Lineage, Inc. Reports Q3 2025 Revenue of $1.377 Billion, Net Loss of $100 Million

Lineage, Inc. reported its financial results for the third quarter of 2025, revealing a net revenue of $1.377 billion, a 3.1% increase from $1.335 billion in the same period last year. For the nine months ending September 30, 2025, total revenues reached $4.019 billion, slightly up from $4.001 billion in 2024. However, the company recorded a net loss of $100 million for the quarter, compared to a loss of $485 million in Q3 2024, and a net loss of $106 million for the nine months, an improvement from a loss of $593 million in the prior year.

The company’s cost of operations for the third quarter was $932 million, up from $897 million a year earlier, while total operating expenses for the nine months increased to $3.905 billion from $4.341 billion. The increase in costs was attributed to higher labor and power expenses, although the company noted a decrease in general and administrative expenses due to reduced IPO-related costs. The company’s net income attributable to Lineage, Inc. was negative $100 million for the quarter, reflecting a significant reduction in losses compared to the previous year.

Strategically, Lineage has been active in expanding its operations, completing several acquisitions during the nine months ended September 30, 2025, including the purchase of Bellingham Cold Storage and assets from Tyson Foods. These acquisitions are expected to enhance the company’s warehousing network and service offerings. The company also divested its Spain Transportation business, which resulted in a $60 million loss during the quarter. As of September 30, 2025, Lineage operated approximately 500 warehouses globally, with a total capacity of around 88 million square feet.

Operationally, the company reported a decrease in average economic occupancy to 80.3% from 82.0% year-over-year, indicating a rationalization of inventory levels by customers amid ongoing economic pressures. The average physical occupancy also declined to 73.7% from 75.4%. Despite these challenges, Lineage's global warehousing segment generated $1.013 billion in revenue for the quarter, driven by increased storage and warehouse services, although same warehouse revenues saw a slight decline.

Looking ahead, Lineage anticipates continued challenges related to inflation and customer demand fluctuations but remains optimistic about stabilizing pricing and occupancy levels. The company expects to leverage its recent acquisitions and operational efficiencies to enhance profitability and maintain its competitive position in the temperature-controlled warehousing market.