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Lineage
Lineage (LINE) investor relations material
Lineage Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Full-year 2025 revenue was flat at $5.36 billion, with adjusted EBITDA down 2.3% to $1.3 billion and AFFO per share up 2.4% to $3.37, while the company declared a $2.11 per share annual dividend.
Fourth quarter 2025 revenue was $1.34 billion (flat year-over-year), adjusted EBITDA was $327 million (down 2%), and AFFO per share was $0.83 (flat), with results meeting or exceeding expectations.
Occupancy stabilized, with same-store physical occupancy improving sequentially by 400 basis points to 79.3%, and economic occupancy averaging 81.0% for 2025.
The company navigated post-COVID inventory destocking, maintained a sustainable spread between physical and economic occupancy, and saw early signs of stabilization across most geographies.
The business returned to normal seasonal patterns and maintained a fortified, investment-grade balance sheet.
Financial highlights
Q4 2025 adjusted EBITDA: $327 million (down 2%); AFFO: $214 million; AFFO per share: $0.83 (flat); total revenue: $1.34 billion (flat year-over-year).
Full-year adjusted EBITDA: $1.3 billion (down 2.3%); AFFO per share: $3.37 (up 2.4%); net loss: $113 million.
Adjusted EBITDA margin for 2025: 24.2% (down 70 bps); Q4 margin: 24.5%.
Q4 total warehouse NOI declined 2.4% to $373 million; same-store NOI down 5% to $340 million.
Q4 tax expense was $18 million better than expected, with about half of that benefit expected to be sustainable.
Outlook and guidance
2026 guidance: adjusted EBITDA of $1.25–$1.3 billion; AFFO per share of $2.75–$3.00; same-store NOI growth of -4% to -1%.
Net pricing increases of 1%-2% expected in warehousing; normal seasonality anticipated, but with slightly lower starting occupancy.
$50 million in annualized admin and indirect cost savings targeted by end of 2026, with about half realized in 2026.
GIS segment guided for 0%-2% NOI growth due to tougher comps and lower fuel prices.
Guidance excludes impacts from unannounced acquisitions or developments.
Explain 2026 AFFO per share guidance decline
Drivers of non-same warehouse revenue growth
Key factors in 2025 GAAP net loss improvement
Breakdown $50M admin/indirect cost savings
Strategy for public/private valuation gap
Why is 2026 GIS NOI growth decelerating?
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Next Lineage earnings date
Q1 202629 Apr, 2026
Lineage
Next Lineage earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Lineage, Inc. is the world's largest global temperature-controlled warehouse Real Estate Investment Trust (REIT). The company operates a vast network of over 480 facilities across North America, Europe, and Asia-Pacific, providing comprehensive cold storage and logistics services. Lineage partners with food and beverage companies to enhance supply chain efficiency, reduce waste, and ensure the safe distribution of perishable goods. Its services include cold storage warehousing, automated and port-centric warehousing, as well as transportation solutions like managed transportation, freight forwarding, and customs brokerage. Lineage, Inc. is headquartered in Novi, Michigan, and its shares are listed on the NASDAQ.
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