Q3 25 EPS
$0.35
BEAT +250.00%
Est. $0.10
Q3 25 Revenue
$663.7M
BEAT +0.16%
Est. $662.6M
vs S&P Since Q3 25
+15.8%
BEATING MARKET
COLD +25.1% vs S&P +9.3%
Market Reaction
Did COLD Beat Earnings? Q3 2025 Results
Americold Realty Trust delivered a sharply stronger-than-expected non-GAAP result in Q3 2025, even as the cold storage giant continued to navigate a difficult operating environment. The temperature-controlled warehousing specialist posted Adjusted FF… Read more Americold Realty Trust delivered a sharply stronger-than-expected non-GAAP result in Q3 2025, even as the cold storage giant continued to navigate a difficult operating environment. The temperature-controlled warehousing specialist posted Adjusted FFO of $0.35 per diluted share, well ahead of the $0.10 consensus estimate, while revenue came in at $663.66 million, edging past forecasts by 0.16% despite slipping 1.6% from a year ago. The beat on earnings was tempered by persistent volume weakness, with same-store warehouse economic occupancy falling 280 basis points year-over-year to 75.5%, reflecting excess industry capacity and cautious consumer spending amid food inflation. Core EBITDA declined 5.7% to $148.27 million, with margins compressing 100 basis points to 22.3%. On a GAAP basis, the company reported a net loss of $11.45 million, widened from a $3.73 million loss in Q3 2024, partly due to costs tied to the rollout of its new ERP system. Americold reaffirmed full-year 2025 guidance of $1.39 to $1.45 in AFFO per share, though management cautioned that pricing and occupancy pressures are expected to persist through 2026.
Key Takeaways
- • Lower warehouse volumes due to competitive environment and consumer conservatism
- • Increased SG&A from Project Orion go-live
- • Annual rate increases partially offsetting volume declines
- • Rent and storage revenue per pallet increased 3.9% YoY
- • 60% of rent and storage revenues from fixed commitment contracts
COLD YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
COLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Over the past two months as CEO of Americold, I've had the opportunity to visit several of our geographic regions both domestically and internationally, connecting with our teams and reinforcing our shared values and operating priorities. I have long been impressed by the unwavering commitment to operational excellence and strong execution demonstrated by our teams. This focus and dedication has been instrumental in navigating through the current market conditions and allowed us to deliver third-quarter AFFO of $0.35 per share, in-line with expectations, despite the ongoing industry headwinds.”
— Rob Chambers, Q3 2025 Earnings Press Release
COLD Earnings Trends
COLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COLD EPS Trend
Earnings per share: estimate vs actual
COLD Revenue Trend
Quarterly revenue: estimate vs actual
COLD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.04 | $-0.05 | -225.00% | $629.9M | +4.60% |
| Q4 25 BEAT FY | $0.09 | $0.38 | +322.22% | $658.5M | +0.60% |
| FY Full Year | $-0.04 | $1.43 | +3,480.61% | $2.60B | -0.41% |
| Q3 25 BEAT | $0.10 | $0.35 | +250.00% | $663.7M | +0.16% |
| Q2 25 MISS | $0.11 | $0.01 | -90.91% | $650.7M | +1.09% |
| Q1 25 MISS | $0.08 | $-0.06 | -180.00% | $629.0M | -5.62% |