Iron Mountain (IRM) Q3 FY2026 earnings: revenue $2.0 billion, up 13.5% on the year

Iron Mountain Inc. (IRM) reported revenue of $2.0 billion for Q3 FY2026, the quarter ended 30 September 2026, up 13.5% on the same quarter a year earlier. Net income was $124 million, up 47.3% on the year, and diluted earnings per share $0.41. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$2.0 billion

+13.5% on the year · -1.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

20.6%

17.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$124 million

+47.3% on the year · +22.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.41

+46.4% on the year · +20.6% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 5 raised, 4 new.

Revenue rose 13.5% to $2.0 billion: Total revenues were $2.0 billion, up 13.5% reported and 13.3% excluding foreign exchange.
Growth businesses grew over 30%: Data center, digital and asset lifecycle management together grew more than 30% year over year in the quarter.
Service revenue fell from second quarter: Service revenue was $841.1 million, up 16.6% from a year earlier and down 6.0% from the second quarter. Total revenue was down 1.9% sequentially.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,991	2,029	1,754	-1.9%	+13.5%
Cost of revenue	927	959	792	-3.3%	+17.0%
Gross profit	1,064	1,070	962	-0.6%	+10.6%
Gross margin	53.4%	52.8%	54.9%
Selling, general and administrative	349	402	335	-13.3%	+4.0%
Operating income	411	374	309	+9.9%	+33.0%
Operating margin	20.6%	18.4%	17.6%
Interest expense	217	223	210	-3.1%	+3.2%
Pre-tax income	186	121	103	+53.5%	+80.5%
Income tax	56.7	14.8	16.6	+283.3%	+241.9%
Effective tax rate	30.6%	12.2%	16.1%
Net income	124	101	84.3	+22.4%	+47.3%
Net margin	6.2%	5.0%	4.8%
Diluted EPS	$0.41	$0.34	$0.28	+20.6%	+46.4%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	316	549	268	-42.5%	+18.0%
Capital expenditure	618	588	524	+5.1%	+18.0%
Free cash flow	-302	-38.9	-256
Free cash flow margin	-15.2%	-1.9%	-14.6%
Cash from investing	-642	-635	-617
Cash from financing	308	32.8	318	+838.6%	-3.4%
Depreciation and amortisation	292	281	262	+3.7%	+11.3%
Share-based compensation	30.9	56.8	32.1	-45.6%	-4.0%
Dividends paid	257	257	232	+0.0%	+10.9%
Dividend per share	$0.86	$0.86	$0.79	0.0%	+10.1%
Diluted shares, weighted	300m	300m	298m	+0.0%	+0.7%
Shares outstanding at period end	298m	298m	296m	+0.0%	+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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	-1,388	-1,281	-882
Non-controlling interest	325	326	199	-0.2%	+63.6%
Redeemable equity	62.2	63.2	75.4	-1.7%	-17.5%
Debt	17,972	17,350	16,194	+3.6%	+11.0%
Operating lease liabilities	2,187	2,265	2,284	-3.5%	-4.2%
Finance lease liabilities	499	491	461	+1.7%	+8.2%
Other liabilities	2,666	2,742	2,302	-2.8%	+15.8%
Total liabilities and equity	22,323	21,955	20,633	+1.7%	+8.2%
Goodwill	5,280	5,267	5,270	+0.2%	+0.2%
Intangible assets	1,208	1,235	1,254	-2.2%	-3.6%
Cash and equivalents	188	205	195	-8.1%	-3.6%
Receivables	1,508	1,487	1,371	+1.4%	+9.9%
Other assets	14,139	13,761	12,543	+2.7%	+12.7%
Total assets	22,323	21,955	20,633	+1.7%	+8.2%

Questions

What was Iron Mountain's revenue in Q3 FY2026?

Iron Mountain (IRM) reported revenue of $2.0 billion for Q3 FY2026, the quarter ended 30 September 2026, up 13.5% on the same quarter a year earlier.

How much did Iron Mountain earn in Q3 FY2026?

Net income for Q3 FY2026 was $124 million, up 47.3% on the year, and diluted earnings per share $0.41.

When did Iron Mountain report Q3 FY2026 results?

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