$LINE · Lineage, Inc.
Lineage filed an 8-K (Items 2.02, 7.01, 9.01) reporting Q3 FY2026 results. Total revenue fell 1.2% to $1.361B, with a GAAP net loss of $(173)M, or $(0.68) per diluted share. Adjusted EBITDA declined 7.0% to $317M (margin down 150bps to 23.3%), and AFFO per share fell 14.1% to $0.73. Management cited higher oil prices, constrained trucking capacity, and tariff uncertainty as temporary headwinds, and cut full-year 2026 guidance to adjusted EBITDA of $1.25–$1.27B and AFFO per share of $2.86–$2.98.
- Total revenue decreased 1.2% to $1,361 million in Q3 FY2026.
- GAAP net loss was $(173) million, or $(0.68) per diluted share.
- Adjusted EBITDA fell 7.0% to $317 million; margin down 150bps to 23.3%.
- AFFO per share declined 14.1% to $0.73.
- Full-year 2026 guidance cut to adjusted EBITDA of $1.25–$1.27B and AFFO per share of $2.86–$2.98.
Extended-hours last trade $37.61, down 5.17% vs the $39.66 regular close, signaling a negative after-hours reaction to the guidance cut and margin compression.
A guidance cut alongside a widening GAAP loss and margin compression signals cyclical pressure on the world's largest cold-storage REIT.
The world's largest temperature-controlled warehouse REIT is seeing margin pressure in its Global Integrated Solutions segment (NOI -13.8% in Q3), while core warehousing occupancy stabilized.
Management flagged sharply higher oil prices, constrained trucking capacity, and tariff uncertainty as temporary headwinds expected to persist into Q4, pressuring the Global Integrated Solutions business.