Americold Realty Trust (COLD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.6B

Revenue growth

-0.2%

Net income, last twelve months

-$456.1M

Earnings per share

-$1.59

Gross margin

31.7%

Operating margin

-12.5%

Net margin

-17.4%

Free cash flow

-$187.9M

Return on equity

-18.9%

Market value

$4.0B

Dividend yield

5.8%

Cash

$40.5M

Debt

$4.3B

Debt to equity

1.76

Shares outstanding

285.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Adjusted FFO per share of $0.35. Adjusted FFO was $102.0 million, or $0.35 per diluted share, against $0.36 a year earlier. Total revenues rose 1.9% to $662.9 million, mainly from transportation services.
• Net loss driven by impairment. Net loss was $342.8 million, or $1.19 per diluted share, against net income of $0.01 a year earlier, mainly from a $309.6 million impairment charge.
• Core EBITDA flat at $159.1 million. Core EBITDA was $159.1 million in both quarters. Core EBITDA margin was 24.0% against 24.4%, and on a constant currency basis Core EBITDA decreased 0.6%.
• Transportation lifted total NOI. Total NOI rose 0.5% to $212.7 million, mainly from Transportation segment NOI, which reached $11.0 million on higher network volumes.
• Global Warehouse margin down 30 basis points. Global Warehouse NOI was $201.7 million, down 0.6% on an actual basis and 1.3% in constant currency. Margin was 33.4%.
• Same store NOI down 1.5%. Same store NOI was $198.2 million, down 1.5% (2.2% in constant currency). Same store margin fell to 34.2% from 35.4%.
• Australian developments added revenue. Actual revenue growth came from favorable foreign exchange, recently completed Australian developments and a 0.9% rise in physical occupied pallets.
• Physical occupancy rose to 69.1%. Same store physical occupancy was 69.1% against 66.2%. Economic occupancy was 77.7% against 77.5%.
• Storage revenue per economic pallet up. Same store rent and storage revenue per average economic occupied pallet rose 1.1% to $63.23, while revenue per physical occupied pallet fell 2.9%.
• Services revenue per pallet rose. Same store warehouse services revenue per throughput pallet rose 2.8% to $39.06. Same store throughput pallets rose 0.6%.
• Power costs up 11.3%. Same store power costs rose 11.3% to $36.1 million, against $32.5 million a year earlier.
• Labor costs rose 3.0%. Same store labor cost rose 3.0% to $242.6 million, and other services costs rose 8.9%, while same store revenue rose 2.2%.
• Services margin fell to 14.8%. Same store services margin was 14.8% against 15.2%. Same store rent and storage margin was 61.5% against 63.1%.
• Transaction costs rose to $28.5 million. Transactions, strategic initiatives and other costs, net were $28.5 million, against $23.2 million a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 155 held.

Every filing

The newest filings with the SEC of 281 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

466 funds held it at 30 Jun 2026: 204 added and 138 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Welltower Inc. (WELL): revenue $13.8B, market value $166.2B
• Prologis, Inc. (PLD): revenue $9.4B, market value $119.1B
• Equinix Inc. (EQIX): revenue $10.1B, market value $100.0B
• American Tower Corp. (AMT): revenue $11.0B, market value $85.3B
• Simon Property Group Inc. (SPG): revenue $6.9B, market value $68.4B
• Digital Realty Trust, Inc. (DLR): revenue $6.8B, market value $66.6B
• Public Storage (PSA): revenue $5.0B, market value $58.0B
• Realty Income Corp. (O): revenue $6.1B, market value $53.2B
• Ventas, Inc. (VTR): revenue $6.8B, market value $42.9B
• Crown Castle Inc. (CCI): revenue –, market value $37.4B

What the company does

Americold Realty Trust is a real estate investment trust that owns and operates temperature-controlled warehouses for frozen and perishable food. As of 31 December 2025 it operated 231 warehouses with approximately 1.4 billion cubic feet of space. It served 2,962 customers, mostly food producers, distributors, retailers and e-tailers. It reports three segments: Warehouse, Transportation and Third-Party Managed. It employs approximately 12,690 people.

Where it operates

Of the 231 warehouses, 188 are in North America, 23 in Europe, 18 in Asia-Pacific and 2 in South America. The company also holds a minority interest in one joint venture, RSA Cold Holdings Limited, which operates 2 temperature-controlled warehouses in Dubai. Americold owns over 75% of its warehouses, excluding ground leases. Its operations in Australia, New Zealand and South America help balance seasonal swings, because growing and harvesting cycles there complement those in North America and Europe.

How its warehouses are used

The company groups its network into four types of facility, and one site can serve more than one use over time:

- Production-focused: 67 warehouses with approximately 406.8 million cubic feet and 1.8 million pallet positions. They sit near customer manufacturing or harvesting sites and offer services such as blast freezing, tempering and packaging. They often run under long-term fixed-commitment arrangements. - Forward distribution-focused: 102 warehouses with approximately 649.9 million cubic feet and 2.5 million pallet positions. These are multi-tenant sites near major population centres and logistics corridors. - Retail solutions-focused: 27 warehouses with approximately 175.6 million cubic feet and 0.6 million pallet positions. They handle case-level picking, order assembly and staging for store replenishment, often for a limited number of large retail customers. - Port-oriented: 32 warehouses with approximately 184.4 million cubic feet and 0.6 million pallet positions. They handle import and export flows, typically with shorter storage times.

How the business makes money

The Warehouse segment is the core business. It earns rent and storage fees for holding customers' products, plus fees for handling services such as placement, case-picking, blast freezing and e-commerce fulfilment.

In the Transportation segment, the company brokers, manages or operates transport of frozen and perishable goods. Its services include consolidation, freight under management and dedicated transportation. It also provides multi-modal global freight forwarding in certain markets.

In the Third-Party Managed segment, the company runs warehouses for other owners and earns reimbursements, management fees, incentive fees or a mark-up on costs.

Who it sells to

Customers include producers, distributors, retailers and e-tailers of fruits, vegetables, meats, seafood, novelties, dairy and packaged foods. The weighted average relationship with these 25 customers exceeds 35 years.

Some customers sign fixed-commitment contracts and pay for guaranteed space. This helps offset seasonality: physical occupancy has generally been lowest in May and June, and has often peaked between mid-September and early December. The company says its facilities can also hold pharmaceutical, floral and chemical products.

How it competes and what governs it

The company lists the main competitive factors as warehouse location, size and available occupancy, network breadth, service quality, service offerings and price. It notes that for refrigerated food customers, transportation costs typically exceed warehousing costs, so proximity matters. Competitors include smaller local warehouse providers and customers that run their own temperature-controlled facilities.

Many of its US properties must meet food safety rules from the FDA and USDA. In the US, OSHA rules also apply, including its standard for highly hazardous chemicals because ammonia is stored at some facilities. International sites follow local food safety, building and environmental laws.

In February 2023 the company announced a transformation program called Project Orion, which includes a cloud-based enterprise resource planning system.

Its people

Of the 12,690 employees, 9,716 (77%) are in North America, 1,300 (10%) in Europe, 1,556 (12%) in Asia-Pacific and 118 (1%) in South America. About 23% are represented by local labor unions, and 85 of the 231 warehouses have unionised employees covered by 77 collective bargaining agreements.

The company reports a Total Recordable Incident Rate of 1.92 for 2025, against an industry average of 3.4 for refrigerated warehousing and storage. Employees completed 379,139 hours of training, an average of 29.88 hours each.

*From Americold's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1455863/000162828026012274/art-20251231.htm)*

From the company's 10-K.