Companies · LINE
Lineage
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 5, 2026
Lineage Q2 2026: Occupancy inflects positive for first time since IPO as EBITDA holds flat YoY despite trade and fire headwinds
Lineage posted Q2 2026 adjusted EBITDA of $320 million, beating internal expectations and consensus, while same-store physical occupancy rose 90 basis points year-over-year — the first positive occupancy print since the company went public. The three structural headwinds of new supply, inventory destocking, and tariff-driven trade volume compression are all now directionally improving, with destocking effectively behind the business and supply rationalization accelerating through competitor stress and facility idling. Management raised full-year same-store NOI guidance to negative 3% to flat and increased AFFO per share guidance to $2.80–$3.05, absorbing an estimated $15 million EBITDA headwind from the Big Bear facility fire while holding the EBITDA midpoint unchanged.
Tone: cautiousRevenue
$5.4B
LINE 10-K · FY 2025
Employees
24,000
Revenue FY2024
$5.3B
Headquarters
Novi, MI
Profile
LINE 10-K Item 1 · Feb 25, 2026Lineage is the world's largest global temperature-controlled warehouse REIT, operating 501 warehouses across 88 million square feet in North America, Europe, and Asia-Pacific. The company serves more than 11,000 customers — primarily food retailers, manufacturers, processors, and distributors — through two segments: global warehousing and global integrated solutions. Its competitive differentiation centers on network scale, automation leadership, and proprietary technology platforms.
Read filing description ↓ Collapse description ↑
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. We view, manage, and report on our business through two segments: global warehousing, which utilizes our high-quality industrial real estate properties to provide temperature-controlled warehousing storage and services to our customers and which represented approximately 86% of our total NOI for the year ended December 31, 2025; and global integrated solutions, which complements warehousing with supply chain services to facilitate the movement of products through the food supply chain to generate cost savings for customers and additional revenue streams for our company and which represented approximately 14% of our total NOI for the year ended December 31, 2025. We believe we are the premier technology-enabled temperature-controlled warehousing REIT in the world, with 83 fully- and semi-automated warehouses, proprietary technology platforms, and 169 patents issued as of December 31, 2025.
Primary products
- Temperature-controlled warehousing storage
- Warehouse services (handling, receipt, case-picking, order assembly, cross-docking)
- Multi-vendor less-than-full-truckload consolidation
- Drayage services
- Over-the-road trucking
- Freight forwarding
Business segments
End markets
Geographies
Named customers
Approximately 33.0% of our total revenue for the year ended December 31, 2025 came from our top 25 customers. Our customer base was highly diversified, with no customer accounting for more than 3.6% of revenues for the year ended December 31, 2025.
Named competitors
“We are the largest temperature-controlled warehousing company globally by cubic feet of storage space, including in some of the world's largest developed markets, such as the United States, Canada, the United Kingdom, Continental Europe, Australia, and New Zealand.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenues were essentially flat year-over-year, with Global Warehousing revenues growing modestly offset by a decline in Global Integrated Solutions revenues.
The rest of LINE is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.