Lineage Initiates 2026 EBITDA Guidance at $1.25–1.30B After Flat 2025 Revenue
Lineage’s Q4 revenue slipped 0.2% to $1.336B with adjusted EBITDA down 2.4% to $327M and AFFO per share flat at $0.83. Full-year 2025 revenue held at $5.355B as AFFO climbed 22.7% to $865M, and 2026 guidance forecasts $1.25–1.30B adjusted EBITDA and $2.75–3.00 AFFO per share.
1. Fourth-Quarter Results
In Q4 2025, Lineage generated $1.336B in revenue, a 0.2% decline year-over-year. GAAP net income was $6M ($0.03 per share), adjusted EBITDA fell 2.4% to $327M with margin contracting 50 basis points to 24.5%, while AFFO rose 0.5% to $214M, maintaining per-share at $0.83.
2. Full-Year 2025 Performance
For the full year, total revenue was unchanged at $5.355B as GAAP net loss reached $113M (−$0.43 per share). Adjusted EBITDA decreased 2.3% to $1.298B with margin down 70bps to 24.2%, offset by a 22.7% rise in AFFO to $865M and AFFO per share growing 2.4% to $3.37. A quarterly dividend of $0.5275 per share, or an annualized $2.11, was declared.
3. 2026 Guidance
Looking to 2026, the company forecasts adjusted EBITDA between $1.25B and $1.30B and AFFO per share of $2.75–3.00, excluding impacts from future acquisitions or developments. This guidance reflects a disciplined approach to cost control, capex management, and labor productivity to drive long-term value.