Lineage, Inc.

Listed Company

LINECIK 0001868159NasdaqLarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$5.36B

Net Income

$-100.00M

Total Assets

$19.18B

Equity

$8.25B

Shares Out

227.08M

Op. Cash Flow

$943.00M

Business

Lineage, Inc. operates a global temperature-controlled warehouse real estate investment trust that provides mission-critical cold storage and facility management for customers in the food supply chain. It offers temperature-controlled warehousing, pallet storage, handling and related warehouse services, along with integrated supply chain solutions including transportation, refrigerated rail car leasing, foodservice distribution, e-commerce fulfillment, and proprietary automation and visibility technology. The company reports and manages two business segments: Global Warehousing and Global Integrated Solutions. Lineage serves retail, manufacturing, processing and distribution customers across North America, Europe and Asia‑Pacific through owned, leased, and managed facilities and digital platforms.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Net revenues	5,355	5,340	5,342	—
Cost of operations	3,634	3,578	3,590	3,473
General and administrative expense	574	539	502	399
Depreciation expense	675	659	552	—
Amortization expense	220	217	208	198
Acquisition, transaction, and other expense	67	651	60	66
Goodwill impairment	48	0	0	—
Restructuring, impairment, and (gain) loss on disposals	−44	57	32	—
Total operating expense	5,174	5,701	4,944	4,631
Income from operations	181	−361	398	297
Equity income (loss), net of tax	−3	−6	−3	0
Gain (loss) on foreign currency transactions, net	28	−25	4	−24
Interest expense, net	−268	−430	−490	−347
Gain (loss) on extinguishment of debt	−3	−17	0	2
Other nonoperating income (expense), net	−50	−1	−19	2
Total other income (expense), net	−296	−479	−508	−367
Net income (loss) before income taxes	−115	−840	−110	−70
Income tax expense (benefit)	−2	−89	−14	6
Net income (loss)	−113	−751	−96	−76
Less: Net income (loss) attributable to noncontrolling interests	−13	−87	−19	−13
Net income (loss) attributable to Lineage, Inc.	−100	−664	−77	−63
Unrealized gain (loss) on interest rate hedges and foreign currency hedges	−61	−60	−87	172
Foreign currency translation adjustments	258	−207	88	−221
Comprehensive income (loss)	84	−1,018	−95	−125
Less: Comprehensive income (loss) attributable to noncontrolling interests	8	−115	−21	−16
Comprehensive income (loss) attributable to Lineage, Inc.	76	−903	−74	−109
Basic earnings (loss) per share (in dollars per share)	−0.43	−3.7	−0.73	−0.51
Diluted earnings (loss) per share (in dollars per share)	−0.43	−3.7	−0.73	−0.51
Basic (in shares)	228	191	162	152
Diluted (in shares)	228	191	162	152

