Revenue growth remains stagnant at 0.1% as of 2026Q1, while NOI margins continue to exhibit extreme volatility, swinging from a low of -78.6% in 2025Q4 to 31.0% in 2026Q1.
| 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 | 2.6B | 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 % | -1.06% | -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 | 2.51B | 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) | 94.31M | 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 % | 3.62% | 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 | -2.93M | 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 | 265.24M | 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 | 472.62M | 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 % | 18.16% | 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 | 375.38M | 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 % | 14.42% | 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 | 97.24M | 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 % | 3.74% | 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 | 86.55M | 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 | -144.47M | -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 % | -5.55% | -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 | -32.06M | -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 % | 22.19% | 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 | -111.77M | -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 % | -4.29% | -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 % | 7.19% | -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) | 263.61M | 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 % | 10.13% | 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 % | 186.21% | -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 | 0.92 | 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 % | 75.05% | 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) | -0.39 | -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 % | 8.34% | -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 | 285.29M | 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 |
High Operational Cost Intensity
As reported in recent financial filings, Americold’s revenue growth remains largely stagnant, with the 2026Q1 figure of $629.9M representing a marginal 0.1% increase, suggesting that the company is struggling to drive meaningful top-line expansion despite its extensive global footprint and strategic port-adjacent facility network.
The lack of consistent revenue growth indicates that the company may be facing headwinds in throughput volume or pricing power within its core warehouse services segment. Investors should monitor whether this stagnation reflects a broader slowdown in food supply chain activity or an inability to effectively leverage its specialized infrastructure to capture new market share.
Based on the provided quarterly data, FFO per share has exhibited significant volatility, swinging from a low of -$0.47 in 2023Q4 to $0.36 in 2024Q1, which highlights the difficulty in maintaining consistent earnings quality in a business model heavily exposed to variable labor and energy costs.
The erratic nature of FFO suggests that the company's earnings are highly sensitive to operational disruptions and inflationary pressures that are not easily mitigated. This instability warrants further investigation into whether the current dividend yield is supported by sustainable cash generation or if it remains vulnerable to future earnings compression.
According to the company's reported figures, AFFO has remained consistently negative across most of the last ten quarters, including a -$26.6M result in 2026Q1, which suggests that the capital required to maintain these specialized facilities is significantly outpacing the cash generated from core operations.
This persistent negative AFFO is a critical red flag, as it implies that the company is effectively funding its maintenance and operational requirements through external financing rather than internal cash flow. Analysts should question the long-term viability of this capital-intensive model if the company cannot achieve a positive cash-after-capex position.
As evidenced by the financial statements, NOI margins have fluctuated significantly, reaching a low of -78.6% in 2025Q4 before recovering to 31.0% in 2026Q1, which underscores the extreme sensitivity of property-level profitability to the high fixed costs inherent in temperature-controlled storage environments.
The dramatic swings in NOI margin suggest that the company's cost structure is not well-insulated against operational shocks, such as spikes in utility rates or labor inefficiencies. This volatility appears to be a structural feature of the cold chain business, making it difficult for the company to maintain stable margins compared to traditional industrial REITs.
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.