Lineage, Inc. LINE

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors, and food service distributors in the industry. For the year ended December 31, 2025, we generated $5.4 billion of revenue, $0.1 billion of net loss, $1.7 billion of net operating income ("NOI") and $1.3 billion of Adjusted EBITDA. For definitions of NOI and Adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") and reconciliations of each of these non-GAAP measures to the most directly comparable GAAP financial measure, refer to the section titled "Non-GAAP Financial Measures" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report.

Last close 35.36 2026-10-23
Market cap $8.05B 2026-06-30 share count
52-week range 31.33 - 45.75

Valuation FY2025 figures against the last close

P/S1.5x
P/E—
P/FCF41.1x
EV/EBITDA13.1x
Dividend yield6.7%
Diluted EPS-0.43

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021
Revenue $5.36B$5.34B$5.34B$4.93B—
Cost of revenue $3.63B$3.58B$3.59B$3.47B—
Gross profit $1.72B$1.76B$1.75B$1.46B—
SG&A $574.0M$539.0M$502.0M$399.0M—
Total operating expenses $5.17B$5.70B$4.94B$4.63B—
Operating income $181.0M-$361.0M$398.0M$297.0M—
Interest expense $256.0M$426.0M$509.0M$281.0M—
Pre-tax income -$115.0M-$840.0M-$110.0M-$70.0M—
Income tax $2.0M$89.0M$14.0M$6.0M—
Net income -$113.0M-$751.0M-$77.0M-$63.0M—
EPS, basic -0.43-3.70-0.73-0.51—
EPS, diluted -0.43-3.70-0.73-0.51—
Shares, diluted (wtd. avg.) 228.0M191.0M162.0M152.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021
Cash and equivalents $66.0M$175.0M$71.0M$202.0M$240.0M
Receivables $896.0M$826.0M$913.0M——
Inventory $145.0M$187.0M$171.0M——
Total current assets $1.24B$1.28B$1.26B——
Property, plant and equipment $11.34B$10.63B$10.57B——
Goodwill $3.47B$3.34B$3.39B$3.31B—
Other intangibles $1.09B$1.13B$1.28B——
Total assets $19.18B$18.66B$18.87B——
Accounts payable $1.33B$1.22B$1.14B——
Short-term debt $2.0M$56.0M$24.0M——
Total current liabilities $1.55B$1.49B$1.36B——
Long-term debt $6.11B$4.91B$8.96B——
Total liabilities $9.94B$8.97B$12.85B——
Retained earnings -$2.44B-$1.85B-$879.0M——
Total equity $8.25B$8.64B$5.67B$5.81B$4.93B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021
Operating cash flow $943.0M$703.0M$796.0M$501.0M—
Depreciation and amortisation $895.0M$876.0M$760.0M$678.0M—
Stock-based compensation $126.0M$215.0M$26.0M$17.0M—
Capital expenditure $747.0M$691.0M$766.0M$813.0M—
Investing cash flow -$1.07B-$919.0M-$1.07B-$2.37B—
Financing cash flow $14.0M$320.0M$136.0M$1.84B—
Dividends paid $537.0M$234.0M$46.0M$180.0M—
Buybacks $82.0M$42.0M$12.0M$0—

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 0001868159-26-000021.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2022: 4.9B Gross profit, FY2022: 1.5B Net income, FY2022: -63M Revenue, FY2023: 5.3B Gross profit, FY2023: 1.8B Net income, FY2023: -77M Revenue, FY2024: 5.3B Gross profit, FY2024: 1.8B Net income, FY2024: -751M Revenue, FY2025: 5.4B Gross profit, FY2025: 1.7B Net income, FY2025: -113M FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2021FY2022FY2023FY2024FY2025
Revenue — $4.93B $5.34B $5.34B $5.36B
Gross profit — $1.46B $1.75B $1.76B $1.72B
Net income — -$63.0M -$77.0M -$751.0M -$113.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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