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COLD

Americold Realty Trust, Inc.

COLD

Americold Realty Trust, Inc. • NYSE
$10.83 ▲ 0.37% (+0.04)
Market Cap $3.08 B
52w High $23.88
52w Low $10.10
Dividend Yield 0.91%
P/E -49.23
Volume 2.03M
Outstanding Shares 284.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $663.665M ▲ $188.277M ▲ $-11.366M ▼ -1.713% ▼ $-0.04 ▼ $104.256M ▼
Q2-2025 $650.748M ▲ $174.061M ▼ $1.539M ▲ 0.236% ▲ $0.005 ▲ $133.497M ▲
Q1-2025 $628.98M ▼ $183.631M ▼ $-16.38M ▲ -2.604% ▲ $-0.057 ▲ $111.132M ▲
Q4-2024 $666.435M ▼ $222.557M ▲ $-36.215M ▼ -5.434% ▼ $-0.13 ▼ $80.662M ▼
Q3-2024 $674.171M $179.039M $-3.729M -0.553% $-0.013 $119.056M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.338M ▼ $8.081B ▼ $5.01B ▲ $3.033B ▼
Q2-2025 $101.376M ▲ $8.09B ▲ $4.944B ▲ $3.114B ▼
Q1-2025 $38.946M ▼ $7.825B ▲ $4.606B ▲ $3.19B ▼
Q4-2024 $47.652M ▼ $7.736B ▼ $4.429B ▼ $3.281B ▼
Q3-2024 $61.271M $7.885B $4.492B $3.37B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.449M ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼ $0 ▲
Q2-2025 $1.55M ▲ $120.317M ▲ $-142.124M ▲ $80.446M ▼ $62.43M ▲ $-57.358M ▲
Q1-2025 $-16.473M ▲ $30.202M ▼ $-226.706M ▼ $186.872M ▲ $-8.706M ▲ $-82.341M ▼
Q4-2024 $-36.409M ▼ $162.605M ▲ $-106.736M ▼ $-65.008M ▼ $-13.619M ▼ $57.404M ▲
Q3-2024 $-3.733M $50.613M $-97.271M $65.419M $17.073M $-44.549M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
ThirdParty Managed
ThirdParty Managed
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Transportation
Transportation
 $100.00M ▲$40.00M ▼$50.00M ▲$50.00M ▲
Warehouse Rent And Storage
Warehouse Rent And Storage
 $490.00M ▲$240.00M ▼$240.00M ▲$250.00M ▲
Warehouse Services
Warehouse Services
 $680.00M ▲$320.00M ▼$340.00M ▲$350.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Americold’s revenues have grown from a smaller base a few years ago and then leveled off more recently, suggesting the company has reached a period of consolidation after a strong expansion phase. Profitability has been choppy: gross profit has steadily improved, which signals better pricing, mix, and operating efficiency inside the warehouses, but operating income and net income have swung from modest profits to losses and only recently moved back toward breakeven at the operating level. The company is still reporting accounting losses overall, which likely reflect a mix of high depreciation, interest costs, and the drag from prior expansion and integration efforts. The direction of travel in the latest year is more positive, but the income statement still shows a business in transition rather than one with fully settled, stable margins.

Balance Sheet

Balance Sheet The balance sheet shows a large, relatively stable asset base built around specialized cold storage properties, which is typical for an industrial REIT. Debt is substantial and has edged up over time, reflecting the capital-intensive nature of building and upgrading temperature-controlled warehouses. Equity has declined from its earlier peak, consistent with several years of net losses and ongoing distributions, which has reduced the cushion available to absorb shocks. Cash on hand is quite low, so the company depends heavily on steady cash generation and access to credit rather than large cash reserves. Overall, the balance sheet looks typical for a property-heavy REIT but leaves limited room for major missteps, making balance-sheet discipline and refinancing terms important watch points.

