Why Iron Mountain (IRM) Is Up 14.7% After Record 2025 Results and Higher 2026 Guidance

Simply Wall St

Sat, February 14, 2026 at 9:29 AM GMT+9 3 min read

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IRM

+3.61%

In February 2026, Iron Mountain reported record 2025 results with revenue rising to US$6,901.74 million, net income of US$144.59 million, a US$16.67 million PP&E write-down, issued 2026 revenue guidance of about US$7,625 million to US$7,775 million, and declared a quarterly dividend of US$0.864 per share for April payment.

Beyond the headline beat on earnings and revenue, investors focused on rapid expansion in data centers and Asset Lifecycle Management, which materially lifted adjusted cash flow metrics and underpinned management’s confidence to maintain its dividend while projecting further growth in 2026.

We will now examine how this strong 2025 performance and uplifted 2026 revenue guidance shape Iron Mountain’s existing investment narrative.

Find 55 companies with promising cash flow potential yet trading below their fair value.

Iron Mountain Investment Narrative Recap

To own Iron Mountain, you need to believe its shift from paper-based storage toward higher-growth data centers and Asset Lifecycle Management can offset pressure on legacy records storage and a heavy investment burden. The latest record 2025 results and higher 2026 revenue guidance support that thesis in the near term, but the main catalyst remains execution on data center and ALM growth, while elevated leverage and capital needs stay the most immediate risk rather than this quarter’s PP&E write-down.

The most relevant development here is management’s 2026 revenue outlook of US$7,625 million to US$7,775 million, coming right after a year of record revenue and strong adjusted cash flow. That guidance gives investors a clearer line of sight on how quickly the newer growth engines might scale, which is central to judging whether Iron Mountain can fund data center and ALM expansion, sustain its dividend, and still manage balance sheet risk responsibly.

Yet beneath the upbeat guidance, investors should also be aware of rising leverage and capital intensity, especially if data center demand or pricing were to…

Read the full narrative on Iron Mountain (it’s free!)

Iron Mountain’s narrative projects $8.3 billion revenue and $775.8 million earnings by 2028. This requires 9.0% yearly revenue growth and about a $734.5 million earnings increase from $41.3 million today.

Uncover how Iron Mountain’s forecasts yield a $116.73 fair value, a 6% upside to its current price.

Exploring Other Perspectives

IRM 1-Year Stock Price Chart

Before this news, the most optimistic analysts expected revenues near US$8.8 billion and earnings around US$905 million by 2028, which is far more bullish than the baseline narrative and assumes the Asset Life Cycle Management ramp continues smoothly, so you should treat today’s results as one new data point that might reinforce or challenge that view over time.

Story Continues  

Explore 6 other fair value estimates on Iron Mountain - why the stock might be worth 14% less than the current price!

Build Your Own Iron Mountain Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

A great starting point for your Iron Mountain research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision.

Our free Iron Mountain research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Iron Mountain's overall financial health at a glance.

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_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include IRM.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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