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# Iron Mountain Raises Dividend 15% And Outlook As Newer Businesses Expand
- URL: https://www.bullished.co/iron-mountain-raises-dividend-15-and-outlook-as-newer-businesses-expand-2cd17d41/
- Published: 2026-11-06T18:11:45.000Z
- Updated: 2026-11-06T18:11:45.000Z
- Description: Quarterly net income rose 49%, while data centers, digital services and retired IT equipment management together grew more than 30%.
- Author: Matteo Parrino
- Tags: Earnings, IRM, Industry: Real Estate

[Iron Mountain](https://www.bullished.co/tag/irm/), which stores business records and manages digital information, raised its quarterly dividend 15% and lifted its full-year outlook Thursday as net income reached [$128.9 million](https://www.businesswire.com/news/home/20261105719326/en/Iron-Mountain-Reports-Third-Quarter-2026-Results?ref=bullished.co), up 49% from a year earlier. The results, furnished with an [SEC filing](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/irm-20261105.htm?ref=bullished.co), combined growth in physical storage with a more than 30% increase across data centers, digital services and asset lifecycle management.

## Profit Outruns Sales Growth

Third-quarter revenue totaled [$1,991 million](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspressrelea.htm?ref=bullished.co), up 13.5% as reported and 12.8% after excluding currency movements, acquisitions and divestitures. Storage rental brought in $1,150 million, compared with $1,033 million a year earlier; services generated $841 million, against $721 million.

Higher operating income was the main reason net income increased from $86.2 million, the company said. Reported earnings per share reached $0.41, versus $0.28, while adjusted earnings were $0.64 per share, against $0.54.

Adjusted earnings before interest, taxes, depreciation and amortization hit a quarterly record of [$748.0 million](https://www.theglobeandmail.com/investing/markets/markets-news/Motley%20Fool/8679941/iron-mountain-irm-q3-2026-earnings-call-transcript/?ref=bullished.co). That was 13.3% above the year-earlier $660.4 million, or 13.0% higher excluding currency movements. The adjusted margin was 37.6%, unchanged from a year earlier.

Adjusted funds from operations — a supplemental earnings measure that removes certain expenses and deducts recurring capital spending — also set a quarterly record at $458.4 million. It [rose 16.6%](https://finance.yahoo.com/real-estate/articles/irm-q3-affo-beats-estimates-144300723.html?.tsrc=rss&ref=bullished.co) from $393.3 million; the per-share figure increased to $1.53 from $1.32.

## Records Fund The Newer Businesses

Iron Mountain's expansion builds on a records business that generates cash to finance growth elsewhere, the company said in its presentation. Its operations span storage, scanning and secure shredding, data-center leases to enterprises and cloud providers, and recycling and resale of retired IT equipment. The company serves more than 240,000 customers across 61 countries.

The newer businesses are taking a larger share of sales. Data centers, digital solutions and asset lifecycle management represented [28% of revenue](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspresentati.htm?ref=bullished.co) in 2025, against 24% in 2024\. Management projects that share will reach 34% in 2026, based on the midpoint of its outlook.

Data-center revenue increased 34% both as reported and excluding currency movements. New leases signed during the quarter covered [102 megawatts](https://finance.yahoo.com/real-estate/articles/irm-q3-affo-beats-estimates-144300723.html?.tsrc=rss&ref=bullished.co) of power capacity, bringing leasing through September to 137 megawatts. Asset lifecycle management revenue grew 43% as reported and 38% excluding currency movements, acquisitions and divestitures.

William L. Meaney, Iron Mountain's president and CEO, said in the earnings release that “our cross-selling efforts in ALM and Digital are [accelerating](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspressrelea.htm?ref=bullished.co), all of which supports significant future growth.”

## Higher Payout, Higher Annual Targets

The board set the quarterly dividend at [$0.993 per share](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspressrelea.htm?ref=bullished.co). The company tied the 15% increase to growth in adjusted funds from operations and its positive outlook.

Management now expects full-year revenue of $7,950 million–$8,020 million and adjusted funds from operations of $5.94–$6.00 per share. Its annual adjusted earnings before interest, taxes, depreciation and amortization forecast is $2,948 million–$2,978 million. The higher guidance absorbs an adverse effect from the stronger U.S. dollar since the last earnings call, according to the [company's presentation](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspresentati.htm?ref=bullished.co).

For the fourth quarter, Iron Mountain expects approximately $2,030 million in revenue and about $1.57 per share in adjusted funds from operations.

The higher dividend is payable January 6, 2027, to shareholders of record at the close of business December 15, 2026.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — IRON MOUNTAIN INC (IRM)](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/irm-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026earningspressrelea.htm — IRON MOUNTAIN INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspressrelea.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026earningspresentati.htm — IRON MOUNTAIN INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026earningspresentati.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit q32026srpfinal.htm — IRON MOUNTAIN INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001020569/000102056926000081/q32026srpfinal.htm?ref=bullished.co) — SEC EDGAR
- [IRM Q3 AFFO Beats Estimates on Data Center and ALM Growth](https://finance.yahoo.com/real-estate/articles/irm-q3-affo-beats-estimates-144300723.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Iron Mountain (IRM) Q3 2026 Earnings Call Transcript - The Globe and Mail](https://www.theglobeandmail.com/investing/markets/markets-news/Motley%20Fool/8679941/iron-mountain-irm-q3-2026-earnings-call-transcript/?ref=bullished.co) — theglobeandmail.com
- [Iron Mountain Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261105719326/en/Iron-Mountain-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com
- [Iron Mountain Increases Quarterly Dividend per Share by 15%](https://www.businesswire.com/news/home/20261105267021/en/Iron-Mountain-Increases-Quarterly-Dividend-per-Share-by-15?ref=bullished.co) — businesswire.com

### More on Iron Mountain

- [Iron Mountain CEO Says It Isn't Building Data Centers In Texas, Ohio Or Georgia, Where Rules Are Tightening](https://www.bullished.co/iron-mountain-ceo-says-it-isnt-building-data-centers-in-texas-ohio-or-georgia-where-rules-aadcbed4/)

[All Iron Mountain (IRM) coverage →](https://www.bullished.co/tag/irm/)