Filing Flows › Iron Mountain (IRM) › Q1 2026
Iron Mountain (IRM) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Iron Mountain (IRM) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), +22% from a year earlier and +5% from the quarter before. Operating margin was 20.4%, net earnings $144M (7.4% of revenue).
Iron Mountain, Q1 2026: revenue $1.9B (+22% year over year), operating margin 20.4%, net earnings $144M, operating cash flow $339M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +5% | +22% |
| Operating profit | $395M | +16% | +55% |
| Net earnings | $144M | +61% | +801% |
| Operating cash flow | $339M | -32% | +72% |
What changed
Revenue was $1.9B in Q1 2026, up 22% year over year and up 5% from the previous quarter. Records Management was the largest line at 61% of revenue. Records Management added $0.14B year over year (up 14%), 41% of the total change.
Operating profit was $0.40B, a 20.4% margin (up 4.4 points year over year). Of the extra revenue versus Q1 2025, 41% reached operating profit, above the 16% margin then. Total costs grew 15% against revenue growth of 22%. The fastest-growing cost line was Cost of revenue (+25%). Net earnings were $0.14B, up 801% year over year. The effective tax rate was 15.4%.
Operating cash flow was $0.34B (up 72% year over year), 227% of net income including minority interests. Non-cash charges added back $0.27B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.52B exceeded it, leaving free cash flow of −$0.18B.
Questions
What was Iron Mountain's revenue in the first quarter 2026?
Iron Mountain (IRM) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), +22% from a year earlier and +5% from the quarter before.
Was Iron Mountain profitable in the first quarter 2026?
Operating profit was $395M (20.4% of revenue) and net earnings $144M.
Source: Iron Mountain 10-Q on SEC EDGAR.