Revenue growth remains stagnant at 0.4% year-over-year as of 2026Q1, while NOI margins exhibit extreme sensitivity, swinging from -34.8% in 2025Q4 to 14.2% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 5.36B | 5.36B | 5.34B | 5.34B | 4.93B | 3.7B | 517.82M | 826.68M | 917.71M | 2.88B | 4.98B | 2.33B | 1.77B | 1.62B | 772.28M | 4.38M | 12.85M | 15.54M |
| Revenue Growth % | 1.06% | 0.28% | -0.04% | 8.4% | 33.12% | - | -37.36% | -9.92% | -68.17% | -42.14% | 113.72% | 31.42% | 9.36% | 110.09% | 17531.96% | -65.9% | -17.32% | - |
| Property Operating Expenses | 4.77B | 4.53B | 3.58B | 3.59B | 3.47B | 2.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 594M | 826M | 1.76B | 1.75B | 1.46B | 1.13B | 517.82M | 826.68M | 917.71M | 2.88B | 4.98B | 2.33B | 1.77B | 1.62B | 772.28M | 4.38M | 12.85M | 15.54M |
| NOI Margin % | 11.08% | 15.42% | 33% | 32.8% | 29.53% | 30.54% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 355M | 574M | 1.4B | 2.15B | 1.75B | 1.04B | 104.18M | 329.13M | 558.97M | 924.12M | 1.22B | 651.94M | 524.64M | 400.32M | 282.22M | 132.65M | 115.4M | 88.53M |
| G&A Expenses | 561M | 574M | 539M | 502M | 399M | 289.3M | 60.87M | 117.55M | 237.84M | 296.89M | 293.07M | 236.27M | 173.21M | 133.27M | 99.08M | 86.13M | 77.39M | 57.19M |
| EBITDA | 1.16B | 1.15B | 1.24B | 362M | 381M | 691.4M | 386.27M | 879.04M | 43.09M | -3.93B | 677.46M | 159.48M | 245.13M | 796.35M | 155.5M | -274.02M | 842.68M | -262.81M |
| EBITDA Margin % | 21.55% | 21.42% | 23.16% | 6.78% | 7.73% | 18.68% | 74.59% | 106.33% | 4.7% | -136.15% | 13.59% | 6.84% | 13.82% | 49.08% | 20.14% | -6256.1% | 6559.87% | -1691.52% |
| Depreciation & Amortization | 916M | 895M | 876M | 760M | 678M | 603.7M | 161.72M | 137.42M | 417.59M | 840.5M | 1.12B | 850.82M | 631.75M | 357.91M | 265.55M | 21.82M | 17.02M | 97.96M |
| D&A / Revenue % | 17.09% | 16.71% | 16.4% | 14.23% | 13.76% | 16.31% | 31.23% | 16.62% | 45.5% | 29.15% | 22.57% | 36.49% | 35.61% | 22.06% | 34.38% | 498.26% | 132.52% | 630.52% |
| Operating Income | 239M | 252M | 361M | -398M | -297M | 87.7M | 224.54M | 741.61M | -374.5M | -4.77B | -447.37M | -691.34M | -386.62M | 438.44M | -110.05M | -295.84M | 825.66M | -360.78M |
| Operating Margin % | 4.46% | 4.71% | 6.76% | -7.45% | -6.03% | 2.37% | 43.36% | 89.71% | -40.81% | -165.3% | -8.98% | -29.65% | -21.79% | 27.02% | -14.25% | -6754.36% | 6427.35% | -2322.04% |
| Interest Expense | 2M | 268M | 539M | 588M | 388.1M | 235M | 8.35M | 12.36M | 192.86M | 546.45M | 587.84M | 421.14M | 379.94M | 259.73M | 193.51M | 92.7M | 94.52M | 62.13M |
| Interest Coverage | - | 0.57x | -0.61x | 0.81x | 0.77x | 0.12x | 26.88x | 60.00x | -1.94x | -8.72x | -0.76x | -1.64x | -1.02x | 1.69x | -0.57x | -3.19x | 8.74x | -5.81x |
| Non-Operating Income | -205M | 99M | 690M | -876M | -595M | 58.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -88.48M | -97.23M | 0 |
| Pretax Income | -170M | -115M | -840M | -110M | -70M | -205.8M | 216.19M | 741.61M | -374.5M | -4.77B | -447.37M | -691.34M | -386.62M | 438.44M | -110.05M | -300.06M | 828.37M | -360.78M |
| Pretax Margin % | -3.17% | -2.15% | -15.73% | -2.06% | -1.42% | -5.56% | 41.75% | 89.71% | -40.81% | -165.3% | -8.98% | -29.65% | -21.79% | 27.02% | -14.25% | -6850.73% | 6448.46% | -2322.04% |
| Income Tax | -6M | -2M | -89M | -14M | 6M | -29.3M | 356.9M | 388.94M | 11.19M | -6.46M | 4.44M | -2.2M | 2.79M | 0 | 4.24M | 4.22M | -2.71M | 3.57M |
| Effective Tax Rate % | 3.53% | 1.74% | 10.6% | 12.73% | -8.57% | 14.24% | 165.09% | 52.45% | -2.99% | 0.14% | -0.99% | 0.32% | -0.72% | 0% | -3.85% | -1.41% | -0.33% | -0.99% |
| Net Income | -146M | -98M | -664M | -77M | -63M | -153.3M | -140.67M | 432.86M | -2.17B | -4.76B | -451.81M | -691.34M | -386.62M | 438.44M | -114.29M | -298.19M | 999.62M | -364.35M |
| Net Margin % | -2.72% | -1.83% | -12.43% | -1.44% | -1.28% | -4.14% | -27.17% | 52.36% | -236.66% | -165.08% | -9.07% | -29.65% | -21.79% | 27.02% | -14.8% | -6808.04% | 7781.54% | -2345.04% |
| Net Income Growth % | 76.6% | 85.24% | -762.34% | -22.22% | 58.9% | - | -132.5% | 119.93% | 54.37% | -953.5% | 34.65% | -78.82% | -188.18% | 483.63% | 61.67% | -129.83% | 374.36% | - |
| Funds From Operations (FFO) | 770M | 797M | 212M | 683M | 615M | 450.4M | 21.05M | 570.28M | -1.75B | -3.92B | 673.02M | 159.48M | 245.13M | 796.35M | 151.26M | -276.37M | 1.02B | -266.38M |
| FFO Margin % | 14.37% | 14.88% | 3.97% | 12.79% | 12.48% | 12.17% | 4.07% | 68.98% | -191.16% | -135.93% | 13.51% | 6.84% | 13.82% | 49.08% | 19.59% | -6309.77% | 7914.06% | -1714.52% |
