中文版正在生成中，先为你展示英文版分析。
AI核心结论
IRM delivered strong Q1 FY2026 results with revenue surging 21.6% YoY to $1.94B and operating income jumping 55.4% to $395M, though the company carries significant leverage with $17.1B in long-term debt and negative stockholders' equity.
营业收入
$1.94B
同比 ++21.58%
每股收益（基本）
$0.48
同比 ++860.00%
营业利润
$395.23M
同比 ++55.42%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Iron Mountain (IRM) Q1 FY2026 营收 $1.94B，同比增长 21.6%。 稀释每股收益 $0.48。
Revenue grew 21.6% YoY to $1.94B in Q1 FY2026 from $1.59B in the prior-year period, reflecting continued demand for Iron Mountain's records management, data center, and asset lifecycle management services.
来源: Source: 10-Q Financial Data, Income Statement
Operating income rose 55.4% YoY to $395.2M, with operating margin expanding approximately 440 basis points to 20.4% from 16.0%, indicating that revenue growth is outpacing cost increases and driving meaningful profitability improvement.
来源: Source: 10-Q Financial Data, Income Statement & Key Ratios
Operating cash flow increased sharply to $338.6M from $197.3M in the prior-year quarter, a 71.6% improvement, demonstrating strong cash generation capability that supports the company's REIT dividend obligations and capital investment program.
来源: Source: 10-Q Financial Data, Cash Flow Statement
SG&A expenses increased 13.0% YoY to $372.8M, growing meaningfully in absolute terms but well below the 21.6% revenue growth rate, contributing to the observed margin expansion.
来源: Source: 10-Q Financial Data, Income Statement
Investing cash outflows were $531.5M in Q1 FY2026, reflecting ongoing investment in data center capacity and infrastructure expansion, though this was an improvement from $766.8M in the prior-year period.
来源: Source: 10-Q Financial Data, Cash Flow Statement
IRM carries $17.1B in long-term debt, up 14.7% YoY, and has negative stockholders' equity of -$1.22B, which deteriorated 73.9% YoY. This capital structure leaves the company highly vulnerable to interest rate increases and limits financial flexibility in a downturn.
来源: Source: 10-Q Financial Data, Balance Sheet
IRM's current ratio stands at 0.77, meaning current liabilities of $2.66B exceed current assets of $2.04B. While current liabilities improved YoY, the sub-1.0 ratio indicates the company relies on operating cash flows and external financing to meet near-term obligations.
来源: Source: 10-Q Financial Data, Balance Sheet & Key Ratios
Financing cash flow fell 53.1% YoY to $271.2M from $578.8M, which may indicate reduced debt issuance or equity raises relative to the prior year. Given the company's reliance on external capital to fund growth, any tightening of credit markets could constrain expansion plans.
来源: Source: 10-Q Financial Data, Cash Flow Statement
IRM's data center and infrastructure expansion requires sustained heavy capital investment, as evidenced by $531.5M in investing outflows in a single quarter. If demand for data center capacity softens or construction costs escalate, returns on invested capital could disappoint.
来源: Source: 10-Q Financial Data, Cash Flow Statement
Despite a dramatic 860% YoY increase in basic EPS to $0.48, the absolute earnings level remains modest relative to the company's asset base of $21.5B, reflecting the capital-intensive REIT structure and high depreciation and amortization of $267.8M per quarter.
来源: Source: 10-Q Financial Data, Income Statement & Cash Flow Statement
Q1 FY2026 实际 EPS $0.60，分析师一致预期 $0.52，超预期 +15.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.94B | $1.59B | +21.58% |
营业利润 | $395.23M | $254.29M | +55.42% |
每股收益（基本） | $0.48 | $0.05 | +860.00% |
每股收益（稀释） | $0.48 | $0.05 | +860.00% |
销售及管理费用 | $372.76M | $329.74M | +13.05% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $21.49B | $19.36B | +10.97% |
流动资产 | $2.04B | $1.75B | +16.72% |
流动负债 | $2.66B | $2.84B | -6.45% |
股东权益 | $-1.22B | $-698.52M | -73.94% |
现金及等价物 | $250.71M | — | — |
长期债务 | $17.1B | $14.91B | +14.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $338.55M | $197.3M | +71.59% |
投资活动现金流 | $-531.47M | $-766.77M | +30.69% |
筹资活动现金流 | $271.22M | $578.83M | -53.14% |
折旧及摊销 | $267.84M | $232.15M | +15.37% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 20.4% | 16.0% | +4.45% |
流动比率 | $0.769 | — | — |
预计发布日期、分析师预期与关注要点
IRM's revenue grew 21.6% year-over-year to $1.94B in Q1 FY2026, up from $1.59B in the same quarter last year. This growth reflects strong demand across its records management and data center businesses.
The standout results in Q1 FY2026 were a 55.4% jump in operating income to $395M and a 71.6% surge in operating cash flow to $338.6M, both reflecting strong operating leverage. However, long-term debt rose to $17.1B and stockholders' equity remained deeply negative at -$1.22B, highlighting the company's highly leveraged balance sheet.
Based on the financial data, IRM's key risks include its $17.1B long-term debt load, negative stockholders' equity of -$1.22B, and a current ratio below 1.0 at 0.77, all of which point to significant financial leverage and liquidity considerations. The company's capital-intensive data center expansion strategy also requires sustained heavy investment.
IRM shows strong revenue and cash flow growth, but its financial health is constrained by $17.1B in long-term debt, negative stockholders' equity, and a current ratio of 0.77. Operating cash flow of $338.6M provides some cushion, but investing outflows of $531.5M in the quarter suggest the company is spending more than it generates from operations.
Yes, IRM's basic and diluted EPS both rose to $0.48 in Q1 FY2026, compared to $0.05 in the prior-year quarter, representing an 860% YoY increase. While the percentage gain is dramatic, the absolute EPS level remains modest relative to the company's $21.5B asset base, reflecting its REIT structure with high depreciation and interest costs.