Loading financials from SEC filings…
REITs · Real Estate · Fiscal year ends Dec 31
Lineage reported revenue of $5.4B in the fiscal year ended Dec 2025, up 0.3% from the year before. Operating income was $181M, an operating margin of 3.4%, and net income was −$100M. Operating cash flow of $943M less capital expenditure of $747M left free cash flow of $196M. Net debt was $6B.
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 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 4,928 | 5,342 | 5,340 | 5,355 |
| Cost of revenue | 3,473 | 3,590 | 3,578 | 3,634 |
| Gross profit | 1,455 | 1,752 | 1,762 | 1,721 |
| Operating income | 297 | 398 | −361 | 181 |
| Interest expense | 281 | 509 | 426 | 256 |
| Pre-tax income | −70.0 | −110 | −840 | −115 |
| Income tax | 6.0 | −14.0 | −89.0 | −2.0 |
| Net income | −63.0 | −77.0 | −664 | −100 |
| Diluted EPS | −0.51 | −0.73 | −3.70 | −0.43 |
| Diluted shares | 152 | 162 | 191 | 228 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 202 | 68.0 | 173 | 66.0 |
| Receivables | – | 913 | 826 | 896 |
| Inventory | – | 171 | 187 | 145 |
| Current assets | – | 1,256 | 1,285 | 1,239 |
| Net PP&E | – | 10,571 | 10,627 | 11,338 |
| Goodwill | 3,305 | 3,394 | 3,338 | 3,466 |
| Total assets | – | 18,871 | 18,661 | 19,185 |
| Payables | – | 1,137 | 1,220 | 1,331 |
| Deferred revenue | – | 93.0 | 83.0 | 81.0 |
| Current liabilities | – | 1,365 | 1,493 | 1,548 |
| Short-term debt | – | 24.0 | 56.0 | 2.0 |
| Long-term debt | – | 8,958 | 4,906 | 6,107 |
| Total liabilities | – | 12,849 | 8,967 | 9,942 |
| Shareholders' equity | 5,809 | 5,051 | 8,638 | 8,246 |
| Backlog (remaining obligations) | – | – | 1,127 | 1,517 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 501 | 796 | 703 | 943 |
| Capital expenditure | 813 | 766 | 691 | 747 |
| Free cash flow | −312 | 30.0 | 12.0 | 196 |
| Depreciation & amortisation | 678 | 760 | 876 | 895 |
| Stock-based compensation | 17.0 | 26.0 | 215 | 126 |
| Acquisitions | 1,640 | 283 | 346 | 443 |
| Share buybacks | 0.0 | 12.0 | 42.0 | 82.0 |
| Dividends paid | 180 | 46.0 | 234 | 537 |
| Dividend per share | – | 0.55 | 0.91 | 2.11 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.4% | −0.0% | 0.3% |
| Operating income growth (YoY) | – | 34.0% | −190.7% | – |
| Gross margin | 29.5% | 32.8% | 33.0% | 32.1% |
| Operating margin | 6.0% | 7.5% | −6.8% | 3.4% |
| Net margin | −1.3% | −1.4% | −12.4% | −1.9% |
| Return on equityBlank when equity is negative | −1.1% | −1.5% | −7.7% | −1.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 2.3% | −2.1% | 1.0% |
| Free cash flow margin | −6.3% | 0.6% | 0.2% | 3.7% |
| Cash conversion (CFO ÷ net income) | −7.95x | −10.3x | −1.06x | −9.43x |
| Receivable days | – | 62 | 56 | 61 |
| Inventory days | – | 17 | 19 | 15 |
| Payable days | – | 116 | 124 | 134 |
| Interest cover | 1.06x | 0.78x | −0.85x | 0.71x |
| Debt ÷ equity | – | 1.78x | 0.57x | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 8,914 | 4,789 | 6,043 |
| Current ratio | – | 0.92x | 0.86x | 0.80x |
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.