AFFO has been negative for five consecutive quarters, with 2026Q2 at -$380.3M, and capital expenditures of $140.4M exceeded operating cash flow of $100.1M, highlighting a persistent cash burn.
Americold Realty Trust, Inc. (COLD) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | 349.12M | 359.64M | 411.88M | 366.15M | 300M | 273.06M | 293.68M | 236.19M | 188.17M | 163.33M | 118.78M | 106.52M | 87.44M | 84.33M | 51.16M |
| Operating CF Growth % | 51.22% | -12.68% | 12.49% | 22.05% | 9.86% | -7.02% | 24.34% | 25.52% | 15.21% | 37.5% | 11.51% | 21.83% | 3.68% | 64.85% | - |
| Operating CF / Revenue % | 13.35% | 13.82% | 15.45% | 13.7% | 10.29% | 10.06% | 14.77% | 13.24% | 11.73% | 10.58% | 7.97% | 7.19% | 11.49% | 9.7% | 6.04% |
| Net Income | -456.07M | -115.28M | -94.75M | -336.27M | -19.47M | -30.31M | 24.55M | 48.16M | 47.98M | -608K | 4.93M | -21.18M | -42.8M | -11.59M | -17.41M |
| Depreciation & Amortization | 344.07M | 367.36M | 360.82M | 353.74M | 331.45M | 319.84M | 216.04M | 163.5M | 117.8M | 116.74M | 125.96M | 126.24M | 0 | 0 | 0 |
| Stock-Based Compensation | 27.8M | 30.19M | 28.23M | 23.59M | 27.14M | 23.93M | 17.9M | 15.87M | 10.68M | 2.36M | 6.44M | 3.11M | 740K | 15K | 0 |
| Other Non-Cash Items | 507.18M | 159.13M | 193.74M | 402.31M | 101.42M | 81.46M | 46.63M | 17.44M | 28.26M | 41.1M | -4.26M | 25.49M | 122.68M | 92.72M | 86.19M |
| Working Capital Changes | -52.86M | -55.18M | -62.96M | -66.44M | -114.56M | -112.71M | 2.29M | 1.92M | -13.4M | 6.09M | -18.86M | -24.85M | 6.82M | 3.19M | -17.62M |
| Cash from Investing | -504.9M | -658M | -313.18M | -357.07M | -348.49M | -1.24B | -2.25B | -1.6B | -125.7M | -138.83M | -33.73M | -66.83M | -37.63M | -39.16M | -95.49M |
| Acquisitions (Net) | -5.34M | -105.53M | -13.05M | -30.29M | -30.26M | -748.33M | -1.88B | -1.3B | 0 | 0 | 0 | 0 | -40K | -19.55M | 0 |
| Purchase of Investments | -128.69M | -1.49M | 0 | 0 | 0 | 0 | -922.35M | 0 | 0 | 0 | 0 | -675.01M | 0 | 0 | 0 |
| Sale of Investments | 2.7M | 0 | 0 | 0 | 0 | 0 | 880.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 23.04M | 25.87M | 9.32M | 3.46M | 4.71M | 959K | 79.66M | 1.15M | 19.51M | 10.16M | 33.22M | -5.57M | -1.23M | -1.19M | 8.68M |
| Cash from Financing | 362.84M | 383.26M | -106.78M | -285K | 23.32M | 431.49M | 2.33B | 1.4B | 84.94M | -18.6M | -95.32M | -28.12M | -26.51M | -1.49M | -25.3M |
| Dividends Paid | -264.34M | -261.38M | -252.12M | -242.22M | -238.71M | -227.52M | -167.09M | -135.44M | -78.47M | -48.67M | -48.67M | -48.67M | -17.52M | -6.06M | -12.06M |
| Common Dividends | -264.34M | -261.38M | -252.12M | -242.22M | -238.71M | -227.52M | -167.09M | -135.44M | -76.52M | -20.21M | -20.21M | -20.21M | -17.43M | -6M | -12M |
| Debt Issuance (Net) | 4M | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -636K | -4M | 0 |
| Other Financing | -3.68M | -8.06M | -3.74M | -3.38M | -12.11M | -24.22M | -10.28M | 1.08M | -11.93M | -4.21M | -10.83M | -14.79M | 0 | 18.08M | 0 |
| Net Change in Cash | 206.87M | 89.21M | -12.74M | 7.33M | -29.89M | -538.09M | 380.44M | 26.52M | 144.13M | 7.03M | -18.48M | 8.34M | 23.3M | 43.69M | -69.64M |
| Exchange Rate Effect | -188K | 4.32M | -4.65M | -1.47M | -4.73M | -3.44M | 5.98M | -110K | -3.28M | 1.14M | -324K | -3.23M | 0 | 0 | 0 |
| Cash at Beginning | 39.83M | 47.65M | 60.39M | 53.06M | 82.96M | 621.05M | 240.61M | 214.1M | 69.96M | 62.93M | 81.41M | 25.09M | 66.72M | 23.04M | 92.67M |
| Cash at End | 40.47M | 136.86M | 47.65M | 60.39M | 53.06M | 82.96M | 621.05M | 240.61M | 214.1M | 69.96M | 62.93M | 33.43M | 90.03M | 100M | 23.04M |
| Free Cash Flow | -117.81M | -217.2M | 102.42M | 35.92M | -22.95M | -218.77M | -108.67M | -66.24M | 42.95M | 14.33M | 43.91M | 46.6M | 51.08M | 65.92M | -53.01M |
| FCF Growth % | 7.12% | -312.07% | 185.15% | 256.5% | 89.51% | -101.31% | -64.06% | -254.21% | 199.69% | -67.36% | -5.76% | -8.77% | -22.52% | 224.34% | - |
| FCF / Revenue % | -4.51% | -8.35% | 3.84% | 1.34% | -0.79% | -8.06% | -5.47% | -3.71% | 2.68% | 0.93% | 2.95% | 3.15% | 6.71% | 7.58% | -6.26% |
Quick answers to the most common questions about buying COLD stock.
