Lineage (LINE) Company Report

Lineage reported Q4 2025 adjusted EBITDA of $327 million, a 2% decrease year-over-year, and full-year 2025 adjusted EBITDA of $1.3 billion, down 2.3%.
AFFO per share was $0.83 for Q4 2025 (flat year-over-year) and $3.37 for the full year, an increase of 2.4%.
For 2026, the company expects adjusted EBITDA between $1.25 billion and $1.3 billion and AFFO per share between $2.75 and $3.00.
Same-store NOI declined 5% in Q4 2025 and 5.8% for the full year, with 2026 guidance for same-store NOI growth ranging from -4% to -1%.
The company announced Robb LeMasters as the new CFO and expects to achieve $50 million+ in annualized cost savings by year-end 2026 through streamlining functions.

3 days ago

Transcript

Lineage Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance

LINE

Earnings

Guidance Update

Demand Weakening

Lineage reported Q4 2025 total revenue was flat year-over-year, with adjusted EBITDA decreasing 2% to $327 million and AFFO per share flat at $0.83.
For the full year 2025, adjusted EBITDA declined 2.3% to $1.3 billion, while AFFO per share increased 2.4%.
The company provided 2026 guidance, expecting same-store NOI growth of -4% to -1%, adjusted EBITDA between $1.25 billion and $1.3 billion, and AFFO per share of $2.75 to $3.00.
In Q4 2025, same-store physical occupancy improved sequentially by 400 basis points to 79.3%, and the company anticipates 1%-2% net pricing increases in its warehousing segment for 2026.
Lineage plans to remove $50 million in annualized admin and indirect costs by the end of 2026 and expects new supply in the industry to slow significantly.

3 days ago

Transcript

Lineage Reports Q4 2025 Results and Provides 2026 Outlook

LINE

Earnings

Guidance Update

Demand Weakening

Lineage reported Q4 2025 adjusted EBITDA of $327 million, a 2% decrease year-over-year, and AFFO per share of $0.83, flat year-over-year but ahead of expectations. For the full year 2025, adjusted EBITDA was $1.3 billion (down 2.3%) and AFFO per share increased 2.4% to $3.37.
The company issued its 2026 outlook, forecasting adjusted EBITDA between $1.25 billion and $1.3 billion, AFFO per share between $2.75 and $3.00, and same-store NOI growth of -4% to -1%.
Lineage aims to achieve $50 million in annualized admin and indirect cost savings by the end of 2026, with about half of these savings expected to impact 2026 results.
Operationally, Q4 2025 same-store physical occupancy improved sequentially by 400 basis points to 79.3% , but throughput volumes declined 2.8% year-over-year, with import/export container volumes down 9% in Q4 and continuing to be a headwind into Q1 2026.

3 days ago

Transcript

LINE Announces Q4 2025 Results and Initiates 2026 Guidance

LINE

Earnings

Guidance Update

Demand Weakening

For Q4 2025, LINE reported flat revenue and a (2)% decrease in Adjusted EBITDA year-over-year, while AFFO per share was above the high-end of the guidance range.
LINE initiated full-year 2026 guidance, projecting Adjusted EBITDA between $1.25 billion and $1.30 billion and AFFO per share between $2.75 and $3.00.
The Global Warehousing segment saw SS Physical utilization increase by 400bps Q/Q to 79.3% and total warehouse storage revenue per physical pallet grow 3% Y/Y, although Same Store NOI decreased by (5)%.
As of Q4 2025, LINE had total debt outstanding of $6.1 billion with a weighted average effective interest rate of 3.8% and total liquidity of approximately $1.9 billion.

3 days ago

Presentation

Lineage, Inc. Reports Q4 and Full-Year 2025 Financial Results and Initiates 2026 Guidance

LINE

Earnings

Guidance Update

Dividends

Lineage, Inc. reported total revenue of $1,336 million for the fourth quarter of 2025, a 0.2% decrease, and $5,355 million for the full year 2025, which remained flat.
The company's GAAP net income was $6 million, or $0.03 per diluted common share, for Q4 2025, while the full year 2025 saw a GAAP net loss of $(113) million, or $(0.43) per diluted common share.
Adjusted EBITDA decreased 2.4% to $327 million in Q4 2025 and decreased 2.3% to $1,298 million for the full year 2025.
AFFO per share remained flat at $0.83 in Q4 2025, and for the full year 2025, AFFO per share increased 2.4% to $3.37.
Lineage, Inc. initiated full-year 2026 guidance, expecting adjusted EBITDA between $1.25 billion and $1.30 billion and Adjusted FFO per share between $2.75 and $3.00.

