Information Management Services & Data Center REIT
Strategic Profile
Iron Mountain is shifting from paper-based storage toward higher-growth data centers and Asset Lifecycle Management. The global data center business is a key growth driver, with Q4 revenue up 39% and data center revenue expected to surpass $1 billion in 2026 with more than 25% growth.
Cyborg Score Rationale
Iron Mountain reported record 2025 results with revenue rising to US$6,901.74 million and issued 2026 revenue guidance of about US$7,625 million to US$7,775 million. Asset Lifecycle Management revenue jumped 70% year-over-year with Q4 ALM revenue of $190 million, guided to about $850 million in 2026. Key risks include execution on data center growth and elevated leverage.
Top Insights
2026 guidance calls for revenue growth of approximately 12% at midpoint with adjusted EBITDA growth of roughly 13%
Iron Mountain is in early stages of significant Department of Treasury contract with $6 million Q4 revenue, $45 million baked into 2026 outlook, and expected to exceed $100 million in 2027
2026 plan calls for about $2 billion in growth capital expenditures, with more than $1.8 billion earmarked for data centers alone
Net lease-adjusted leverage exited Q4 at 4.9 times, the lowest level since before 2014 REIT conversion
Named Competitors
Digital Realty Trust — Leading global data center REIT
Equinix — Global interconnection and data center platform
Crown Castle — Real estate company with data center and infrastructure assets
Samsung SDS — Information management and data services provider
Recent Developments
(February 2026) Reported record 2025 results with $6.9B revenue and issued upbeat 2026 guidance of $7.6-7.8B
(February 2026) Data center revenue grew 39% in Q4; Asset Lifecycle Management revenue surged 70% year-over-year
(November 2025) Completed acquisition of Act Logistics to expand digital infrastructure capabilities
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