--- title: "Lineage | 8-K: FY2026 Q1 Revenue: USD 1.297 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285363209.md" datetime: "2026-05-06T11:07:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285363209.md) - [en](https://longbridge.com/en/news/285363209.md) - [zh-HK](https://longbridge.com/zh-HK/news/285363209.md) --- # 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 Revenue - **Global Warehousing Segment** - Total 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 Segment** - Total segment revenues decreased -10.3% to $312 million in Q1 2026 from $348 million, primarily due to a European divestiture. - **Same Warehouse Results** - Total 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 Results** - Total 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 Metrics - **Net 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 Flow - **Net 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 Metrics - **Number 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 / Guidance Lineage, 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. 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