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Visual21 Nov 2025
Data center suppliers
Lineage (LINE) investor relations material
Lineage Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue grew 3.1% year-over-year to $1,377 million, with adjusted EBITDA up 2.4% to $341 million and AFFO up 6.3% to $221 million, though AFFO per share declined 6% due to IPO comparability.
The business operates the largest global temperature-controlled warehouse REIT, organized into Global Warehousing and Global Integrated Solutions segments, with 500 warehouses and 88 million sq. ft. as of September 30, 2025.
Global warehousing performed in line with expectations, while Global Integrated Solutions segment NOI rose 16% year-over-year, led by U.S. transportation and direct-to-consumer businesses.
The company is focused on optimizing its network, cost control, and customer rate increases to offset inflation, and is moving to the lower end of full-year guidance due to Q4 headwinds.
Seasonal occupancy improvements were observed, but U.S. occupancy trailed international markets.
Financial highlights
Q3 2025 net revenues were $1,377 million, up 3.1% year-over-year; adjusted EBITDA was $341 million, up 2.4%; AFFO per share was $0.85, down 5.6% year-over-year.
Adjusted EBITDA margin for Q3 2025 was 24.8%, up 110 bps year-over-year.
GAAP net loss for Q3 2025 was $(100) million to $(112) million, or $(0.44) per diluted share.
Net debt to LTM adjusted EBITDA stood at 5.8x as of September 30, 2025.
Dividend payout annualized at $2.11 per share.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance narrowed to $1,290–$1,305 million; AFFO per share guidance moved to $3.20–$3.30, both at the lower end of prior ranges.
Q4 2025 adjusted EBITDA expected at $319–$334 million; AFFO per share at $0.68–$0.78.
Lower outlook driven by tariff uncertainty, reduced import/export activity, and less new U.S. business.
Q4 2025 same warehouse NOI growth expected at (6)%–(3)%; GIS NOI growth forecasted at +10%–15%.
Guidance excludes unannounced acquisitions or developments.
Quantify US vs international occupancy impact
Explain same warehouse volume decline
Future acquisition strategy given Q3 spend
How will excess capacity be reduced in the US?
LinOS rollout impact on 2026 productivity?
What Q4 factors could improve or worsen results?
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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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