Iron Mountain raises annual forecasts on data center leasing momentum

Iron Mountain

05/08/2026 13:01

Aug 5 (Reuters) - Iron Mountain IRM.N raised its annual forecasts and topped quarterly earnings expectations on Wednesday, helped by strong demand for its data centers used to support AI services.
Shares of the company, which stores physical records and operates data centers and IT-asset recycling facilities for enterprise and government customers, rose 3% before the bell.

Here are some details:
Iron Mountain's growth businesses of data center, ALM — which handles IT hardware decommissioning, data erasure and resale — and digital solutions collectively grew more than 50% year-over-year.
The company said it leased 110 megawatts through July to data centers, compared to 32 megawatts in April. 
"We are building momentum in our ALM and digital businesses through increased cross-selling and providing innovative solutions, and we are accelerating data center leasing," said William L. Meaney, President and CEO of Iron Mountain. 
The company reported second-quarter revenue of $2.02 billion, above analysts' average estimate of $1.97 billion, according to data compiled by LSEG.
Adjusted funds from operations (AFFO) per share was $1.44, compared with estimates of $1.19 per share.
It raised its full-year revenue outlook between $7.940 billion and $8.010 billion, from $7.825 billion to $7.925 billion previously.
The company also lifted its full-year AFFO-per-share forecast to be in the range of $5.87 to $5.93 compared with estimates of $4.99 per share. The prior expectation was between $5.79 and $5.86.
Additionally, the company's board declared a quarterly cash dividend of $0.864 per share of common stock on Wednesday.

 (Reporting by Prathik Jayaprakash in Bengaluru; Editing by Vijay Kishore)
 ((Prathik.Jayaprakash@thomsonreuters.com; +91 9916364306))