Lineage, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
LINE$34.88-12.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(113) | $(751) | $(96) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Provision for credit losses | 6 | 5 | 6 |
| Impairment of long-lived assets and other intangible assets | 4 | 98 | 9 |
| Goodwill impairment | 48 | — | — |
| Gain on insurance recovery | (58) | (76) | — |
| Depreciation and amortization | 895 | 876 | 760 |
| (Gain) loss on extinguishment of debt, net | 3 | 17 | — |
| Amortization of deferred financing costs, discount, and above/below market debt | 12 | 19 | 21 |
| Stock-based compensation | 126 | 215 | 26 |
| (Gain) loss on foreign currency transactions, net | (28) | 25 | (4) |
| Deferred income tax | (16) | (105) | (58) |
| Put Options fair value adjustment | 30 | 31 | — |
| Proceeds from insurance recoveries - business interruption (see Note 20, Commitments and contingencies) | 8 | — | — |
| (Gain) loss on divestitures, net | 52 | — | 21 |
| (Gain) loss from sale of assets, net | (23) | 10 | 10 |
| Vesting of Class D interests (see Note 2, Capital structure and noncontrolling interests) | — | 185 | — |
| One-time Internalization expense to Bay Grove (see Note 2, Capital structure and noncontrolling interests) | — | 200 | — |
| Other operating activities | 8 | 9 | (1) |
| Changes in operating assets and liabilities (excluding effects of acquisitions): | |||
| Accounts receivable | (37) | 64 | 43 |
| Prepaid expenses, other assets, and other long-term liabilities | (11) | (29) | (12) |
| Inventories | (5) | (18) | 8 |
| Accounts payable and accrued liabilities and deferred revenue | 40 | (85) | 51 |
| Right-of-use assets and lease obligations | 2 | 13 | 12 |
| Net cash provided by operating activities | 943 | 703 | 796 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | (443) | (346) | (283) |
| Purchase of property, plant, and equipment | (747) | (691) | (766) |
| Proceeds from sale of assets | 70 | 7 | 19 |
| Proceeds from divestiture, net of cash | 14 | — | — |
| Proceeds from insurance recovery on impaired long-lived assets | 51 | 105 | — |
| Investments in Emergent Cold LatAm Holdings, LLC | (9) | (20) | (31) |
| Proceeds from repayment of notes by related parties | — | 15 | — |
| Other investing activity | (3) | 11 | (5) |
| Net cash used in investing activities | (1,067) | (919) | (1,066) |
| Cash flows from financing activities: | |||
| Capital contributions, net of equity raise costs | — | — | 142 |
| Dividends and other distributions | (537) | (234) | (46) |
| Redemption of redeemable noncontrolling interests | (28) | (6) | — |
| Repurchase of common shares for employee income taxes on stock-based compensation | (12) | (46) | — |
| Financing fees | (13) | (45) | — |
| Proceeds from long-term debt, net of discount | 1,298 | 2,481 | — |
| Repayments of long-term debt and finance leases | (231) | (7,112) | (96) |
| Payment of deferred and contingent consideration liabilities | (6) | (46) | (36) |
| Borrowings on Revolving Credit Facility | 2,834 | 4,112 | 1,431 |
| Repayments on Revolving Credit Facility | (3,060) | (3,512) | (1,216) |
| Settlement of Put Option liability | (144) | (27) | — |
| Issuance of common stock in IPO, net of equity raise costs | — | 4,879 | (6) |
| Redemption of units issued as stock compensation | — | (2) | (12) |
| Redemption of common stock | (82) | (42) | (12) |
| Redemption of OPEUs | — | (75) | — |
| Other financing activity | (5) | (5) | (13) |
| Net cash provided by financing activities | 14 | 320 | 136 |
| Impact of foreign exchange rates on cash, cash equivalents, and restricted cash | 1 | — | 3 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (109) | 104 | (131) |
| Cash, cash equivalents, and restricted cash at the beginning of the period | 175 | 71 | 202 |
| Cash, cash equivalents, and restricted cash at the end of the period | $66 | $175 | $71 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for taxes, net of refunds | $26 | $36 | $31 |
| Cash paid for interest, net of capitalized interest | $299 | $523 | $594 |
| Noncash activities: | |||
| Purchases of property, plant, and equipment in Accounts payable and accrued liabilities | $87 | $118 | $104 |
| Accrued dividends, distributions, and dividend equivalents | $136 | $135 | $109 |
| Assets acquired through exercise of a purchase option in a finance lease | $96 | $— | $— |
| Net deferred and contingent consideration on acquisitions | $1 | $12 | $11 |
| Issuance of Put Option liability | $— | $103 | $— |
| Debt assumed on acquisitions | $— | $14 | $3 |
| Equity raise costs | $— | $6 | $— |
| Equity issued on acquisitions | $— | $— | $6 |
| Noncash capital contributions | $— | $— | $(3) |
| Noncash common stock issuances | $— | $1 | $— |
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