Cold-storage giant Lineage treads water as 2025 revenue stalls amid integration efforts

Lineage (NASDAQ:LINE), the dominant player in the global temperature-controlled logistics sector, reported fourth-quarter 2025 results that reflected a period of cooling growth and operational consolidation.

The Michigan-based Real Estate Investment Trust (REIT) saw total quarterly revenue slip 0.2% to $1.336 billion, while full-year revenue remained flat at $5.355 billion.

The company achieved a modest GAAP net income of $6 million, or $0.03 per diluted share, for the final three months of the year—a return to profitability following a broader full-year GAAP net loss of $113 million.

The annual loss was largely attributed to the heavy costs associated with its 2024 initial public offering and the subsequent integration of its massive international warehouse portfolio.

Core operational metrics showed signs of pressure.

Fourth-quarter adjusted EBITDA fell 2.4% to $327 million, with margins contracting by 50 basis points to 24.5%.

For the full year, adjusted EBITDA decreased 2.3% to $1.298 billion.

Despite the dip in EBITDA, the company’s primary metric for dividend-paying capacity—Adjusted Funds From Operations (AFFO)—climbed 22.7% for the full year to $865 million, or $3.37 per share, demonstrating improved cash flow efficiency despite stagnant top-line growth.

Lineage’s board also declared a quarterly dividend of $0.5275 per share, maintaining an annualized payout of $2.11.