Americold Realty Trust Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.25%.
Did COLD Beat Earnings? Q4 2025 Results
Americold Realty Trust delivered a sharply mixed fourth quarter for fiscal 2025, posting adjusted funds from operations of $0.38 per share, well above the $0.08 consensus estimate, while revenue of $658.45 million fell just short of the $669.28 million Wall Street had anticipated and declined 1.2% from a year ago. The earnings beat was driven primarily by disciplined cost management and margin expansion, with Core EBITDA climbing 4.7% to $162.93 million and Global Warehouse segment NOI growing 2.7% to $206.88 million despite persistent volume pressure; economic occupancy slipped 130 basis points to 76.1% amid speculative cold storage development and cautious consumer spending, with throughput pallets down 4.3% year-over-year. On a GAAP basis, the net loss widened to $88.34 million, weighed down by $55.94 million in real estate disposition losses and $41.80 million in impairment charges. Looking ahead, management guided 2026 AFFO per share to $1.20 to $1.30, reflecting macro caution while targeting more than $30 million in SG&A and indirect labor savings, with institutional sentiment remaining mixed as some large shareholders trimmed positions heading into the print.
- Same-store services margin expansion to 13.9% from 12.7% in Q4 2024
- Lower warehouse cost of operations due to exit of certain sites
- Higher revenue per pallet from pricing adjustments and mix changes
- Decrease in SG&A costs
- Achievement of 60% fixed commitment contract target for rent and storage revenues
“Americold delivered solid fourth-quarter AFFO per share of $0.38, slightly ahead of expectations in what remains a challenging backdrop across the cold storage industry. Our teams continue to execute well, improving operational performance, advancing our commercial strategy, and delivering on key development milestones around the globe. During the year we expanded our services margin and achieved our long-term 60% target for fixed commitment contracts, while winning new business with some of the world's most important food producers and retailers. I am proud of how the organization has remained focused on delivering our commitments as we build a stronger foundation for the years ahead.”
Americold CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Americold introduced guidance of AFFO per share of $1.20 to $1.30. Warehouse segment same-store revenues (constant currency) are expected at $2.20B–$2.27B, with same-store NOI (constant currency) of $735M–$785M. Total Company NOI (constant currency) is guided at $780M–$845M. Core EBITDA is expected at $570M–$620M. Total SG&A is projected at $250M–$260M, interest expense at $170M–$180M, current income tax expense at $6M–$8M, and total maintenance capex at $60M–$70M. Key 2026 priorities include disciplined balance sheet management, enhancing portfolio profitability through non-strategic asset sales, expanding retail and store-support solutions, broadening into adjacent sectors, and executing cost reductions targeting more than $30M in SG&A and indirect labor savings with an additional $50M+ reduction from lower Project Orion and transformation costs.
COLD YoY Financials
COLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.