LINE on Nasdaq

Lineage, Inc.

We are the world’s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerLINE on Nasdaq2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address46500 Humboldt Drive, Novi, Mi 483773
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900P9JQJ7HDCJIR042
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CSC-LAWYERS INCORPORATING SERVICE CO., 7 ST. PAUL STREET, SUITE 905, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D179557332

We are the world’s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors,…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.4%Operating margin5
-1.9%Net margin5
0.3%Revenue growth, 20255
-1.2%Return on equity5
0.74×Debt to equity5
$196.0MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Global Warehousing brought in 74% of the revenue Lineage, Inc. broke down this way in fiscal 2025.

  1. Global Warehousing$4.0B574%up 2% from 2024
  2. Global Integrated Solutions$1.4B526%down 3% from 2024
Business segments by year
Business segments202320242025
Global Warehousing$3.9B$3.9B$4.0B
Global Integrated Solutions$1.5B$1.5B$1.4B

Regions

United States brought in 65% of the revenue Lineage, Inc. broke down this way in fiscal 2025.

  1. United States$3.5B565%up 2% from 2024
  2. Europe$1.2B522%down 3% from 2024
  3. Asia Pacific$445.0M58%up 0% from 2024
  4. Canada$283.0M55%down 3% from 2024
  5. Other Foreign$5.0M50%up 25% from 2024
Regions by year
Regions202320242025
United States$3.4B$3.4B$3.5B
Europe$1.2B$1.2B$1.2B
Asia Pacific$434.0M$445.0M$445.0M
Canada$277.0M$293.0M$283.0M
Other Foreign$4.0M$4.0M$5.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue68¢$3.6B
  • Other costs32¢$1.7B
  • Income tax0¢$2.0M

Out of $5.4B in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending55¢$747.0M
  • Dividends paid39¢$537.0M
  • Share buybacks6¢$82.0M

Out of $943.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue65$5.4B in 2025+9% since 2022
0$2.0B$4.0B$6.0B2022: $4.9B$4.9B20222023: $5.3B$5.3B2023+8%2024: $5.3B$5.3B2024−0%2025: $5.4B$5.4B2025+0%
Operating income65$181.0M in 2025−39% since 2022
-$400.0M-$200.0M0$200.0M$400.0M2022: $297.0M$297.0M20222023: $398.0M$398.0M2023+34%2024: -$361.0M-$361.0M20242025: $181.0M$181.0M2025
Net income65-$100.0M in 2025+59% since 2022
-$800.0M-$600.0M-$400.0M-$200.0M02022: -$63.0M-$63.0M20222023: -$77.0M-$77.0M2023+22%2024: -$664.0M-$664.0M2024+762%2025: -$100.0M-$100.0M2025−85%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Net revenues$5.4B$5.3B$5.3B
Cost of operations$3.6B$3.6B$3.6B
General and administrative expense$574.0M$539.0M$502.0M
Depreciation expense$675.0M$659.0M$552.0M
Amortization expense$220.0M$217.0M$208.0M
Acquisition, transaction, and other expense$67.0M$651.0M$60.0M
Goodwill impairment$48.0M$0$0
Restructuring, impairment, and (gain) loss on disposals-$44.0M$57.0M$32.0M
Total operating expense$5.2B$5.7B$4.9B
Income from operations$181.0M-$361.0M$398.0M
Equity income (loss), net of tax-$3.0M-$6.0M-$3.0M
Gain (loss) on foreign currency transactions, net$28.0M-$25.0M$4.0M
Interest expense, net-$268.0M-$430.0M-$490.0M
Gain (loss) on extinguishment of debt-$3.0M-$17.0M$0
Other nonoperating income (expense), net-$50.0M-$1.0M-$19.0M
Total other income (expense), net-$296.0M-$479.0M-$508.0M
Net income (loss) before income taxes-$115.0M-$840.0M-$110.0M
Income tax expense (benefit)-$2.0M-$89.0M-$14.0M
Net income (loss)-$113.0M-$751.0M-$96.0M
Less: Net income (loss) attributable to noncontrolling interests-$13.0M-$87.0M-$19.0M
Net income (loss) attributable to Lineage, Inc.-$100.0M-$664.0M-$77.0M
Unrealized gain (loss) on interest rate hedges and foreign currency hedges-$61.0M-$60.0M-$87.0M
Foreign currency translation adjustments$258.0M-$207.0M$88.0M
Comprehensive income (loss)$84.0M-$1.0B-$95.0M
Less: Comprehensive income (loss) attributable to noncontrolling interests$8.0M-$115.0M-$21.0M
Comprehensive income (loss) attributable to Lineage, Inc.$76.0M-$903.0M-$74.0M
Basic earnings (loss) per share (in dollars per share)-$0.43-$3.70-$0.73
Diluted earnings (loss) per share (in dollars per share)-$0.43-$3.70-$0.73
Basic (in shares)228.0M shares191.0M shares162.0M shares
Diluted (in shares)228.0M shares191.0M shares162.0M shares

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Leadership

Who has led Lineage, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (17)

Former names

  • Lineage Growth Properties, Inc.Jul 8, 2021 to Jul 8, 20213

Timeline

  1. Apr 21, 2025New chief executive Greg Lehmkuhl becomes CEO9
  2. Apr 21, 2017Founded Lineage, Inc. is founded2

Filings

205 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 28 major events, 115 insider forms, 4 large holders, 49 other. The latest 20:

