Lineage, Inc.

For the period ended Mar 31, 2026. Filed May 6, 2026.

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.

Mar 31, 2026 · Filed May 6, 2026

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)

	March 31,	December 31,
	2026	2025
(Unaudited)
Assets
Current assets:
Cash, cash equivalents, and restricted cash	$67	$66
Accounts receivable, net	917	896
Inventories	137	145
Prepaid expenses and other current assets	142	132
Total current assets	1,263	1,239
Non-current assets:
Property, plant, and equipment, net	11,273	11,338
Finance lease right-of-use assets, net	1,081	1,101
Operating lease right-of-use assets, net	608	616
Equity method investments	135	131
Goodwill	3,438	3,466
Other intangible assets, net	1,052	1,090
Other assets	198	204
Total assets	$19,048	$19,185
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Accounts payable and accrued liabilities	$1,273	$1,331
Accrued dividends and distributions	137	134
Deferred revenue	78	81
Current portion of long-term debt, net	2	2
Total current liabilities	1,490	1,548
Non-current liabilities:
Long-term finance lease obligations	1,206	1,216
Long-term operating lease obligations	587	599
Deferred income tax liability	286	303
Long-term debt, net	6,258	6,107
Other long-term liabilities	166	169
Total liabilities	9,993	9,942
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	—	7
Stockholders’ equity:
Common stock, $0.01 par value per share – 500 authorized shares; 227 issued and outstanding at March 31, 2026 and December 31, 2025	2	2
Additional paid-in capital - common stock	10,816	10,780
Retained earnings (accumulated deficit)	(2,608)	(2,439)
Accumulated other comprehensive income (loss)	(122)	(97)
Total stockholders’ equity	8,088	8,246
Noncontrolling interests	967	990
Total equity	9,055	9,236
Total liabilities, redeemable noncontrolling interests, and equity	$19,048	$19,185

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(in millions, except per share amounts)

	Three Months Ended March 31,
	2026	2025
(Unaudited)
Net revenues	$1,297	$1,292
Cost of operations	880	876
General and administrative expense	141	154
Depreciation expense	177	158
Amortization expense	56	54
Acquisition, transaction, and other expense	4	15
Restructuring, impairment, and (gain) loss on disposals	3	(21)
Total operating expense	1,261	1,236
Income from operations	36	56
Other income (expense):
Equity income (loss), net of tax	(3)	(4)
Gain (loss) on foreign currency transactions, net	3	16
Interest expense, net	(84)	(60)
Other nonoperating income (expense), net	1	—
Total other income (expense), net	(83)	(48)
Net income (loss) before income taxes	(47)	8
Income tax expense (benefit)	4	8
Net income (loss)	(51)	—
Less: Net income (loss) attributable to noncontrolling interests	(5)	—
Net income (loss) attributable to Lineage, Inc.	(46)	—
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on interest rate hedges and foreign currency hedges	5	(17)
Foreign currency translation adjustments	(33)	64
Comprehensive income (loss)	(79)	47
Less: Comprehensive income (loss) attributable to noncontrolling interests	(8)	5
Comprehensive income (loss) attributable to Lineage, Inc.	$(71)	$42
Basic earnings (loss) per share	$(0.18)	$0.01
Diluted earnings (loss) per share	$(0.18)	$0.01
Weighted average common shares outstanding:
Basic	227	228
Diluted	227	228

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

Redeemable noncontrolling interests · Common Stock · Retained earnings (accumulated deficit) · Accumulated other comprehensive income (loss) · Noncontrolling interests · Total equity
(in millions, except per share amounts) · Number of shares · Amount at par value · Additional paid-in capital
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

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

Redeemable noncontrolling interests · Common Stock · Retained earnings (accumulated deficit) · Accumulated other comprehensive income (loss) · Noncontrolling interests · Total equity
(in millions, except per share amounts) · Number of shares · Amount at par value · Additional paid-in capital
Balance as of December 31, 2025	$7	227	$2	$10,780	$(2,439)	$(97)	$990	$9,236
Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU)	—	—	—	—	(123)	—	(13)	(136)
Stock-based compensation	—	—	—	17	—	—	13	30
Withholding of common stock for employee taxes	—	—	—	(1)	—	—	—	(1)
Other comprehensive income (loss)	—	—	—	—	—	(25)	(3)	(28)
Redemption of redeemable noncontrolling interests	(7)	—	—	5	—	—	—	5
Net income (loss)	—	—	—	—	(46)	—	(5)	(51)
Reallocation of noncontrolling interests	—	—	—	10	—	—	(10)	—
OP Units reclassification	—	—	—	5	—	—	(5)	—
Balance as of March 31, 2026	$—	227	$2	$10,816	$(2,608)	$(122)	$967	$9,055

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Three Months Ended March 31,
	2026	2025
(Unaudited)
Cash flows from operating activities:
Net income (loss)	$(51)	$—
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses	1	1
Gain on insurance recovery	(4)	(24)
Depreciation and amortization	233	212
Stock-based compensation	30	40
(Gain) loss on foreign currency transactions, net	(3)	(16)
Deferred income tax	1	11
Other operating activities	8	15
Changes in operating assets and liabilities (excluding effects of acquisitions):
Accounts receivable	(32)	(24)
Prepaid expenses, other assets, and other long-term liabilities	(16)	(39)
Inventories	6	12
Accounts payable and accrued liabilities and deferred revenue	(45)	(51)
Right-of-use assets and lease obligations	2	2
Net cash provided by operating activities	130	139
Cash flows from investing activities:
Purchase of property, plant, and equipment	(185)	(151)
Proceeds from sale of assets	17	2
Proceeds from insurance recovery on impaired long-lived assets	6	17
Investments in Emergent Cold LatAm Holdings, LLC	(2)	(7)
Other investing activity	—	1
Net cash used in investing activities	(164)	(138)
Cash flows from financing activities:
Dividends and other distributions	(133)	(134)
Repayments of long-term debt and finance leases	(180)	(25)
Borrowings on Revolving Credit Facility	679	582
Repayments on Revolving Credit Facility	(325)	(398)
Other financing activity	(5)	(4)
Net cash provided by financing activities	36	21
Impact of foreign exchange rates on cash, cash equivalents, and restricted cash	(1)	—
Net increase (decrease) in cash, cash equivalents, and restricted cash	1	22
Cash, cash equivalents, and restricted cash at the beginning of the period	66	175
Cash, cash equivalents, and restricted cash at the end of the period	$67	$197

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Three Months Ended March 31,
	2026	2025
(Unaudited)
Supplemental disclosures of cash flow information:
Cash paid for taxes, net of refunds	$7	$1
Cash paid for interest, net of capitalized interest	$89	$86
Noncash activities:
Purchases of property, plant, and equipment in Accounts payable and accrued liabilities	$124	$78
Accrued dividends, distributions, and dividend equivalents	$136	$135
Assets acquired through exercise of a purchase option in a finance lease	$—	$11

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	18
Note 4	Property, plant, and equipment	18
Note 5	Goodwill and other intangible assets, net	19
Note 6	Prepaid expenses and other current assets	19
Note 7	Income taxes	19
Note 8	Debt	20
Note 9	Derivative instruments and hedging activities	23
Note 10	Interest expense	24
Note 11	Fair value measurements	24
Note 12	Leases	25
Note 13	Stock-based compensation	27
Note 14	Related-party balances	29
Note 15	Commitments and contingencies	29
Note 16	Accumulated other comprehensive income (loss)	32
Note 17	Earnings (loss) per share	32
Note 18	Segment information	33

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.