AMERICOLD REALTY TRUST (COLD): Results of Operations and Financial Condition
AMERICOLD REALTY TRUST (COLD) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 AMERICOLD ANNOUNCES SECOND QUARTER 2026 RESULTS Delivered $0.35 Adjusted FFO Per Share and Raises Full-Year Guidance Year-Over-Year Revenue and Occupancy Growth Reflect Continued Industry Stabilization Advanced Strategic Joint Venture to Strengthen Balance Sheet and
How this was made
The 30-second read
Why it matters
The company delivered Q2 Adjusted FFO above expectations and increased full-year Adjusted FFO guidance, while also highlighting progress toward closing an EQT joint venture intended to improve balance sheet flexibility.
Market read
This is a primary earnings-and-guidance update with explicit per-share targets, which can drive same-day repricing and near-term positioning around the JV closing.
What to watch
Traders should focus on debt maturity/covenant details and the exact dilution mechanics tied to the EQT transaction, which can affect per-share metrics and risk premium.
Americold Announces Second Quarter 2026 Results: Delivered $0.35 Adjusted FFO Per Share and Raises Full-Year Guidance
Total revenues and Global Warehouse same store revenues increased year over year, and the Company raised Adjusted FFO per share guidance. However, the Company reported a net loss driven primarily by impairment charges, same store NOI declined, services margin contracted, and Adjusted FFO per diluted share declined from Q2 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $662.9 million | – | 1.9% increase |
| Total revenues constant currency changeother | 0.6% increase | – | 0.6% increase |
| Net lossGAAP | $342.8 million | – | – |
| Loss per diluted shareGAAP | $1.19 loss per diluted share | – | – |
| Global Warehouse segment same store revenues growthother | 2.2% increase | – | 2.2% increase |
| Global Warehouse segment same store revenues growth, constant currencyother | 1.1% increase | – | 1.1% increase |
| Global Warehouse same store services marginother | 14.8% | – | – |
| Global Warehouse segment same store NOI changeother | 1.5% decrease | – | 1.5% decrease |
| Global Warehouse segment same store NOI change, constant currencyother | 2.2% decrease | – | 2.2% decrease |
| Adjusted FFOnon-GAAP | $102.0 million | – | – |
| Adjusted FFO per diluted sharenon-GAAP | $0.35 per diluted share | – | 2.8% decrease |
| Core EBITDAnon-GAAP | $159.1 million | – | remained flat |
| Core EBITDA constant currency changenon-GAAP | 0.6% decrease | – | 0.6% decrease |
| Core EBITDA marginnon-GAAP | 24.0% | – | – |
2026 Outlook as of August 6, 2026 outlook
- RevenueWarehouse segment same store revenues (constant currency): $2.03B - $2.09B
- Operating expensesTotal selling, general and administrative expense: $250M - $260M
- NoteWarehouse segment same store revenues (constant currency), Unadjusted: $2.25B - $2.32B
- NoteWarehouse segment same store revenues (constant currency), 2/19/2026 Unadjusted: $2.20B - $2.27B
- NoteWarehouse segment same store NOI (constant currency): $660M - $695M
- NoteWarehouse segment same store NOI (constant currency), Unadjusted: $760M - $800M
- NoteWarehouse segment same store NOI (constant currency), 2/19/2026 Unadjusted: $735M - $785M
- NoteTotal Company NOI (constant currency): $775M - $815M
- NoteTotal Company NOI (constant currency), Unadjusted: $810M - $850M
- NoteTotal Company NOI (constant currency), 2/19/2026 Unadjusted: $780M - $845M
- NoteTotal selling, general and administrative expense guidance is inclusive of approximately $218M - $228M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization
- NoteCore EBITDA: $570M - $600M
- NoteCore EBITDA, Unadjusted: $605M - $635M
- NoteCore EBITDA, 2/19/2026 Unadjusted: $570M - $620M
- NoteInterest expense: $155M - $160M
- NoteInterest expense, Unadjusted: $170M - $175M
- NoteInterest expense, 2/19/2026 Unadjusted: $170M - $180M
- NoteCurrent income tax expense: $7M - $9M
- NoteCurrent income tax expense, Unadjusted: $7M - $9M
- NoteCurrent income tax expense, 2/19/2026 Unadjusted: $6M - $8M
- NoteTotal maintenance capital expenditures: $60M - $70M
- NoteAdjusted FFO per share: $1.26 -$1.32
- NoteAdjusted FFO per share, Unadjusted: $1.31 - $1.37
- NoteAdjusted FFO per share, 2/19/2026 Unadjusted: $1.20 - $1.30
What drove it
- Total revenues increased year over year.
- Global Warehouse segment same store revenues increased on both an actual and constant currency basis.
- The Company cited ongoing growth in physical occupancy and pricing.
- The Company cited continued industry stabilization.
- The Company cited the strength of first-half operating performance and improving trends across the business.
