Iron Mountain Q3 2026: revenue up 13.5%, adjusted EPS beats, dividend raised 15%
Iron Mountain delivered a beat-and-raise quarter: revenue of $1.99 billion rose 13.5% and adjusted EPS of $0.64 edged past the $0.6178 consensus, with full-year guidance lifted and the dividend up 15%. The catch is cash: free cash flow was negative $302.2 million, so accounting earnings did not become money in the bank. Read the growth and the funding of that growth separately.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.41 rose 46.4% from $0.28, and adjusted EPS of $0.64 came in about $0.02 above the $0.6178 consensus. The $0.23 gap between the two is mostly stock-based compensation at $0.10 per share, with smaller add-backs for other expense, asset write-downs and a $0.06 tax item. Adjusted EPS rose 18.5% year over year, roughly in line with the 16.6% AFFO increase, so the beat is real but modest.
Revenue of $1.99 billion grew 13.5% year over year from $1.75 billion, but slipped 1.9% from the $2.03 billion booked in Q2 2026. The sequential dip came from service revenue, which fell 6.0% quarter over quarter to $841.1 million, while storage rental revenue rose 1.3% to $1.15 billion. Records Management still supplies $1.20 billion of the total, so the growth story rides on a base that barely moves.
Management guided Q4 revenue to about $2.03 billion and full-year 2026 revenue to $7.95–$8.02 billion, roughly 16% growth at the midpoint. Full-year AFFO per share guidance of $5.94–$6.00 implies a dividend of $0.993 per quarter, lifted 15%, consumes roughly two-thirds of that. That is a comfortable ratio on paper, but only if cash flow turns positive.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05
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