Americold Realty Trust Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.75%.
Did COLD Beat Earnings? Q1 2026 Results
Americold Realty Trust delivered a split verdict in Q1 2026, beating revenue expectations while falling well short on the bottom line. The temperature-controlled warehouse REIT posted revenue of $629.87 million, edging up 0.1% year over year and coming in 4.60% above the $602.15 million consensus, driven largely by an 18.1% surge in its Transportation segment. But profitability told a harder story: the company reported a loss of $0.05 per diluted share, missing the $0.04 consensus estimate by 225.00%, as warehouse segment margins contracted 160 basis points to 32.3% amid elevated energy costs that pushed NOI down 6.0% to $186.71 million. Adjusted FFO slipped to $0.29 per diluted share from $0.34 a year ago, and Core EBITDA fell 7.3% to $136.82 million. A $1.30 billion joint venture with EQT was announced to shore up the balance sheet, where net debt stands at $4.36 billion at 7.1x leverage. For full-year 2026, management guided Adjusted FFO per share of $1.20 to $1.30 and Core EBITDA of $570 million to $620 million, though those figures exclude the JV's impact, adding uncertainty as an activist governance challenge looms ahead of the May 18 director votes.
- Transportation segment revenue growth driven by higher volumes across the transportation network
- Higher revenue per pallet due to changes in mix and pricing adjustments offsetting volume declines in warehouses
- Favorable $9.1 million change in total income tax benefit compared to Q1 2025
- $5.0 million decrease in transaction, strategic initiatives and other costs (from $25.4M to $20.4M)
- Physical occupancy levels have largely stabilized at 64.9% globally, up from 63.3% YoY
- Warehouse segment revenues declined due to competitive environment, changing consumer buying habits, and increased speculative cold storage capacity
- Same store physical occupancy improved to 66.4% from 66.2% YoY
- Same store rent and storage revenues per average economic occupied pallet increased to $61.35 from $60.77
“Americold delivered another solid quarter, with results that came in ahead of expectations. Our teams remain tightly focused on pricing discipline, cost control, and delivering excellent service to customers. I was particularly encouraged that physical occupancy levels have largely stabilized, reinforcing our view that we should return to more normal seasonal trends as we progress throughout the year.”
Americold CEO, on the earnings call
Forward Guidance & Outlook
Full-year 2026 guidance (as of February 19, 2026, excluding the impact of the newly announced EQT joint venture): Warehouse segment same store revenues (constant currency) of $2.20B–$2.27B; Warehouse segment same store NOI (constant currency) of $735M–$785M; Total Company NOI (constant currency) of $780M–$845M; Total SG&A expense of $250M–$260M; Core EBITDA of $570M–$620M; Interest expense of $170M–$180M; Current income tax expense of $6M–$8M; Total maintenance capital expenditures of $60M–$70M; Adjusted FFO per share of $1.20–$1.30. Guidance does not include impact of acquisitions, dispositions, or capital markets activity beyond previously announced, nor the impact of the EQT joint venture announced May 7, 2026. The company has discontinued point-in-time expected return estimates for external growth investments given current macroeconomic uncertainty, and is reassessing stabilization timelines, cash flow expectations, and yield metrics.
COLD YoY Financials
COLD Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.