Iron Mountain Hits Record $2B Q3 Revenue, Lifts Dividend 15%

Portsmouth, New Hampshire-based Iron Mountain Incorporated reported record third-quarter revenue of $1.99 billion on Thursday, up 13.5% from a year earlier, and raised its full-year 2026 outlook while lifting its quarterly dividend by 15%, according to the company’s earnings release.

• Total revenue: $1.99 billion, up 13.5% reported and about 12.8% on an organic basis
• Net income: $129 million, compared with $86 million a year earlier
• Adjusted EBITDA: record $748 million, up 13.3%; margin 37.6%
• AFFO: record $458 million, or $1.53 a share, up 17% and about 16% respectively
• Data center leasing: 102 megawatts in the quarter; 137 megawatts year to date

Storage rental revenue rose 11% to $1.15 billion, and service revenue climbed 17% to $841 million. The company said its growth businesses — data centers, digital services and asset lifecycle management — collectively grew more than 30% year over year. Diluted earnings attributable to Iron Mountain were $0.41 a share, compared with $0.28 a year earlier.

Guidance and dividend

Iron Mountain raised full-year 2026 guidance to revenue of $7.95 billion to $8.02 billion, adjusted EBITDA of $2.948 billion to $2.978 billion, and AFFO per share of $5.94 to $6.00. Fourth-quarter targets include about $2.03 billion in revenue and about $780 million in adjusted EBITDA.

The board declared a quarterly cash dividend of $0.993 per share for the fourth quarter, up 15%, payable Jan. 6, 2027, to shareholders of record Dec. 15, 2026. CEO William L. Meaney tied the dividend increase to strong AFFO growth and a signed data-center leasing pipeline that supports longer-term expansion.

Sources: Iron Mountain, Seeking Alpha, MarketScreener