IRM earnings analysis
What we found in IRM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Iron Mountain's Q1 2026 results highlighted robust revenue growth with total revenue at $1.94 billion, representing a year-over-year increase of 21.6%. EPS reported at $0.60 showed a significant 800.6% increase compared to the prior year. The Global Data Center Business performed notably well with a 47.1% revenue growth, while the company anticipates continued strong growth driven by operational advancements and market expansion.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue increased by $343.6 million or 21.6% YoY to $1.94 billion.
- Significant EPS Increase
- Earnings per share rose to $0.60, up 800.6% compared to $0.05 in the same quarter last year.
- Adjusted EBITDA Growth
- Adjusted EBITDA increased by $128.0 million, or 22.1%, to $707.9 million.
- Strong Performance in Data Centers
- Global Data Center Business revenue surged by 47.1%, reflecting continued growth in lease commencements.
- Improved Operating Income
- Operating income rose by 55.4% to $395.2 million compared to the previous year.
- Increase in Cash Flow from Operations
- Operating cash flow increased by $141.3 million to $338.6 million, driven by higher net income.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Debt Levels
- Total long-term debt rose to approximately $17.1 billion, which may impact liquidity and financial stability.
- Interest Rate Increase Impact
- Interest expense rose to $223.8 million, up from $194.7 million, due to higher average debt outstanding.
- Operational Risks in Data Centers
- Higher pass-through power costs impacted operating margins in the Global Data Center segment.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.6
- Segment
- Global RIM Business: $1.40 billion
- Segment
- Global Data Center Business: $254.7 million
- Segment
- Corporate and Other: $277.3 million
What they said about what is next.
Management indicates potential for continued revenue and EBITDA growth driven by new product offerings and market expansion.
The filing reads better than the one before it.
What came before.
- 10-K · February 12, 2026
- Iron Mountain describes a strategy of cross-selling end-to-end records, digital, data center and ALM solutions to a diversified base of >240,000 customers across 61 countries, leveraging scale and security. The company…
- 10-Q · August 6, 2025
- Iron Mountain's Q2 2025 results show a significant 11.6% increase in total revenue year-over-year, against a backdrop of net losses attributed to higher interest and operational costs. The company's EPS fell sharply to…
- 10-Q · May 1, 2025
- Iron Mountain reported Q1 revenues of $1,592,529 (in thousands), up 7.8% year-over-year, with Adjusted EBITDA rising to $579,906 (in thousands) (+11.8%). GAAP diluted EPS fell to $0.05 from $0.25 a year ago and net…
- 10-K · February 14, 2025
- Iron Mountain reported approximately $6.1 billion of annual revenue in 2024 and positions itself as a hybrid physical/digital information management company serving more than 240,000 customers in 61 countries (including…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing IRM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever