Americold Realty Trust (COLD) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered $0.35 AFFO/Adjusted FFO per share, exceeding expectations for the fourth consecutive quarter, despite a net loss driven by $309.6 million in impairment charges related to facility wind-downs.

• Strategic focus included deleveraging, portfolio optimization, organic growth, cost structure improvements, and advancing a $1.1B joint venture with EQT to reduce leverage and enhance financial flexibility.

• Expanded credit facility maturities, maintained investment grade ratings, and announced $100M in cost savings initiatives.

• Continued expansion in retail, QSR, e-commerce, and new business wins in Australia and Europe.

• Segment reorganization combined Warehouse and Third-Party Managed segments into a single Warehouse segment.

Financial highlights

• Total Q2 2026 revenues were $662.9 million, up 1.9% year-over-year; Adjusted FFO was $102.0 million ($0.35 per share), down from $103.6 million ($0.36 per share) in Q2 2025.

• Core EBITDA for Q2 2026 was $159.1 million, flat year-over-year; margin decreased to 24.0%.

• Same-store warehouse revenue grew 57% from 2021 to 2026 TTM, reaching $2.3B; NOI increased 60% to $815M.

• Physical occupancy in same store warehouses rose to 69.1% (up 290 bps), while economic occupancy was 77.7%.

• Dividend of $0.23 per share declared and paid in July 2026.

Outlook and guidance

• Full-year AFFO/Adjusted FFO guidance raised to $1.26–$1.32 per share, reflecting confidence in business resilience and offsetting projected dilution from the EQT JV.

• Warehouse segment same-store revenues expected at $2.03B–$2.09B; NOI guidance at $660M–$695M; Core EBITDA at $570M–$600M.

• Interest expense projected at $155M–$160M; maintenance capital expenditures expected at $60M–$70M.

• Guidance reflects JV impact, with $35M reduction in NOI and $0.05 reduction in AFFO per share.

• Guidance excludes impacts from future acquisitions, dispositions, or capital markets activity not previously announced.