Key Highlights

  • Total net revenues were USD 1,361 million, compared with USD 1,377 million.
  • Net loss was USD 173 million, compared with USD 112 million.
  • Adjusted EBITDA was USD 317 million, compared with USD 341 million.
  • Global Warehousing NOI was USD 361 million, compared with USD 384 million.

Lineage, Inc. (NASDAQ:LINE) reported third quarter 2026 total net revenues of USD 1,361 million, compared with USD 1,377 million a year earlier. Reported EPS was negative USD 0.68 and Revenue was USD 1.36 billion, compared with estimates of EPS of negative USD 0.22 and revenue of USD 1.36 billion.

The net loss was USD 173 million, compared with USD 112 million. Adjusted EBITDA was USD 317 million, compared with USD 341 million. For the nine months, net revenues were USD 4,019 million in both years, the net loss was USD 256 million compared with USD 119 million, and adjusted EBITDA was USD 951 million compared with USD 971 million.

Global Warehousing Segment

Global Warehousing revenues were USD 1,009 million, a decrease of USD 4 million, or 0.4%, from USD 1,013 million. The company cited an USD 8 million decrease in the non-same Warehouse pool, reflecting the impact of the June 2026 fire at its Los Angeles facility, partly offset by a USD 4 million increase in the same warehouse pool. Foreign currency translation had a USD 2 million favorable impact.

Segment cost of operations was USD 648 million, an increase of USD 19 million, or 3.0%. Segment NOI was USD 361 million, a decrease of USD 23 million, or 6.0%, driven by a USD 15 million decrease in the same warehouse pool and an USD 8 million decrease in the non-same pool.

Same Warehouse Metrics

Same warehouse storage revenues decreased USD 4 million, or 0.8%, primarily on unfavorable rates, partly offset by higher average occupancy, particularly in international markets. Economic occupancy increased 30 basis points, while storage revenues per economic occupied pallet decreased 1.1%.

Same warehouse services revenues increased USD 8 million, or 1.8%, on higher average rates and growth in international markets, partly offset by lower throughput in North America. Services revenue per throughput pallet increased 2.1%, while throughput pallets decreased 1.1%.

Same warehouse cost of operations increased USD 19 million, or 3.4%, primarily from higher power costs due to increased rates and lower in-house solar power generation, higher labor costs from increased wages for temporary contract labor, and higher costs tied to warehouse services growth in international markets. Non-same warehouse cost of operations was flat, as a USD 13 million decrease from acquisitions and other non-same sites was offset by a USD 13 million increase from recently completed greenfield and expansion projects.

Global Integrated Solutions and Fire Matter

Global Integrated Solutions segment revenues were USD 352 million, compared with USD 364 million. These revenues are primarily driven by transportation fees, which may include fuel and capacity surcharges, for customers whose product transportation the company arranges.

The filing states that there are no material liabilities arising from environmental matters as of September 30, 2026, other than the Los Angeles warehouse fire matter, which could give rise to material environmental liabilities, though no such claims material to the company have been asserted.

Warehouse Pools, Costs and the Fire Disclosure

Lineage reported net revenues of USD 1,361 million, a net loss of USD 173 million and adjusted EBITDA of USD 317 million. The filing covers the same warehouse pool changes, occupancy and per pallet rates, power and labor cost drivers and the Los Angeles fire disclosure.