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Iron Mountain vs Digital Realty Trust: IRM and DLR compared
Iron Mountain is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.9B for Digital Realty Trust (Q3 2026). Digital Realty Trust is growing faster (+21% against +14% a year earlier). Iron Mountain is more profitable, with an operating margin of 20.6% against 15.9%.
Where the money goes: IRM and DLR
Iron Mountain (IRM) · Q3 2026
Iron Mountain, Q3 2026: revenue $2.0B (+14% year over year), operating margin 20.6%, net earnings $124M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
Digital Realty Trust (DLR) · Q3 2026
Digital Realty Trust, Q3 2026: revenue $1.9B (+21% year over year), operating margin 15.9%, net earnings $195M. The chart follows the revenue to costs, profit and cash.
| Iron Mountain (IRM) | Digital Realty Trust (DLR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.0B | $1.9B |
| Revenue growth, Y/Y | +14% | +21% |
| Operating margin | 20.6% | 15.9% |
| Net earnings | $124M | $195M |
| Net margin | 6.2% | 10.3% |
| Operating cash flow | $316M | — |
| Market value | $31.8B | $61.6B |
| P/E | 66.6× | 44.5× |
| Analysts’ mean target | $141.36 | $224.12 |
Where the revenue comes from
Iron Mountain
- Records Management: $1.2B (60%)
- Information Destruction: $395M (20%)
- Data Center: $274M (14%)
- Data Management: $122M (6%)
Questions
Which is bigger, Iron Mountain or Digital Realty Trust?
Iron Mountain is the larger company: $2.0B of revenue in its latest quarter (Q3 2026) against $1.9B for Digital Realty Trust (Q3 2026).
Is Iron Mountain or Digital Realty Trust growing faster?
Digital Realty Trust is growing faster (+21% against +14% a year earlier).
Which is more profitable, Iron Mountain or Digital Realty Trust?
Iron Mountain is more profitable, with an operating margin of 20.6% against 15.9%.
More: Iron Mountain earnings · how Iron Mountain makes money · Digital Realty Trust earnings · how Digital Realty Trust makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 8-K filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.