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REITs · Real Estate · Fiscal year ends Dec 31
Americold Realty Trust reported revenue of $2.5B in the fiscal year ended Dec 2025, down 2.5% from the year before. Operating income was $7M, an operating margin of 0.3%, and net income was −$115M. Operating cash flow of $360M less capital expenditure of $577M left free cash flow of −$217M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,676 | 2,870 | 2,621 | 2,605 | 2,541 |
| Cost of revenue | – | 2,219 | 1,903 | 1,820 | 1,762 |
| Gross profit | – | 652 | 718 | 785 | 778 |
| Selling, general & admin | 182 | 231 | 227 | 255 | 269 |
| Operating income | 73.0 | 87.9 | −108 | 124 | 7.2 |
| Interest expense | 99.2 | 116 | 140 | 135 | 148 |
| Pre-tax income | −30.6 | −29.9 | −328 | −103 | −136 |
| Income tax | −1.6 | −18.8 | −2.3 | −8.4 | −20.5 |
| Net income | −30.5 | −19.4 | −336 | −94.3 | −115 |
| Diluted EPS | −0.12 | −0.07 | −1.22 | −0.33 | −0.40 |
| Diluted shares | 259 | 270 | 276 | 285 | 286 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 83.0 | 53.1 | 60.4 | 47.7 | 137 |
| Inventory | 27.0 | 29.3 | 7.2 | 7.4 | 6.8 |
| Net PP&E | 5,128 | 5,066 | 5,107 | 5,021 | 5,345 |
| Goodwill | 1,073 | 1,034 | 794 | 784 | 828 |
| Total assets | 8,216 | 8,105 | 7,869 | 7,736 | 8,122 |
| Deferred revenue | 26.1 | 32.0 | 28.4 | 22.0 | 20.2 |
| Total liabilities | 4,187 | 4,317 | 4,235 | 4,429 | 5,200 |
| Shareholders' equity | 4,021 | 3,773 | 3,616 | 3,281 | 2,884 |
| Backlog (remaining obligations) | 672 | 666 | 1,400 | 1,400 | 1,400 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 273 | 300 | 366 | 412 | 360 |
| Capital expenditure | 438 | 308 | 264 | 309 | 577 |
| Free cash flow | −165 | −8.4 | 102 | 102 | −217 |
| Depreciation & amortisation | 320 | 331 | 354 | 361 | 367 |
| Stock-based compensation | 23.9 | 27.1 | 23.6 | 28.2 | 30.2 |
| Acquisitions | 741 | 15.8 | 46.7 | 0.0 | 108 |
| Dividends paid | 228 | 239 | 242 | 252 | 261 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.3% | −8.7% | −0.6% | −2.5% |
| Operating income growth (YoY) | – | 20.4% | −223.3% | – | −94.2% |
| Gross margin | – | 22.7% | 27.4% | 30.1% | 30.6% |
| Operating margin | 2.7% | 3.1% | −4.1% | 4.8% | 0.3% |
| Net margin | −1.1% | −0.7% | −12.8% | −3.6% | −4.5% |
| Return on equityBlank when equity is negative | −0.8% | −0.5% | −9.3% | −2.9% | −4.0% |
| Free cash flow margin | −6.2% | −0.3% | 3.9% | 3.9% | −8.5% |
| Cash conversion (CFO ÷ net income) | −8.97x | −15.4x | −1.09x | −4.37x | −3.14x |
| Inventory days | – | 5 | 1 | 1 | 1 |
| Interest cover | 0.74x | 0.76x | −0.77x | 0.92x | 0.05x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.