Second Quarter 2026
Filed Aug 6, 2026Americold 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.