Iron Mountain Incorporated (IRM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Iron Mountain published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Iron Mountain reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Iron Mountain is a REIT. Revenue on this page is its Total Revenues line, storage rental plus service. AFFO and FFO (Normalized) are Iron Mountain's own non-GAAP measures.
• Iron Mountain's statements are in thousands. Headline revenue is the rounded millions from its highlights table (Q3 2026 total revenues were $1,990.6 million); segment rows are the thousands figures converted to millions. Net income is the amount attributable to Iron Mountain Incorporated.

Source: Iron Mountain Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Iron Mountain splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Iron Mountain's Global RIM Business revenue was $1.4 billion in Q3 2026, up 7% from $1.3 billion in Q3 2025, 72% of total revenue.
• Iron Mountain's Global Data Center Business revenue was $274 million in Q3 2026, up 34% from $204 million in Q3 2025, 14% of total revenue.
• Iron Mountain's Corporate and Other revenue was $284 million in Q3 2026, up 34% from $211 million in Q3 2025, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In each table line, the first figure is Iron Mountain's Q4 2026 guidance and the range is full year 2026, in millions of dollars except AFFO per share.

In its Q3 2026 release, Iron Mountain said:

“Raises full year 2026 financial guidance driven by continued strong operational performance across the business”

“Total Revenue ~$2,030 $7,950-$8,020”

“Adjusted EBITDA ~$780 $2,948-$2,978”

“AFFO Per Share ~$1.57 $5.94-$6.00”

Source: Iron Mountain Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the IRM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues (rounded to millions, as in each release's highlights table) and diluted EPS attributable to Iron Mountain Incorporated, each as first reported in that quarter's release.

We do not hold a confirmed date for Iron Mountain's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Iron Mountain's Q3 2026 total revenues were $1,991 million, up 13.5% from $1,754 million and 12.8% on an organic basis. Storage rental revenue, the rent customers pay for space in Iron Mountain's records facilities and data centers, was $1,150 million, up 11%. Service revenue, which includes secure shredding, digitization, courier work and asset lifecycle management, was $841 million, up 17%. (Iron Mountain Q3 2026 release, Nov 5, 2026; Iron Mountain Form 10-Q, Q3 2026, Nov 5, 2026; Iron Mountain Q3 2026 supplemental financial information, Nov 5, 2026)

The Global RIM Business, Iron Mountain's records and information management segment, had revenue of $1,433.1 million, up 7.0% and 6.7% organically, with an adjusted EBITDA margin of 44.0%. Its records management retention rate was 93.5%, and storage revenue per square foot was $12.40, against $11.05 a year earlier. (Iron Mountain Q3 2026 supplemental financial information, Nov 5, 2026)

Global Data Center Business revenue rose 34.0% to $273.6 million, with an adjusted EBITDA margin of 56.3%. Iron Mountain leased 102.5 megawatts in the quarter, against 13.5 megawatts a year earlier, and at September 30, 2026 had 544.6 leasable megawatts across 32 facilities in 21 markets, 97.2% leased. (Iron Mountain Q3 2026 supplemental financial information, Nov 5, 2026)

Corporate and Other, which consists mainly of the Fine Arts and asset lifecycle management (ALM) businesses, grew revenue 34.5%, or 30.7% organically. ALM decommissions, erases and recycles or resells IT hardware for hyperscale and corporate IT infrastructure managers. Iron Mountain said its growth businesses of data center, digital and ALM together grew more than 30% in the quarter. (Iron Mountain Q3 2026 supplemental financial information, Nov 5, 2026; Iron Mountain Q3 2026 release, Nov 5, 2026)

Iron Mountain's GAAP diluted EPS was $0.41, against $0.28, and adjusted EPS was $0.64, against $0.54. Adjusted EPS adds back stock-based compensation ($0.10 per share), loss on disposal or write-down of property, plant and equipment ($0.03), other expense ($0.03) and acquisition and integration costs ($0.02), with a $0.06 tax adjustment. The year-ago GAAP figure carried $0.16 of restructuring and other transformation costs, a line that was zero this quarter. (Iron Mountain Q3 2026 release, Nov 5, 2026)

Iron Mountain, a REIT, also reports funds from operations. AFFO was $458 million, up 17%, or $1.53 per share against $1.32, and FFO (Normalized) per share was $1.05 against $0.93. Adjusted EBITDA was $748 million, a 37.6% margin, unchanged from a year earlier. (Iron Mountain Q3 2026 release, Nov 5, 2026; Iron Mountain Form 10-Q, Q3 2026, Nov 5, 2026)

The structural tax rate used for adjusted EPS was 17.1%, against 14.8% a year earlier. On November 5, 2026, the Board declared a quarterly dividend of $0.993 per share for the fourth quarter, up 15%, payable on January 6, 2027. (Iron Mountain Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Iron Mountain gives quarterly and full-year guidance in its release and raised its 2026 outlook with Q3. For Q4 2026 it expects total revenue of about $2,030 million, adjusted EBITDA of about $780 million, AFFO of about $473 million and AFFO per share of about $1.57. For full year 2026 it guides total revenue of $7,950 million to $8,020 million, adjusted EBITDA of $2,948 million to $2,978 million and AFFO per share of $5.94 to $6.00. It does not reconcile the guidance to GAAP because it cannot forecast exchange rates, real estate disposal gains or losses and other income or expense. (Iron Mountain Q3 2026 release, Nov 5, 2026)

Iron Mountain's data center leases run long: the weighted average lease expiry (WALE) is 10.0 years, and 65.3% of leased megawatts expire after 2033. (Iron Mountain Q3 2026 supplemental financial information, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Iron Mountain, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Iron Mountain's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning IRM is on is IRM a buy or a sell?, what analysts expect next is on the IRM forecast, and what the company does is on the Iron Mountain Incorporated (IRM) stock page.

Every number on this page can be traced to a document Iron Mountain published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.