Lineage, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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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.
Jun 30, 2026 · Filed Aug 5, 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 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except par values)
| June 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash, cash equivalents, and restricted cash | $58 | $66 |
| Accounts receivable, net | 920 | 896 |
| Inventories | 122 | 145 |
| Prepaid expenses and other current assets | 141 | 132 |
| Total current assets | 1,241 | 1,239 |
| Non-current assets: | ||
| Property, plant, and equipment, net | 11,209 | 11,338 |
| Finance lease right-of-use assets, net | 1,067 | 1,101 |
| Operating lease right-of-use assets, net | 595 | 616 |
| Equity method investments | 134 | 131 |
| Goodwill | 3,426 | 3,466 |
| Other intangible assets, net | 1,020 | 1,090 |
| Other assets | 208 | 204 |
| Total assets | $18,900 | $19,185 |
| Liabilities, Redeemable Noncontrolling Interests, and Equity | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $1,373 | $1,331 |
| Accrued dividends and distributions | 137 | 134 |
| Deferred revenue | 78 | 81 |
| Current portion of long-term debt, net | 2 | 2 |
| Total current liabilities | 1,590 | 1,548 |
| Non-current liabilities: | ||
| Long-term finance lease obligations | 1,195 | 1,216 |
| Long-term operating lease obligations | 574 | 599 |
| Deferred income tax liability | 279 | 303 |
| Long-term debt, net | 6,220 | 6,107 |
| Other long-term liabilities | 168 | 169 |
| Total liabilities | 10,026 | 9,942 |
| Commitments and contingencies (Note 15) | ||
| Redeemable noncontrolling interests | — | 7 |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value per share – 500 authorized shares; 228 issued and outstanding at June 30, 2026 and 227 issued and outstanding at December 31, 2025 | 2 | 2 |
| Additional paid-in capital - common stock | 10,795 | 10,780 |
| Retained earnings (accumulated deficit) | (2,760) | (2,439) |
| Accumulated other comprehensive income (loss) | (144) | (97) |
| Total stockholders’ equity | 7,893 | 8,246 |
| Noncontrolling interests | 981 | 990 |
| Total equity | 8,874 | 9,236 |
| Total liabilities, redeemable noncontrolling interests, and equity | $18,900 | $19,185 |
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, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (Unaudited) | ||||
| Net revenues | $1,361 | $1,350 | $2,658 | $2,642 |
| Cost of operations | 936 | 920 | 1,816 | 1,796 |
| General and administrative expense | 138 | 143 | 279 | 297 |
| Depreciation expense | 182 | 170 | 359 | 328 |
| Amortization expense | 55 | 54 | 111 | 108 |
| Acquisition, transaction, and other expense | — | 37 | 4 | 52 |
| Restructuring, impairment, and (gain) loss on disposals | (4) | 3 | (1) | (18) |
| Total operating expense | 1,307 | 1,327 | 2,568 | 2,563 |
| Income from operations | 54 | 23 | 90 | 79 |
| Other income (expense): | ||||
| Equity income (loss), net of tax | — | 3 | (3) | (1) |
| Gain (loss) on foreign currency transactions, net | — | 26 | 3 | 42 |
| Interest expense, net | (87) | (67) | (171) | (127) |
| Other nonoperating income (expense), net | — | 1 | 1 | 1 |
| Total other income (expense), net | (87) | (37) | (170) | (85) |
| Net income (loss) before income taxes | (33) | (14) | (80) | (6) |
| Income tax expense (benefit) | (1) | (7) | 3 | 1 |
| Net income (loss) | (32) | (7) | (83) | (7) |
| Less: Net income (loss) attributable to noncontrolling interests | (3) | (1) | (8) | (1) |
| Net income (loss) attributable to Lineage, Inc. | (29) | (6) | (75) | (6) |
| Other comprehensive income (loss), net of tax: | ||||
| Unrealized gain (loss) on interest rate hedges and foreign currency hedges | 6 | (14) | 11 | (31) |
| Foreign currency translation adjustments | (31) | 184 | (64) | 248 |
| Comprehensive income (loss) | (57) | 163 | (136) | 210 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | (6) | 17 | (14) | 22 |
| Comprehensive income (loss) attributable to Lineage, Inc. | $(51) | $146 | $(122) | $188 |
| Basic earnings (loss) per share | $(0.13) | $(0.03) | $(0.31) | $(0.02) |
| Diluted earnings (loss) per share | $(0.13) | $(0.03) | $(0.31) | $(0.02) |
| Weighted average common shares outstanding: | ||||
| Basic | 228 | 229 | 227 | 228 |
| Diluted | 228 | 229 | 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 |