3 days ago

8-K

Lineage Details LinOS Warehouse Execution Platform and Financial Impact

LINE

New Projects/Investments

Product Launch

Lineage presented on LinOS, its internally developed next-generation warehouse execution platform, designed to improve warehouse productivity and operational efficiency through real-time decision-making.
Pilot programs at 11 sites have demonstrated an average 30% lift in high-reach operator productivity and an overall 5% reduction in total labor cost per throughput pallet.
The company projects a base case of $110 million in annualized EBITDA impact over the next three to five years from LinOS, driven by labor savings and revenue enhancement from improved billing accuracy.
Lineage has invested $250 million over the past decade in LinOS initiatives and plans an additional $200 million investment over the next five years, with the projected EBITDA impact expected from a rollout in approximately 250 sites.

Dec 8, 2025, 10:00 PM

Transcript

Lineage Details LinOS Platform and Projected Financial Impact

LINE

New Projects/Investments

Guidance Update

Product Launch

Lineage presented its internally developed LinOS warehouse execution platform, designed to enhance productivity and operational efficiency.
Pilot programs at 11 sites have demonstrated significant improvements, including an average 30% increase in high-reach operator productivity and a 5% reduction in total labor cost per throughput pallet.
The company projects a base case of $110 million in annualized EBITDA uplift over the next three to five years from LinOS, driven by labor savings and revenue enhancements, which translates to a 24% Return on Invested Capital (ROIC).
Lineage has invested $250 million in LinOS initiatives over the past decade and plans an additional $200 million investment over the next five years to deploy the technology across approximately 250 conventional warehouses.

Dec 8, 2025, 10:00 PM

Transcript

Lineage Details LinOS Warehouse Productivity Initiatives and Financial Impact

LINE

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Lineage is implementing LinOS, an internally developed next-generation warehouse execution platform, to enhance warehouse productivity and operational efficiency.
The company projects an estimated $110 million in annualized EBITDA uplift from LinOS over the next three to five years, with a 24% Return on Invested Capital (ROIC).
Lineage has invested $250 million in LinOS over the past decade and plans an incremental $200 million investment over the next five years to complete the rollout.
LinOS is being deployed across 250 conventional warehouses over the next three to five years, with initial High-Reach Operations (HRO) pilot sites showing 20% to 30% increases in units per hour.

Dec 8, 2025, 10:00 PM

Transcript

Lineage Details Strategic Levers and LinOS Rollout

LINE

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Lineage operates a significant network of 488 warehouses, with 96% of its revenue derived from #1 market positions. The company employs a Lean operating strategy, with over 450 buildings utilizing Continuous Improvement Roadmaps and approximately 1000 Kaizen events conducted since 2022 to enhance productivity.
The company is actively rolling out LinOS, a proprietary warehouse execution system, with plans to implement it in 250+ warehouses by 2029.
LinOS is projected to achieve approximately 10% in total labor savings and a 1% revenue uplift, contributing to an estimated $110 million in annualized EBITDA within 3 to 5 years.
The total cumulative investment for the LinOS project is estimated at ~$450 million, with a projected Return on Invested Capital (ROIC) of 24%.

Dec 8, 2025, 10:00 PM

Presentation

Lineage Europe Finco B.V. Issues €700 Million Senior Notes

LINE

Debt Issuance

Lineage Europe Finco B.V., an indirect subsidiary of Lineage, Inc., issued €700,000,000 aggregate principal amount of 4.125% Senior Notes due 2031 on November 26, 2025.
The notes are senior unsecured obligations of the Issuer and are fully and unconditionally guaranteed by Lineage, Inc., Lineage OP, LP, and other subsidiaries.
Interest on the notes will be paid annually at 4.125% per annum, commencing November 26, 2026, until the maturity date of November 26, 2031.
The net proceeds of approximately €689 million from the offering are intended to repay amounts outstanding under the Company's revolving credit facility and for general corporate and working capital purposes.
The Issuer may redeem the notes prior to September 26, 2031, at a price based on present value, and on or after that date, at 100% of the principal amount plus accrued interest.

Dec 2, 2025, 1:12 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Lineage.

Q4 2025

Feb 25, 2026

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Q3 2025

Nov 5, 2025

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Q2 2025

Aug 6, 2025

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Lineage (LINE)

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Executives

Greg Lehmkuhl

Abigail Fleming

Adam Forste

Brian McGowan

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Jeffrey Rivera

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Michael Griffin

Michael Mueller

Nicholas Thillman

Samir Khanal

Vikram Malhotra

Sameer Hanal

Steve Sakwa

Dan Guglielmo

Daniel [indiscernible]

James Feldman

Jeremy Cole

Joshua [indiscernible]

Mike Mueller

Nick [indiscernible]

Viktor Fediv

Vince [indiscernible]

Vince Tibone

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