Revenue growth has been stagnant, with 2026Q2 showing a modest 1.9% increase, but NOI margin plunged to 1.0% from 31.0% sequentially, and FFO per share turned sharply negative at -$0.84.
Americold Realty Trust, Inc. (COLD) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 2.61B | 2.6B | 2.67B | 2.67B | 2.91B | 2.71B | 1.99B | 1.78B | 1.6B | 1.54B | 1.49B | 1.48B | 761.02M | 869.61M | 847.03M |
| Revenue Growth % | -0.21% | -2.43% | -0.25% | -8.28% | 7.36% | 36.58% | 11.44% | 11.23% | 3.89% | 3.6% | 0.58% | 94.66% | -12.49% | 2.67% | - |
| Property Operating Expenses | 2.73B | 2.5B | 1.82B | 1.9B | 2.22B | 2.09B | 1.44B | 1.31B | 1.2B | 1.17B | 1.14B | 1.14B | 569.49M | 677.07M | 664.02M |
| Net Operating Income (NOI) | -110.51M | 104.66M | 846.73M | 770.57M | 695.96M | 629.78M | 551.5M | 478.26M | 405.65M | 374.11M | 345.64M | 337.02M | 191.53M | 192.54M | 183M |
| NOI Margin % | -4.23% | 4.02% | 31.75% | 28.82% | 23.88% | 23.2% | 27.75% | 26.81% | 25.3% | 24.24% | 23.2% | 22.75% | 25.17% | 22.14% | 21.61% |
| Operating Expenses | -228.41M | 6M | 722.72M | 878.88M | 608.09M | 556.81M | 383.05M | 346.79M | 225.69M | 237.12M | 213.52M | 226.36M | 173.62M | 139.61M | 138.17M |
| G&A Expenses | 204.65M | 269.47M | 255.12M | 226.79M | 231.07M | 182.08M | 144.74M | 129.31M | 110.83M | 99.62M | 96.73M | 91.22M | 62.59M | 49.62M | 54.52M |
| EBITDA | 500.42M | 466.02M | 484.83M | 245.44M | 419.32M | 392.81M | 384.49M | 294.96M | 297.76M | 253.88M | 250.89M | 236.9M | 116.11M | 142.92M | 128.49M |
| EBITDA Margin % | 19.14% | 17.91% | 18.18% | 9.18% | 14.39% | 14.47% | 19.34% | 16.54% | 18.57% | 16.45% | 16.84% | 15.99% | 15.26% | 16.43% | 15.17% |
| Depreciation & Amortization | 382.51M | 367.36M | 360.82M | 353.74M | 331.45M | 319.84M | 216.04M | 163.5M | 117.8M | 116.89M | 118.77M | 126.24M | 98.21M | 89.99M | 83.65M |
| D&A / Revenue % | 14.63% | 14.12% | 13.53% | 13.23% | 11.37% | 11.78% | 10.87% | 9.17% | 7.35% | 7.57% | 7.97% | 8.52% | 12.9% | 10.35% | 9.88% |
| Operating Income | 117.91M | 98.66M | 124.01M | -108.31M | 87.87M | 72.97M | 168.45M | 131.47M | 179.96M | 136.99M | 132.12M | 110.66M | 17.9M | 52.93M | 44.84M |
| Operating Margin % | 4.51% | 3.79% | 4.65% | -4.05% | 3.01% | 2.69% | 8.47% | 7.37% | 11.22% | 8.87% | 8.87% | 7.47% | 2.35% | 6.09% | 5.29% |
| Interest Expense | 3M | 147.78M | 135.32M | 140.11M | 116.13M | 99.18M | 91.48M | 94.41M | 93.31M | 114.9M | 119.55M | 116.71M | 65.52M | 65.48M | 65.17M |
| Interest Coverage | - | 0.08x | 0.24x | -1.34x | 0.74x | 0.69x | 1.19x | 1.46x | 1.48x | 1.08x | 1.09x | 0.91x | 0.28x | 0.83x | 0.73x |
