Iron Mountain Inc.
IRM
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+ FollowMarket Cap$32.74B
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Earnings Call Q2 2026
August 5, 2026 - AI Summary
Record Q2 results + strong growth mix (good/surprising)
- Revenue: $2.03B, +19% YoY (organic +17%).
- Adjusted EBITDA: $727M, +16% YoY (record; above prior-call projection).
- AFFO: $433M, +17% YoY; $1.44 per share (+16% YoY), also ahead of prior projection.
- Growth businesses accelerating: Data Center, ALM, and Digital collectively >50% growth and were 35% of revenue (+750 bps YoY). This supports management’s “double-digit compounding” narrative.
Full-year 2026 guidance raised (forecast/outlook)
- Total revenue: $7.94B–$8.01B (~+16% YoY at midpoint).
- Adjusted EBITDA: $2.945B–$2.975B (~+15% YoY at midpoint).
- AFFO: $1.76B–$1.78B ($5.87–$5.93 per share; ~+14%–15% at midpoint).
- Q3 outlook: Revenue ~$1.98B and EBITDA ~$745M (both ~+13% YoY), AFFO ~$440M (+$1.47/share, ~+12% YoY).
- FX sensitivity noted: stronger USD vs last guidance assumptions; management provided context that the updated midpoint implies increases even after FX impacts.
Data Center leasing momentum + pipeline visibility (opportunity)
- Q2 leasing: 13 MW leased; July: 75 MW leased → 110 MW YTD.
- Leasable capacity to be energized over next 24 months: ~325 MW.
- Expectations: management reiterated they will meaningfully exceed the prior 100 MW full-year target (already surpassed in-year), though hyperscaler leasing can be lumpy.
- Key wins mentioned: 10 MW in Amsterdam, 25 MW lease signed London 3 (fully leased), and 51 MW in Mumbai under a 10-year contract.
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$-104.66
195.2% downside
Current Fair Value
195.2% downsideOvervalued by 195.2% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $32.74 Billion |
|---|---|
| Enterprise Value | $37.33 Billion |
| Dividend Yield | $3.46 (3.14%) |
| Earnings per Share | $0.49 |
| Beta | 1.19 |
| Outstanding Shares | 297,741,000 |
Return
| Return on Equity | -32.68% |
|---|---|
| Return on Assets | 1.91% |
| Return on Invested Capital | 7.64% |
Valuation & Multiples
| P/E Ratio | 78.54 |
|---|---|
| PEG | -24.11 |
| Price to Sales | 4.4 |
| Price to Book Ratio | -27.49 |
| Enterprise Value to Revenue | 4.94 |
| Enterprise Value to EBIT | 25.62 |
| Enterprise Value to Net Income | 89 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | -3.74 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
August 5, 2026
EPS Estimate
$0.54
Average shareholder expectationRevenue Estimate
$1.97 B
Average shareholder expectationNext Earnings Call
Expected Date
November 4, 2026
EPS Estimate
$0.61
Average shareholder expectationRevenue Estimate
$1.99 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 215.83% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.66%▼ 86.16% |
|---|---|
| Total Invested | $549.00M▼ 98.34% |
| Investors Holding | 286▼ 928.00% |
ESG Score
No data
About Iron Mountain Inc.
29,400 employees
CEO: William L. Meaney Established in 1951, Iron Mountain Inc. (NYSE: IRM) stands as the world's leading provider of storage and information management services. More than 225,000 organizations globally entrust Iron Mountain with their critical assets, support...