Iron Mountain Incorporated Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Iron Mountain Q2 2026 Earnings Summary

Overview: Iron Mountain delivered record Q2 2026 results, exceeding expectations across all metrics. Revenue grew 19% YoY (17% organic), driven by strong performance in growth businesses (Data Center, ALM, Digital) which now represent 35% of revenue (+750 bps YoY). Global RIM continued mid-single-digit growth. Full-year guidance raised.

Key Financial Results (Q2 2026 vs Q2 2025)

  • Revenue: $2.03 billion (+19% reported / +18% constant currency / +17% organic). Beat prior projection by ~$65 million, primarily from ALM hyperscale decommissioning.
  • Adjusted EBITDA: $727 million (+16% YoY). Beat prior projection of $715 million; margin impacted by services mix but supported by cost discipline.
  • AFFO: $433 million (+17% YoY); $1.44 per share (+16% YoY). Beat prior projection by $0.04.
  • Global RIM Revenue: $1.4 billion (quarterly record; +8% reported / +7% organic). Storage +7% reported / +5% organic; Services +11% reported / +9% organic (Digital +25%+).
  • Global RIM Adj. EBITDA: $621 million (+6% YoY); margin 43%.
  • Data Center Revenue: $263 million (+39% YoY). Adj. EBITDA $137 million (+$41 million YoY); margin 52.2% (+140 bps).

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Operator: Good morning, and welcome to the Iron Mountain Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mark Rupe, Senior Vice President of Investor Relations. Please go ahead. Mark Rupe: Thanks, Bailey. Good morning, everyone, and welcome to our second quarter 2026 earnings conference call. Joining us today are Bill Meaney, our President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer. After our prepared remarks, we'll open the line for Q&A. Today's call will include forward-looking statements, which are subject to risks and uncertainties. For a discussion of the major risk factors that could cause our actual results to differ from these statements, please refer to today's earnings materials, including the safe harbor language on Slide 2 of the earnings presentation and our annual and quarterly reports on Form 10-K and 10-Q. Each of these items as well as reconciliations of non-GAAP financial measures referenced during this call can be found on our Investor Relations website. With that, I'll turn the call over to Bill. William Meaney: Thank you, Mark, and thank you all for joining us today to discuss our second quarter results. As you saw in this morning's release, our team delivered another outstanding performance with record-breaking second quarter results exceeding our expectations across all metrics, dr

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