Lineage, Inc. (LINE): Results of Operations and Financial Condition
Lineage, Inc. (LINE) filed an SEC Form 8-K — Results of Operations and Financial Condition. Lineage, Inc. Reports Second-Quarter 2026 Financial Results NOVI, Mich. – August 5, 2026 – Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world’s largest global temperature-controlled warehouse REIT, today announced its financial results for the second quarter of 2026. Second-
How this was made
The 30-second read
Why it matters
Q2 showed revenue up slightly but AFFO and AFFO per share down, while management highlighted same-warehouse physical occupancy improvement and reiterated a full-year adjusted EBITDA and AFFO per share range.
Market read
Traders can update models using the disclosed Q2 cash-flow metrics and the stated full-year guidance ranges, which are the primary decision inputs for LINE’s near-term valuation.
What to watch
The guidance explicitly excludes unannounced future acquisitions or developments; traders may need to separate organic stabilization from growth-by-deal assumptions, and monitor any quantified impact from the Big Bear fire once disclosed.
Lineage, Inc. Reports Second-Quarter 2026 Financial Results
Revenue increased 0.8% and same warehouse physical occupancy increased 90bps year-over-year, but adjusted EBITDA, adjusted EBITDA margin, AFFO and AFFO per share all declined and the company reported a GAAP net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $1,361 million | – | increased 0.8% |
| GAAP net lossGAAP | $(32) million | – | – |
| GAAP net loss per diluted common shareGAAP | $(0.13) per diluted common share | – | – |
| Adjusted EBITDAnon-GAAP | $320 million | – | decreased (1.8)% |
| Adjusted EBITDA marginnon-GAAP | 23.5% | – | decreased (60)bps |
| AFFOnon-GAAP | $198 million | – | decreased (6.2)% |
| AFFO per sharenon-GAAP | $0.76 | – | decreased (6.2)% |
| Cash, cash equivalents, and restricted cashGAAP | $58 million | – | – |
| Total assetsGAAP | $18,900 million | – | – |
Full-year 2026 outlook
- Noteadjusted EBITDA of $1.26 to $1.29 billion
- NoteAdjusted FFO ("AFFO") per share of $2.80 to $3.05
- NoteGuidance excludes the impact of unannounced future acquisitions or developments.
Capital returns
- Declared quarterly dividend of $0.5325 per share, representing annualized dividend rate of $2.13 per share.
What drove it
- Same warehouse physical occupancy increased 90bps year-over-year.
- Management said inventory levels have further normalized and that the industry is stabilizing.
- The company cited a fire at its Big Bear facility and said it remains committed to a full recovery.
Concerns
- Adjusted EBITDA decreased (1.8)% and adjusted EBITDA margin decreased (60)bps.
- AFFO and AFFO per share each decreased (6.2)%.
- The company reported a GAAP net loss of $(32) million.
- The Big Bear facility fire may affect operations until recovery is completed.
What to watch
- Whether same warehouse physical occupancy continues to improve following the reported 90bps year-over-year increase.
- Progress toward a full recovery at the Big Bear facility.
- Delivery against full-year 2026 adjusted EBITDA guidance of $1.26 to $1.29 billion.
- Delivery against full-year 2026 AFFO per share guidance of $2.80 to $3.05.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash: $58 million as of June 30, 2026, compared with $66 million as of December 31, 2025.
- Total current assets: $1,241 million as of June 30, 2026, compared with $1,239 million as of December 31, 2025.
- Property, plant, and equipment, net: $11,209 million as of June 30, 2026, compared with $11,338 million as of December 31, 2025.
- Total assets: $18,900 million as of June 30, 2026, compared with $19,185 million as of December 31, 2025.
Analysis
Lineage reported modest top-line growth in the second quarter of 2026, with total revenue increasing 0.8% to $1,361 million. Management highlighted a 90bps year-over-year increase in same warehouse physical occupancy and described this as evidence that inventory levels have further normalized and that the industry is stabilizing. The filing does not provide revenue by operating segment or quantified revenue drivers.
