Revenue: As of FY2026 Q2, the actual value is USD 1.361 B.

EPS: As of FY2026 Q2, the actual value is USD -0.13, beating the estimate of USD -0.2327.

EBIT: As of FY2026 Q2, the actual value is USD 54 M.

Consolidated Financial Performance

• Net Income (Loss)

  • Lineage, Inc. reported a net loss of - $32 million for the three months ended June 30, 2026, compared to a net loss of - $7 million for the same period in 2025. The GAAP net loss per diluted common share for Q2 2026 was - $0.13. The net loss attributable to Lineage, Inc. was - $29 million for Q2 2026.
  • For the six months ended June 30, 2026, the net loss was - $83 million, compared to - $7 million in 2025. The net loss attributable to Lineage, Inc. was - $75 million for the six months ended June 30, 2026.
  • Income from operations increased to $90 million for the six months ended June 30, 2026, from $79 million in the same period of 2025.

• Adjusted EBITDA

  • Adjusted EBITDA for Q2 2026 was $320 million, a decrease of -1.8% year-over-year. The Adjusted EBITDA margin for Q2 2026 was 23.5%, a -60 basis point decrease year-over-year.
  • For the six months ended June 30, 2026, Adjusted EBITDA was $634 million, compared to $630 million for the same period in 2025. The Adjusted EBITDA margin for the six-month period was 23.9%.
  • The Last Twelve Months (LTM) Adjusted EBITDA as of June 30, 2026, was $1,302 million.

• Adjusted Funds From Operations (AFFO)

  • AFFO per share was $0.76 for Q2 2026, a decrease of -6.2% year-over-year. Total AFFO for Q2 2026 was $198 million, compared to $211 million in Q2 2025.
  • For the six months ended June 30, 2026, AFFO per diluted common share was $1.55, compared to $1.67 in 2025. Adjusted FFO for the six-month period was $399 million.

Segment Results

• Global Warehousing Segment

  • Revenue: Total segment revenue increased by +3.6% year-over-year in Q2 2026 to $1,005 million. Warehouse storage revenue for Q2 2026 was $514 million, and warehouse services revenue was $491 million.
  • For the six months ended June 30, 2026, total global warehousing segment revenues increased by 4.0% to $1,990 million, driven by a 2.3% increase in warehouse storage revenue to $1,028 million and a 5.8% increase in warehouse services revenue to $962 million.
  • Net Operating Income (NOI) & Margin: Total segment NOI was flat year-over-year at $367 million in Q2 2026. The total global warehousing segment margin was 36.5% in Q2 2026, down -130 basis points from 37.8% in Q2 2025.
  • For the six months ended June 30, 2026, global warehousing segment NOI increased by 0.6% to $731 million, while the segment margin decreased by -130 basis points to 36.7%.
  • Cost of Operations: The total global warehousing segment cost of operations increased by 5.8% to $638 million in Q2 2026. For the six months ended June 30, 2026, total global warehousing segment cost of operations increased by 6.1% to $1,259 million.
  • Same Warehouse Performance: Same Warehouse NOI decreased by -2.9% year-over-year to $337 million in Q2 2026, with the total same warehouse margin decreasing by -130 basis points to 37.2%. For the six months ended June 30, 2026, same warehouse NOI decreased by -1.9% to $677 million, and the total same warehouse margin decreased by -80 basis points to 37.6%.
  • Same Warehouse storage revenue per physical pallet decreased by -0.7% year-over-year in Q2 2026, while Same Warehouse services revenue per throughput pallet increased by +2.1% year-over-year.
  • Non-Same Warehouse Performance: Non-same warehouse revenues increased by 45.6% to $99 million in Q2 2026, and non-same warehouse NOI increased by 50.0% to $30 million. For the six months ended June 30, 2026, total non-same warehouse revenues increased by 60.2% to $189 million, and non-same warehouse NOI increased by 45.9% to $54 million.