| FFO Growth % | 234.07% | 275.94% | -68.96% | 11.06% | 36.55% | - | -96.31% | 132.51% | 55.24% | -682.35% | 322.01% | -34.94% | -69.22% | 426.49% | 154.73% | -127.18% | 481.64% | - |
| FFO per Share | 3.39 | 3.50 | 1.11 | 3.25 | 2.92 | 2.14 | 0.14 | 2.26 | -4.97 | -11.42 | 2.05 | 0.67 | 1.20 | 4.61 | 1.06 | -2.32 | 8.90 | -0.00 |
| FFO Payout Ratio % | 69.61% | 67.38% | 110.38% | 6.73% | 29.27% | 32.95% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -0.64 | -0.43 | -3.70 | -0.37 | -0.30 | -0.73 | -0.92 | 1.72 | -6.16 | -13.86 | -1.37 | -2.91 | -1.90 | 2.54 | -0.80 | -2.50 | 8.75 | -0.01 |
| EPS Growth % | 79.55% | 88.38% | -900% | -23.33% | 58.9% | - | -153.49% | 127.92% | 55.56% | -911.68% | 52.92% | -53.16% | -174.8% | 417.5% | 68% | -128.57% | - | - |
| EPS (Basic) | - | -0.43 | -3.70 | -0.37 | -0.30 | -0.73 | -0.92 | 1.72 | -6.16 | -13.86 | -1.37 | -2.91 | -1.90 | 2.55 | -0.80 | -2.50 | 8.76 | -0.01 |
| Diluted Shares Outstanding | 227M | 228M | 191M | 210.2M | 210.8M | 210.8M | 152.23M | 252.39M | 352.65M | 343.32M | 328.92M | 237.54M | 203.78M | 172.73M | 142.53M | 119.31M | 114.26M | 68.92B |
High Operational Cost Intensity
According to the provided quarterly financial data, Lineage has experienced a period of revenue stagnation, with the most recent quarter showing a marginal 0.4% year-over-year growth, suggesting that the company's aggressive acquisition-led expansion strategy is currently failing to translate into meaningful top-line momentum for the business.
The persistent revenue plateau near $1.3 billion per quarter indicates that the firm may be struggling to drive organic throughput growth across its cold storage network. Investors should monitor whether this lack of acceleration reflects broader inventory destocking trends or a saturation point in the company's ability to extract pricing power from its specialized infrastructure.
As reported in the financial statements, the company's NOI margin experienced a significant contraction to -34.8% in 2025Q4 before rebounding to 14.2% in 2026Q1, highlighting a high degree of sensitivity to operating expenses that appears to be inherent in the firm's service-heavy business model.
The wide variance in property-level profitability suggests that the integrated logistics services are highly susceptible to cost spikes, likely driven by energy and labor requirements. This instability in NOI margins warrants further investigation into the company's ability to pass through variable costs to its food-producer client base.
Based on the reported figures, FFO per share has demonstrated extreme volatility, swinging from a negative $1.31 in 2024Q3 to a positive $0.82 in 2026Q1, which suggests that the company's core earnings are heavily influenced by non-recurring items or significant fluctuations in operational performance.
The inconsistency in FFO generation makes it difficult to assess the long-term sustainability of the dividend, especially given the frequent negative AFFO readings. Analysts should remain cautious, as the disconnect between headline FFO and actual cash generation may indicate that the company is struggling to cover its capital expenditure requirements.
Financial data indicates that Lineage consistently reports negative net income, with losses reaching as high as $485 million in 2024Q3, which implies that the company's heavy reliance on debt-funded acquisitions and high depreciation charges may be obscuring the true economic profitability of its cold storage assets.
The recurring net losses suggest that the firm's growth strategy is currently capital-intensive and potentially dilutive to shareholder value. Investors should monitor whether the company can transition toward a model that prioritizes organic cash flow over rapid, debt-fueled expansion to improve its long-term financial health.
Quick answers to the most common questions about buying LINE stock.
For fiscal year 2025, Lineage, Inc. (LINE) reported total revenue of $5.36B. This represents a 34366.1% increase compared to $15.5M in 2007.
Lineage, Inc. (LINE) reported a net loss of $98.0M for the fiscal year ending 2025.
Lineage, Inc. (LINE) reported an operating income of $252.0M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Lineage, Inc. (LINE) generated $826.0M in gross profit for the year, representing a gross profit margin of 15.4%. This demonstrates the company's core pricing power and production efficiency.