Tracking Market Conditions

Iron Mountain puts ITAD at the center of its growth story, but exposures to component prices and hyperscale demand could test it

Iron Mountain's first-quarter results look exceptional on the surface, and in many respects they are. But a closer reading of the numbers reveals a growth story that is partly dependent on conditions that have already begun to shift, making this a quarter that raises as many questions about durability as it answers about momentum. Continue reading below.

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Iron Mountain’s first-quarter results look exceptional on the surface, and in many respects they are. But a closer reading of the numbers reveals a growth story that is partly dependent on conditions that have already begun to shift, making this a quarter that raises as many questions about durability as it answers about momentum. In the first quarter of 2026, Iron Mountain reported revenue of $1.94 billion, up 21.6% year over year, with organic revenue growth of 17.2%, its highest organic rate in more than a quarter century. Adjusted EBITDA rose 22.1% to $708 million, and adjusted funds from operations climbed 22% to $426 million. Growth was concentrated in what the company calls its “growth businesses” — data centers, digital solutions and Asset Lifecycle Management (ALM) — which collectively expanded more than 50% year over year and now account for more than 30% of total revenue.

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Author: David Daoud | Principal Analyst

David Daoud has researched the mainstream IT hardware market since 1996 and expanded into hardware disposition research in 2003. He has spearheaded the creation of IDC’s GRADE certification. Since then, David has been providing consulting and expert advice to companies looking to establish best practice in their IT equipment decommissioning and helped leading ITAD service providers assess demand, understand competition, and forecast what’s to come. David is currently the Principal Analyst at Compliance Standards, which focuses entirely on the end-of-life of IT equipment. He can be reached at 754-229-0095 or at ddaoud@compliance-standards.com

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