Lineage, Inc.
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Range $35 – $53
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About the company
Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of 498 strategically located facilities totaling approximately 87 million square feet and approximately 3. 1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific, as of June 30, 2026.
- CEO
- W. Gregory Lehmkuhl
- IPO
- 2024
- Employees
- 24,000
- HQ
- Novi, MI, US
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Similar companies
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- Market Cap
- $7.91B
- P/E
- -48.01
- Fwd P/E
- 165.45
- PEG
- -3.14
- P/S
- 1.47
- P/B
- 1.00
- EV/EBITDA
- 11.68
- Div Yield
- 6.12%
- Gross Margin
- 10.97%
- Op Margin
- 5.03%
- Net Margin
- -3.15%
- ROE
- -2.07%
- ROIC
- 1.56%
Latest fiscal year · YoY change
- Revenue
- $5.36B+0.3%
- Gross Profit
- $826.00M-53.1%
- Op Income
- $252.00M
- Net Income
- $-98,000,000+85.2%
- EPS
- $-0.43+88.4%
- OCF Growth
- +34.1%
- FCF Growth
- +1533.3%
- 52W High
- $45.75
- 52W Low
- $31.33
- 50D MA
- $39.32
- 200D MA
- $38.75
- Beta
- 0.88
- RSI (14)
- 32
- Avg Volume
- 954.51K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Lineage said Q2 2026 came in ahead of expectations, with occupancy stabilizing, pricing holding better than feared, and full-year AFFO guidance raised despite the Big Bear fire and a GIS legal settlement.· August 5, 2026
- Adjusted EBITDA was approximately $320 million and AFFO was approximately $198 million, or $0.76 per share, both ahead of expectations.
- Same-store physical occupancy rose 90 basis points year over year, an inflection after prior declines.
- Full-year guidance was raised for same-store NOI to negative 3% to flat and AFFO to $2.80 to $3.05 per share; EBITDA midpoint was maintained despite Big Bear.
- A $7 million legal settlement hurt GIS margins, and the Big Bear fire is expected to create about a $15 million adjusted EBITDA drag in the back half.
- Management highlighted improving stabilization trends, strong non-same-store contributions, and confidence in 1% to 2% net pricing for 2026.
Q2 2026 adjusted EBITDA was approximately $320 million. Total AFFO was approximately $198 million, or $0.76 per share. In Global Warehouse, total warehouse NOI was approximately $367 million and same-store NOI declined 2.9% year over year; same-store rent, storage and blast revenue per physical pallet declined approximately 0.7%, while same-store physical occupancy improved 0.9%. In Global Integrated Solutions, GIS NOI was $61 million and underlying revenue growth was 5% excluding last year’s Spain transportation disposition; excluding a $7 million legal settlement, GIS delivered underlying margin of 19%. For the full year, Lineage raised same-store NOI guidance to negative 3% to flat from negative 4% to negative 1%, total warehouse NOI growth to negative 2% to positive 1%, and AFFO per share to $2.80 to $3.05 from $2.75 to $3. The EBITDA midpoint was unchanged, even after incorporating an estimated $15 million adjusted EBITDA impact from the Big Bear fire. Admin expense guidance was tightened to $460 million to $470 million. The company ended the quarter with net debt of approximately $7.8 billion and total liquidity of approximately $1.6 billion.
Greg Lehmkuhl framed the quarter as another step forward in a stabilizing operating backdrop, emphasizing that results were better than expected and that the business is executing through industry headwinds. He pointed to improving occupancy, disciplined pricing, productivity initiatives, and the benefits of geographic diversification, especially in APAC, Europe, and Canada. His tone was constructive and confident, with repeated references to Lineage’s competitive moat, the durability of cold-chain demand, and the company’s ability to win share through service and technology.