  1. Sep 25, 20264 EDGAR
  2. Sep 25, 20263 EDGAR
  3. Sep 24, 20268-K EDGAR
  4. Sep 1, 20264 EDGAR
  5. Aug 10, 20264 EDGAR
  6. Aug 5, 202610-Q EDGAR
  7. Aug 5, 20268-K EDGAR
  8. Jun 12, 20268-K EDGAR
  9. Jun 11, 20264 EDGAR
  10. Jun 11, 20264 EDGAR
  11. Jun 11, 20264 EDGAR
  12. Jun 11, 20264 EDGAR
  13. May 6, 202610-Q EDGAR
  14. May 6, 20268-K EDGAR
  15. Apr 27, 20264 EDGAR
  16. Apr 23, 2026DEFA14A EDGAR
  17. Apr 23, 2026DEF 14A EDGAR
  18. Apr 9, 20268-K EDGAR
  19. Apr 3, 20264 EDGAR
  20. Apr 3, 20264 EDGAR

The 205 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

24 open-market trades by officers, directors and large owners since October 2021: 24 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 28, 2026Marchetti Kevin PatrickCo-Executive ChairmanBuy25,000$39.50$987.5KForm 4
Aug 7, 2026LeMasters Robb A.Chief Financial OfficerBuy20,000$41.33$826.6KForm 4
Mar 12, 2026Marchetti Kevin PatrickCo-Executive ChairmanBuy13,300$37.50$498.8KForm 4
Mar 9, 2026Marchetti Kevin PatrickCo-Executive ChairmanBuy11,222$39.05$438.2KForm 4
Nov 21, 2025Fleming Abigail SChief Accounting OfficerBuy500$33.57$16.8KForm 4
Nov 13, 2025LeMasters Robb A.Chief Financial OfficerBuy30,000$33.74$1.0MForm 4
Nov 10, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy14,500$33.72$488.9KForm 4
Nov 10, 2025Forste Adam Matthew SchwartzCo-Executive ChairmanBuy74,000$33.83$2.5MForm 4
Nov 7, 2025Crisci RobertChief Financial OfficerBuy10,000$34.56$345.6KForm 4
Aug 19, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy12,345$40.44$499.2KForm 4
Aug 8, 2025Thattai Sudarsan VSee RemarksBuy3,563$42.45$151.2KForm 4
Aug 8, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy23,540$42.28$995.2KForm 4
May 9, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy11,050$45.63$504.2KForm 4
May 8, 2025Forste Adam Matthew SchwartzCo-Executive ChairmanBuy10,949$44.93$491.9KForm 4
May 6, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy11,500$43.75$503.1KForm 4
May 5, 2025Thattai Sudarsan VSee RemarksBuy4,420$45.23$199.9KForm 4
Feb 28, 2025Forste Adam Matthew SchwartzCo-Executive ChairmanBuy24,317$60.50$1.5MForm 4
Feb 28, 2025Marchetti Kevin PatrickCo-Executive ChairmanBuy16,233$60.50$982.2KForm 4
Jul 26, 2024Falotico Nancy JoyDirectorBuy1,300$78.00$101.4KForm 4
Jul 26, 2024Wentworth Lynn ADirectorBuy3,100$78.00$241.8KForm 4

All 24 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Norges Bank13,917,122$601.9M0.1%New
Vanguard Portfolio Management LLC5,734,672$248.0M0.0%+34,595
BlackRock, Inc.5,260,370$227.5M0.0%+339,811
D1 Capital Partners L.P.4,736,312$204.8M0.6%−2,665,917
Aqr Capital Management LLC4,673,227$202.1M0.1%+1,980,993
Bank Of America Corp /de/3,607,975$156.0M0.0%−2,148
Vanguard Capital Management LLC2,956,421$127.9M0.0%+63,887
HighTower Advisors, LLC2,286,166$98.9M0.1%+130,895
Baillie Gifford & Co2,274,996$98.4M0.1%−280,127
State Street Corp1,899,057$83.2M0.0%−70,612
Darlington Partners Capital Management, LP1,533,843$66.3M2.9%−1,235,820
Geode Capital Management, LLC1,399,961$60.6M0.0%−98,890
UBS Group AG1,197,943$51.8M0.0%−211,094
Charles Schwab Investment Management Inc1,110,367$48.0M0.0%+72,058
Fuller & Thaler Asset Management, Inc.1,080,091$46.7M0.1%−38,775
Bank of New York Mellon Corp1,032,098$44.6M0.0%+97,765
Canada Pension Plan Investment Board954,248$41.3M0.0%No change
Morgan Stanley947,862$41.0M0.0%+260
Dimensional Fund Advisors LP928,659$40.2M0.0%+51,758
Goldman Sachs Group Inc920,405$39.8M0.0%+747,306
Fairview Capital Investment Management, LLC799,518$34.6M1.8%−36,990
GRS Advisors, LLC795,907$34.4M2.9%−170,326
Centersquare Investment Management LLC686,236$29.7M0.3%+222,416
Villere St Denis J & Co LLC618,495$26.7M3.2%−89,430
Lunate Capital Ltd600,000$25.9M13.2%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 26, 2024Ritchie TorresDemocratic, HouseBuy$1,001 - $15,000−91.3%Report
Jul 25, 2024John W. HickenlooperDemocratic, SenateBuy$50,001 - $100,000−101.1%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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