings of $1.76 per share when it actually produced earnings of $1.82, delivering a surprise of +3.41%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Verisk, which belongs to the Zacks Business - Information Services industry, posted revenues of $806.3 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.48%. This compares to year-ago revenues of $772.6 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Verisk shares have lost about 5.1% since the beginning of the year versus the S&P 500's gain of 8.5%. While Verisk has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Verisk was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.93 on $810.33 million in revenues for the coming quarter and $7.64 on $3.23 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Business - Information Services is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Iron Mountain (IRM), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This real estate investment trust is expected to post quarterly earnings of $1.40 per share in its upcoming report, which represents a year-over-year change of +191.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Iron Mountain's revenues are expected to be $1.97 billion, up 14.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Verisk Analytics, Inc. (VRSK) : Free Stock Analysis Report Iron Mountain Incorporated (IRM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Portsmouth, New Hampshire-based Iron Mountain Incorporated (IRM) provides records management, data management solutions, and information destruction services. Valued at $36.8 billion by market cap, the company serves banking, energy, entertainment, health care, insurance, law firm, life science, retail, and pharmaceutical industries. The global leader in information management services is expected to announce its fiscal second-quarter earnings for 2026 before the market opens on Wednesday, Aug. 5. Ahead of the event, analysts expect IRM to report an FFO of $1.28 per share on a diluted basis, up 166.7% from $0.48 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s FFO estimates in its last four quarterly reports. Micron Stock Is Off 31% From Its High. Why This Could Be the Best Time to Buy. Michael Saylor’s Bitcoin Treasury Company Strategy Is Falling Apart This Red-Hot AI Infrastructure Stock Just Made a Game-Changing Move. How to Play NBIS Here. Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. For the full year, analysts expect IRM to report FFO of $5.40 per share, up 154.7% from $2.12 per share in fiscal 2025. Its FFO is expected to rise 10.6% year over year to $5.97 per share in fiscal 2027. IRM stock has outperformed the S&P 500 Index’s ($SPX) 20.3% gains over the past 52 weeks, with shares up 23.8% during this period. Similarly, it outperformed the State Street Real Estate Select Sector SPDR ETF’s (XLRE) 8.9% gains over the same time frame. On Apr. 30, IRM shares closed up more than 10% after reporting its Q1 results. Its revenue stood at $1.9 billion, up 21.5% year over year. The company’s AFFO per share increased 22.2% year over year to $1.43. Analysts’ consensus opinion on IRM stock is bullish, with a “Strong Buy” rating overall. Out of 12 analysts covering the stock, nine advise a “Strong Buy” rating, one suggests a “Moderate Buy,” one gives a “Hold,” and one recommends a “Strong Sell.” IRM’s average analyst price target is $133.25, indicating a potential upside of 9.5% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com