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Iron Mountain (IRM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Iron Mountain (IRM) Q3 2026 earnings results →
Q3 2026 Revenue up 14% year over year to $2.0B · 6¢ of every $1 of revenue kept as net profit · operating margin 20.6%
Iron Mountain made $2.0B in Q3 2026 (+14% Y/Y): Records Management $1.2B, Information Destruction $395M, Data Center $274M. Operating margin 20.6%, net earnings $124M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.0B in Q3 2026, up 13% year over year and down 2% from the previous quarter. Records Management was the largest line at 60% of revenue. Records Management added $0.10B year over year (up 9%), 41% of the total change. Data Management declined 9%.
Operating profit was $0.41B, a 20.6% margin (up 3.0 points year over year). Of the extra revenue versus Q3 2025, 43% reached operating profit, above the 18% margin then. Total costs grew 9% against revenue growth of 13%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $0.12B, up 47% year over year. The effective tax rate was 30.6%.
Operating cash flow was $0.32B (up 18% year over year), 245% of net income including minority interests. Non-cash charges added back $0.29B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.14B. Capital expenditures of $0.62B exceeded it, leaving free cash flow of −$0.30B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $2.0B | +14% | 20.6% | $124M | $316M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $2.0B | +18% | 18.4% | $101M | $549M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $1.9B | +22% | 20.4% | $144M | $339M |
| Q4 2025 | 10-K | Feb 12, 2026 | $1.8B | +17% | 18.5% | $89.3M | $500M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $1.8B | +13% | 17.6% | $84.3M | $268M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.7B | +12% | 15.2% | −$43.3M | $375M |
| Q1 2025 | 10-Q | May 1, 2025 | $1.6B | +8% | 16.0% | $16.0M | $197M |
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Iron Mountain
Iron Mountain Incorporated, a Delaware corporation ("IMI"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (“ALM”) needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do.
In its own words, from its 10-K, filed Feb 12, 2026.
Iron Mountain against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +13%. Operating margin: 20.6% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
| SPG Simon Property Group | Q3 2026 | $1.8B | +13% | 44.3% |
Source: Iron Mountain 10-Q on SEC EDGAR · CIK 1020569 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns IRM and who is buying
More on IRM
- How Iron Mountain makes money: revenue by segment
- Iron Mountain next earnings date and what analysts expect
- Iron Mountain stock forecast, price target and fair value
- Who owns Iron Mountain stock: holders, funds and Congress trades
- Iron Mountain guidance and outlook
- Iron Mountain recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Iron Mountain guidance history: guided vs reported
- Iron Mountain operating margin by quarter
- Iron Mountain net income by quarter
- Iron Mountain capital expenditures by quarter
- Iron Mountain Records Management revenue by quarter
- Iron Mountain Information Destruction revenue by quarter
- Iron Mountain Data Center revenue by quarter