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Iron Mountain raises 2026 guidance and lifts its dividend 15%

Chief executive William Meaney points to cross-selling and 137 megawatts of data center leases signed year to date, as AFFO is now guided to $5.94 to $6.00 per share.

Chart: IRM, daily closes since Jan

Iron Mountain raised its 2026 guidance and lifted its quarterly dividend by 15% to $0.993 per share. Full-year revenue is now guided to a range of $7.95bn to $8.02bn. Guidance for adjusted funds from operations (AFFO), a measure of cash flow, is $1.78bn to $1.80bn, or $5.94 to $6.00 per share.

The higher outlook matters more than the quarter. Third-quarter earnings per share of $0.64 were $0.02 better than expected, but revenue of $1.99bn was below the $2.01bn expected.

Chief executive William L. Meaney credits accelerating cross-selling in asset lifecycle management and digital, together with 137 megawatts of data center leases signed year to date, for continued growth and for the dividend increase. Raising the forecast after a revenue miss looks like a bet that those leases will turn into sales. If revenue keeps trailing expectations, the dividend will lean more heavily on AFFO.

The dividend is payable on January 6, 2027, to shareholders of record as of December 15, 2026.

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