Iron Mountain Reports Record $2.0 Billion Q3 Revenue, Raises 2026 Guidance

Published November 5, 2026 at 9:23 AM EST

Iron Mountain reported record third-quarter revenue of $2.0 billion, up 13.5% as reported and 12.8% organically, according to its earnings release furnished with an 8-K Thursday. Net income was $129 million, compared with $86 million in the year-earlier quarter. Adjusted EBITDA was a record $748 million, up 13.3%, with a 37.6% margin. AFFO hit an all-time high of $458 million, or $1.53 per share, up 17%.

Growth businesses in data center, digital and asset lifecycle management collectively grew more than 30% year over year in the quarter. Data-center leasing reached 102 megawatts in the third quarter and 137 megawatts year to date. The company raised full-year 2026 financial guidance on continued operating strength and increased the quarterly dividend per share by 15% on the AFFO growth.

Portsmouth, N.H.–based Iron Mountain pitched the print as evidence that storage, digital and data-center demand are compounding together. Retail investors typically pair the AFFO and dividend increase with leasing megawatts when judging whether the data-center ramp is carrying the classic records business.

Capital allocation—buybacks, dividends, debt paydown or reinvestment—often decides whether a solid operating quarter becomes a compounding story. The 15% dividend step-up is the clearest near-term cash-return signal in the release.

Why it matters

Iron Mountain’s valuation debate hinges on data-center leasing converting into durable AFFO growth. A record revenue and AFFO quarter plus higher guidance and a larger dividend reinforce that narrative if leasing stays elevated.

By the numbers

Q3 revenue: $2.0 billion (+13.5% reported, +12.8% organic)
Q3 net income: $129 million (vs. $86 million)
Q3 Adjusted EBITDA: $748 million (+13.3%); margin 37.6%
Q3 AFFO: $458 million, or $1.53 per share (+17%)
Q3 data-center leasing: 102 MW (137 MW year to date)
Quarterly dividend: +15%

Sources

Iron Mountain Incorporated Form 8-K with Exhibit 99.1 third-quarter 2026 results, filed Nov. 5, 2026 (accession 0001020569-26-000081)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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