- The Company expects its joint venture with EQT to improve its balance sheet, enhance financial flexibility, and provide a strategic platform to pursue future developments.
Concerns
- Net loss was primarily due to impairment charges recognized during the quarter.
- Consumer demand remains relatively flat.
- Global Warehouse same store services margin decreased to 14.8% from 15.2%.
- Global Warehouse segment same store NOI decreased 1.5%, or 2.2% on a constant currency basis.
- Adjusted FFO per diluted share decreased 2.8% from Q2 2025.
- Core EBITDA margin decreased from 24.4% in Q2 2025 to 24.0%.
What to watch
- Closing of the joint venture with EQT, which is expected during the Company’s fiscal third quarter.
- Physical occupancy and pricing trends.
- Whether Global Warehouse same store NOI and services margin stabilize.
- Execution against the increased full-year Adjusted FFO per share guidance of $1.26 -$1.32.
- The projected dilution from the joint venture transaction.
Analysis
Americold reported total revenues of $662.9 million, a 1.9% increase from $650.7 million in Q2 2025, with a 0.6% increase on a constant currency basis. The operating read was more muted than the headline revenue growth. Global Warehouse segment same store revenues increased 2.2% on an actual basis and 1.1% on a constant currency basis, reflecting the Company’s cited growth in physical occupancy and pricing amid continued industry stabilization.
Profitability and property-level performance were the principal offsets. Global Warehouse same store services margin decreased to 14.8% from 15.2%, while Global Warehouse segment same store NOI decreased 1.5%, or 2.2% on a constant currency basis. Core EBITDA was $159.1 million in both Q2 2026 and Q2 2025, but declined 0.6% on a constant currency basis, and Core EBITDA margin decreased to 24.0% from 24.4%.
The GAAP result was materially affected by impairments. Americold recorded a net loss of $342.8 million, or $1.19 loss per diluted share, compared with net income of $0.01 per diluted share in Q2 2025, primarily due to impairment charges recognized during the quarter. On the Company’s non-GAAP measure, Adjusted FFO was $102.0 million, or $0.35 per diluted share, versus $0.36 per diluted share in Q2 2025, a 2.8% decrease.
Management raised full-year Adjusted FFO per share guidance to $1.26 -$1.32, while stating that the improved outlook more than offsets projected dilution from the planned joint venture transaction. The outlook table includes updated projected joint-venture impacts and states that the transaction, announced on May 7, 2026, is expected to close during the Company’s fiscal third quarter. Guidance for Warehouse segment same store revenues, NOI, Core EBITDA, interest expense, current income tax expense, maintenance capital expenditures, and total selling, general and administrative expense was also provided.
The central issues for the remainder of 2026 are whether occupancy and pricing gains translate into recovery in same store NOI and services margin, and completion of the EQT joint venture. Management characterized consumer demand as relatively flat, making cost structure initiatives, portfolio management, commercial execution, and the anticipated balance-sheet and financial-flexibility benefits of the joint venture important to the outlook.
Not in the filing
stated, not guessed- Global Warehouse segment dollar revenue
- Other segment revenues and comparisons
- GAAP gross profit and gross margin
- GAAP operating income and operating margin
- GAAP net income prior-year dollar amount
- GAAP net income prior-quarter amount
- GAAP EPS prior-quarter amount
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Debt maturities and debt covenant metrics
- Capital returns, including share repurchases and dividends
- Actual total selling, general and administrative expense
- Actual interest expense
- Actual current income tax expense
- Actual maintenance capital expenditures
- Comparable actual reported figures for the annual guidance metrics versus the 2/19/2026 outlook
- Named executive attribution for the quoted management commentary
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
The 8-K includes Item 2.02 results of operations and a Q2 2026 financial supplement for Americold Realty Trust.
Ticker impact
Americold reported Q2 2026 results with Adjusted FFO of $0.35 per share and raised full-year Adjusted FFO guidance to $1.26 to $1.32.
Likely near-term positive bias as traders reprice full-year cash-flow expectations; follow-through depends on EQT JV closing timeline and dilution details.
The filing is a primary disclosure (8-K with earnings supplement) and includes both a quarterly datapoint and an explicit full-year guidance range, which typically drives REIT/industrial logistics valuation updates.
Market effects
Supports the narrative of stabilization in temperature-controlled logistics demand, which can modestly lift sentiment for cold-storage peers.
Limited direct regional read-through; operations are global with North America and Europe exposure.
Moderate, as food logistics is globally interconnected but the disclosure is company-specific.
Counterpoint
The guidance raise may be partially offset by projected dilution from the EQT joint venture, so upside may be less than it appears on headline FFO.
Key entities
- issuerAmericold Realty Trust
Temperature-controlled logistics and real estate REIT reporting Q2 2026 results and raising full-year Adjusted FFO guidance.
- counterpartyEQT
Joint venture partner referenced as a transaction expected to improve Americold’s balance sheet and flexibility.