Robb LeMasters focused on the quarter’s financial upside versus expectations and the specific drivers behind guidance changes. He said the $320 million of adjusted EBITDA included the impact of the $7 million legal settlement, and that AFFO of $0.76 per share benefited from better operating results plus favorable timing on maintenance CapEx and taxes. He also highlighted admin expense of approximately $118 million, revised full-year admin guidance of $460 million to $470 million, net debt of approximately $7.8 billion, total liquidity of approximately $1.6 billion, and adjusted net debt to transaction-adjusted EBITDA of approximately 5.3x, while reiterating the goal of bringing reported leverage from about 6.0x into the 5.0x to 5.5x range.
Analysts pressed on why occupancy improved seasonally, how to think about normalized occupancy, and whether the Q2 strength reflected customer behavior or company actions. Management said same-store occupancy rose year over year for the first time since going public, that sequential occupancy was slightly better than expected, and that customers appear to be rebuilding inventories after overcorrecting during destocking. Questions on LinOS focused on rollout timing and benefits; management said the conventional rollout is progressing across 14 buildings, remains on track for 20 buildings by year-end, and should begin to matter more in 2027 and 2028, with some Q4 2026 impact but not enough to move the full-year result. Analysts also probed Big Bear, GIS, 2027 strategic review timing, and pricing; management said the fire should not change cash flows materially versus Kennewick, GIS pressure was mainly from carrier rates and the settlement, and the asset review should produce a meaningful update by year-end.
The call showed signs that Lineage’s core business is stabilizing: occupancy improved, pricing is holding at 1% to 2% net increases, and management raised same-store NOI and AFFO guidance. Management also sees multiple long-term supports, including new business wins in confectionery, better-than-expected development ramps, LinOS productivity gains, and potential benefit from industry rationalization and competitor exits.
Headwinds are still real, including trade-related volume pressure, weaker import-export activity, and a $15 million adjusted EBITDA hit from the Big Bear fire in the second half. GIS is under margin pressure from higher carrier rates and a $7 million legal settlement, and management still sees some domestic competitive pressure plus an uncertain path for 2027 because of the strategic review and possible asset sales.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 31.3%
- Shares Outstanding
- 227.67M
- Float Shares
- 71.37M
of shares held by institutions
341 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for LINE, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Norges Bank | 13.92M | ▲ 13.92M |
| Vanguard Group Inc | 9.06M | ▼ 52.13K |
| Vanguard Portfolio Management LLC | 5.73M | ▲ 34.59K |
| Blackrock, Inc. | 5.26M | ▲ 339.81K |
| D1 Capital Partners L.P. | 4.74M | ▼ 2.67M |
| Aqr Capital Management LLC | 4.67M | ▲ 1.98M |
| Bank Of America Corp | 3.61M | ▼ 2.15K |
| Vanguard Capital Management LLC | 2.96M | ▲ 63.89K |
| Hightower Advisors, LLC | 2.29M | ▲ 130.90K |
| Baillie Gifford & Co | 2.27M | ▼ 280.13K |
| State Street Corp | 1.90M | ▼ 70.61K |
| Darlington Partners Capital Management, LP | 1.53M | ▼ 1.24M |
Held by 363 ETFs
Biggest fund positions in LINE by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 23, 26 | Beiboer Paul Gijsbert | other | 3,672 |
| Sep 23, 26 | Beiboer Paul Gijsbert | other | 0 |
| Aug 28, 26 | Marchetti Kevin Patrick | buy | 25,000 |
| Aug 7, 26 | LeMasters Robb A. | buy | 20,000 |
| Jun 9, 26 | ARCHAMBEAU SHELLYE L | other | 4,490 |
| Jun 9, 26 | Falotico Nancy Joy | other | 4,490 |
| Jun 9, 26 | Turner Michael John | other | 4,490 |
| Jun 9, 26 | Wentworth Lynn A | other | 4,490 |
| Apr 24, 26 | Fleming Abigail S | other | 205 |
| Apr 1, 26 | Lehmkuhl Greg | other | 68,334 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our LINE coverage
Recent articles, reports, and earnings notes.
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Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.