| Non-Operating Income | 431.57M | 86.61M | 91.86M | 79.68M | 1.67M | 4.39M | 59.34M | -5.95M | 42.28M | 13.31M | 1.76M | 4.89M | -452K | -1.68M | -2.54M |
| Pretax Income | -470.54M | -135.73M | -103.18M | -328.09M | -29.93M | -30.6M | 17.63M | 43.01M | 44.37M | 8.79M | 10.81M | -10.94M | -47.16M | -10.87M | -17.8M |
| Pretax Margin % | -17.99% | -5.22% | -3.87% | -12.27% | -1.03% | -1.13% | 0.89% | 2.41% | 2.77% | 0.57% | 0.73% | -0.74% | -6.2% | -1.25% | -2.1% |
| Income Tax | -10.03M | -20.45M | -8.43M | -2.27M | -18.84M | -1.57M | -6.93M | -5.16M | -3.62M | 9.39M | 5.88M | 9.64M | -4.36M | 717K | -775K |
| Effective Tax Rate % | 2.13% | 15.07% | 8.17% | 0.69% | 62.94% | 5.13% | -39.3% | -11.99% | -8.16% | 106.92% | 54.38% | -88.07% | 9.25% | -6.59% | 4.35% |
| Net Income | -456.07M | -114.55M | -94.31M | -336.21M | -19.44M | -30.45M | 24.54M | 48.16M | 47.98M | -608K | 4.93M | -21.18M | -42.8M | -11.59M | -17.41M |
| Net Margin % | -17.44% | -4.4% | -3.54% | -12.58% | -0.67% | -1.12% | 1.23% | 2.7% | 2.99% | -0.04% | 0.33% | -1.43% | -5.62% | -1.33% | -2.06% |
| Net Income Growth % | -732.48% | -21.46% | 71.95% | -1629.5% | 36.17% | -224.1% | -49.05% | 0.37% | 7992.27% | -112.33% | 123.29% | 50.52% | -269.23% | 33.43% | - |
| Funds From Operations (FFO) | -73.56M | 252.81M | 266.5M | 17.53M | 312.01M | 289.38M | 240.58M | 211.66M | 165.79M | 116.28M | 123.7M | 105.06M | 55.41M | 78.4M | 66.24M |
| FFO Margin % | -2.81% | 9.72% | 9.99% | 0.66% | 10.7% | 10.66% | 12.1% | 11.87% | 10.34% | 7.53% | 8.3% | 7.09% | 7.28% | 9.02% | 7.82% |
| FFO Growth % | -442.04% | -5.14% | 1420.45% | -94.38% | 7.82% | 20.28% | 13.66% | 27.67% | 42.57% | -5.99% | 17.74% | 89.61% | -29.32% | 18.36% | - |
| FFO per Share | -0.26 | 0.88 | 0.94 | 0.06 | 1.16 | 1.11 | 1.16 | 1.15 | 1.15 | 1.66 | 1.77 | 1.51 | 0.79 | 1.12 | 0.95 |
| FFO Payout Ratio % | -359.33% | 103.39% | 94.6% | 1381.91% | 76.51% | 78.62% | 69.45% | 63.99% | 46.16% | 17.38% | 16.34% | 19.24% | 31.46% | 7.65% | 18.12% |
| EPS (Diluted) | -1.59 | -0.40 | -0.33 | -1.22 | -0.07 | -0.12 | 0.12 | 0.26 | 0.31 | -0.43 | -0.35 | -0.73 | -0.61 | -0.17 | -0.25 |
| EPS Growth % | -713.63% | -21.21% | 72.95% | -1592.09% | 39.92% | -200% | -53.85% | -16.13% | 172.09% | -22.86% | 52.05% | -19.67% | -258.82% | 32% | - |
| EPS (Basic) | - | -0.40 | -0.33 | -1.22 | -0.07 | -0.12 | 0.12 | 0.27 | 0.33 | -0.43 | -0.35 | -0.73 | -0.61 | -0.17 | -0.25 |
| Diluted Shares Outstanding | 286.88M | 285.74M | 284.78M | 275.77M | 269.56M | 261.13M | 206.94M | 183.95M | 144.34M | 70.02M | 69.89M | 69.76M | 70.02M | 70.02M | 70.02M |
Quick answers to the most common questions about buying COLD stock.
