​Iron Mountain Incorporated (IRM) Posts Q1 Results, Data Center Revenue Up 47% Year-Over-Year

​Iron Mountain Incorporated (NYSE:IRM) is one of the Best Data Center REITs to Buy According to Analysts.. It is an REIT that specializes in information management services, operating through its Global Records and Information Management (RIM) and Global Data Center segments.

​Recently, on May 1, Truist analyst Tobey Sommer raised the firm’s price target for Iron Mountain Incorporated (NYSE:IRM) from $130 to $140 and maintained a Buy rating on the shares. The rating follows the company’s fiscal Q1 2026 earnings, released on April 30. During the quarter, the company posted $1.94 billion in revenue, up 21.58% year-over-year and ahead of expectations by $74.59 million. Moreover, the GAAP EPS of $0.48 also topped the expectations by $0.06.

​Notably, the Data Center revenue for the quarter grew 47% year-over-year to $255 million, driven by an increase in leasing, pricing, and power ramping. Truist noted that the data center lease trend is expected to drive the stock price higher due to a larger total addressable market.

​The company leased 22 megawatts in Q1 and an additional 10 megawatts in April. Management expects to exceed the guidance of more than 100 megawatts.

While we acknowledge the risk and potential of IRM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IRM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Stocks to Buy While the Market Is Down and 8 Best Quantum Computing Stocks to Buy and Hold for 10 Years. 

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.