Iron Mountain Incorporated (IRM) reported second-quarter revenue of $2.03 billion, up 18.5% from a year earlier, and raised its full-year 2026 outlook after another record quarter across its key performance metrics.

The information-management company’s reported revenue growth slowed from 21.6% in the first quarter, when revenue was $1.94 billion. Constant-currency growth was 17.6% in the second quarter. Organic revenue growth was 16.8% year over year.

President and CEO William L. Meaney said second-quarter results exceeded the company’s expectations for execution of growth plans and client demand, and that the company is increasing 2026 guidance based on that outperformance and a positive outlook.

Storage rental revenue was $1.13 billion, up 12% on both a reported and constant-currency basis. Service revenue was $894 million, up 27% on a reported basis and 26% on a constant-currency basis. The company’s data center, digital, and asset lifecycle management growth businesses collectively grew more than 50% year over year, matching the first-quarter pace.

Adjusted EBITDA was $727 million, up 15.7% from $628 million a year earlier. The company attributed the increase to higher revenue and Adjusted EBITDA across each segment and improved operating leverage from transformation activities. Adjusted EBITDA margin was 35.8%, down 90 basis points from 36.7% a year earlier.

Net income was $106 million, or $0.34 a share, compared with a $43 million loss, or $0.15 a share, in the year-ago quarter. Adjusted EPS was $0.60, up 25% from $0.48. Sequential net income fell from $149 million in the first quarter. Restructuring and other transformation charges were zero, matching the first quarter, after $50.3 million in the year-ago period.

AFFO was $433 million, or $1.44 a share, up 17% from $370 million, or $1.24 a share, a year earlier. FFO (Normalized) per share was $1.01. The board declared a quarterly cash dividend of $0.864 a share for the third quarter, payable October 2, 2026.

Data center leasing reached 110 megawatts year to date through July, including 13 megawatts in the second quarter and 75 megawatts in July, after 32 megawatts leased through April. Meaney said the company is accelerating data center leasing.

Iron Mountain increased full-year 2026 guidance. Revenue is now $7.94 billion to $8.01 billion, about 16% year-over-year growth at the midpoint, from a prior range of $7.83 billion to $7.93 billion, about 13%. Adjusted EBITDA guidance is $2.95 billion to $2.98 billion, about 15% at the midpoint, from $2.93 billion to $2.97 billion, about 13%. AFFO guidance is $1.76 billion to $1.78 billion, about 15%, from $1.74 billion to $1.76 billion, about 12%. AFFO per share is $5.87 to $5.93, about 14%, from $5.79 to $5.86, about 11%.

Cash and cash equivalents were $205 million at June 30, 2026. Long-term debt, net of the current portion, was $17.13 billion. Total assets were $22.0 billion.

The company is building momentum in ALM and digital through cross-selling and accelerating data center leasing. Meaney said the company is committed to capitalizing on growth opportunities across the business.

Year to date through June 30, 2026, total reported revenues were $3.97 billion, up 20.0%, or 18.1% excluding foreign exchange. Year-to-date Adjusted EBITDA was $1.43 billion, up 18.8%, or 17.1% on a constant-currency basis. Year-to-date AFFO was $859 million, or $2.87 a share, up 19.6%.