Iron Mountain Incorporated
IRM - NYSE - $128.84 ▲ +%1.60
-
Earnings Wed 5 Aug

Iron opens the
books on Wednesday evening.

3 analysts' median target is $130[FMP target], stock is $129, +0.9% upside potential. After Q1 +185.4% EPS beat[FMP earnings], the stock moved +1.0%.

↓ summary below
Quick Take - in 40 seconds
C-
HOLD Council 2/6 - Moonshot 51

C- = MoonshotScore 51[9-pillar formula] + Council 2/6[6-lens rule]. Form 4: 0 transactions[FMP Form 4].

Q1 consensus: revenue $2.0B[FMP est], EPS $0.53[FMP est]. 8 consecutive quarters of beat[FMP earnings].

Detailed analysis below ↓
$0.53 EPS Estimate Last year $1.43 - -57% YoY YoY
8 Beat Streak Expectations beaten consecutively for the last 8 quarters

Q1 EPS +185.4% beat[FMP] but the stock +1.0% D+1[FMP D+1]. Barry Hytinen promised $518.0M CapEx + a sequential decline in Q1 during the Q1 earnings call[Barry Hytinen capex transcript].

Watchlist

6 metrics stand out this quarter.

1.735 Expectation / Guide

Fy26 Affo Guidance

fy26_affo_guidance

Iron Mountain has raised its full year 2026 AFFO per share guidance to $5.79 to $5.86, representing 13% growth.

"We expect AFFO to be within the range of $1.735 billion to $1.755 billion or $5.79 to $5.86 on a per share basis. At the midpoint, this represents 13% growth"

- Barry Hytinen, Executive Vice President and Chief Financial Officer - Q1 FY26 Earnings Call - April 30, 2026
7.825 Expectation / Guide

Fy26 Revenue Guidance

fy26_revenue_guidance

Iron Mountain has raised its full year 2026 revenue guidance to a range of $7.825 billion to $7.925 billion, representing year-on-year growth of 14%.

"We now expect total revenue to be within the range of $7.825 billion to $7.925 billion, which represents year-on-year growth of 14% at the midpoint."

- Barry Hytinen, Executive Vice President and Chief Financial Officer - Q1 FY26 Earnings Call - April 30, 2026
17% Investor Focus

Organic Growth

organic_growth

Iron Mountain achieved its highest organic growth rate in over 25 years, with 17% in the first quarter.

"First quarter organic growth of 17% is the highest rate we've achieved in more than 25 years."

- William Meaney, President and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
47% Investor Focus

Data Center Growth

data_center_growth

Iron Mountain's data center revenue increased by 47% in the first quarter, with industry demand remaining strong.

"Data center revenue increased 47% in the first quarter. Industry demand remains very strong with hyperscalers continue to build out inference and cloud capacity."

- William Meaney, President and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
92% Investor Focus

Alm Growth

alm_growth

Iron Mountain's asset lifecycle management (ALM) business achieved a 92% increase in revenue in the first quarter.

"We drove substantial growth in our asset lifecycle management business in the first quarter with a 92% increase in revenue."

- William Meaney, President and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026
20% Investor Focus

Digital Solutions Growth

digital_solutions_growth

Iron Mountain's digital solutions business achieved record first quarter revenue, growing greater than 20% year-over-year.

"Our digital solutions business achieved record first quarter revenue, growing greater than 20% year-over-year."

- William Meaney, President and Chief Executive Officer - Q1 FY26 Earnings Call - April 30, 2026

Stock Expert AI - Methodology

Do our 9 pillars, 7 perspectives, and Munger lens point in the same direction?

MoonshotScore 51 / 100

9-pillar methodology. Revenue Growth and Price Momentum strong. Operating Leverage weak.

How is it calculated? ->
Revenue Growth7.0Q1 vs Q2: healthy growth (+13.1%)
Gross Margin5.0Q1: high margin (54.0%)
Operating Leverage2.0op margin healthy (20.4%)
Cash Runway3.0FCF negative ($-0.2B, external financing needed)
R&D Intensity3.0low R&D investment (0.0%, weak innovation)
Price Momentum7.0RSI 67.7 positive momentum, 50d above
News Sentiment9.0strong buy consensus (91%)
Council Score 2 / 6 Bullish

6 investor frameworks. 2 bullish (Ray Dalio, Ken Griffin), 0 bearish (none), 4 neutral (Jim Simons, Klarman, Buffett, Munger).

How is it calculated? ->
Ray Dalio macro - target upside +0.9%
Ken Griffin flow - 50d MA above
Jim Simons quant - RSI 68
Klarman value - target upside +0.9%
Buffett quality - ROE score 1/5
Munger valuation - target upside +0.9%
Munger's Mindset character & balance sheet lens
Fairly Valued

Quality business, trading at fair value.

