AMERICOLD REALTY TRUST COLD
Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. We operate as a self-administered and self-managed publicly traded real estate investment trust ("REIT") with proven operating, development and acquisition expertise.
As of December 31, 2025, we operated a global network of 231 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet, with 188 warehouses in North America, 23 warehouses in Europe, 18 warehouses in Asia-Pacific, and 2 warehouses in South America. In addition, we hold a minority interest in one joint venture, RSA Cold Holdings Limited, which operates 2 temperature-controlled warehouses in Dubai. Throughout 2025 we viewed our business through three primary business segments: Warehouse, Transportation, and Third-Party Managed.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.54B | $2.60B | $2.62B | $2.87B | $2.68B | $1.96B | $1.76B | $1.58B | $1.52B | $1.47B |
| Cost of revenue | $1.76B | $1.82B | $1.90B | $2.22B | — | — | — | — | — | — |
| Gross profit | $778.4M | $784.9M | $718.5M | $651.6M | — | — | — | — | — | — |
| SG&A | $269.5M | $255.1M | $226.8M | $231.1M | $182.1M | $144.7M | $129.3M | $110.8M | $99.6M | $96.7M |
| Total operating expenses | $2.59B | $2.54B | $2.78B | $2.83B | $2.64B | $1.82B | $1.65B | $1.42B | $1.41B | $1.36B |
| Operating income | $7.2M | $124.0M | -$108.3M | $87.9M | $73.0M | $168.5M | $131.5M | $180.0M | $137.0M | $132.1M |
| Interest expense | $147.8M | $135.3M | $140.1M | $116.1M | $99.2M | $91.5M | $94.4M | $93.3M | $114.9M | $300.0K |
| Pre-tax income | -$135.7M | -$103.2M | -$328.1M | -$29.9M | -$30.6M | $17.6M | $43.0M | $44.4M | $8.8M | $10.8M |
| Income tax | $20.5M | $8.4M | $2.3M | $18.8M | $1.6M | $6.9M | $5.2M | $3.6M | $9.4M | $5.9M |
| Net income | -$115.3M | -$94.7M | -$336.3M | -$19.4M | -$30.5M | $24.5M | $48.2M | $48.0M | -$608.0K | $4.9M |
| EPS, basic | -0.40 | -0.33 | -1.22 | -0.07 | -0.12 | 0.11 | 0.26 | 0.31 | -0.43 | -0.35 |
| EPS, diluted | -0.40 | -0.33 | -1.22 | -0.07 | -0.12 | 0.11 | 0.26 | 0.31 | -0.43 | -0.35 |
| Shares, diluted (wtd. avg.) | $285.7M | $284.8M | $275.8M | $269.6M | $259.1M | $206.9M | $183.9M | $144.3M | $70.0M | $69.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $136.9M | $47.7M | $60.4M | $53.1M | $83.0M | $621.1M | $240.6M | $214.1M | $70.0M | $62.9M |
| Inventory | $6.8M | $7.4M | $7.2M | $29.3M | $27.0M | $21.5M | $9.4M | $7.9M | $10.4M | — |
| Property, plant and equipment | $5.35B | $5.02B | $5.11B | $5.07B | $5.13B | $4.77B | — | $1.84B | $1.83B | — |
| Goodwill | $828.3M | $784.0M | $794.0M | $1.03B | $1.07B | $794.3M | $318.5M | $186.1M | $188.2M | $186.8M |
| Other intangibles | $819.5M | $838.7M | $897.4M | $925.2M | $981.0M | $797.4M | $284.8M | $25.1M | $26.6M | — |
| Total assets | $8.12B | $7.74B | $7.87B | $8.10B | $8.22B | $7.83B | $4.17B | $2.53B | $2.39B | — |
| Long-term debt | — | — | — | — | — | $2.65B | — | — | — | — |
| Total liabilities | $5.20B | $4.43B | $4.23B | $4.32B | $4.19B | $4.04B | $2.34B | $1.83B | $2.21B | — |
| Retained earnings | -$2.72B | -$2.34B | -$2.00B | -$1.42B | -$1.16B | -$895.5M | -$736.9M | -$638.3M | -$581.5M | — |
| Total equity | $2.88B | $3.28B | $3.63B | $3.79B | $4.03B | $3.79B | $1.83B | $706.8M | -$186.9M | -$149.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $359.6M | $411.9M | $366.2M | $300.0M | $273.1M | $293.7M | $236.2M | $188.2M | $163.3M | $118.8M |
| Depreciation and amortisation | $367.4M | $360.8M | $353.7M | $331.4M | $319.8M | $215.9M | $163.3M | $117.7M | $116.7M | $118.6M |
| Capital expenditure | $576.8M | $309.5M | $264.5M | $308.4M | $438.2M | $376.8M | $217.2M | $145.2M | $149.0M | $74.9M |
| Investing cash flow | -$658.0M | -$313.2M | -$357.1M | -$348.5M | -$1.24B | -$2.25B | -$1.60B | -$125.7M | -$138.8M | -$41.7M |
| Financing cash flow | $383.3M | -$106.8M | -$285.0K | $23.3M | $431.5M | $2.33B | $1.40B | $84.9M | -$18.6M | -$95.3M |
| Dividends paid | $261.4M | $252.1M | $242.2M | $238.7M | $227.5M | $167.1M | $135.4M | $76.5M | $20.2M | $20.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024250.
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