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LINE

Lineage, Inc.

LINE

Lineage, Inc. • NASDAQ
$35.82 ▲ 0.00% (+0.00)
Market Cap $8.18 B
52w High $65.57
52w Low $32.45
Dividend Yield 2.11%
P/E -57.77
Volume 467.14K
Outstanding Shares 228.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.377B ▲ $410M ▲ $-100M ▼ -7.262% ▼ $-0.44 ▼ $213M ▼
Q2-2025 $1.35B ▲ $407M ▲ $-6M ▼ -0.444% ▼ $-0.026 ▼ $292M ▼
Q1-2025 $1.292B ▼ $360M ▲ $0 ▲ 0% ▲ $0.009 ▲ $298M ▲
Q4-2024 $1.339B ▲ $-268M ▼ $-71M ▲ -5.302% ▲ $-0.31 ▲ $196M ▲
Q3-2024 $1.335B $953M $-485M -36.33% $-2.31 $-270M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $75M ▼ $19.197B ▼ $9.812B ▲ $8.383B ▼
Q2-2025 $81M ▼ $19.444B ▲ $9.778B ▲ $8.637B ▲
Q1-2025 $195M ▲ $18.768B ▲ $9.122B ▲ $8.586B ▼
Q4-2024 $173M ▼ $18.661B ▼ $8.967B ▼ $8.638B ▼
Q3-2024 $409M $19.256B $9.134B $9.026B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1M ▲ $0 ▼ $0 ▲ $0 ▼ $0 ▲ $0 ▼
Q2-2025 $-7M ▼ $258M ▲ $-580M ▼ $205M ▲ $-115M ▼ $95M ▲
Q1-2025 $0 ▲ $139M ▼ $-138M ▲ $21M ▲ $22M ▲ $-12M ▼
Q4-2024 $-80M ▲ $257M ▲ $-383M ▼ $-108M ▼ $-237M ▼ $52M ▲
Q3-2024 $-543M $186M $-138M $284M $336M $33M

Five-Year Company Overview

Income Statement

Income Statement Lineage shows a business that has grown quickly and then leveled off, with decent operating performance but still no bottom‑line profit. Revenue has risen strongly over the last few years and then flattened more recently, suggesting the company has reached a larger scale but is not in a hyper‑growth phase anymore. Gross profit has improved, which indicates the core warehouse and logistics operations are adding more value than before. Operating income has been choppy: the company moved from modest profits to a setback and then to a healthier operating profit in the latest year. That points to better cost control and efficiency inside the business. Despite this, net income remains negative every year, with the latest loss noticeably larger. That usually reflects heavy non‑operating costs such as interest on debt, depreciation from a big asset base, and possibly deal or IPO‑related charges. In simple terms: the core business is functioning better, but after all financing and accounting costs, the company is still in the red.

Balance Sheet

Balance Sheet Lineage’s balance sheet looks like a typical capital‑intensive real estate and infrastructure business: large assets, meaningful debt, but improving financial footing. Total assets have grown and then held fairly steady, reflecting a large global warehouse network that doesn’t need to expand at the same breakneck pace every year. Cash on hand is relatively small, which is common for REIT‑like businesses that constantly reinvest and finance through debt and equity. The important shift is the sizable reduction in debt alongside a clear step‑up in shareholder equity. This combination suggests the company has recently de‑levered, likely using fresh equity capital (including proceeds tied to its listing) to pay down borrowings and strengthen the balance sheet. The result: Lineage still carries a meaningful debt load, but its financial risk profile is trending in a healthier direction, with a thicker equity cushion supporting its asset base.

