Lineage, Inc. Reports $5.4 Billion Revenue and Net Loss for Fiscal Year 2025

**Lineage, Inc. Reports Fiscal Year 2025 Results, Cites Revenue of $5.4 Billion**

Lineage, Inc., the world's largest temperature-controlled warehouse REIT, reported its fiscal year 2025 financial results, showcasing a revenue of $5.4 billion. The company, however, recorded a net loss of $0.1 billion for the year, alongside a net operating income (NOI) of $1.7 billion and an adjusted EBITDA of $1.3 billion. As of December 31, 2025, Lineage operated a global network of 501 warehouses, encompassing approximately 88 million square feet and 3.1 billion cubic feet of capacity, strategically located in critical distribution markets across North America, Asia-Pacific, and Europe.

Compared to the previous fiscal period, Lineage experienced significant changes in its operational footprint and strategic direction. During 2025, the company acquired four cold storage warehouses and related assets from Tyson Foods for $256 million. Lineage also entered into an agreement with Tyson Foods to design, build, and operate two fully automated cold storage warehouses, breaking ground on one of these facilities in Texas during the second half of the year. Furthermore, Lineage completed a new greenfield warehouse in Bremerhaven, Germany, and was nearing completion of an expansion at its Hobart, Indiana cold storage facility, which commenced operations in early 2026.

Lineage manages its business through two segments: Global Warehousing and Global Integrated Solutions. The Global Warehousing segment, which accounted for approximately 86% of the company's total NOI, provides temperature-controlled storage and services. This segment's revenue is generated from storing frozen and perishable food and other products, as well as providing related warehouse services. The Global Integrated Solutions segment, representing approximately 14% of total NOI, complements warehousing with supply chain services, including transportation and refrigerated rail car leasing, to facilitate product movement and generate cost savings for customers.

Key operational indicators for the Global Warehousing segment as of December 31, 2025, include an average economic occupancy of 81.0% and an average physical occupancy of 75.1% across its 482 warehouses. The company's portfolio includes 83 automated warehouses, with 25 fully automated and 58 semi-automated. The United States accounted for 68% of the segment's revenues, with a presence in 36 states. The company serves over 11,000 customers, with the top 25 customers contributing approximately 33.0% of total revenue. Looking ahead, Lineage intends to maximize stockholder value by expanding solutions for customers, creating opportunities for team members, and driving innovation across the supply chain. The company plans to grow same warehouse NOI and free cash flow through organic business initiatives, deploy capital into existing facilities, and pursue accretive greenfield and acquisition opportunities.