• Global Integrated Solutions Segment

  • Revenue: Global Integrated Solutions (GIS) revenue decreased by -6.3% year-over-year to $356 million in Q2 2026. Excluding the Spain transportation divestiture, GIS Revenue increased by +5.0% year-over-year.
  • For the six months ended June 30, 2026, Global Integrated Solutions segment revenues decreased by -8.2% to $668 million.
  • Net Operating Income (NOI) & Margin: GIS NOI was - $61 million, a decrease of -10.3% year-over-year in Q2 2026. Excluding a - $7 million legal settlement, GIS NOI was flat year-over-year. The GIS margin was 17.1% in Q2 2026, a decrease of -80 basis points.
  • For the six months ended June 30, 2026, Global Integrated Solutions segment NOI decreased by -5.6% to $118 million, while the segment margin increased by 50 basis points to 17.7%.
  • Cost of Operations: The segment’s cost of operations decreased by -5.4% to $295 million in Q2 2026. For the six months ended June 30, 2026, the segment’s cost of operations decreased by -8.8% to $550 million.

Operational Metrics

• Occupancy: Global Warehousing segment physical occupancy was 73.8% in Q2 2026, up +50 basis points from Q2 2025. Economic occupancy was 80.0%, up +90 basis points from Q2 2025.

  • Same Warehouse physical occupancy increased by +90 basis points year-over-year to 75.8% in Q2 2026, while same-store economic occupancy increased by +70 basis points year-over-year.
  • The average physical occupancy percentage for the six months ended June 30, 2026, was 74.1%, a decrease of -30 basis points.
  • The number of warehouse sites was 479 in Q2 2026, and average physical occupied pallets grew by 1.5% to 7,522 thousand.

• Capital Expenditures

  • Lineage, Inc. invested $110 million of growth capital in Q2 2026, primarily in development projects expected to generate $134 million of incremental NOI once stabilized.
  • For the three months ended June 30, 2026, recurring maintenance capital expenditures totaled $33 million, and integration capital expenditures were $14 million.
  • For the six months ended June 30, 2026, recurring maintenance capital expenditures were $64 million, integration capital expenditures were $27 million, and external growth capital investments totaled $240 million.

Cash Flow

• Net Cash Provided by Operating Activities: For the six months ended June 30, 2026, net cash provided by operating activities was $441 million, compared to $397 million for the same period in 2025.
• Net Cash Used in Investing Activities: For the six months ended June 30, 2026, net cash used in investing activities was - $286 million, compared to - $718 million for the same period in 2025.
• Net Cash Used in Financing Activities: For the six months ended June 30, 2026, net cash used in financing activities was - $162 million, compared to net cash provided of $226 million for the same period in 2025.
• Cash and Cash Equivalents: Cash, cash equivalents, and restricted cash at the end of Q2 2026 was $58 million, down from $82 million at June 30, 2025.

Capital Structure

• Total Debt Outstanding: Total debt outstanding was $6.2 billion as of June 30, 2026. Total debt and debt-like obligations were $7.86 billion.
• Liquidity: Total liquidity was approximately $1.6 billion, comprising $57 million in available cash and approximately $1.5 billion capacity on the revolving credit facility.
• Leverage Ratio: The Net Debt to LTM Adjusted EBITDA ratio was 6.0x as of June 30, 2026. The Adjusted Net Debt to Transaction Adjusted EBITDA ratio was 5.3x.
• Balance Sheet Highlights (as of June 30, 2026): Total assets for Lineage, Inc. were $18,900 million, total liabilities were $10,026 million, and total equity stood at $8,874 million.

2026 Full-Year Guidance

Lineage, Inc. updated its full-year 2026 guidance, reflecting an improved outlook for Same Store NOI (SSNOI) growth to -3% to 0% and Adjusted EBITDA to $1.26 billion to $1.29 billion. The company also updated its AFFO per share guidance to $2.80 to $3.05. The midpoint of Total Warehouse NOI and Adjusted EBITDA guidance was re-affirmed despite a - $15 million headwind from a Big Bear fire in 2H26.