Americold Realty Trust (COLD) Q4 2025 earnings summary

Executive summary

• Delivered Q4 2025 AFFO of $0.38 per share, up 3% year-over-year and slightly ahead of expectations, despite industry headwinds.

• Achieved year-over-year quarterly increases in NOI, EBITDA, and AFFO dollars for the first time since Q3 2024.

• Full-year services margin improved, reaching a 60% target for fixed commitment contracts and expanding business with major food producers and retailers.

• Announced new CFO joining and continued to strengthen leadership team.

• Global leader in cold storage with 231 warehouses and 1.4B cubic feet capacity as of December 31, 2025, serving all major cold chain nodes worldwide.

Financial highlights

• Q4 2025 total revenues were $658.5M, down 1.2% year-over-year; full-year revenues were $2.6B, down 2.4%.

• Q4 Adjusted FFO was $108.3M ($0.38/share), up 2.7% year-over-year; full-year Adjusted FFO was $408.3M ($1.43/share), down 2.7%.

• Core EBITDA rose 30% from $475M in 2021 to $618M in 2025, with margin improving from 17.5% to 23.8%.

• Services revenue per pallet up 2.4% and storage revenue per pallet up 0.3% in Q4.

• Quarterly dividend increased by 5% in 2025 to $0.23/share.

Outlook and guidance

• 2026 AFFO expected between $1.20 and $1.30 per share.

• Same-store revenue guidance for 2026 is $2.2–$2.27 billion; same-store NOI expected between $735–$785 million.

• Core EBITDA expected between $570–$620 million; maintenance CapEx at $60–$70 million.

• Plan to limit near-term development spend until leverage is reduced; focus on pre-leased opportunities.

• Anticipated $30M+ run-rate cost savings from SG&A and indirect labor reductions by end of Q1 2026.