Iron Mountain (IRM) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$0.56

$0.50$0.61

vs $0.48+16.3%

6 analysts

Next Qtr

$0.62

$0.55$0.68

vs $0.54+14.3%

6 analysts

Current Yr

$2.43

$2.22$2.64

vs $2.12+14.8%

6 analysts

Next Yr

$2.67

$2.43$3.12

vs $2.43+9.9%

6 analysts

Revenue Estimates

Current Qtr

$1.97B

$1.96B$1.98B

vs $1.71B+15.0%

9 analysts

Next Qtr

$1.97B

$1.95B$1.99B

vs $1.75B+12.6%

9 analysts

Current Yr

$7.92B

$7.88B$7.98B

vs $6.90B+14.7%

10 analysts

Next Yr

$8.61B

$8.13B$8.86B

vs $7.92B+8.8%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for IRM on EDGAR.

IRM filing events and research context
Filed	Item	Context
Apr 30, 2026	mda_quarterly	Iron Mountain reported total revenues of $1.94 billion for the first quarter of 2026, a 21.6% increase over the prior year, with Adjusted EBITDA rising 22.1% to $708 million. Storage rental revenue grew 15.4% to $1.09 billion, driven by revenue management in the Global RIM segment and lease commencements and improved pricing in the Global Data Center business. Service revenue increased 30.6% to $841 million, supported by Global Digital Solutions, traditional records management, and growth in the Asset Lifecycle Management (ALM) business, including $16.9 million from recent ALM acquisitions. The Global Data Center segment experienced significant growth, with revenues increasing 47.1% to $255 million. Capital expenditures totaled $518 million on a cash basis, primarily funding data center expansion, with a full-year 2026 projection of $2.2 billion. Long-term debt stands at $16.9 billion, though the company remains in compliance with its leverage and fixed charge coverage ratios. Key risks include the industry shift from physical paper and tape storage to alternative technologies, cybersecurity threats, and the implementation of OECD Pillar Two global tax rules, although the latter is not expected to have a material impact.
Feb 12, 2026	business	Iron Mountain is a global S&P 500 REIT providing information management services across 61 countries. The company operates three primary segments: Global Records and Information Management (RIM), Global Data Center, and Asset Lifecycle Management (ALM). The RIM segment focuses on physical records storage and digital transformation, utilizing the Insight Digital Experience Platform (DXP) to help customers leverage "dark data." The Data Center business targets hyperscale customers, managing 488 MW of capacity—97% of which is leased—with a total potential capacity of 1,340 MW. ALM provides IT infrastructure decommissioning, data erasure, and recycling. A key strategic driver is Project Matterhorn, a $574.4 million investment to transition to a global operating model and enhance cross-selling, as only 5% of its 240,000 customers currently utilize multiple service lines. Financial stability is underpinned by recurring, non-cyclical storage rental revenue and a massive real estate portfolio totaling 98 million square feet. Primary risks include stringent global data privacy and cybersecurity regulations, as well as potential environmental remediation liabilities associated with its extensive real estate holdings. The company continues to pivot toward higher-growth markets in Central and Eastern Europe, Latin America, Asia, and the Middle East.
Feb 12, 2026	risk_factors	Iron Mountain is transitioning to a global operating model through Project Matterhorn, having incurred $574.4 million in transformation costs. Growth is primarily driven by lease commencements in the Global Data Center business and expansion in the Asset Lifecycle Management (ALM) segment. The company faces significant financial risk from $16.4 billion in long-term debt and sensitivity to variable interest rates indexed to SOFR. Material exposure to foreign currency fluctuations persists, particularly regarding the British pound, Euro, Canadian dollar, and Australian dollar. Accounting risks center on the potential for goodwill impairment within the ALM reporting unit, which is highly sensitive to IT hardware pricing trends and market penetration. Regulatory headwinds include the implementation of the OECD Pillar Two global minimum tax and U.S. federal tax changes under the One Big Beautiful Bill Act. Furthermore, the company is vulnerable to technological evolution and general economic deterioration, which could negatively impact the fair value of its reporting units and the recoverability of long-lived assets.

Filed

Item

Context

Apr 30, 2026

mda_quarterly

Iron Mountain reported total revenues of $1.94 billion for the first quarter of 2026, a 21.6% increase over the prior year, with Adjusted EBITDA rising 22.1% to $708 million. Storage rental revenue grew 15.4% to $1.09 billion, driven by revenue management in the Global RIM segment and lease commencements and improved pricing in the Global Data Center business. Service revenue increased 30.6% to $841 million, supported by Global Digital Solutions, traditional records management, and growth in the Asset Lifecycle Management (ALM) business, including $16.9 million from recent ALM acquisitions. The Global Data Center segment experienced significant growth, with revenues increasing 47.1% to $255 million. Capital expenditures totaled $518 million on a cash basis, primarily funding data center expansion, with a full-year 2026 projection of $2.2 billion. Long-term debt stands at $16.9 billion, though the company remains in compliance with its leverage and fixed charge coverage ratios. Key risks include the industry shift from physical paper and tape storage to alternative technologies, cybersecurity threats, and the implementation of OECD Pillar Two global tax rules, although the latter is not expected to have a material impact.

Feb 12, 2026

business

Iron Mountain is a global S&P 500 REIT providing information management services across 61 countries. The company operates three primary segments: Global Records and Information Management (RIM), Global Data Center, and Asset Lifecycle Management (ALM). The RIM segment focuses on physical records storage and digital transformation, utilizing the Insight Digital Experience Platform (DXP) to help customers leverage "dark data." The Data Center business targets hyperscale customers, managing 488 MW of capacity—97% of which is leased—with a total potential capacity of 1,340 MW. ALM provides IT infrastructure decommissioning, data erasure, and recycling. A key strategic driver is Project Matterhorn, a $574.4 million investment to transition to a global operating model and enhance cross-selling, as only 5% of its 240,000 customers currently utilize multiple service lines. Financial stability is underpinned by recurring, non-cyclical storage rental revenue and a massive real estate portfolio totaling 98 million square feet. Primary risks include stringent global data privacy and cybersecurity regulations, as well as potential environmental remediation liabilities associated with its extensive real estate holdings. The company continues to pivot toward higher-growth markets in Central and Eastern Europe, Latin America, Asia, and the Middle East.

Feb 12, 2026

risk_factors

Iron Mountain is transitioning to a global operating model through Project Matterhorn, having incurred $574.4 million in transformation costs. Growth is primarily driven by lease commencements in the Global Data Center business and expansion in the Asset Lifecycle Management (ALM) segment. The company faces significant financial risk from $16.4 billion in long-term debt and sensitivity to variable interest rates indexed to SOFR. Material exposure to foreign currency fluctuations persists, particularly regarding the British pound, Euro, Canadian dollar, and Australian dollar. Accounting risks center on the potential for goodwill impairment within the ALM reporting unit, which is highly sensitive to IT hardware pricing trends and market penetration. Regulatory headwinds include the implementation of the OECD Pillar Two global minimum tax and U.S. federal tax changes under the One Big Beautiful Bill Act. Furthermore, the company is vulnerable to technological evolution and general economic deterioration, which could negatively impact the fair value of its reporting units and the recoverability of long-lived assets.

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