For fiscal year 2025, Americold Realty Trust, Inc. (COLD) reported total revenue of $2.60B. This represents a 207.2% increase compared to $847.0M in 2007.
Americold Realty Trust, Inc. (COLD) reported a net loss of $114.5M for the fiscal year ending 2025.
Americold Realty Trust, Inc. (COLD) reported an operating income of $98.7M, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Americold Realty Trust, Inc. (COLD) generated $104.7M in gross profit for the year, representing a gross profit margin of 4.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative AFFO
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Operational Challenges
Revenue growth has been consistently negative or flat, with 2026Q2 showing a modest 1.9% uptick, but overall trajectory remains subdued, as per recent financial statements.
Revenue has hovered around $630-$675 million over the past ten quarters, with year-over-year growth mostly negative, indicating a lack of organic expansion. The slight increase in 2026Q2 may reflect improved pricing or volume, but the overall trend suggests the company is struggling to grow its top line. This stagnation could be due to soft warehouse demand or competitive pressures, and investors should monitor occupancy and rental rate trends.
NOI Margins Plunge in 2026Q2
NOI margin collapsed to 1.0% in 2026Q2 from 31.0% in the prior quarter, as reported in the latest earnings release, signaling a severe operational disruption.
The dramatic drop in NOI margin from roughly 31% to 1% in 2026Q2 is alarming and suggests a one-time event or significant cost spike. While the prior quarters maintained stable margins around 31-32%, this quarter's NOI of only $6.8 million implies a major impairment or operational failure. This warrants immediate investigation into the cause, as it may indicate a loss of a major customer, a natural disaster, or a significant accounting adjustment.
FFO Turns Sharply Negative
FFO per share swung to -$0.84 in 2026Q2 from +$0.27 in the prior quarter, based on reported figures, indicating a severe deterioration in core earnings.
The negative FFO of -$239.9 million in 2026Q2 is a stark contrast to the positive FFO in all other quarters, which ranged from $11.6 million to $101.8 million. This suggests a major non-cash charge or a significant loss in the quarter. The FFO growth rate also turned deeply negative, and the dividend yield of 1.5% may be at risk if this trend continues. Investors should scrutinize the components of FFO to identify the cause.
Depression in Depreciation Distortions
AFFO has been consistently negative for the last five quarters, as per financial statements, indicating that depreciation and maintenance capex are exceeding reported earnings.
While FFO was positive in most quarters, AFFO has been negative since 2025Q1, with the most recent quarter at -$380.3 million. This suggests that the company's capital expenditures, particularly for maintenance and automation, are significantly higher than depreciation charges. The gap between FFO and AFFO highlights the heavy capital intensity of the cold storage business, and the negative AFFO raises concerns about dividend sustainability and the need for external financing.
Same-Store Metrics Skewed by Volatility
Same-store NOI trends are obscured by extreme quarterly volatility, with NOI margins swinging from -78.6% to 32.7% in recent quarters, as reported in SEC filings.
The extreme volatility in NOI margins, particularly the -78.6% in 2025Q4 and 1.0% in 2026Q2, suggests that same-store metrics are being distorted by one-time items or significant operational disruptions. This makes it difficult to assess underlying organic growth. Investors should focus on the more stable quarters, which show NOI margins around 31-32%, but the outliers indicate potential issues with asset impairments or severe cost overruns.
Earnings Quality Under Scrutiny
The persistent negative AFFO and the unexplained plunge in NOI in 2026Q2 raise serious questions about earnings quality, as per the latest financial data.
The negative AFFO across multiple quarters suggests that the company is not generating enough cash flow to cover its capital expenditures, which could be a sign of aggressive accounting or a structurally unprofitable business. The 2026Q2 NOI collapse is particularly concerning and may indicate a major write-down or a loss of a key asset. Additionally, the lack of disclosed EPS for the quarter adds to the uncertainty. Investors should demand clarity from management on these issues before relying on reported earnings.