Iron Mountain Raises 2026 Revenue Outlook, Increases Dividend 15%

Iron Mountain lifted its 2026 revenue target and raised its quarterly dividend after third-quarter sales climbed, with its data center business adding revenue and new lease commitments.

The company now expects full-year revenue of $7.95 billion to $8.02 billion. Its previous range was $7.94 billion to $8.01 billion, so both ends moved up by $10 million. At the midpoint, the revised forecast represents about 16% growth from 2025.

Revenue for the quarter ended Sept. 30, 2026, was $1.991 billion, up 13.5% from $1.754 billion a year earlier. Data center revenue increased 34% year over year to $274 million, growing more than twice as fast as overall revenue. Iron Mountain signed 102 megawatts of new data center leases during the quarter and 137 megawatts through the first nine months of 2026.

The company also set 2026 adjusted EBITDA guidance at $2.948 billion to $2.978 billion. Its AFFO outlook is $1.780 billion to $1.800 billion, or $5.94 to $6 per share. Adjusted EBITDA and AFFO are non-GAAP measures, and Iron Mountain did not provide reconciliations of its annual guidance to GAAP figures. For the third quarter, AFFO was $458.4 million, up 16.6% from $393.3 million; AFFO per share rose 15.9% to $1.53 from $1.32.

Iron Mountain provides records storage, digital solutions, data center and asset lifecycle management services. The company serves more than 240,000 customers across 61 countries.

“Based on our strong 2026 growth and continued positive outlook, we are pleased to increase the dividend by 15%,” CEO William L. Meaney said.

The board declared a fourth-quarter dividend of $0.993 per share, up from $0.864. The 15% dividend increase is payable Jan. 6, 2027, to holders of record at the close of business Dec. 15, 2026.