| 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 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 |
| Dividends ($0.53 per common share) and other distributions ($0.53 per OP Unit and OPEU) | — | — | — | — | (123) | — | (13) | (136) |
| Stock-based compensation | — | 1 | — | 14 | — | — | 9 | 23 |
| Withholding of common stock for employee taxes | — | — | — | (11) | — | — | — | (11) |
| Other comprehensive income (loss) | — | — | — | — | — | (22) | (3) | (25) |
| Net income (loss) | — | — | — | — | (29) | — | (3) | (32) |
| Reallocation of noncontrolling interests | — | — | — | (24) | — | — | 24 | — |
| Balance as of June 30, 2026 | $— | 228 | $2 | $10,795 | $(2,760) | $(144) | $981 | $8,874 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (Unaudited) | ||
| Cash flows from operating activities: | ||
| Net income (loss) | $(83) | $(7) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Provision for credit losses | 1 | 2 |
| Gain on insurance recovery | (21) | (40) |
| Depreciation and amortization | 470 | 436 |
| Amortization of deferred financing costs, discount, and above/below market debt | 7 | 5 |
| Stock-based compensation | 53 | 69 |
| (Gain) loss on foreign currency transactions, net | (3) | (42) |
| Deferred income tax | (6) | (9) |
| Put Options fair value adjustment | — | 28 |
| Proceeds from insurance recoveries - business interruption | 18 | — |
| Other operating activities | 8 | 2 |
| Changes in operating assets and liabilities (excluding effects of acquisitions): | ||
| Accounts receivable | (35) | (36) |
| Prepaid expenses, other assets, and other long-term liabilities | 3 | (24) |
| Inventories | 19 | 15 |
| Accounts payable and accrued liabilities and deferred revenue | 7 | (6) |
| Right-of-use assets and lease obligations | 3 | 4 |
| Net cash provided by operating activities | 441 | 397 |
| Cash flows from investing activities: | ||
| Acquisitions, net of cash acquired | (4) | (439) |
| Purchase of property, plant, and equipment | (310) | (314) |
| Proceeds from sale of assets | 21 | 6 |
| Proceeds from insurance recovery on impaired long-lived assets | 9 | 38 |
| Investments in Emergent Cold LatAm Holdings, LLC | (2) | (7) |
| Other investing activity | — | (2) |
| Net cash used in investing activities | (286) | (718) |
| Cash flows from financing activities: | ||
| Dividends and other distributions | (269) | (268) |
| Redemption of redeemable noncontrolling interests | (2) | (28) |
| Repurchase of common shares for employee income taxes on stock-based compensation | (12) | (10) |
| Proceeds from long-term debt, net of discount | — | 495 |
| Repayments of long-term debt and finance leases | (201) | (156) |
| Borrowings on Revolving Credit Facility | 1,063 | 1,442 |
| Repayments on Revolving Credit Facility | (736) | (1,238) |
| Other financing activity | (5) | (11) |
| Net cash (used in) provided by financing activities | (162) | 226 |
| Impact of foreign exchange rates on cash, cash equivalents, and restricted cash | (1) | 2 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (8) | (93) |
| 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 | $58 | $82 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| (Unaudited) | ||
| Supplemental disclosures of cash flow information: | ||
| Cash paid for taxes, net of refunds | $10 | $15 |
| Cash paid for interest, net of capitalized interest | $145 | $153 |
| Noncash activities: | ||
| Purchases of property, plant, and equipment in Accounts payable and accrued liabilities | $169 | $83 |
| Accrued dividends, distributions, and dividend equivalents | $138 | $136 |
| 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 | 14 |
| Note 3 | Revenue | 19 |
| Note 4 | Property, plant, and equipment | 19 |
| Note 5 | Goodwill and other intangible assets, net | 20 |
| Note 6 | Prepaid expenses and other current assets | 20 |
| Note 7 | Income taxes | 20 |
| Note 8 | Debt | 21 |
| Note 9 | Derivative instruments and hedging activities | 24 |
| Note 10 | Interest expense | 25 |
| Note 11 | Fair value measurements | 26 |
| Note 12 | Leases | 27 |
| Note 13 | Stock-based compensation | 28 |
| Note 14 | Related-party balances | 31 |
| Note 15 | Commitments and contingencies | 31 |
| Note 16 | Accumulated other comprehensive income (loss) | 35 |
| Note 17 | Earnings (loss) per share | 36 |
| Note 18 | Segment information | 37 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.