I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 2.029 B.
EPS: As of FY2026 Q2, the actual value is USD 0.34, missing the estimate of USD 0.4292.
EBIT: As of FY2026 Q2, the actual value is USD 373.53 M.
Second Quarter 2026 Financial Highlights
Total Revenues
Iron Mountain Incorporated reported total revenues of $2.029 billion for the second quarter of 2026, an 18.5% increase compared to $1.712 billion in Q2 2025. Excluding foreign exchange effects, total revenues increased by 17.6% year-over-year.
Segment Revenue
- Storage Rental Revenue: Total storage rental revenue was $1.135 billion in Q2 2026, up 12% on both reported and constant currency bases from $1.010 billion in Q2 2025.
- Global RIM Business Storage Rental Revenue: $856,751 in Q2 2026, a 6.6% increase from Q2 2025.
- Global Data Center Business Storage Rental Revenue: $258,892 in Q2 2026, a 37.5% increase from Q2 2025.
- Corporate and Other Storage Rental Revenue: $18,968 in Q2 2026, a 4.6% increase from Q2 2025.
- Service Revenue: Total service revenue was $894 million in Q2 2026, a 27% increase on a reported basis and 26% on a constant currency basis from $702 million in Q2 2025.
- Global RIM Business Service Revenue: $576,811 in Q2 2026, an 10.9% increase from Q2 2025.
- Global Data Center Business Service Revenue: $3,979 in Q2 2026, a 254.6% increase from Q2 2025.
- Corporate and Other Service Revenue: $313,661 in Q2 2026, a 73.7% increase from Q2 2025.
- Global RIM (overall): Revenue was $1,434 million in Q2 2026, an 8% increase (7% constant Fx) from $1,324 million in Q2 2025.
- Global Data Center (overall): Revenue was $263 million in Q2 2026, a 39% increase (39% constant Fx) from $189 million in Q2 2025.
- Corporate and Other (including ALM): Revenue was $333 million in Q2 2026, a 67% increase (67% constant Fx) from $199 million in Q2 2025.
Net Income
Net income for Q2 2026 was $106 million, a significant improvement from a net loss of - $43 million in Q2 2025.
Operating Profit
Operating Income was $373.528 million in Q2 2026, a 43.7% increase from $259.896 million in Q2 2025.
Operating Costs
Total Operating Expenses were $1.655 billion in Q2 2026, up 14.0% from $1.452 billion in Q2 2025.
Adjusted EBITDA
Adjusted EBITDA reached $727 million in Q2 2026, marking a 15.7% increase from $628 million in Q2 2025. On a constant currency basis, Adjusted EBITDA increased by 14.9%.
Adjusted EBITDA Margin
Adjusted EBITDA Margin was 35.8% in Q2 2026, a decrease of -90 basis points compared to 36.7% in Q2 2025.
AFFO
AFFO amounted to $433 million in Q2 2026, an increase of 17% from $370 million in Q2 2025.
AFFO per share
AFFO per share was $1.44 in Q2 2026, up 16% from $1.24 in Q2 2025.
Operating Expenses (Detailed Q2 2026 vs Q2 2025)
- Cost of Sales (excluding Depreciation and Amortization) increased by 27.0% to $958,609 from $754,837.
- Selling, General and Administrative expenses increased by 3.0% to $402,339 from $390,456.
- Depreciation and Amortization increased by 11.4% to $281,395 from $252,566.
- Acquisition and Integration Costs decreased by 65.0% to $1,684 from $4,815.
- Restructuring and Other Transformation costs decreased by 100.0% to $0 from $50,340.
Interest Expense, Net
Interest expense, net, increased by 9.0% to $223,446 in Q2 2026 from $205,063 in Q2 2025.
Other Expense (Income), Net
Other expense (income), net, was $29,178 in Q2 2026, compared to $81,877 in Q2 2025.
Capital Expenditures (Q2 2026 vs Q2 2025)
- Total Growth Capital Expenditures increased by 25.0% to $552,764 from $442,050.
- Data Center Growth Capital Expenditures: $472,002, a 25.2% increase.
- Real Estate Growth Capital Expenditures: $49,549, a 33.7% increase.
- Total Recurring Capital Expenditures increased by 9.2% to $37,989 from $34,794.
- Total cash paid for growth and recurring capital expenditures increased by 5.6% to $588,193 from $556,756.