Americold Realty Trust, Inc. (COLD) generated $359.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Americold Realty Trust, Inc. (COLD) reported negative free cash flow of $217.2M in 2025, indicating capital requirements exceeded cash from operations.
Americold Realty Trust, Inc. (COLD) spent $576.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Americold Realty Trust, Inc. (COLD) returned $261.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative AFFO
Metrics are mathematically derived from official filings.
AFFO Deficit Threatens Dividend Coverage
AFFO has been negative for five consecutive quarters, with 2026Q2 at -$380.3M, far exceeding dividends of $66.5M, indicating the dividend is not covered by distributable cash flow, as per recent financial statements.
The persistent negative AFFO, which reached -$380.3M in 2026Q2, suggests that the company's core operations are not generating sufficient cash to cover its dividend, let alone fund maintenance capex. Even in quarters where AFFO was less negative, such as 2025Q1 at -$39.9M, the dividend payout ratio exceeded 100%, implying reliance on external sources or cash reserves. This trend, if sustained, may force management to reduce or suspend the dividend, a critical risk for income-focused investors.
Capex Outpacing Cash Generation
Capital expenditures have consistently exceeded operating cash flow, with 2026Q2 CapEx of $140.4M against OCF of $100.1M, indicating a cash burn that may be unsustainable, as reported in the latest quarterly data.
The company's capital expenditure program, particularly investments in automation and maintenance, has outpaced its operating cash flow in most quarters, leading to negative free cash flow. For instance, in 2026Q2, CapEx was $140.4M versus OCF of $100.1M, resulting in a -$40.3M FCF. This suggests that the company is heavily investing in its portfolio, but the returns on these investments are not yet evident in cash generation, raising concerns about the efficiency of capital allocation and the potential need for external financing.
Depreciation Distorts Earnings Reality
GAAP net income is deeply negative, but FFO and AFFO reveal a more nuanced picture; however, AFFO remains negative, indicating that depreciation and maintenance capex are eroding cash flow, as per financial statements.
The gap between GAAP net income and FFO is stark, with 2026Q2 net income at -$342.8M versus FFO of -$239.9M, highlighting the impact of depreciation and other non-cash items. However, the more concerning metric is AFFO, which subtracts recurring capex, and it has been negative for five straight quarters, including -$380.3M in 2026Q2. This suggests that the company's cash flow is not only insufficient to cover dividends but also to maintain its asset base, indicating a potential erosion of long-term value.
Working Capital Pressures Emerge
Operating cash flow has been volatile, with 2026Q2 OCF of $100.1M, but the negative net income and declining revenue suggest potential collection issues or cost pressures, as per recent SEC filings.
The company's operating cash flow has been inconsistent, ranging from $30.2M in 2025Q1 to $162.6M in 2024Q4, but the overall trend is downward, with 2026Q2 at $100.1M. This volatility, combined with negative net income and declining revenue, may indicate that the company is facing challenges in collecting receivables or that its cost structure is absorbing cash. Investors should monitor the straight-line rent adjustments and tenant receivable balances, as any buildup could signal deteriorating credit quality among customers.
External Financing Dependency Rising
With negative AFFO and dividends exceeding cash flow, the company appears reliant on external funding sources, such as debt or equity issuance, to bridge the gap, as per the latest financial data.
The persistent negative AFFO and the fact that dividends have exceeded AFFO in most quarters suggest that the company is funding its dividend and capex through external sources. This is evident in the 2026Q2 data, where dividends of $66.5M were paid despite AFFO of -$380.3M. While the company may have access to credit facilities or ATM programs, this dependency increases financial risk and may lead to balance sheet strain if capital markets become less accessible.
What the Cash Flow Statement Hides
The cash flow statement may understate true cash needs due to capitalized maintenance costs and off-balance-sheet obligations, as suggested by the unusually low debt/equity ratio of 1.54%, which warrants further investigation.
The reported debt/equity ratio of 1.54% is exceptionally low for a REIT, which may indicate significant off-balance-sheet financing or a reporting anomaly. Additionally, the company's heavy investment in automation and maintenance capex may be partially capitalized, masking the true cash outflow required to sustain operations. Investors should scrutinize the treatment of power surcharges and the potential for straight-line rent defaults, as these could further strain cash flow. The negative AFFO and declining revenue suggest that the company's cash flow quality is deteriorating, and the market may be underestimating the capital intensity required to maintain its competitive position.