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents, and restricted cash	66	175	71	202	—
Accounts receivable, net	896	826	913	—	—
Inventories	145	187	171	—	—
Prepaid expenses and other current assets	132	97	101	—	—
Total current assets	1,239	1,285	1,256	—	—
Property, plant, and equipment, net	11,338	10,627	10,571	—	—
Finance lease right-of-use assets, net	1,101	1,254	1,243	—	—
Operating lease right-of-use assets, net	616	627	724	—	—
Equity method investments	131	124	113	—	—
Goodwill	3,466	3,338	3,394	3,305	—
Other intangible assets, net	1,090	1,127	—	—	—
Other assets	204	279	290	—	—
Total assets	19,185	18,661	18,871	—	—
Accounts payable and accrued liabilities	1,331	1,220	1,137	—	—
Accrued dividends and distributions	134	134	110	—	—
Deferred revenue	81	83	—	—	—
Current portion of long-term debt, net	2	56	24	—	—
Total current liabilities	1,548	1,493	1,365	—	—
Long-term finance lease obligations	1,216	1,249	1,305	—	—
Long-term operating lease obligations	599	605	692	—	—
Deferred income tax liability	303	304	370	—	—
Long-term debt, net	6,107	4,906	8,958	—	—
Other long-term liabilities	169	410	159	—	—
Total liabilities	9,942	8,967	12,849	—	—
Commitments and contingencies (Note 20)	—	—	—	—	—
Redeemable noncontrolling interests	7	43	349	—	—
Common stock, $0.01 par value per share 500 authorized shares; 227 issued and outstanding at December 31, 2025 and 228 issued and outstanding at December 31, 2024	2	2	2	—	—
Additional paid-in capital - common stock	10,780	10,764	5,961	—	—
Retained earnings (accumulated deficit)	−2,439	−1,855	−879	—	—
Accumulated other comprehensive income (loss)	−97	−273	−34	—	—
Total stockholders equity	8,246	8,638	5,051	—	—
Noncontrolling interests	990	1,013	622	641	—
Total equity	9,236	9,651	5,673	5,809	4,934
Total liabilities, redeemable noncontrolling interests, and equity	19,185	18,661	18,871	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Provision for credit losses	6	5	6	5
Impairment of long-lived assets and other intangible assets	4	98	9	—
Gain on insurance recovery	−58	−76	0	0
Depreciation and amortization	895	876	760	678
Amortization of deferred financing costs, discount, and above/below market debt	12	19	21	—
Stock-based compensation	126	215	26	17
Deferred income tax	−16	−105	−58	−42
Put Options fair value adjustment	30	31	0	0
Proceeds from insurance recoveries - business interruption (see Note 20, Commitments and contingencies)	8	0	0	—
(Gain) loss on divestitures, net	52	0	21	0
(Gain) loss from sale of assets, net	−23	10	10	—
Vesting of Class D interests (see Note 2, Capital structure and noncontrolling interests)	0	185	0	0
One-time Internalization expense to Bay Grove (see Note 2, Capital structure and noncontrolling interests)	0	200	0	0
Other operating activities	8	9	−1	4
Accounts receivable	−37	64	43	−156
Prepaid expenses, other assets, and other long-term liabilities	−11	−29	−12	−53
Inventories	−5	−18	8	−13
Accounts payable and accrued liabilities and deferred revenue	40	−85	51	84
Right-of-use assets and lease obligations	2	13	12	13
Net cash provided by operating activities	943	703	796	501
Acquisitions, net of cash acquired	−443	−346	−283	−1,640
Purchase of property, plant, and equipment	−747	−691	−766	−813
Proceeds from sale of assets	70	7	19	4
Proceeds from divestiture, net of cash	14	0	0	—
Proceeds from insurance recovery on impaired long-lived assets	51	105	0	0
Investments in Emergent Cold LatAm Holdings, LLC	−9	−20	−31	—
Proceeds from repayment of notes by related parties	0	15	0	—
Other investing activity	−3	11	−5	−1
Net cash used in investing activities	−1,067	−919	−1,066	−2,369
Capital contributions, net of equity raise costs	0	0	142	942
Dividends and other distributions	−537	−234	−46	−180
Redemption of redeemable noncontrolling interests	−28	−6	0	−56
Repurchase of common shares for employee income taxes on stock-based compensation	−12	−46	0	0
Financing fees	−13	−45	0	−9
Proceeds from long-term debt, net of discount	1,298	2,481	0	946
Repayments of long-term debt and finance leases	−231	−7,112	−96	−103
Payment of deferred and contingent consideration liabilities	−6	−46	−36	−8
Borrowings on Revolving Credit Facility	2,834	4,112	1,431	2,465
Repayments on Revolving Credit Facility	−3,060	−3,512	−1,216	−2,152
Settlement of Put Option liability	−144	−27	0	0
Issuance of common stock in IPO, net of equity raise costs	0	4,879	−6	0
Redemption of units issued as stock compensation	0	−2	−12	−8
Redemption of common stock	−82	−42	−12	0
Redemption of OPEUs	0	−75	0	0
Other financing activity	−5	−5	−13	3
Net cash provided by financing activities	14	320	136	1,840
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash	1	0	3	−10
Net increase (decrease) in cash, cash equivalents, and restricted cash	−109	104	−131	−38
Cash paid for taxes, net of refunds	26	36	31	74
Cash paid for interest, net of capitalized interest	299	523	594	354
Purchases of property, plant, and equipment in Accounts payable and accrued liabilities	87	118	104	100
Accrued dividends, distributions, and dividend equivalents	136	135	109	11
Assets acquired through exercise of a purchase option in a finance lease	96	0	0	—
Net deferred and contingent consideration on acquisitions	1	12	11	30
Issuance of Put Option liability	0	103	0	0
Debt assumed on acquisitions	0	14	3	35
Equity raise costs	0	6	0	0
Equity issued on acquisitions	0	0	6	96
Noncash capital contributions	0	0	−3	−7
Noncash common stock issuances	0	1	0	0

Filings

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