Year-to-Date 2026 Financial Highlights
Total Revenues
For the year-to-date period ended June 30, 2026, total revenues were $3.965 billion, a 20% increase from $3.304 billion in the prior year period. Excluding foreign exchange effects, total revenues increased by 18.1%.
Segment Revenue (Year-to-Date)
- Storage Rental Revenue: $2.229 billion, up 14% from $1.958 billion in the prior year period.
- Service Revenue: $1.736 billion, a 29% increase from $1.346 billion in the prior year period.
Net Income
Net income for the year-to-date period was $255 million, compared to a net loss of - $27 million in the same period of 2025.
Operating Profit
Year-to-date Operating Income was $768.758 million, a 49.5% increase from $514.190 million in the prior year period.
Operating Costs
Year-to-date Total Operating Expenses were $3.196 billion, up 14.6% from $2.790 billion in the prior year period.
Adjusted EBITDA
Adjusted EBITDA for the year-to-date period was $1.435 billion, an 19% increase from $1.208 billion in the prior year period. On a constant currency basis, Adjusted EBITDA increased by 17.1%.
Adjusted EBITDA Margin
Year-to-date Adjusted EBITDA Margin was 36.2%, a decrease of -40 basis points compared to 36.6% in the prior year period.
AFFO
Year-to-date AFFO was $859 million, up 20% from $718 million in the prior year period.
AFFO per share
Year-to-date AFFO per share was $2.87, an increase of 19% from $2.41 in the prior year period.
Balance Sheet & Cash Flow Items (as of June 30, 2026)
Cash and Cash Equivalents
Cash and cash equivalents were $204,793 as of June 30, 2026, compared to $158,535 as of December 31, 2025.
Total Assets and Liabilities
Total assets were $21,955,442 as of June 30, 2026, up from $21,125,019 as of December 31, 2025. Total liabilities were $19,949,685 as of June 30, 2026, compared to $19,150,431 as of December 31, 2025. Total (Deficit) Equity was - $955,005 as of June 30, 2026, compared to - $709,331 as of December 31, 2025.
Operational Metrics
Organic revenue growth for the second quarter was 16.8% year over year. Growth businesses, including data center, digital, and asset lifecycle management (ALM), collectively grew more than 50% year over year in the second quarter.
Iron Mountain Incorporated serves over 240,000 customers in 61 countries with approximately 1,300 facilities. The company has a total developable data center capacity of approximately 1.4 GW, with a current operating portfolio of 529 MW.
Global Storage Volume
Total storage volume was 747,880 in Q2 2026, up from 735,807 in Q2 2025. Records management has over 735 million cubic feet of records storage volume with an average retention of 14.5 years. Storage facility capacity utilization increased to 81.6% in Q2 2026 from 80.6% in Q2 2025. Records management retention rate improved to 93.4% in Q2 2026 from 93.0% in Q2 2025.
Data Center Metrics
Data center leasing activity for new/expansion leases signed was 13,127 kilowatts in Q2 2026, compared to 2,325 kilowatts in Q2 2025. Total leasable megawatts for data centers increased to 528.5 MW in Q2 2026 from 450.2 MW in Q2 2025. Total leased percentage for data centers was 97.1% in Q2 2026, up from 96.3% in Q2 2025. Data center churn rate increased to 2.0% in Q2 2026 from 0.5% in Q2 2025. Data center leasing reached 110 megawatts year to date, with 13 megawatts leased in Q2 2026 and an additional 75 megawatts in July.
Leverage
The long-term net lease adjusted leverage ratio was 4.8x in Q2 2026, within the target range of 4.5x to 5.5x.
Dividend
Iron Mountain Incorporated declared a quarterly cash dividend of $0.864 per share of common stock for the third quarter, payable on October 2, 2026, to shareholders of record as of September 15, 2026.
Outlook / Guidance
Iron Mountain Incorporated increased its full year 2026 financial guidance, driven by strong operational performance across the business. Total Revenue is now projected to be between $7.940 billion and $8.010 billion, representing approximately 16% year-over-year growth at the midpoint. Adjusted EBITDA is expected to range from $2.945 billion to $2.975 billion, an approximate 15% year-over-year increase at the midpoint, while AFFO is guided to be $1.760 billion to $1.780 billion, reflecting about 15% year-over-year growth, with AFFO per share projected at $5.87 to $5.93, an approximate 14% increase.