Q2 2026 Revenue up 1% year over year to $1.4B · 2¢ of every $1 of revenue lost · operating margin 4.0%
Lineage made $1.4B in Q2 2026 (+0.8% Y/Y): Global Warehousing $1.0B, Global Integrated Solutions $356M. Operating margin 4.0%, net loss $32.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Revenue$1.4B
Year over year+0.8%
Operating margin4.0%
Net earnings−$32.0M
Operating cash flow$311M
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What changed this quarter
Revenue was $1.4B in Q2 2026, up 1% year over year and up 5% from the previous quarter. Global Warehousing was the largest line at 74% of revenue. Global Warehousing added $0.04B year over year (up 4%), 318% of the total change. Global Integrated Solutions declined 6%.
Operating profit was $0.05B, a 4.0% margin (up 2.3 points year over year). Of the extra revenue versus Q2 2025, 282% reached operating profit, above the 2% margin then. Total costs fell 2% while revenue rose 1%. The quarter ended with a net loss of $0.03B, narrower than the previous quarter's $0.05B loss. Minority interests bore $3.0M of it: to shareholders the quarter was a loss of $0.03B. Net interest and other expense of $0.09B was the main reason.
Operating cash flow was $0.31B (up 21% year over year). Non-cash charges added back $0.24B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.08B. Capital expenditures of $0.12B left free cash flow of $0.19B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 5, 2026
$1.4B
+0.8%
4.0%
−$32.0M
$311M
Q1 2026
10-Q
May 6, 2026
$1.3B
+0.4%
2.8%
−$51.0M
$130M
Q4 2025
10-K
Feb 25, 2026
$1.3B
-0.2%
5.0%
$6.0M
$316M
Q3 2025
10-Q
Nov 5, 2025
$1.4B
+3%
2.5%
−$112M
$230M
Q2 2025
10-Q
Aug 6, 2025
$1.4B
+0.9%
1.7%
−$7.0M
$258M
Q1 2025
10-Q
Apr 30, 2025
$1.3B
-3%
4.3%
$0
$139M
Q4 2024
10-K
Feb 26, 2025
$1.3B
+0.4%
-1.6%
−$80.0M
$257M
Charts
Latest (Q2 2026): Y/Y +1%, Q/Q +5%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$32.0M, Operating cash flow $311M.+50.0% since FY2022: more shares outstanding (issuance, stock pay).Cash $66.0M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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.
In its own words, from its 10-K, filed Feb 25, 2026.
Lineage against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.8% against the peers' median +11%. Operating margin: 4.0% against the peers' median 15.9%.
