Lineage, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 5, 2025
Contents
Segment information
(20)Segment information
Reportable Segments Information
The Company’s business is organized intotwo reportable segments, Global Warehousing and Global Integrated Solutions. The following table presents segment revenues, segment cost of operations, and segment net operating income (“NOI”), with a reconciliation to Net income (loss) before income taxes. All inter-segment transactions are not significant and have been eliminated in consolidation. Asset information by reportable segment is not presented, as the Company does not produce such information internally and the chief operating decision maker (“CODM”) does not use such information to manage the business. Capital expenditures for property, plant, and equipment presented below by segment are inclusive of purchases recorded in Accounts payable and accrued liabilities during each period.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Global Warehousing revenues | $1,013 | $972 | $2,927 | $2,907 |
| Global Integrated Solutions revenues | 364 | 363 | 1,092 | 1,094 |
| Total net revenues | 1,377 | 1,335 | 4,019 | 4,001 |
| Global Warehousing operating costs: | ||||
| Labor | 385 | 352 | 1,109 | 1,062 |
| Power | 62 | 58 | 162 | 155 |
| Other warehouse costs | 182 | 179 | 545 | 538 |
| Total Global Warehousing cost of operations | 629 | 589 | 1,816 | 1,755 |
| Global Integrated Solutions cost of operations(1) | 299 | 307 | 902 | 916 |
| Total segment cost of operations | 928 | 896 | 2,718 | 2,671 |
| Stock-based compensation expense and related employer-paid payroll taxes | 4 | 1 | 10 | 1 |
| Total cost of operations | 932 | 897 | 2,728 | 2,672 |
| Global Warehousing NOI | 384 | 383 | 1,111 | 1,152 |
| Global Integrated Solutions NOI | 65 | 56 | 190 | 178 |
| Total segment NOI | 449 | 439 | 1,301 | 1,330 |
| Reconciling items: | ||||
| Stock-based compensation expense and related employer-paid payroll taxes in cost of operations | (4) | (1) | (10) | (1) |
| General and administrative expense | (145) | (143) | (442) | (394) |
| Depreciation expense | (174) | (156) | (502) | (478) |
| Amortization expense | (56) | (54) | (164) | (162) |
| Acquisition, transaction, and other expense | (12) | (592) | (64) | (612) |
| Restructuring, impairment, and gain (loss) on disposals | (23) | (8) | (5) | (23) |
| Equity income (loss), net of tax | (2) | — | (3) | (3) |
| Gain (loss) on foreign currency transactions, net | (6) | 14 | 36 | 5 |
| Interest expense, net | (68) | (82) | (195) | (369) |
| Gain (loss) on extinguishment of debt | (3) | (6) | (3) | (13) |
| Other nonoperating income (expense), net | (57) | 1 | (56) | 1 |
| Net income (loss) before income taxes | $(101) | $(588) | $(107) | $(719) |
| Capital expenditures for property, plant, and equipment: | ||||
| Global Warehousing capital expenditures | $156 | $137 | $371 | $375 |
| Global Integrated Solutions capital expenditures | 8 | 6 | 12 | 26 |
| Corporate capital expenditures | 28 | 34 | 76 | 91 |
| Total capital expenditures for property, plant, and equipment | $192 | $177 | $459 | $492 |
| (1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance. | ||||
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