How is it calculated? ->
Financial HealthWeak
Margin of SafetyWeak
Interest CoverageAdequate
ROIC vs WACCTight
Technical Levels - Pre-earnings positioning

What levels is the stock being tested at?

RSI(14)
67.7 RSI 67.7 positive momentum, 50d above
MACD
+16.00 price above 50d - support positive
50d MA
$111 stock 16.0% above - short-term support
200d MA
$99 stock 30.3% above - long-term support
Volume (10d)
-47% decrease - low participation
Resistance
$130
Analyst median target - upgrade trigger if broken
Current
$129
Pre-earnings position
Support
$84
Invalidation - close below this is a technical breakdown
Pattern
Range
$84-$130 band - earnings breakout/breakdown trigger

Past Performance

Iron beat expectations in the last 8 quarters.

BEAT
Q2 FY25
$1.24 vs $1.19 est - +2.0%
BEAT
Q3 FY25
$1.32 vs $1.29 est - +0.4%
BEAT
Q4 FY25
$1.44 vs $0.59 est - +3.6%
BEAT
Q1 FY26
$1.43 vs $0.50 est - +1.0%

Q1 (April 30, 2026): EPS $1.43 vs $0.50 est[FMP], +185.4% beat. D+1 movement: +1.0%[FMP D+1]. Decline despite beat - market reacted to guidance, not numbers.

Three scenarios: what could happen?

EPS < $0.51 (no guidance)

Q1: EPS $1.43 vs $0.50 beat[FMP], stock +1.0% D+1[FMP].

Backlog concentration

No RPO/backlog concentration disclosed in Q1 earnings call.

CapEx shock

Q1 CapEx $518.0M[FMP cashflow]. Q1 op margin 20.4%[FMP op margin] - this level in Q1 is sensitive to CapEx revision risk.

Framework - Position discipline

After the data arrives: 3 scenarios, 3 windows

Not advice - a structural framework for earnings night. Decision discipline is yours.

Scenario A - Beat
Q1 EPS > $0.53 + CapEx discipline
Threshold: EPS > $0.53[FMP est].
Target: Break above median target $130[FMP target]; high target $140[FMP] upper bound.
Scenario B - In-Line
EPS approx $0.53 + CapEx < $518.0M
Threshold: EPS approx $0.53[FMP est], Q1 CapEx < $518.0M[FMP].
Target: Consolidation in the band between current $129[FMP] and median $130[FMP].
Scenario C - Miss
EPS < $0.51 or CapEx >= $518.0M
Threshold: EPS < $0.51[FMP estx0.97].
Target: Current $129 below SMA200 $99[FMP], if rejection continues, $84[derived] support activates.
Sizing
Earnings volatility -> max portfolio 1-2%. Waiting for earnings is not a gamble, it's a position entrustment.
Timing
IV crush within 24 hours post-earnings. Waiting for premium decay makes options preferable to spot.
Staging
Don't go all-in at once, divide into 3: initial reaction, 24 hours later, after Friday's close.

Market Outlook

What do 3 analysts say?

Wall Street Consensus
$130
12-month median target price (+0.9% upside potential)
10
BUY
0
HOLD
1
SELL
Risk Management
$84
Invalidation level - critical support threshold
$111 - 50-day MA (above, +16.0%)
$99 - 200-day MA (above, +30.3%)
IV Crush risk (sudden drop in inflated option premiums before earnings): Option premiums are inflated before earnings.
Verdict - IRM Q1 FY27
C-

You read it in 5 minutes. When the numbers come out on Wednesday evening - you know what you're looking at.

Data arrives at night. The framework is ready now.

Data arrives on Wednesday evening. The framework is ready on this page: Q1 EPS threshold $0.53[FMP], CapEx threshold "below $518.0M"[Barry Hytinen]. Two anchors, three scenarios.

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Educational tool, not investment advice. Past performance does not guarantee future results.

Calendar

Catalyst Calendar - 90-day forward look

Aug 5, 2026EARNINGSQ1 FY27 results (after market close) + earnings call
Aug 6, 2026PRICEFirst trading day after earnings - 200dMA test + IV crush
Sep 19, 2026FILING10-Q deadline - segment breakdown + RPO detail (SEC rule: quarter-end + 45 days)
~Nov 5, 2026EARNINGSQ2 FY27 (next quarter, date not yet scheduled in FMP)

DATA GAP: Events not in the FMP /stable/calendar feed - Investor day, analyst day, product launches, regulatory dates. These require company IR page scraping or manual calendar entry.

Frequently Asked Questions

What does the IRM earnings preview cover?

This IRM (IRM) earnings preview covers the analyst consensus, key catalysts, and what to watch on the earnings call.

What should investors watch for in IRM earnings?

Consensus EPS, revenue guidance, segment growth rates, and the tone of management commentary — the full breakdown with sources is on this page.