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

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  • Lineage, Inc. reported fourth-quarter 2025 total revenue of $1,336 million, a decrease of 0.2% year-over-year, with full-year 2025 revenue remaining flat at $5,355 million.
  • GAAP net income for Q4 2025 was $6 million ($0.03 per diluted share), while the full-year 2025 GAAP net loss was $113 million ($0.43 per diluted share).
  • Adjusted EBITDA for Q4 2025 decreased 2.4% to $327 million, and for the full year decreased 2.3% to $1,298 million; Adjusted EBITDA margins fell to 24.5% for the quarter and 24.2% for the year.
  • Adjusted Funds from Operations (AFFO) increased 0.5% to $214 million in Q4 2025 and rose 22.7% to $865 million for the full year, with AFFO per share at $0.83 for the quarter and $3.37 for the year.
  • The company declared a quarterly dividend of $0.5275 per share, establishing an annualized dividend rate of $2.11.
  • Lineage initiated full-year 2026 guidance expecting Adjusted EBITDA between $1.25 billion and $1.30 billion, and Adjusted AFFO per share between $2.75 and $3.00.
  • Global warehousing segment total revenues were $1,023 million for Q4 2025 (up 4.4%) and $3,950 million for the full year (up 1.6%), with segment margins decreasing to 36.5% and 37.6% respectively.
  • The network expanded to 482 warehouse sites in Q4 2025 from 469 in the prior year, with average economic occupancy at 83.5% for the quarter and 81.0% for the year.
  • Total capital expenditures for the full year 2025 included $173 million in recurring maintenance, $83 million in integration costs, and $899 million in external growth investments.
  • The company's balance sheet showed total assets of $19,185 million at year-end 2025, with total liabilities at $9,942 million and total stockholders' equity at $8,246 million.