Lineage | 8-K: FY2026 Q1 Revenue: USD 1.297 B

Revenue: As of FY2026 Q1, the actual value is USD 1.297 B.EPS: As of FY2026 Q1, the actual value is USD -0.18, beating the estimate of USD -0.1868.EBIT: As of FY2026 Q1, the actual value is USD 120 M.Segment RevenueGlobal Warehousing SegmentTotal segment revenues increased 4.3% to $985 million in Q1 2026 from $944 million in Q1 2025.Warehouse storage revenue increased 4.7% to $514 million.Warehouse services revenue increased 4.0% to $471 million.Global Integrated Solutions SegmentTotal segment revenues decreased -10.3% to $312 million in Q1 2026 from $348 million, primarily due to a European divestiture.Same Warehouse ResultsTotal same warehouse revenues remained flat at $908 million.Warehouse storage revenue increased 1.7% to $479 million.Warehouse services revenue decreased -1.8% to $429 million.Non-Same Warehouse ResultsTotal non-same warehouse revenues increased 113.9% to $77 million from $36 million.Warehouse storage revenue increased 75.0% to $35 million.Warehouse services revenue increased 162.5% to $42 million.Operational MetricsNet Revenues: Lineage, Inc. reported net revenues of $1,297 million for Q1 2026, up from $1,292 million in Q1 2025, representing a 0.4% increase.Cost of Operations: Cost of operations was $880 million in Q1 2026, compared to $876 million in Q1 2025.General and Administrative Expense: General and administrative expense was $141 million in Q1 2026, down from $154 million in Q1 2025.Total Operating Expense: Total operating expense was $1,261 million in Q1 2026, compared to $1,236 million in Q1 2025.Income from Operations: Income from operations was $36 million in Q1 2026, a decrease from $56 million in Q1 2025.Net Income (Loss): Lineage, Inc. reported a GAAP net loss of -$51 million in Q1 2026, compared to $0 million net income in Q1 2025.Net Income (Loss) Attributable to Lineage, Inc.: Net loss attributable to Lineage, Inc. was -$46 million in Q1 2026, compared to $0 million in Q1 2025.Adjusted EBITDA: Adjusted EBITDA increased 3.3% to $314 million in Q1 2026, up from $304 million in Q1 2025.Adjusted EBITDA Margin: The adjusted EBITDA margin increased 70 basis points to 24.2% in Q1 2026, from 23.5% in Q1 2025.Adjusted FFO (AFFO): AFFO decreased -8.2% to $201 million.Global Warehousing Segment NOI: Global warehousing segment Net Operating Income (NOI) increased 1.1% to $364 million from $360 million.Global Warehousing Segment Margin: The total global warehousing segment margin decreased 110 basis points to 37.0% in Q1 2026, from 38.1% in Q1 2025.Global Integrated Solutions Segment NOI: Global Integrated Solutions segment NOI remained flat at $57 million.Global Integrated Solutions Margin: The margin increased 190 basis points to 18.3% in Q1 2026, from 16.4% in Q1 2025.Same Warehouse NOI: Same warehouse NOI decreased -0.9% to $347 million.Same Warehouse Margin: The margin decreased 30 basis points to 38.2%.Non-Same Warehouse NOI: Non-same warehouse NOI increased 70.0% to $17 million from $10 million.Non-Same Warehouse Margin: The margin decreased 570 basis points to 22.1%.Total Global Warehousing Segment Cost of Operations: Total global warehousing segment cost of operations increased 6.3% to $621 million in Q1 2026 from $584 million in Q1 2025.Labor costs increased 7.0% to $381 million.Power costs increased 10.2% to $54 million.Global Integrated Solutions Segment Cost of Operations: Global Integrated Solutions segment cost of operations decreased -12.4% to $255 million from $291 million.Cash FlowNet Cash Provided by Operating Activities: Net cash provided by operating activities was $130 million in Q1 2026, down from $139 million in Q1 2025.Net Cash Used in Investing Activities: Net cash used in investing activities was -$164 million in Q1 2026, compared to -$138 million in Q1 2025.Net Cash Provided by Financing Activities: Net cash provided by financing activities was $36 million in Q1 2026, up from $21 million in Q1 2025.Cash, Cash Equivalents, and Restricted Cash (End of Period): The balance stood at $67 million at the end of Q1 2026, a decrease from $197 million at the end of Q1 2025.Unique MetricsNumber of Warehouse Sites: Increased to 481 from 469.Average Economic Occupancy: Decreased 110 basis points to 79.9%.Total Global Warehousing Physical Occupancy: Was 74.4% in Q1 2026, down from 75.4% in Q1 2025.Economic Occupancy: Was 79.9% in Q1 2026, down from 81.0% in Q1 2025.Storage Revenue per Economic Occupied Pallet: Increased 3.1% to $62.84.Throughput Pallets: Increased 4.3% to 13,546 thousand.Same Warehouse Storage Revenue per Physical Pallet: Increased by 2.2% year-over-year.Same Warehouse Services Revenue per Throughput Pallet: Increased by 0.5% year-over-year.Recurring Maintenance Capital Expenditures: Totaled $31 million in Q1 2026, slightly down from $32 million in Q1 2025, representing a -3.1% decrease year-over-year.Integration Capital Expenditures: Totaled $13 million in Q1 2026, up from $12 million in Q1 2025.External Growth Capital Investments: Totaled $130 million in Q1 2026, significantly up from $67 million in Q1 2025.Greenfield and Expansion Expenditures: Were $100 million in Q1 2026, compared to $37 million in Q1 2025, marking a 170.3% increase year-over-year.Total Capital Expenditures: Were $174 million in Q1 2026, a 56.8% increase from $111 million in Q1 2025.Total Debt Outstanding: Was $6.3 billion with a weighted average effective interest rate of 4.1%.Net Debt: Stood at $7,868 million as of March 31, 2026, resulting in a Net debt/LTM Adjusted EBITDA ratio of 6.0x.Adjusted Net Debt to Transaction Adjusted EBITDA: Was 5.3x.Total Liquidity: Was approximately $1.6 billion, comprising $66 million in available cash and approximately $1.5 billion capacity on the revolving credit facility.Outlook / GuidanceLineage, Inc. is maintaining its full-year 2026 guidance, expecting adjusted EBITDA to be between $1.25 billion and $1.30 billion. The company projects Adjusted FFO per share for the full year 2026 to be in the range of $2.75 to $3.00, assuming a macro backdrop similar to 2025. This guidance excludes the impact of any unannounced future acquisitions or developments, and the company also expects to remove $50 million of annualized administrative and indirect costs.