Lineage, Inc. Reports Slight Revenue Increase and Improved Net Loss in Q2 2025

Lineage, Inc. reported its financial results for the second quarter of 2025, revealing a slight increase in net revenues to $1.35 billion, up from $1.34 billion in the same period last year. However, the company experienced a net loss attributable to Lineage, Inc. of $6 million, compared to a loss of $68 million in the prior year. For the first half of 2025, revenues totaled $2.64 billion, a decrease from $2.67 billion in the first half of 2024, while the net loss for the period was $6 million, an improvement from a loss of $128 million in the previous year.

The company’s cost of operations rose to $920 million for the quarter, up from $891 million a year earlier, driven by increased labor and operational costs. General and administrative expenses also increased to $143 million from $127 million, largely due to stock-based compensation expenses associated with the company's transition to a public entity. The company reported a decrease in net operating income (NOI) for its global warehousing segment, which fell to $367 million from $384 million, reflecting a decline in occupancy rates and throughput volumes as customers adjusted inventory levels amid ongoing economic pressures.

Strategically, Lineage has been active in expanding its operations, completing several acquisitions during the first half of 2025, including the purchase of Bellingham Cold Storage and assets from Tyson Foods, which are expected to enhance its warehousing network. The company also reported a significant increase in its non-same warehouse revenues, which rose by 52.6% to $87 million, attributed to acquisitions and expansion projects. As of June 30, 2025, Lineage operated 481 warehouses globally, with a total capacity of approximately 88 million square feet.

Looking ahead, Lineage anticipates continued challenges related to inflation and customer demand fluctuations, which may impact occupancy and throughput levels. The company is focused on optimizing its operations and managing costs while navigating the complexities of the current economic environment. Additionally, Lineage is evaluating the implications of recent tax reforms and ongoing foreign currency fluctuations on its financial performance. The company remains committed to maintaining its status as a Real Estate Investment Trust (REIT) and plans to continue making regular distributions to shareholders.