Iron Mountain (IRM) reported net income of $128.9 million in the third quarter of 2026, compared with $86.2 million in the same period of 2025. The company attributes the increase mainly to higher operating income, which was $410.6 million. Earnings per share (EPS) were $0.41, versus $0.28 a year earlier.
Total revenue came to $2.0 billion ($1,990.6 million), up 13.5% from 3Q25, and 12.8% on an organic basis. Storage revenue rose 11.3% to $1.1 billion, and services revenue grew 16.6% to $841.1 million. Revenue from the data center business grew 34%, and the company signed 102 megawatts of new leases in the quarter, bringing the year-to-date total to 137 megawatts.
Adjusted EBITDA (non-GAAP, excludes items the company considers non-recurring) was $748.0 million, up 13.3%, with an adjusted margin of 37.6%. Adjusted earnings per share were $0.64, versus $0.54. AFFO (adjusted funds from operations, a non-GAAP measure used by REITs) was $458.4 million, or $1.53 per share, up 15.9% on a per-share basis. Year to date in 2026, net income was $384.0 million, versus $59.1 million in 2025.
The board of directors declared a quarterly dividend of $0.993 per share, up 15%. Payment will be made on January 6, 2027, to shareholders of record as of December 15, 2026.
The company raised its 2026 guidance: revenue between $7.95 billion and $8.02 billion, adjusted EBITDA between $2.948 billion and $2.978 billion, AFFO between $1.78 billion and $1.8 billion, and AFFO per share between $5.94 and $6.00. For the fourth quarter, it projects revenue of about $2.03 billion and AFFO per share of about $1.57.
