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FY2026 Q1
Raised
Iron Mountain Incorporated earnings call
Buzzberg read
First quarter organic growth of 17% is highest in over 25 years.
Iron Mountain reported a strong Q1 2026, with record revenue, EBITDA, and AFFO growth. Management raised full-year guidance and highlighted strength across data centers, ALM (driven by memory pricing), and government digital services. The call provided a positive outlook for the company's synergistic business model. Iron Mountain delivered Q1 FY2026 revenue of $1.94 billion (+22% YoY), with organic growth of 17%, its best in 25 years.
Buzzberg read First quarter organic growth of 17% is highest in over 25 years. Iron Mountain reported a strong Q1 2026, with record revenue, EBITDA, and AFFO growth. Management raised full-year guidance and highlighted strength across data centers, ALM (driven by memory pricing), and government digital services. The call provided a positive outlook for the company's synergistic business model. Iron Mountain delivered Q1 FY2026 revenue of $1.94 billion (+22% YoY), with organic growth of 17%, its best in 25 years. Read full analysisCollapse analysis
Iron Mountain reported a strong Q1 2026, with record revenue, EBITDA, and AFFO growth. Management raised full-year guidance and highlighted strength across data centers, ALM (driven by memory pricing), and government digital services. The call provided a positive outlook for the company's synergistic business model. Iron Mountain delivered Q1 FY2026 revenue of $1.94 billion (+22% YoY), with organic growth of 17%, its best in 25 years.
- Data center revenue grew 47% YoY to $255 million, and management raised 2026 leasing targets to 'meaningfully above' 100 MW.
- ALM revenue surged 92% to $232 million, driven by data center decommissioning and a favorable memory price environment; full-year ALM revenue guidance was raised to $950 million.
- Raised FY2026 guidance for revenue to $7.825-$7.925 billion and AFFO per share to $5.79-$5.86 on strong broad-based momentum.
ALM Revenue232Reported
DATA_CENTER Revenue255+8% QoQ
Revenue$1.9361B+5% QoQ
EPS$0.60-58% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
Mix
Growth businesses now exceed 30% of total revenue.
Demand
Leased 10MW in Amsterdam to new major cloud player.
Show 3 more callouts
Guidance
Data center leasing expected to meaningfully exceed 100MW guidance.
Government
Government bookings were second-best in company history.
Pricing
Memory prices stabilized in line with original guidance.
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| ALM Revenue | 232 | Reported |
| DATA_CENTER Revenue | 255 | +8% QoQ |
| Revenue | $1.9361B | +5% QoQ |
| EPS | $0.60 | -58% QoQ |
| Gross margin | 54.04% | Reported |
| Operating margin | 20.41% | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $5.79–$5.86 | $5.83 | Raised |
| EPS | FY2026 Q2 | $1.40 | $1.40 | Guided |
| Revenue | FY2026 | $7.825B–$7.925B | $7.875B | Raised |
| RevenueALM | FY2026 | 950 | 950 | Raised |
| Revenue | FY2026 Q2 | $1.965B | $1.965B | Guided |
AI, capex & demand read
Management read
Upbeat
Management expressed strong enthusiasm and confidence, citing record results, increased guidance, and a robust pipeline across multiple growth businesses.
Management AI read
Management highlighted the success of DXP, their AI-powered digital solutions platform, which continues to win contracts, including a deal with a Brazilian clinical diagnostics firm to process over 20 million medical records. They also received FedRAMP high authorization for their digital services suite, which will improve their competitive position in the U.S. public sector for mission-critical w
Investment and capacity
Management increased future data center development capacity in Northern Virginia by 20% to 195 megawatts, but maintained full-year CapEx guidance to be slightly down from last year. They emphasized that they are not a speculative builder, with most construction pre-leased, and they have 400 megawatts of capacity energizing over the next 24 months.
all 4 named companies below
Companiesreturns since call
Customers
Customers
Bill Meany
Meta's elongated server refresh cycles (a customer of ALM decommissioning services) could reduce near-term ALM volume from hyperscalers, although Iron Mountain sees offsetting opportunities from OEMs.
Evidence
“Meta recently announced it will be extending the use of the life of non-AI servers in some cases to seven years due to server supply availability.”
Partners
Partners
Bill Meany
Iron Mountain's digital solutions business (DXP) is recognized by Google, indicating a strong ongoing partnership in AI and media workflows.
Evidence
“Additionally, we won another Google Partner of the Year this month for media and entertainment, adding to the 2018 Google Partner of the Year award for AI and machine learning.”
Supply chain
Supply chain
Bill Meany
OEMs are buying used memory harvested by Iron Mountain from decommissioned servers to address component shortages, creating a new revenue stream and tight supply loop. — This validates memory scarcity and indicates that secondary markets are being tapped to fill supply gaps, which could impact OEM supply chain strategies and new memory pricing dynamics.
Evidence
“we've seen more and more OEMs now asking for us to sell used memory that we're harvesting from other customers, which they're reintroducing into their new product supply chain...”
External signals
Supply-chain alpha · 3returns since call
OEMs are buying used memory harvested by Iron Mountain from decommissioned servers to address component shortages, creating a new revenue stream and tight supply loop.
Per Barry Heitkamp, sequential Q2 comp will have a harder compare on revenue management since most price increases were implemented in late January vs. last year where full benefit hit in Q2.
Evidence
“when you think about the comps year to year, there's a little bit of a harder comp in the second quarter for us on revenue management specifically.”
Despite the memory price moderation in late March/April, the company raised full-year ALM revenue guidance to $950M, attributing $60M to H2 volume in data center decommissioning and enterprise growth.
Evidence
“With that said, we are increasing our full year outlook for ALM revenue to $950 million... The additional 60 million will be driven over the balance of the year by volume...”
Methodology & coverage
Management-only analysis. All 4 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.