Profitability weakened despite the occupancy improvement. Adjusted EBITDA decreased (1.8)% to $320 million, while adjusted EBITDA margin decreased (60)bps to 23.5%. AFFO decreased (6.2)% to $198 million and AFFO per share decreased (6.2)% to $0.76. The company also recorded a GAAP net loss of $(32) million, or $(0.13) per diluted common share.
Capital allocation included a declared quarterly dividend of $0.5325 per share, representing an annualized dividend rate of $2.13 per share. Cash, cash equivalents, and restricted cash were $58 million at June 30, 2026, compared with $66 million at December 31, 2025. Total assets were $18,900 million, compared with $19,185 million at December 31, 2025. The supplied filing text is truncated within the balance-sheet liabilities section and does not provide reported debt or cash-flow figures.
For full-year 2026, Lineage expects adjusted EBITDA of $1.26 to $1.29 billion and AFFO per share of $2.80 to $3.05. Guidance excludes the impact of unannounced future acquisitions or developments. The key operational issue disclosed in the release is the fire at the Big Bear facility, where management said it acted quickly and remains committed to a full recovery. Investors will focus on whether occupancy improvement translates into revenue acceleration and whether margins and AFFO stabilize while the company executes on this recovery.
Management, verbatim
We delivered a solid second quarter, with adjusted EBITDA and AFFO per share both ahead of expectations.
Greg Lehmkuhl, president and chief executive officer of Lineage
Importantly, we achieved a 90bps year-over-year increase in same warehouse physical occupancy, a positive signal that inventory levels have further normalized and that the industry is stabilizing.
Greg Lehmkuhl, president and chief executive officer of Lineage
We also want to acknowledge the fire at our Big Bear facility. Lineage acted quickly to support the surrounding community, and I want to thank the Los Angeles first responders and Lineage team members for their extraordinary response. We remain committed to a full recovery.
Greg Lehmkuhl, president and chief executive officer of Lineage
Not in the filing
stated, not guessed- Prior-year and prior-quarter dollar amounts for total revenue.
- Segment revenue, segment comparisons, and segment drivers.
- Gross profit and gross margin.
- GAAP operating income or loss.
- GAAP net income or loss comparisons.
- GAAP diluted EPS comparisons.
- Non-GAAP EPS other than AFFO per share.
- Operating cash flow.
- Free cash flow.
- Debt and total liabilities, because the supplied filing text is truncated in the liabilities section.
- Share repurchases.
- Prior-period guidance, so no comparison of actual results with prior guidance is available.
- Revenue, gross margin, operating-expense and tax-rate guidance.
- Same warehouse physical occupancy level, as only the 90bps year-over-year increase was reported.
- Full balance sheet and cash-flow statements, because the supplied filing text is incomplete.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Lineage’s SEC 8-K with an attached earnings release (Item 2.02) covering Q2 2026 results and full-year 2026 guidance.
Ticker impact
Lineage reported Q2 2026 results and updated full-year 2026 adjusted EBITDA and AFFO per share guidance in an 8-K.
Likely moderate volatility around the open as traders reprice the guidance ranges versus prior expectations, with focus on AFFO per share decline and occupancy commentary.
The filing includes specific Q2 metrics (revenue, GAAP net loss, adjusted EBITDA, AFFO and AFFO/share) plus explicit full-year guidance ranges, which are direct inputs to valuation and income-focused positioning.
Market effects
Temperature-controlled warehouse REIT peers may see read-across on demand stabilization signals (same-warehouse occupancy up) and cash-flow margin pressure (AFFO down).
Fire at the Big Bear facility raises localized operational risk, but the filing frames it as supporting recovery rather than a quantified financial hit.
Guidance update affects broader supply-chain logistics and cold-storage sentiment, but no cross-border regulatory or macro shock is disclosed.
Counterpoint
The occupancy improvement may not translate into AFFO per share growth if costs, capex, or financing remain pressured, so the guidance could still be conservative.
Key entities
- companyLineage, Inc.
NASDAQ-listed temperature-controlled warehouse REIT reporting Q2 2026 results and updating full-year 2026 guidance.
- executiveGreg Lehmkuhl
CEO who commented on occupancy normalization and the Big Bear facility fire response.
