Americold Realty Trust Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
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 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.
- 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
“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.”
Americold CEO, on the earnings call
Forward Guidance & Outlook
Americold reaffirmed its full-year 2025 guidance: AFFO per share of $1.39–$1.45; warehouse segment same store revenue growth (constant currency) of (4.0)%–0.0%; same store NOI growth 50–100 bps lower than associated revenues; non-same store NOI of $7M–$13M; transportation and third-party managed segment NOI of $40M–$44M; total SG&A of $270M–$280M; interest expense of $145M–$149M; current income tax expense of $6M–$8M; non-real estate depreciation and amortization of $139M–$149M; and total maintenance capital expenditures of $60M–$70M. Management noted that pricing and occupancy challenges are likely to continue through 2026.
COLD YoY Financials
COLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.