Iron Mountain
Secures business records, data-center capacity, and retired IT assets across their lifecycles.
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Profile
Stores physical and digital records, provides secure destruction and IT-asset lifecycle services, and leases data-center capacity. Recurring storage revenue anchors the business, while a global customer base supports cross-selling into digital solutions, data centers, and equipment decommissioning.
Stores, retrieves, digitizes, and securely destroys business records, while also operating data centers and managing the retirement and resale of IT equipment. The Global RIM segment combines physical records management, backup-media storage, digital solutions, and shredding across 61 countries; separate data-center operations lease secure capacity to enterprises and hyperscale customers. Asset Lifecycle Management and fine-arts handling sit in Corporate and Other.
Long customer relationships and a large logistics-and-storage footprint support recurring rental revenue and cross-selling into digital, data-center, and lifecycle services. The records business remains the economic core, even as those newer lines expand.
Reliance on secure custody and reliable retrieval makes operational trust central. Physical-record activity can fall as customers digitize, data centers require large upfront capital and dependable power, and REIT status requires regular distributions of taxable income.
Company facts
Categories
Key statistics
Year to date +41.0% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 27, 2026 | Truist Financial | Target | $140 | $155 | |
| Aug 6, 2026 | Wells Fargo | Reiterate | Overweight | $135 | $140 |
| Jul 1, 2026 | Barclays | Reiterate | Overweight | $127 | $143 |
| May 1, 2026 | Truist Financial | Target | $140 | ||
| Mar 4, 2026 | Loop Capital Markets | Target | $130 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.54 | $0.60 | +10.5% | $1.97B | $2.03B | +3.1% | +1.29% |
| Apr 30, 2026Q1 FY26 | $0.50 | $1.43 | +185.4% | $1.86B | $1.94B | +4.0% | +0.95% |
| Feb 12, 2026Q4 FY25 | $0.59 | $1.44 | +144.9% | $1.81B | $1.84B | +2.0% | +3.61% |
| Nov 5, 2025Q3 FY25 | $1.29 | $1.32 | +2.3% | $1.80B | $1.75B | −2.7% | +0.39% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.59B | $1.71B | $1.75B | $1.84B | $1.94B | $2.03B | |
| Gross profit | $882.3M | $957.1M | $962.2M | $1.02B | $1.05B | $1.07B | |
| Operating income | $254.3M | $259.9M | $308.6M | $341.0M | $395.2M | $373.5M | |
| Net income | $16.0M | −$44.9M | $84.3M | $89.3M | $143.7M | $101.4M | |
| Diluted EPS | $0.05 | −$0.15 | $0.28 | $0.30 | $0.48 | $0.34 | |
| Gross margin | 55.4% | 55.9% | 54.9% | 55.4% | 54.0% | 52.8% | |
| Operating margin | 16.0% | 15.2% | 17.6% | 18.5% | 20.4% | 18.4% |
Fiscal years (4-quarter sums)FY21 $4.49B · FY22 $5.10B · FY23 $5.48B · FY24 $6.15B · FY25 $6.90B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $204.8M · Total debt $19.61B · Total assets $21.96B · Shareholders' equity −$1.28B
Dividends
Raised for 15 straight years — most recently to $0.864 from $0.785 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 6 | $0.864 | |
| Mar 16, 2026 | Mar 16 | Apr 3 | $0.864 | |
| Dec 15, 2025 | Dec 15 | Jan 6 | $0.864 | raised from $0.785 |
| Sep 15, 2025 | Sep 15 | Oct 3 | $0.785 | |
| Jun 16, 2025 | Jun 16 | Jul 3 | $0.785 | |
| Mar 17, 2025 | Mar 17 | Apr 4 | $0.785 | raised from $0.715 |
| Dec 16, 2024 | Dec 16 | Jan 7 | $0.715 | |
| Sep 16, 2024 | Sep 16 | Oct 3 | $0.715 | raised from $0.65 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 297.52M · Float 294.69M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 33.57M | 11.28% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 25.57M | 8.59% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 18.95M | 6.37% | 13F | Aug 13, 2026 |
| State Street Corp | 17.63M | 5.93% | 13F | Aug 7, 2026 |
| Cohen & Steers, Inc. | 12.02M | 4.04% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | William L. Meaney | director, officer: President and CEO | −38,474 | $121.67 |
| Aug 7, 2026 | Mark Kidd | officer: EVP, GM Data Centers & ALM | −6,000 | $122.70 |
| Aug 6, 2026 | Greg W. McIntosh | officer: EVP, Chief Commercial Officer | −6,839 | $127.13 |
| Jul 1, 2026 | Mark Kidd | officer: EVP, GM Data Centers & ALM | −6,000 | $125.62 |
| Jul 1, 2026 | William L. Meaney | director, officer: President and CEO | −38,474 | $122.83 |
Peers
- Equinix
Global colo REIT competing head-to-head in enterprise and hyperscale colocation.
- Digital Realty
Data-center REIT; the most direct listed peer to IRM's colo segment.
- WM
Owns Shred-it, North America's largest secure shredder, rivaling IRM shredding.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Iron Mountain | $116.63 | −0.62% | $34.93B | 83.9 | 46.1 | 4.6 | +18.5% |
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Digital Realty | $182.50 | −1.56% | $68.62B | 89.6 | 81.3 | 10.0 | +28.9% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Median | 67.3 | 59.8 | 10.0 | +16.4% |