Cash Flow

Cash Flow Lineage’s cash flows tell a more reassuring story than its net income. Cash generated from day‑to‑day operations has been consistently positive and has generally improved over time. That shows customers are paying their bills and the core logistics engine is producing real cash, even if accounting profit is negative. Free cash flow was meaningfully negative a few years ago but has recently moved around breakeven. The main drag is heavy capital spending on warehouses, automation, and technology. Those investments appear to be funded largely from internally generated cash plus outside capital, rather than from ballooning new debt. In practical terms: this is a business that throws off cash from operations but plows a lot of it back into the network and automation, leaving only a thin cushion after investment. The direction of travel, however, is toward more self‑funded growth.

Competitive Edge

Competitive Edge Lineage sits in a strong competitive position as the global heavyweight in temperature‑controlled logistics. Its core advantages are scale, network, and technology. The company operates an unusually dense and geographically broad footprint of cold storage facilities, which is hard and expensive for rivals to replicate. That density lets it route goods more efficiently and offer customers more options, creating a “network effect” where each new facility and customer strengthens the overall system. Proprietary tools like its operating system and image‑recognition platform give it a technological edge in accuracy, speed, and labor efficiency. Deep relationships with large food and protein companies, plus the ability to offer storage, transportation, customs, and value‑added services under one roof, make it more of a strategic partner than a simple warehouse landlord. Risks to watch include ongoing competition from other global players, the challenge of integrating many past acquisitions, and the need to keep service levels high in a mission‑critical supply chain where failures are not tolerated.

Innovation and R&D

Innovation and R&D Innovation is a core part of Lineage’s identity and a major source of its moat. The company has built its own warehouse operating system that orchestrates inventory flows and labor in real time, improving throughput and reducing errors. Computer‑vision tools automate tasks like pallet receiving and labeling, cutting manual work and improving data quality. A dedicated data science team uses analytics to decide where to place goods, how to design the network, and how to control energy use. Lineage is also investing in high‑automation sites, including tall, dense automated storage systems and robotics, with a clear ambition to run some of the world’s most automated cold warehouses. On top of that, it is pushing into sustainability with on‑site solar, microgrids, and a formal commitment to long‑term emissions reduction. This focus on technology and sustainable infrastructure not only improves efficiency and margins over time, it also strengthens customer loyalty and raises barriers to entry for less sophisticated competitors.

Summary

Lineage is a scaled, infrastructure‑heavy cold‑chain REIT that combines improving operations with still‑unresolved profitability, but underpinned by a strong strategic position. Operationally, revenue growth has slowed from rapid to steady, margins are healthier at the operating level, and cash generation from the core business is solid. However, the company remains loss‑making after financing and non‑cash costs, and the latest year’s net loss is notably larger, underscoring that the path to consistent profitability is not yet complete. Financially, the balance sheet has become safer: debt has been reduced and equity has increased, easing leverage concerns even though the business is still meaningfully indebted. Cash flow covers operations and most investments, but free cash flow is only around breakeven because of ongoing spending on facilities and technology. Strategically, Lineage benefits from a rare combination of global scale, dense networks, proprietary technology, and integrated services in a complex, highly regulated segment of the food supply chain. Its sustained push into automation, AI, and sustainability deepens its moat but also requires continued capital and flawless execution. Overall, Lineage presents as a market leader in a specialized niche, with strong competitive defenses and tangible operational momentum, balanced against continued net losses, capital intensity, and execution risk around growth, integration, and automation rollouts.

NEWS

November 20, 2025 · 2:11 PM UTC

Lineage Stands Ready to Help Customers Seize Market Opportunities as Tariffs on Food Products Roll Back

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November 19, 2025 · 11:30 PM UTC

Cloudera Advances Unified Data Access and Governance with AI-Powered Federation and Lineage

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November 19, 2025 · 4:20 PM UTC

CSE Bulletin: Notice of Distribution - Linear Minerals Corp. (LINE)

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November 19, 2025 · 4:05 PM UTC

Lineage Announces Pricing of €700 million of Senior Notes due 2031

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November 19, 2025 · 6:25 AM UTC

Lineage Announces Proposed Offering of Euro-Denominated Senior Notes

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