Cash Flow

Cash Flow Despite volatile earnings, Americold has produced fairly consistent operating cash flow, which is a key strength in a REIT model. The company has been reinvesting heavily in its network through ongoing capital spending, which weighed on free cash flow in the earlier years of this period. More recently, as some of the most intense investment and integration activity has eased, free cash flow has turned positive, indicating that the business is starting to harvest more cash from its past growth. The trade-off is clear: the company needs continued investment to maintain its technological and capacity edge, but the recent pattern suggests a gradual shift from pure build-out toward a more balanced mix of reinvestment and cash retention. Sustaining positive free cash flow while still funding upgrades and new projects will be an important sign of maturation.

Competitive Edge

Competitive Edge Americold holds a leading position as the largest publicly traded REIT focused purely on temperature-controlled warehouses, giving it a scale advantage that is difficult and expensive for rivals to replicate. Its extensive global network and long-standing relationships with major food and consumer companies create high switching costs and a degree of revenue stability, especially as more contracts move toward longer-term, fixed-commitment structures. The company does more than rent space: it layers on logistics and handling services that embed it deeply in customers’ supply chains, which strengthens loyalty and makes its role more strategic. However, the market remains competitive, particularly against large private players, and the business is capital-intensive, which limits how quickly capacity can flex. Overall, Americold appears well entrenched, with network scale, customer stickiness, and specialized know-how forming a meaningful moat, but it must continue to innovate and maintain service quality to defend that position.

Innovation and R&D

Innovation and R&D Americold is leaning heavily into technology and process innovation to sharpen its edge. It is rolling out automation solutions tailored to each facility, from advanced storage and retrieval systems to robotics, to increase throughput and reduce dependence on manual labor. Its proprietary operating system and integrated warehouse and data platforms aim to standardize best practices, optimize energy and labor, and give customers real-time visibility into their inventory. Large-scale initiatives like Project Orion, which modernizes core business systems and integrates past acquisitions, are designed to unlock margin improvements and simplify operations, but they also carry execution risk and require significant upfront spending. At the same time, Americold is using development projects and partnerships—such as joint efforts with port and rail operators and new facilities in strategic global hubs—to extend its network into high-growth trade corridors. Together, these moves position the company as a more technology-enabled, end-to-end cold chain partner rather than just a landlord.

Summary

Americold is a scale-driven, specialized REIT sitting at the heart of the global cold chain, with a large warehouse network, deep customer relationships, and a growing suite of value-added services. Financially, it shows the profile of a company that expanded aggressively and is now working to translate that footprint into consistent profitability: revenues have plateaued after rapid growth, cash generation is solid and improving, but accounting earnings are still under pressure and the balance sheet carries meaningful leverage with modest equity buffers. Strategically, Americold’s focus on automation, data, integrated systems, and logistics partnerships supports a credible long-term growth and margin story, especially as demand for temperature-controlled infrastructure continues to rise worldwide. The key issues to watch are its ability to sustain margin improvement, manage debt and financing costs, execute large technology and integration projects, and continue shifting its revenue mix toward longer-term, higher-quality contracts while still investing enough to keep its network and technology ahead of competitors.

NEWS

November 26, 2025 · 7:00 AM UTC

Americold Named 2025 GRESB Sector Leader for Sustainability Excellence

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November 6, 2025 · 7:00 AM UTC

Americold Announces Third Quarter 2025 Results

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October 28, 2025 · 7:00 AM UTC

Americold Ireland Achieves Exclusive U.S. Meat Export Certification and Five AA-Rated Audits, Reinforcing Global Cold Chain Leadership

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September 25, 2025 · 7:00 AM UTC

Americold Realty Trust, Inc. Sets Date for Third Quarter 2025 Earnings Release and Conference Call

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September 16, 2025 · 7:00 AM UTC

Americold's Russellville Automated Facility Named Refrigerated & Frozen Foods Magazine's Inaugural Cold Storage Facility of the Year

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