Lineage 2025 Q3 Earnings 79.4% Net Loss Reduction Amid Tariff Challenges

Lineage (LINE) reported Q3 2025 earnings with a 3.1% revenue increase to $1.38 billion, meeting expectations, while narrowing its net loss by 79.4% to $112 million. The company adjusted full-year guidance lower due to tariff-related import/export volume declines and U.S. occupancy pressures, signaling cautious optimism for long-term growth.

Revenue

Lineage’s total revenue rose 3.1% year-over-year to $1.38 billion, driven by expanded warehousing operations and managed services. The Global Warehousing segment generated $1.01 billion, with $883 million from core operations and $60 million in lease revenues. The Global Integrated Solutions segment contributed $364 million, including $186 million in transportation and $52 million in food sales.

Earnings/Net Income

The company reduced its net loss to $112 million ($0.44/share) in Q3 2025, a 79.4% improvement from $543 million ($2.44/share) in Q3 2024. This marked a significant step toward profitability, though challenges like tariff uncertainties and excess U.S. capacity remain.

Post-Earnings Price Action Review

Lineage’s stock price declined 3.73% in the latest trading day, 8.10% for the week, and 10.44% month-to-date, reflecting investor concerns over guidance cuts and macroeconomic headwinds.

CEO Commentary

Greg Lehmkuhl, CEO, emphasized operational resilience despite market challenges: “We delivered Adjusted EBITDA and AFFO growth in Q3, with seasonal occupancy improvements and stable pricing. While tariffs and excess capacity pressure short-term results, our focus on LinOS deployment and cost discipline positions us to capitalize on long-term demand in frozen food and logistics.”

Guidance

Lineage adjusted full-year 2025 guidance to a lower range: Adjusted EBITDA of $1.29–$1.305 billion and AFFO per share of $3.20–$3.30. Q4 EBITDA is targeted at $319–$334 million, reflecting reduced U.S. import/export volumes and occupancy pressures.

Additional News

Lineage expanded its Pacific Northwest footprint via the Bellingham Cold Storage acquisition, enhancing its Port of Bellingham presence. The company also inked a strategic partnership with Tyson Foods to design and operate two fully automated cold storage warehouses in Houston, Texas. Additionally, CFO Robert Crisci retired, with Robb LeMasters appointed to lead finance, bringing two decades of public company experience.