Iron Mountain's second quarter revenue grew 19% as it raised FY2026 guidance on accelerating data center leasing.

Iron Mountain reported second quarter revenue of $2.03 billion, an increase of 19% year-over-year, while Adjusted Funds From Operations (AFFO) rose 17% to $433 million, or $1.44 per share. The company raised its full-year 2026 guidance for revenue, Adjusted EBITDA, and AFFO, citing strong operational performance.

Key Highlights

• Total organic revenue grew 16.8%, driven by a 24.8% increase in organic service revenue.
• The company's growth businesses, including data center, digital, and asset lifecycle management (ALM), collectively grew revenue by more than 50% year-over-year.
• Data center leasing activity accelerated, reaching 110 megawatts year-to-date through July, including 13 megawatts in Q2 and an additional 75 megawatts signed in July.