Iron Mountain (IRM) Q2 FY2026 earnings: revenue $2.0 billion, up 18.5% on the year

Iron Mountain Inc. (IRM) reported revenue of $2.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 18.5% on the same quarter a year earlier. Net income was $101 million, and diluted earnings per share $0.34. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$2.0 billion

+18.5% on the year · +4.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.4%

15.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$101 million

-29.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.34

-29.2% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 4 raised, 4 new.

Revenue rose 18.5% to $2.0 billion: Total revenues were $2,029 million against $1,712 million a year earlier. Excluding foreign exchange, revenue rose 17.6%. Year to date revenue rose 20.0%.
Adjusted EBITDA rose 15.7%: Adjusted EBITDA was $727.0 million, up 15.7% reported and 14.9% on a constant currency basis. Year to date Adjusted EBITDA rose 18.8%, or 17.1% excluding foreign exchange.
AFFO and AFFO per share rose: AFFO was $432.7 million, up 17.0%, and AFFO per share was $1.44, up 16.1%. Year to date AFFO per share was $2.87, up 19.1%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,029	1,936	1,712	+4.8%	+18.5%
Cost of revenue	959	890	755	+7.7%	+27.0%
Gross profit	1,070	1,046	957	+2.3%	+11.8%
Gross margin	52.8%	54.0%	55.9%
Selling, general and administrative	402	373	390	+7.9%	+3.0%
Operating income	374	395	260	-5.5%	+43.7%
Operating margin	18.4%	20.4%	15.2%
Interest expense	223	224	205	-0.2%	+9.0%
Pre-tax income	121	176	-27.0	-31.4%
Income tax	14.8	27.1	16.3	-45.4%	-9.2%
Effective tax rate	12.2%	15.4%	n/a
Net income	101	144	-44.9	-29.4%
Net margin	5.0%	7.4%	-2.6%
Diluted EPS	$0.34	$0.48	-$0.15	-29.2%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	549	339	375	+62.2%	+46.4%
Capital expenditure	588	518	557	+13.5%	+5.6%
Free cash flow	-38.9	-179	-182
Free cash flow margin	-1.9%	-9.3%	-10.6%
Cash from investing	-635	-531	-584
Cash from financing	32.8	271	304	-87.9%	-89.2%
Depreciation and amortisation	281	268	253	+5.1%	+11.4%
Share-based compensation	56.8	28.3	60.4	+101.0%	-5.9%
Dividends paid	257	276	232	-6.7%	+11.0%
Dividend per share	$0.86	$0.86	$0.79	0.0%	+10.1%
Diluted shares, weighted	300m	299m	295m	+0.3%	+1.5%
Shares outstanding at period end	298m	297m	295m	+0.1%	+0.8%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	-1,281	-1,215	-767
Non-controlling interest	326	277	199	+17.8%	+64.1%
Redeemable equity	63.2	63.7	76.9	-0.8%	-17.7%
Debt	17,350	17,103	15,596	+1.4%	+11.2%
Operating lease liabilities	2,265	2,282	2,255	-0.7%	+0.5%
Finance lease liabilities	491	467	372	+5.0%	+32.1%
Other liabilities	2,742	2,509	2,446	+9.3%	+12.1%
Total liabilities and equity	21,955	21,487	20,177	+2.2%	+8.8%
Goodwill	5,267	5,275	5,230	-0.1%	+0.7%
Intangible assets	1,235	1,231	1,245	+0.4%	-0.8%
Cash and equivalents	205	251	218	-18.3%	-6.1%
Receivables	1,487	1,425	1,387	+4.4%	+7.2%
Other assets	13,761	13,306	12,097	+3.4%	+13.8%
Total assets	21,955	21,487	20,177	+2.2%	+8.8%

Questions

What was Iron Mountain's revenue in Q2 FY2026?

Iron Mountain (IRM) reported revenue of $2.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 18.5% on the same quarter a year earlier.

How much did Iron Mountain earn in Q2 FY2026?

Net income for Q2 FY2026 was $101 million, and diluted earnings per share $0.34.

When did Iron Mountain report Q2 FY2026 results?

Iron Mountain filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 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 30 June 2026, filed 5 August 2026: the filing.