Iron Mountain Incorporated Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Iron Mountain reported an exceptionally strong start to 2026, with revenue, adjusted EBITDA, and AFFO each growing 22% year-over-year compared to Q1 2025.
  • Organic revenue growth reached 17%, the company’s highest rate in more than 25 years.
  • Growth businesses (Data Center, ALM, Digital) expanded over 50% year-over-year and now represent more than 30% of total revenue.
  • Full-year 2026 guidance was increased across revenue, EBITDA, and AFFO based on strong Q1 performance and continued momentum.

Financial Performance (Compared to Q1 2025)

  • Total Revenue: $1.94B, up 22% (+$344M).
  • Organic Revenue: +17%.
  • Adjusted EBITDA: $708M, up 22% (+$128M); margin improved 20 bps to 36.6%.
  • AFFO: $426M, up 22% (+$78M); AFFO/share $1.43.
  • Operating Cash Flow: $339M, up $141M, best Q1 in company history.

Segment Performance

Global Records & Information Management (Global RIM)
  • Revenue: $1.4B, up 12% year-over-year (+$148M), the highest quarterly revenue ever.
  • Organic revenue growth: 8% overall; services organic growth: over 12%.
  • Storage revenue up 9% reported and 6% organic.
  • Adjusted EBITDA: $618M, up 11%, with a 44% margin.
  • U.S. Treasury contract contributed ~$9M in Q1; still expected to deliver $45M in FY26 and $100M+ annually starting FY27.
Data Center

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Operator: Good morning, and welcome to the Iron Mountain First 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, Rocco. Good morning, everyone, and welcome to our first 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 lines 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 first quarter results. As you saw in this morning's release, we are off to an incredibly strong start to 2026. Our first quarter results were exceptional, above our expectations with 22% year-over-year growth

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