Iron Mountain stock steadies after Q2 revenue jump and outlook hike

Iron Mountain Inc. (ISIN US46284V1017) stock is trading close to recent highs as of August 13, 2026, after the company reported double-digit revenue growth in the second quarter of 2026 and raised its full-year outlook for 2026, underscoring strong demand for its data center and records management services.

Q2 2026 results show double-digit growth

Per a Q2 2026 earnings call held on August 12, 2026, Iron Mountain reported total revenue of $2.03 billion for the quarter, representing 19 percent reported growth and 17 percent organic growth compared with the same period a year earlier. The earnings call transcript highlighted that this revenue increase equated to an increase of $317 million year over year, reflecting both expansion in storage and information management and continued ramp-up in data center capacity. The combination of reported and organic growth indicates that the company is not relying solely on acquisitions, but is also expanding volumes and pricing in its existing businesses.

According to a same-day summary of the earnings call, Iron Mountain emphasized that the second quarter marked a continued shift toward higher-growth segments, with data center and asset lifecycle management contributing increasingly to overall revenue. The earnings highlights overview noted that the company sees mid-teens growth across key metrics, aligning with the 19 percent revenue expansion in the quarter and suggesting that profitability metrics are keeping pace with top-line momentum.

Full-year 2026 guidance raised across key metrics

In the same Q2 2026 update, Iron Mountain raised its full-year 2026 guidance for several core financial metrics, signaling management confidence in the demand outlook through the rest of the year. The updated outlook now calls for total revenue between $7.94 billion and $8.01 billion for 2026, which represents year-on-year growth of 16 percent at the midpoint versus 2025. The guidance also includes adjusted EBITDA expected in a range of $2.945 billion to $2.975 billion and adjusted funds from operations (AFFO) projected at $1.76 billion to $1.78 billion, implying mid-teens growth for both profitability and cash generation.

For the upcoming third quarter of 2026, management projected revenue of $1.98 billion, adjusted EBITDA around $745 million and AFFO near $440 million, providing a near-term view of expected performance following the strong Q2. The same earnings highlights article noted that these Q3 projections assume that asset lifecycle management moves toward $1 billion in annual sales and that data center capacity continues to energize results, underscoring management's focus on higher-growth, infrastructure-driven segments.

Analyst consensus and price targets

Recent analyst data shows that the sell-side view on Iron Mountain remains constructive following the Q2 report. A consensus overview indicates that the stock currently carries an average rating of Moderate Buy, with a consensus target price of $135.17. This target sits above the latest trading levels, suggesting upside potential from the perspective of the aggregated analyst models.

A separate analyst estimates page shows a mean price target for Iron Mountain at $134, which implies an upside of 7.8 percent compared to the current market price referenced in that analysis. The analyst estimates and ratings summary underscores that the consensus view embeds expectations for continued revenue expansion and margin stability, aligning with management's raised guidance. Together, the $135.17 and $134 targets provide a quantified comparison between analyst fair value estimates and where the shares have been trading in recent sessions.

Recent share price performance and valuation context

Market data for Iron Mountain stock shows that shares opened at $124.51 on August 13, 2026 on the New York Stock Exchange, following a prior closing price of $124.51 on August 12, 2026, when the stock gained 1.73 percent in regular trading. A recent price overview noted that the August 12, 2026 closing price of $124.51 reflected a $2.12 increase on the day, while extended trading ahead of the next session showed a modest move to $124.00, a decline of 0.41 percent as of early pre-market activity. This places the latest quote slightly below the prior close but still within a narrow band around the low-$120 range, consistent with a steady post-earnings reaction.

Dividend data provides additional context for valuation and income. A dividend history page listed a real-time price of $105.83 for Iron Mountain stock in one recent snapshot, with a single-day decline of 2.72 percent, illustrating that the shares have traded within a broad range in the months leading up to the Q2 2026 report. The dividend and price overview reinforces that investors in the stock weigh both income from regular payouts and capital appreciation, with current analyst targets in the mid-$130 range framing the share price against expectations for mid-teens growth in revenue and cash flow.

Core services: storage, data centers and asset lifecycle

Iron Mountain is best known for providing secure storage and information management, but the Q2 2026 earnings commentary shows that data center services and asset lifecycle management are increasingly central to its growth story. The company offers colocation and wholesale data center capacity designed for enterprises and cloud providers, with facilities built to high security and reliability standards that complement its long-standing expertise in handling sensitive records.

Asset lifecycle management services are another pillar highlighted in the second quarter discussion, as management referenced expectations that this segment would approach $1 billion in annual sales. These services include secure decommissioning of IT equipment, data erasure, resale, and recycling, enabling customers to manage hardware refresh cycles while minimizing data security risks and environmental impact. As enterprises continue to modernize their infrastructure, demand for comprehensive lifecycle solutions can support recurring revenue and deepen customer relationships beyond traditional paper records storage.

Stock level and investor takeaway

Iron Mountain stock is listed on the New York Stock Exchange under the ticker IRM. As of August 12, 2026, the shares closed at $124.51 in regular trading, and this price level sits below the consensus target range between $134 and $135.17 cited in recent analyst summaries, indicating that the stock trades at a discount to those fair value estimates while reflecting strong Q2 2026 growth and an upgraded 2026 outlook.

Fact box

Company: Iron Mountain Inc.
ISIN: US46284V1017
Ticker: IRM
Exchange: NYSE
Price (as of August 12, 2026, 3:58 p.m. ET): $124.51 USD
Sector / Industry: Real estate investment trust / data centers and information management
Index membership: S&P 500