Lineage, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Segment information
(23)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 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 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.
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Global Warehousing revenues | $3,950 | $3,887 | $3,857 |
| Global Integrated Solutions revenues | 1,405 | 1,453 | 1,485 |
| Total net revenues | 5,355 | 5,340 | 5,342 |
| Global Warehousing operating costs: | |||
| Labor | 1,498 | 1,417 | 1,402 |
| Power | 218 | 208 | 204 |
| Other warehouse costs | 750 | 728 | 743 |
| Total Global Warehousing cost of operations | 2,466 | 2,353 | 2,349 |
| Global Integrated Solutions cost of operations (1) | 1,154 | 1,222 | 1,241 |
| Global Warehousing NOI | 1,484 | 1,534 | 1,508 |
| Global Integrated Solutions NOI | 251 | 231 | 244 |
| Total segment NOI | 1,735 | 1,765 | 1,752 |
| Reconciling items: | |||
| Stock-based compensation expense and related employer-paid payroll taxes in cost of operations | (14) | (3) | — |
| General and administrative expense | (574) | (539) | (502) |
| Depreciation expense | (675) | (659) | (552) |
| Amortization expense | (220) | (217) | (208) |
| Acquisition, transaction, and other expense | (67) | (651) | (60) |
| Goodwill impairment | (48) | — | — |
| Restructuring, impairment, and gain (loss) on disposals | 44 | (57) | (32) |
| Equity income (loss), net of tax | (3) | (6) | (3) |
| Gain (loss) on foreign currency transactions, net | 28 | (25) | 4 |
| Interest expense, net | (268) | (430) | (490) |
| Gain (loss) on extinguishment of debt | (3) | (17) | — |
| Other nonoperating income (expense), net | (50) | (1) | (19) |
| Net income (loss) before income taxes | $(115) | $(840) | $(110) |
| Capital expenditures for property, plant, and equipment: | |||
| Global Warehousing capital expenditures | $576 | $558 | $536 |
| Global Integrated Solutions capital expenditures | 28 | 40 | 78 |
| Corporate capital expenditures | 108 | 105 | 121 |
| Total capital expenditures for property, plant, and equipment | $712 | $703 | $735 |
| (1) Cost of operations in the Global Integrated Solutions segment primarily consists of third-party carrier charges, labor, fuel, and rail and vehicle maintenance. | |||
Geographic Information
The following table provides geographic information for the Company’s total revenues for the years ended December 31, 2025, 2024, and 2023 and long-lived assets as of December 31, 2025 and 2024. Revenues from external customers are attributed to each country or region based on the location of the facilities in which the revenues originated. The Company’s Goodwill and Other intangible assets, net are excluded from the definition of long-lived assets.
| Total Revenues · Long-Lived Assets | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2025 | 2024 | |
| North America: | |||||
| United States | $3,469 | $3,412 | $3,424 | $9,246 | $9,122 |
| Canada | 283 | 293 | 277 | 934 | 833 |
| Total North America | 3,752 | 3,705 | 3,701 | 10,180 | 9,955 |
| Europe | 1,153 | 1,186 | 1,203 | 2,388 | 2,171 |
| Asia-Pacific | 445 | 445 | 434 | 822 | 785 |
| Other foreign | 5 | 4 | 4 | — | — |
| Total | $5,355 | $5,340 | $5,342 | $13,390 | $12,911 |
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