Lineage (LINE) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.361B, down 1.2% YoY; adjusted EBITDA was $317M, down 7.0%, and AFFO was $188M, or $0.73 per share.

• Occupancy improved as trade weakness, higher power and carrier costs, and fire-related impacts pressured results and reduced FY26 EBITDA guidance.

Financial highlights

• Q3 adjusted EBITDA margin fell 150 bps to 23.3%; AFFO declined 14.9% and AFFO per diluted share fell 14.1% YoY.

• GAAP net loss attributable to common shareholders was $154M, or $0.68 per diluted share; consolidated net loss was $173M.

• Nine-month revenue was $4.019B, flat YoY; adjusted EBITDA was $951M versus $971M and AFFO was $587M versus $651M.

• Administrative expenses excluding stock-based compensation were ~$110M, below quarterly guidance of $120M–$125M, partly due to timing and lower discretionary spending.

Outlook and guidance

• FY26 adjusted EBITDA guidance is $1.25B–$1.27B, with its midpoint reduced by $15M; AFFO per share guidance is $2.86–$2.98, midpoint unchanged.

• FY26 same-warehouse NOI growth guidance is (3)% to (2)%; total warehousing NOI is (2.5)% to (1.5)%, and GIS NOI is $231M–$236M, or (8)% to (6)%.

• Q4 guidance: adjusted EBITDA of $300M–$320M and AFFO per share of $0.59–$0.70; temporary trade and cost pressures are expected to persist.

• Big Bear and the GIS legal settlement reduced the FY26 adjusted EBITDA midpoint by $27M combined; excluding both, the current midpoint would be $1.287B.