Lineage, Inc.

For the period ended Jun 30, 2025. Filed Aug 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 6, 2025

LINE$34.88-12.1%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par values)

	June 30,	December 31,
	2025	2024
(Unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$82	$175
Accounts receivable, net	891	826
Inventories	174	187
Prepaid expenses and other current assets	201	97
Total current assets	1,348	1,285
Non-current assets:
Property, plant, and equipment, net	11,323	10,627
Finance lease right-of-use assets, net	1,143	1,254
Operating lease right-of-use assets, net	625	627
Equity method investments	133	124
Goodwill	3,505	3,338
Other intangible assets, net	1,150	1,127
Other assets	217	279
Total assets	$19,444	$18,661
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$1,160	$1,220
Accrued dividends and distributions	135	134
Deferred revenue	83	83
Current portion of long-term debt, net	32	56
Total current liabilities	1,410	1,493
Non-current liabilities:
Long-term finance lease obligations	1,239	1,249
Long-term operating lease obligations	605	605
Deferred income tax liability	328	304
Long-term debt, net	5,735	4,906
Other long-term liabilities	461	410
Total liabilities	9,778	8,967
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests	7	43
Stockholders’ equity:
Common stock, $0.01 par value per share – 500 authorized shares; 229 and 228 issued and outstanding at June 30, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital - common stock	10,817	10,764
Retained earnings (accumulated deficit)	(2,103)	(1,855)
Accumulated other comprehensive income (loss)	(79)	(273)
Total stockholders’ equity	8,637	8,638
Noncontrolling interests	1,022	1,013
Total equity	9,659	9,651
Total liabilities, redeemable noncontrolling interests, and equity	$19,444	$18,661

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in millions, except per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(Unaudited)
Net revenues	$1,350	$1,338	$2,642	$2,666
Cost of operations	920	891	1,796	1,775
General and administrative expense	143	127	297	251
Depreciation expense	170	164	328	322
Amortization expense	54	55	108	108
Acquisition, transaction, and other expense	37	12	52	20
Restructuring, impairment, and (gain) loss on disposals	3	15	(18)	15
Total operating expense	1,327	1,264	2,563	2,491
Income from operations	23	74	79	175
Other income (expense):
Equity income (loss), net of tax	3	(1)	(1)	(3)
Gain (loss) on foreign currency transactions, net	26	2	42	(9)
Interest expense, net	(67)	(148)	(127)	(287)
Gain (loss) on extinguishment of debt	—	—	—	(7)
Other nonoperating income (expense), net	1	—	1	—
Total other income (expense), net	(37)	(147)	(85)	(306)
Net income (loss) before income taxes	(14)	(73)	(6)	(131)
Income tax expense (benefit)	(7)	7	1	(3)
Net income (loss)	(7)	(80)	(7)	(128)
Less: Net income (loss) attributable to noncontrolling interests	(1)	(12)	(1)	(20)
Net income (loss) attributable to Lineage, Inc.	(6)	(68)	(6)	(108)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency hedges and interest rate hedges	(14)	(13)	(31)	(10)
Foreign currency translation adjustments	184	(12)	248	(86)
Comprehensive income (loss)	163	(105)	210	(224)
Less: Comprehensive income (loss) attributable to noncontrolling interests	17	(15)	22	(31)
Comprehensive income (loss) attributable to Lineage, Inc.	$146	$(90)	$188	$(193)
Basic earnings (loss) per share	$(0.03)	$(0.46)	$(0.02)	$(0.73)
Diluted earnings (loss) per share	$(0.03)	$(0.46)	$(0.02)	$(0.73)
Weighted average common shares outstanding:
Basic	229	162	228	162
Diluted	229	162	228	162

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

	Common Stock
	Redeemable noncontrolling interests	Number of shares	Amount at par value	Additional paid-in capital	Series A preferred stock	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Noncontrolling interests	Total equity
Balance as of December 31, 2023	$349	162	$2	$5,961	$1	$(879)	$(34)	$622	$5,673
Distributions	(1)	—	—	—	—	—	—	(12)	(12)
Stock-based compensation	—	—	—	3	—	—	—	2	5
Other comprehensive income (loss)	—	—	—	—	—	—	(63)	(8)	(71)
Redemption of redeemable noncontrolling interests	(6)	—	—	—	—	—	—	—	—
Redemption of common stock	—	—	—	(25)	—	—	—	—	(25)
Expiration of redemption option	(92)	—	—	65	—	—	—	27	92
Redeemable noncontrolling interest redemption value adjustment	6	—	—	(6)	—	—	—	—	(6)
Net income (loss)	—	—	—	—	—	(40)	—	(8)	(48)
Reallocation of noncontrolling interests	—	—	—	(7)	—	—	—	7	—
Balance as of March 31, 2024	256	162	2	5,991	1	(919)	(97)	630	5,608
Common stock issuances, net of equity raise costs	—	—	—	1	—	—	—	—	1
Distributions	—	—	—	—	—	—	—	(12)	(12)
Stock-based compensation	—	—	—	4	—	—	—	2	6
Other comprehensive income (loss)	—	—	—	—	—	—	(22)	(3)	(25)
Redeemable noncontrolling interest redemption value adjustment	4	—	—	(4)	—	—	—	—	(4)
Accretion of redeemable noncontrolling interests	2	—	—	(2)	—	—	—	—	(2)
Net income (loss)	—	—	—	—	—	(68)	—	(12)	(80)
Reallocation of noncontrolling interests	—	—	—	(9)	—	—	—	9	—
Balance as of June 30, 2024	$262	162	$2	$5,981	$1	$(987)	$(119)	$614	$5,492

