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Prologis vs Iron Mountain: PLD and IRM compared
Prologis is the larger company: $2.3B of revenue in its latest quarter (Q1 2026) against $2.0B for Iron Mountain (Q3 2026). Iron Mountain is growing faster (+14% against +7% a year earlier). Prologis is more profitable, with an operating margin of 52.7% against 20.6%.
Where the money goes: PLD and IRM
Prologis (PLD) · Q1 2026
Prologis, Q1 2026: revenue $2.3B (+7% year over year), operating margin 52.7%, net earnings $982M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
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.
| Prologis (PLD) | Iron Mountain (IRM) | |
|---|---|---|
| Latest quarter | Q1 2026 | Q3 2026 |
| Revenue | $2.3B | $2.0B |
| Revenue growth, Y/Y | +7% | +14% |
| Operating margin | 52.7% | 20.6% |
| Net earnings | $982M | $124M |
| Net margin | 42.7% | 6.2% |
| Operating cash flow | $1.3B | $316M |
| Free cash flow | $524M | — |
| Market value | $122.2B | $31.8B |
| P/E | 30.8× | 66.6× |
| Analysts’ mean target | $152.07 | $141.36 |
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, Prologis or Iron Mountain?
Prologis is the larger company: $2.3B of revenue in its latest quarter (Q1 2026) against $2.0B for Iron Mountain (Q3 2026).
Is Prologis or Iron Mountain growing faster?
Iron Mountain is growing faster (+14% against +7% a year earlier).
Which is more profitable, Prologis or Iron Mountain?
Prologis is more profitable, with an operating margin of 52.7% against 20.6%.
More: Prologis earnings · how Prologis makes money · Iron Mountain earnings · how Iron Mountain makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Apr 30, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.