Iron Mountain (IRM) Q1 FY2026 earnings: revenue $1.9 billion, up 21.6% on the year

Iron Mountain Inc. (IRM) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 21.6% on the same quarter a year earlier. Net income was $144 million, up 800.6% on the year, and diluted earnings per share $0.48. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$1.9 billion

+21.6% on the year · +5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

20.4%

16.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$144 million

+800.6% on the year · +60.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.48

+860.0% on the year · +60.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 4 new.

Revenue rose 21.6% to $1.9 billion: Total revenues were $1,936.1 million against $1,592.5 million, up 21.6% reported and 18.6% excluding foreign exchange.
Growth businesses grew over 50%: Data center, digital and asset lifecycle management together grew more than 50% year over year in the first quarter.
Adjusted EBITDA up 22.1%, margin 36.6%: Adjusted EBITDA was $707.9 million, up 22.1%, or 19.5% on a constant currency basis. Margin was 36.6% against 36.4%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,936	1,843	1,593	+5.0%	+21.6%
Cost of revenue	890	822	710	+8.2%	+25.3%
Gross profit	1,046	1,021	882	+2.5%	+18.6%
Gross margin	54.0%	55.4%	55.4%
Selling, general and administrative	373	338	330	+10.1%	+13.0%
Operating income	395	341	254	+15.9%	+55.4%
Operating margin	20.4%	18.5%	16.0%
Interest expense	224	220	195	+1.8%	+14.9%
Pre-tax income	176	104	31.1	+68.8%	+466.9%
Income tax	27.1	11.2	14.8	+141.9%	+82.8%
Effective tax rate	15.4%	10.7%	47.8%
Net income	144	89.3	16.0	+60.9%	+800.6%
Net margin	7.4%	4.8%	1.0%
Diluted EPS	$0.48	$0.30	$0.05	+60.0%	+860.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	339	500	197	-32.3%	+71.6%
Capital expenditure	518	516	675	+0.3%	-23.2%
Free cash flow	-179	-16.2	-477
Free cash flow margin	-9.3%	-0.9%	-30.0%
Cash from investing	-531	-606	-767
Cash from financing	271	66.7	579	+306.5%	-53.1%
Depreciation and amortisation	268	278	232	-3.5%	+15.4%
Share-based compensation	28.3	21.7	26.1	+30.3%	+8.3%
Dividends paid	276	232	223	+18.7%	+23.3%
Dividend per share	$0.86	$0.86	$0.79	0.0%	+10.1%
Diluted shares, weighted	299m	298m	297m	+0.2%	+0.5%
Shares outstanding at period end	297m	296m	295m	+0.6%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	-1,215	-981	-699
Non-controlling interest	277	272	196	+1.8%	+41.0%
Redeemable equity	63.7	64.4	78.2	-1.1%	-18.5%
Debt	17,103	16,432	14,914	+4.1%	+14.7%
Operating lease liabilities	2,282	2,300	2,224	-0.8%	+2.6%
Finance lease liabilities	467	471	292	-0.7%	+60.0%
Other liabilities	2,509	2,567	2,355	-2.2%	+6.5%
Total liabilities and equity	21,487	21,125	19,362	+1.7%	+11.0%
Goodwill	5,275	5,286	5,142	-0.2%	+2.6%
Intangible assets	1,231	1,270	1,267	-3.0%	-2.8%
Cash and equivalents	251	159	155	+58.1%	+61.4%
Receivables	1,425	1,444	1,312	-1.3%	+8.6%
Other assets	13,306	12,967	11,486	+2.6%	+15.8%
Total assets	21,487	21,125	19,362	+1.7%	+11.0%

Questions

What was Iron Mountain's revenue in Q1 FY2026?

Iron Mountain (IRM) reported revenue of $1.9 billion for Q1 FY2026, the quarter ended 31 March 2026, up 21.6% on the same quarter a year earlier.

How much did Iron Mountain earn in Q1 FY2026?

Net income for Q1 FY2026 was $144 million, up 800.6% on the year, and diluted earnings per share $0.48.

When did Iron Mountain report Q1 FY2026 results?

Iron Mountain filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,160	1,248	1,290	1,287	1,279	1,314	1,358	1,388	1,420	1,477	1,534	1,557	1,581	1,593	1,712	1,754	1,843	1,936	2,029	1,991
Cost of revenue	479	547	556	546	540	572	593	592	601	653	676	678	689	710	755	792	822	890	959	927
Gross profit	681	701	733	741	739	743	765	796	818	824	858	879	892	882	957	962	1,021	1,046	1,070	1,064
Gross margin	59%	56%	57%	58%	58%	57%	56%	57%	58%	56%	56%	56%	56%	55%	56%	55%	55%	54%	53%	53%
SG&A	262	281	295	285	279	295	312	315	315	319	345	342	333	330	390	335	338	373	402	349
Operating income	196	222	294	286	248	241	213	238	231	246	230	251	282	254	260	309	341	395	374	411
Operating margin	17%	18%	23%	22%	19%	18%	16%	17%	16%	17%	15%	16%	18%	16%	15%	18%	19%	20%	18%	21%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	165	177	186	194	195	205	210	220	224	223	217
Pre-tax income	84.7	51.8	220	217	143	82.3	5.4	101	38.2	93.6	47.9	-21.3	124	31.1	-27.0	103	104	176	121	186
Tax rate	27%	19%	8%	11%	12%	20%	79%	10%	24%	18%	28%	n/a	15%	48%	n/a	16%	11%	15%	12%	31%
Net income	61.6	42.3	200	192	122	64.6	0.1	91.0	28.5	74.1	35.8	-33.6	104	16.0	-44.9	84.3	89.3	144	101	124
Net margin	5%	3%	16%	15%	10%	5%	0%	7%	2%	5%	2%	-2%	7%	1%	-3%	5%	5%	7%	5%	6%
Diluted EPS	$0.21	$0.14	$0.68	$0.66	$0.42	$0.22	$0.00	$0.31	$0.10	$0.25	$0.12	-$0.11	$0.35	$0.05	-$0.15	$0.28	$0.30	$0.48	$0.34	$0.41
Operating cash flow	296	54.5	291	214	367	129	317	220	447	130	382	253	432	197	375	268	500	339	549	316
Capital expenditure	192	161	169	267	279	266	335	362	377	381	397	396	618	675	557	524	516	518	588	618
Free cash flow	103	-107	122	-52.1	88.8	-137	-17.6	-141	70.3	-251	-14.6	-143	-186	-477	-182	-256	-16.2	-179	-38.9	-302
Dividends paid	179	184	180	180	180	187	181	181	190	198	191	191	210	223	232	232	232	276	257	257
Shares outstanding	290m	291m	291m	291m	291m	292m	292m	292m	292m	293m	293m	293m	294m	295m	295m	296m	296m	297m	298m	298m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.