IRM · Earnings call · 2026Q2T · Full report

Asset Lifecycle Management Growth

IRON MOUNTAIN INC · 2026-08-05 · Importance 75 · Surprise 64 · Contradicted

Asset Lifecycle Management revenue grew 88% year over year, with organic growth of 82%, driven by both enterprise and hyperscale decommissioning. Enterprise ALM grew more than 60% organically through greater penetration of existing customers and new wins, while data-center decommissioning revenue increased more than 100%. Management described enterprise ALM as a fragmented, recurring market representing at least 75% of a $35 billion total addressable market and expects enterprise revenue to exceed $600 million for 2026. The hyperscale decommissioning market is expected to expand from approximately $3 billion to $6 billion over the next four to five years as data centers refresh equipment, including higher-value GPU-based assets.

Key facts

• IRON MOUNTAIN INC described ALM hyperscale decommissioning as expected to see TAM double from $3 billion to about $6 billion over next 4-5 years.
• IRON MOUNTAIN INC stated ALM enterprise business expected to be up north of 50% versus last year and to be a little over $600 million of revenue for the full year (enterprise ALM run-rate expectation).
• IRON MOUNTAIN INC noted data center decommissioning revenue increased more than 100% year-on-year and included a $30 million timing benefit from hyperscaler projects accelerated into the quarter.
• IRON MOUNTAIN INC said enterprise ALM channel represents 75% of the $35 billion ALM market and they see sustainable enterprise growth of 25% or more annually for the foreseeable future.

Impact estimates