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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| George Tong | Goldman Sachs | 7 (0%) |
| Brendan Lynch | Barclays | 7 (0%) |
| Shlomo Rosenbaum | Stifel | 7 (14%) |
| Jon Atkin | RBC Capital Markets | 6 (0%) |
| Tobey Sommer | Truist Securities | 6 (17%) |
| Eric Luebchow | Wells Fargo | 6 (0%) |
| Nathan Crossett | BNP Paribas | 4 (0%) |
| Andrew Steinerman | JPMorgan | 4 (0%) |
| Kevin McVeigh | UBS | 4 (0%) |
| Alex Hess | JPMorgan | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stifel | 2 | 8 (25%) |
| Goldman Sachs | 1 | 7 (0%) |
| Barclays | 1 | 7 (0%) |
| Truist Securities | 1 |
| 6 (17%) |
| Wells Fargo | 1 | 6 (0%) |
| JPMorgan | 2 | 6 (0%) |
| RBC Capital Markets | 1 | 6 (0%) |
| UBS | 1 | 4 (0%) |
Iron Mountain delivered extraordinary Q1 2026 results with revenue of $1.94 billion up 22%, driven by data center revenue surging 47% on hyperscale demand and ALM revenue nearly doubling with 92% growth. Record organic growth of 17% was the highest in over 25 years, and adjusted EBITDA of $708 million increased 22% year-over-year with AFFO per share of $1.43 up 22%. Full-year 2026 guidance was raised across all metrics with revenue midpoint increasing $175 million, as government business accelerated with record bookings and digital solutions posted record Q1 results with 20%+ growth.
Revenue Growth | Demand | Competitive Dynamics | Cloud & AI | Capex Investment | Pricing | Geographic Expansion | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 3 | 1 | 2 | 2 | ||
| 2025Q1 | 3 | 3 | 1 | 1 | 2 | 1 | 1 | |
| 2025Q2 | 3 | 4 | 4 | 2 | 2 | |||
| 2025Q3 | 4 | 4 | 2 | 2 | 2 | 2 | ||
| 2025Q4 | 5 | 1 | 1 | 1 | 1 | 2 | 2 | |
| 2026Q1 | 3 | 3 | 1 | 4 | 1 | 1 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4 | 3 | 3 | 4 | 5 | 3 |
| Demand | 3 | 3 | 4 | 4 | 1 | 3 |
| Competitive Dynamics | 3 | 1 | 4 | 2 | 1 | 1 |
| Cloud & AI | 1 | 1 | 2 | 2 | 1 | 4 |
| Capex Investment | 2 | 2 | 2 | 2 | 1 | 1 |
| Pricing | 2 | 2 | 2 | 1 | ||
| Geographic Expansion | 1 | 3 | ||||
| M&A | 1 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.58B | +11.4% | $0.35 | +262.7% | 17.9% | 6.6% | $-243M |
| FY2025 Q1 | $1.59B | +7.8% | $0.05 | -78.3% | 16.0% | 1.0% | $-486M |
| FY2025 Q2 | $1.71B | +11.6% | $-0.15 | -225.0% | 15.2% | -2.6% | $-183M |
| FY2025 Q3 | $1.75B | +12.6% | $0.28 | +354.5% | 17.6% | 4.8% | $-246M |
| FY2025 Q4 | $1.84B | +16.6% | $0.30 | -14.3% | 18.5% | 4.8% | $-16M |
| FY2026 Q1 | $1.94B | +21.6% | $0.48 | +785.6% | 20.4% | 7.4% | $-183M |
| FY2026 Q2 | $2.03B | +18.5% | $0.34 | +326.7% | 18.4% | 5.0% | $-36M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What IRM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“As it relates to our recent acquisitions, Premier Surplus and ACT Logistics continue to perform well, contributing $17 million of revenue in the quarter.”
Recently acquired ACT Logistics contributed to Iron Mountain's asset lifecycle management revenue and is performing well.
“As it relates to our recent acquisitions, Premier Surplus and ACT Logistics continue to perform well, contributing $17 million of revenue in the quarter.”
Recently acquired Premier Surplus contributed to Iron Mountain's asset lifecycle management revenue and is performing well.
“the Web Werks, it's fully integrated. As you know, that we actually now own 100% of it.”
Iron Mountain now owns 100% of India data-center operator Web Werks, which is fully integrated and performing well.
“Meta recently announced they'll be extending the use of life of non-AI servers in some cases to 7 years due to server supply availability.”
An analyst notes Meta is extending non-AI server useful life to seven years amid memory supply shortages, a potential headwind/tailwind read-through for IT-asset-disposition volumes.
“Additionally, we won another Google Partner of the Year this month for media and entertainment, adding to the 2018 Google Partner of the Year Award for AI and machine learning.”
Iron Mountain won a Google Partner of the Year award for media and entertainment, reflecting an ongoing Google Cloud partnership.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
IRM Iron Mountain | 9 | +21.6% | |
| AMT American Tower | 6 | +6.8% | |
| CCI Crown Castle | 3 | -4.8% | |
| EQIX Equinix | 8 | +9.8% | |
| SBAC SBA Communications | 7 | +5.9% | |
| WY Weyerhaeuser | 5 | -2.0% |