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Americold

Americold (COLD) Q2 2026 Earnings

Reported Aug 6, 2026 at 6:44 AM ET · SEC Source

Q2 26 EPS Adjusted

$0.35

BEAT +1,066.67%

Est. $0.03

Q2 26 Revenue

$662.9M

BEAT +7.89%

Est. $614.4M

vs S&P Since Q2 26

+7.0%

BEATING MARKET

COLD +7.6% vs S&P +0.6%

Market Reaction

Did COLD Beat Earnings? Q2 2026 Results

Americold Realty Trust delivered a stronger-than-expected second quarter for fiscal 2026, posting adjusted FFO of $0.35 per diluted share against a consensus estimate of $0.30, a beat of 16.67%, even as a $309.57 million non-cash impairment charge ti… Read more Americold Realty Trust delivered a stronger-than-expected second quarter for fiscal 2026, posting adjusted FFO of $0.35 per diluted share against a consensus estimate of $0.30, a beat of 16.67%, even as a $309.57 million non-cash impairment charge tied to the wind-down of two automated distribution centers in Lancaster, PA and Plainville, CT drove a significant GAAP net loss and rattled investors. Revenue climbed 1.9% year-over-year to $662.89 million, supported by higher transportation services revenues, same-store warehouse rate increases, and favorable foreign exchange movements. The underlying warehouse business showed resilience, with physical occupancy improving 460 basis points year-over-year to 67.4%, though surging energy costs pushed same-store NOI down 1.5% as power expenses rose 11.3%. The impairment also drew scrutiny from law firms investigating potential securities violations. Looking ahead, management raised full-year 2026 Adjusted FFO guidance to $1.26-$1.32 per share, incorporating projected dilution from its pending $1.30 billion joint venture with EQT, which is expected to close in Q3 2026 and reduce leverage by 0.75x.

Key Takeaways

  • • Transportation services revenue growth of 23.3% drove total revenue increase
  • • Same store warehouse rate increases contributed to revenue growth
  • • Favorable foreign exchange rate movements added to reported revenue
  • • Physical occupancy improved 460 basis points year-over-year to 67.4%
  • • Economic occupancy rose 220 basis points to 76.0%
  • • Higher energy costs pressured warehouse margins — power costs up 11.3% YoY in same-store pool
  • • Portfolio management initiatives (site sales/exits) reduced non-same store revenues
  • • Same store warehouse services revenue per throughput pallet increased to $39.06 from $38.00 YoY
  • • Same store rent and storage revenue per economic occupied pallet rose to $63.23 from $62.56 YoY
  • • Fixed storage contracts now account for 58% of total warehouse rent and storage revenues with 8-year weighted average term, up from 39% in 2021

COLD Forward Guidance & Outlook

The company raised full-year 2026 Adjusted FFO guidance to $1.26–$1.32 per share (inclusive of projected JV dilution of ~$0.05), up from unadjusted guidance of $1.31–$1.37. Updated guidance includes: Warehouse segment same store revenues (constant currency) of $2.03B–$2.09B (unadjusted $2.25B–$2.32B); Warehouse segment same store NOI (constant currency) of $660M–$695M (unadjusted $760M–$800M); Total Company NOI (constant currency) of $775M–$815M (unadjusted $810M–$850M); Total SG&A of $250M–$260M (inclusive of ~$218M–$228M core SG&A, $23M–$24M share-based compensation, $8M–$10M Project Orion deferred costs amortization); Core EBITDA of $570M–$600M (unadjusted $605M–$635M); Interest expense of $155M–$160M (unadjusted $170M–$175M, ~$15M savings from JV); Current income tax expense of $7M–$9M; Total maintenance capital expenditures of $60M–$70M. The JV with EQT is expected to close during Q3 2026, with regulatory approval already received.

24/7 Wall St

COLD YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

COLD Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Americold delivered another quarter of strong results, with Adjusted FFO of $0.35 per share exceeding our expectations and total revenues increasing year-over-year. We were encouraged by ongoing growth in both physical occupancy and pricing, as industry fundamentals show continued signs of stabilization. While consumer demand remains relatively flat, our results demonstrate the strength of our platform, the value of our customer relationships, and our ability to win new business through operational excellence and disciplined commercial execution.”

— Robert S. Chambers, Q2 2026 Earnings Press Release

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