Lineage (LINE) Q4 2025 earnings summary

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.