Lineage, Inc. (NASDAQ:LINE), the world’s largest temperature-controlled warehouse REIT, reported fourth-quarter results that met profit expectations but showed a slight decline in revenue, with shares edging lower in premarket trading as investors assessed the company’s 2026 outlook.
The stock slipped 0.11% ahead of the market open following guidance that came in weaker than anticipated.
Adjusted earnings for the fourth quarter were $0.03 per share, in line with analyst forecasts.
Revenue declined 0.2% year on year to $1.34 billion, missing consensus estimates and remaining roughly unchanged compared with the same period last year. For full-year 2025, revenue was flat at $5.36 billion.
Adjusted EBITDA totaled $327 million for the quarter, down 2.4% from a year earlier, while adjusted EBITDA margin contracted by 50 basis points to 24.5%. Adjusted funds from operations (FFO) rose 0.5% to $214 million, and adjusted FFO (AFFO) per share remained steady at $0.83.
For 2026, Lineage projected adjusted EBITDA in a range of $1.25 billion to $1.30 billion, implying a midpoint of $1.28 billion. The company also forecast AFFO per share between $2.75 and $3.00, with a midpoint of $2.88. Lineage declared a quarterly dividend of $0.5275 per share, equivalent to an annualized payout of $2.11 per share.
“We closed out 2025 with strong execution across the network, as utilization increased nicely sequentially in line with our expectations, signaling a return of normal seasonality in our business trends,” said Greg Lehmkuhl, president and CEO of Lineage.
For the full year 2025, the company reported a GAAP net loss of $113 million, or -$0.43 per diluted share, improving from a net loss of $751 million recorded in 2024. Adjusted EBITDA for the year declined 2.3% to $1.30 billion, while AFFO increased 22.7% to $865 million.