PORTSMOUTH, N.H., April 30, 2026, 15:07 (EDT)
- Iron Mountain bumped up its 2026 revenue and cash-flow targets following a 21.6% jump in first-quarter revenue.
- The stock surged roughly 10% Thursday afternoon, leaving data-center REIT rivals behind.
- Data centers, digital services, and asset lifecycle management—these are the areas management flagged as primary growth drivers.
Iron Mountain lifted its full-year outlook Thursday following a better-than-expected first quarter, sending shares up sharply as investors seized on signs the records-storage firm is reaping more from data centers and corporate IT asset projects.
This shift is significant: Iron Mountain isn’t just a records warehouse play anymore. According to the company, data center, digital, and asset lifecycle management operations jumped over 50% in the quarter and now make up north of 30% of total revenue.
Portsmouth, New Hampshire-based real estate investment trust Iron Mountain bumped up its 2026 revenue outlook to a range between $7.825 billion and $7.925 billion, raising guidance from the earlier $7.625 billion to $7.775 billion band. The company now projects adjusted funds from operations at $5.79 to $5.86 per share, a key REIT cash-flow metric.
Iron Mountain shares climbed roughly 10% to $125.93 in afternoon action. That jump outpaced Digital Realty Trust, which was up about 3%. Equinix, another big data-center real estate player, slipped less than 1%.
Revenue for the first quarter came in at $1.94 billion, up from $1.59 billion the previous year. Net income climbed to $149 million, a sharp jump from $16 million, and adjusted EBITDA rose 22.1% to $708 million.
Iron Mountain posted adjusted FFO of $1.43 per share, beating the $1.26 consensus from analysts polled by LSEG, Reuters reported. Revenue cleared the bar too, coming in higher than the $1.86 billion forecast.
Chief Executive William Meaney said data-center leasing is “off to a strong start,” with 32 megawatts leased so far through April. The company expects to bring 400 megawatts of capacity online and available in the next 24 months. Iron Mountain Investor Relations
Data center revenue jumped 47%, reaching $255 million for the quarter. On the earnings call, Chief Financial Officer Barry Hytinen noted the company inked 22 megawatts in new leases during the first quarter, brought 24 megawatts online, and renewed 193 leases covering a total of 7 megawatts.
Asset lifecycle management (ALM) — decommissioning, sanitizing, and reselling used IT hardware — posted standout growth. That line jumped 92%, hitting $232 million in revenue. Iron Mountain also bumped its full-year ALM target to $950 million, up by $100 million from the previous forecast.
Hytinen noted that memory prices, after climbing earlier in the quarter, have now leveled off—but they’re still “meaningfully above last year.” That’s a key point for ALM, since tight supply can lift resale prices for retired servers and components. Investing.com
The funding picture isn’t settled yet. Iron Mountain dropped $527 million on growth and recurring capex in Q1, with most of that cash going into data centers. As of the end of March, the company’s net lease-adjusted leverage ratio stood at 4.8x. Risks flagged in its own materials include the company’s ability to cover capital spending, service its debt, absorb higher power bills, and navigate possible data-center outages—any of which could shift the outlook.
The company set its quarterly dividend at 86.4 cents per share, with payment scheduled for July 3 to shareholders who are on the books as of June 15.
