IRM US S&P 500Russell 1000 Earnings call
Iron Mountain (IRM) · Q2 2026 results and valuation
Share price: $112.43 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 30 Apr 2026
Net income down 28.8% on the previous quarter, guidance raised. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−28.8%
Net income vs Q1 2026
Guidance raised
Net income 106.1M vs 149.0M
Revenue +4.8%
2 · How management spoke
Very upbeat
Among the most upbeat of all company calls
Answers to analysts: upbeat, but clearly less so than the script.
Similar to last call.
3 · What stood out
Iron Mountain's adjusted EBITDA margin of 36.6% exceeded the prior projection by $23 million due to revenue upside and operational efficiency.
Valuation
Is Iron Mountain undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$112.43
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+48.6% for 10 yrs
Fair value / share
$-46.38
Buy below
$-34.79
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
IRM expects to compound double-digit revenue and earnings growth well into the future.
Source quote
“Let me now share some of the highlights from the quarter and the confidence this provides as we expect to compound double-digit revenue and earnings growth well into the future.”
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Figure
Three growth businesses accounted for 35% of second quarter revenue, an increase of 750 basis points compared to the first quarter.
Source quote
“These 3 growth businesses accounted for 35% of our second quarter revenue, an increase of 750 basis points as compared...”
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Fading
Adjusted EBITDA margin was 36.6%, an increase of 20 basis points from last year.
Source quote
“Adjusted EBITDA margin was 36.6%, an increase of 20 basis points from last year. This exceeded the projection we provided on our last call by $23 million driven by the revenue upside and operational efficiency across the business. Our margin performance was particularly impressive, especially when considering the substantial growth in our services revenue, which naturally drives a mix headwind.”
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Fading
Double-digit revenue and earnings growth are expected to continue well into the future.
Source quote
“I think in terms of the -- Barry said it in his ...why we're really happy to have the FedRAMP high classification, because it opens up the possibilities of where we can transform the government across the board. And we still see that $100 million next year, $45 million for this year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — one of the biggest drops of any company call. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“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, driven by strong execution of our...”
“Our focus remains on investing in high-return opportunities that drive double-digit growth and growing our dividend while maintaining our strong balance sheet.”
“The foundation of our ongoing success continues to be driven by exceptional customer stewardship, combined with the strength in our traditional records business and the expanding portfolio of growth businesses.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.03B | 1.94B | +4.8% | 1.71B | +18.5% |
| Operating income | 373.5M | 395.2M | −5.5% | 259.9M | +43.7% |
| Net income | 106.1M | 149.0M | −28.8% | -43.3M | Turned profit |
| EPS | 0.34 | 0.48 | −29.2% | -0.15 | Turned profit |
| P/E today 79.7 | 89.6 | 111.0 | −21.4 | 732.6 | −643.0 |
Topics
Most discussed now
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Faded since Q1 2026
- Fading Data center revenue increased 47% in the first quarter.
- Fading Total service revenue was $841 million, up $197 million or 31% from last year.
- Fading Very strong growth coming out of both sides of the business.
- Fading In the first quarter, Iron Mountain did implement revenue management actions kind of in the late January time frame.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Shareholder vote results; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Results of operations · SEC 8-K