Lineage(NASDAQ) LINE

Lineage helps food companies store and move products at the right temperatures. It keeps food fresh in huge warehouses before it reaches grocery stores or restaurants. The company serves businesses ranging from food makers to large retail chains.

The Cold Chain Menu

• Global Warehousing: Provides temperature-controlled storage and services across a network of 482 warehouses; accounted for 86% of total net operating income in 2025.
• Global Integrated Solutions: Offers transportation, refrigerated rail car leasing, and port services to move food through the supply chain; accounted for 14% of total net operating income in 2025.
• Transportation Services: Manages truckload consolidation and drayage, which is the short-distance transport of goods from ports to warehouses.
• Refrigerated Rail Leasing: Supplies specialized rail cars that keep products cold during long-distance transit across North America.

Recent Strategic Moves

• Acquired four cold storage warehouses and related assets from Tyson Foods for $256 million during 2025.
• Partnered with Tyson Foods to design and build two fully automated warehouses, breaking ground on the first Texas site in late 2025.
• Completed a new greenfield warehouse in Bremerhaven, Germany, to expand European storage capacity during 2025.
• Expanded the Hobart, Indiana facility, with the new temperature-controlled space beginning operations in early 2026.

What Makes Lineage Different

Lineage operates 501 warehouses across North America, Europe, and Asia-Pacific, totaling 3.1 billion cubic feet of capacity as of December 31, 2025. The company uses 169 issued patents for facility design and automation to lower energy use and improve how quickly pallets move through its system.

Performance by the Numbers

• Revenue reached $5.4 billion for the full year ended December 31, 2025.
• Net income rose to $6 million in Q4 2025, up 108.5% from a loss of $71 million in Q4 2024.
• Operating cash flow grew to $316 million in Q4 2025, a 23% increase over the previous year.
• Free cash flow hit $78 million in Q4 2025, up 50% from $52 million in Q4 2024.

Final Evolution

Lineage has transformed from a regional cold storage provider into the world's largest temperature-controlled warehouse REIT. Its growth relies on combining a global real estate network with proprietary data science and automated technology.