Lineage, Inc. (LINE)

Key figures

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

Revenue, last twelve months

$5.4B

Revenue growth

1.0%

Net income, last twelve months

-$169.0M

Earnings per share

-$0.72

Gross margin

32.0%

Operating margin

3.6%

Net margin

-3.1%

Free cash flow

$244.0M

Return on equity

-2.1%

Market value

$8.0B

Dividend yield

6.0%

Cash

$58.0M

Debt

$6.2B

Debt to equity

0.79

Shares outstanding

227.7M

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 5 August 2026.

• Net loss widened on revenue of $1,361 million. The GAAP net loss was $(32) million, or $(0.13) per diluted share, against $(0.03) a year earlier, on revenue of $1,361 million, up 0.8%.
• Adjusted EBITDA fell 1.8%. Adjusted EBITDA was $320 million, down from $326 million a year earlier. Adjusted EBITDA margin was 23.5%, against 24.1% a year earlier.
• Interest expense rose to $87 million. Interest expense, net was $87 million for the quarter, against $67 million a year earlier, and is deducted before net income.
• Global warehousing NOI flat at $367 million. Global warehousing revenue rose 3.6% to $1,005 million, and segment NOI was flat at $367 million. Segment margin fell 130bps to 36.5%.
• Integrated solutions revenue and NOI fell. Global integrated solutions revenue fell 6.3% to $356 million, and segment NOI fell 10.3% to $61 million. Segment margin was 17.1%, down 80bps.
• Total segment NOI of $428 million. Total segment NOI was $428 million, against $435 million a year earlier, with the warehousing segment flat and integrated solutions lower.
• Warehouse services revenue up 7.7%. Warehouse services revenue rose 7.7% to $491 million, while warehouse storage revenue was flat at $514 million.
• Throughput pallets rose 5.9%. Throughput pallets in the global warehousing segment reached 13,910 thousand for the quarter, up 5.9%.
• Non-same warehouse revenue up 45.6%. Revenue at the 56 non-same warehouses rose 45.6% to $99 million, against 58 sites a year earlier, with throughput pallets up 159.7%.
• Warehouse cost of operations up 5.8%. Global warehousing cost of operations rose 5.8% to $638 million, with labor up 6.3% to $391 million and power up 7.8% to $55 million.
• Storage revenue per occupied pallet eased. Storage revenue per economic occupied pallet was $63.06, down 1.7% from $64.12 a year earlier, across the global warehousing segment.
• General and administrative expense lower. General and administrative expense was $138 million, against $143 million a year earlier. Acquisition, transaction, and other expense was nil, against $37 million.
• Non-same warehouse occupancy up 420bps. Economic occupancy at non-same warehouses was 65.9%, up 420bps, on average occupied economic pallets of 653 thousand, up 21.6%.
• Non-same storage revenue per pallet lower. Storage revenue per economic occupied pallet at non-same warehouses was $69.14, down 16.8%, and warehouse services revenue per throughput pallet fell 11.8%.

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 29 held.

Every filing

The newest filings with the SEC of 86 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.

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.

372 funds held it at 30 Jun 2026: 169 added and 93 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

Lineage, Inc. is a real estate investment trust that owns and operates temperature-controlled warehouses for frozen and perishable food. As of 31 December 2025 it ran 501 warehouses with about 88 million square feet and 3.1 billion cubic feet of capacity. Of those, 326 are in North America, 89 in Asia-Pacific and 86 in Europe. It serves more than 11,000 customers, including food retailers, manufacturers, processors and food service distributors, and employs approximately 24,000 people. The company says it is the world's largest global temperature-controlled warehouse REIT.

How the business is organised

Lineage reports two segments. Global warehousing provides temperature-controlled storage and related services and made up approximately 86% of total NOI. Global integrated solutions adds supply chain services that move products through the food supply chain and made up approximately 14%.

The global warehousing segment covers 482 warehouses. The other 19 warehouses belong to global integrated solutions. The warehousing segment groups its sites into four types: - Distribution centers (290 warehouses): they typically store products for several customers, often in or near metropolitan, infill or port locations, and produce 75.0% of segment NOI. - Public warehouses (139): they store products for several customers, usually outside metropolitan areas, and produce 12.5%. - Production advantaged warehouses (40): they sit next to or near customer production sites and produce 10.7%. - Managed warehouses and other (13): they are owned or leased by the customer, with Lineage running operations, and produce 1.8%.

Lineage owned about 80% of its warehousing portfolio by square feet and leased or managed the rest.

How it earns money

Warehousing revenue comes from storage and from warehouse services. Storage covers fees for space, blast freezing fees and rent on leased space. Services cover handling pallets in, out and around the buildings, and they are usually billed per transaction. Lineage uses four contract types: warehouse agreements, rate letters, tariff sheets and leases. Warehouse agreements usually run one to five years, or 10 to 20 years for build-to-suit warehouses. Rate letters are typically one year or less. Tariff sheets are short-term, on-demand arrangements. Leased warehouses are typically triple net, so the customer pays maintenance, insurance, taxes and utilities.

Labor is the largest cost of running a warehouse, and power is the second largest at 8.8% of segment cost of operations. In integrated solutions, transportation is the largest area, covering less-than-full-truckload consolidation, drayage to and from ports, over-the-road trucking and freight forwarding. The segment also includes refrigerated rail car leasing, foodservice distribution and e-commerce fulfillment. Transportation and rail car leasing together were approximately 57% of segment revenue.

Where it operates and who uses it

A total of 248 warehouses are port warehouses, meaning within 30 miles of a commercial port. About 45% of warehousing NOI came from warehouses near ports. Warehouse occupancy and revenue usually peak between mid-September and early December and are lowest in June and July. Sites in Australia and New Zealand help balance the seasons.

No single facility exceeded 1.4% of revenues. The top 25 customers use about 22 facilities each on average, and the weighted average relationship with them is over 30 years.

Technology and building new capacity

Lineage has 83 automated warehouses, of which 25 are fully automated and 58 semi-automated. The cubic-foot weighted average age of the portfolio is approximately 22 years. Its in-house tools include metricsOne, a dashboard for operating metrics, and Lineage Link, a customer visibility platform rolled out across approximately 74% of the network by warehousing revenue. LinOS, its warehouse execution system, is in use in select automated facilities. The company reports 169 patents issued and 134 pending. It also installed 222 megawatts of solar capacity.

At 31 December 2025 it had nine projects under construction and owned about 1,513 acres of undeveloped land. In the year it acquired four cold storage warehouses from Tyson Foods and agreed to build two fully automated warehouses with Tyson Foods as anchor customer. Over 18 years it has completed 126 acquisitions.

Competition and regulation

In warehousing, competition turns on location, size, space availability, warehouse type, automation and price. Named competitors include Americold and NewCold, plus local operators that vary by region. In integrated solutions, the filing names Americold, US Cold and CH Robinson in transportation and Trinity Rail in rail car leasing.

Most warehouses use anhydrous ammonia as a refrigerant, which the EPA regulates, and United States sites fall under OSHA rules. The FDA requires registration of food warehouses, and some sites hold USDA "ID status". Warehouses undergo annual third-party food safety audits.

Its people

Of the approximately 24,000 employees, 70.9% are in North America, 20.8% in Europe and 8.3% in Asia-Pacific. Fewer than 5% of about 16,000 United States team members are represented by unions. Globally, approximately 15% are represented, based on those whose status is known. The company reported a total recordable incidence rate of 3.6, against a sector average of 4.2.

*From Lineage's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1868159/000186815926000012/line-20251231.htm)*

From the company's 10-K.