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited)

(in millions, except per share amounts)

	Common Stock
	Redeemable noncontrolling interests	Number of shares	Amount at par value	Additional paid-in capital	Retained earnings (accumulated deficit)	Accumulated other comprehensive income (loss)	Noncontrolling interests	Total equity
Balance as of December 31, 2024	$43	228	$2	$10,764	$(1,855)	$(273)	$1,013	$9,651
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)	—	—	—	—	(121)	—	(14)	(135)
Stock-based compensation	—	—	—	19	—	—	21	40
Other comprehensive income (loss)	—	—	—	—	—	42	5	47
Redeemable noncontrolling interest redemption value adjustment	(2)	—	—	2	—	—	—	2
Net income (loss)	—	—	—	—	—	—	—	—
Reallocation of noncontrolling interests	—	—	—	6	—	—	(6)	—
Balance as of March 31, 2025	41	228	2	10,791	(1,976)	(231)	1,019	9,605
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)	—	—	—	—	(121)	—	(13)	(134)
Stock-based compensation	—	1	—	22	—	—	7	29
Withholding of common stock for employee taxes	—	—	—	(10)	—	—	—	(10)
Other comprehensive income (loss)	—	—	—	—	—	152	18	170
Redemption of redeemable noncontrolling interests	(28)	—	—	—	—	—	—	—
Expiration of redemption option	(6)	—	—	—	—	—	6	6
Net income (loss)	—	—	—	—	(6)	—	(1)	(7)
Reallocation of noncontrolling interests	—	—	—	7	—	—	(7)	—
OP Units reclassification	—	—	—	7	—	—	(7)	—
Balance as of June 30, 2025	$7	229	$2	$10,817	$(2,103)	$(79)	$1,022	$9,659

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2025	2024
(Unaudited)
Cash flows from operating activities:
Net income (loss)	$(7)	$(128)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses	2	2
Impairment of long-lived and intangible assets	1	29
Gain on insurance recovery	(40)	(23)
Depreciation and amortization	436	430
(Gain) loss on extinguishment of debt, net	—	7
Amortization of deferred financing costs, discount, and above/below market debt	5	12
Stock-based compensation	69	11
(Gain) loss on foreign currency transactions, net	(42)	9
Deferred income tax	(9)	(24)
Put Options fair value adjustment	28	—
Other operating activities	1	10
Changes in operating assets and liabilities (excluding effects of acquisitions):
Accounts receivable	(36)	(18)
Prepaid expenses, other assets, and other long-term liabilities	(24)	(24)
Inventories	15	(3)
Accounts payable and accrued liabilities and deferred revenue	(6)	(37)
Right-of-use assets and lease obligations	4	7
Net cash provided by operating activities	397	260
Cash flows from investing activities:
Acquisitions, net of cash acquired	(439)	(73)
Purchase of property, plant, and equipment	(314)	(333)
Proceeds from sale of assets	6	5
Proceeds from insurance recovery on impaired long-lived assets	38	—
Investments in Emergent Cold LatAm Holdings, LLC	(7)	(13)
Proceeds from repayment of notes by related parties	—	15
Other investing activity	(2)	1
Net cash used in investing activities	(718)	(398)
Cash flows from financing activities:
Dividends and other distributions	(268)	(123)
Redemption of redeemable noncontrolling interests	(28)	(6)
Repurchase of common shares for employee income taxes on stock-based compensation	(10)	—
Financing fees	(5)	(44)
Proceeds from long-term debt, net of discount	495	2,481
Repayments of long-term debt and finance leases	(156)	(3,341)
Payment of deferred and contingent consideration liabilities	(3)	(16)
Borrowings on revolving line of credit	1,442	2,358
Repayments on revolving line of credit	(1,238)	(1,127)
Redemption of common stock	—	(25)
Other financing activity	(3)	(13)
Net cash provided by financing activities	226	144
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash	2	(1)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(93)	5
Cash, cash equivalents, and restricted cash at the beginning of the period	175	71
Cash, cash equivalents, and restricted cash at the end of the period	$82	$76

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2025	2024
(Unaudited)
Supplemental disclosures of cash flow information:
Cash paid for taxes, net of refunds	$15	$28
Cash paid for interest, net of capitalized interest	$153	$319
Noncash activities:
Purchases of property, plant, and equipment in Accounts payable and accrued liabilities	$83	$87
Accrued dividends, distributions, and dividend equivalents	$136	$11
Assets acquired through exercise of a purchase option in a finance lease	$96	$—

Table of Contents for Notes to Condensed consolidated financial statements

Note · Page
Note 1	Significant accounting policies and practices	11
Note 2	Capital structure and noncontrolling interests	13
Note 3	Revenue	22
Note 4	Business combinations and asset acquisitions	22
Note 5	Property, plant, and equipment	24
Note 6	Goodwill and other intangible assets, net	25
Note 7	Prepaid expenses and other current assets	25
Note 8	Income taxes	26
Note 9	Debt	26
Note 10	Derivative instruments and hedging activities	29
Note 11	Interest expense	31
Note 12	Fair value measurements	31
Note 13	Leases	32
Note 14	Other long-term liabilities	34
Note 15	Stock-based compensation	34
Note 16	Related-party balances	37
Note 17	Commitments and contingencies	38
Note 18	Accumulated other comprehensive income (loss)	40
Note 19	Earnings (loss) per share	41
Note 20	Segment information	42
Note 21	Subsequent events	44

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.