LINE Nasdaq Russell 1000 Earnings call
Lineage, Inc. (LINE) · Q2 2026 results and valuation
Share price: $35.40 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net loss narrowed on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -29.0M vs -51.0M
Revenue +4.9%
Net income -29.0M vs -6.0M in Q2 2025 and -51.0M last quarter.
2 · How management spoke
Restrained
Less upbeat than 79% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Figure
The company invested $1.1 billion into projects expected to deliver over $134 million in incremental NOI once stabilized.
Valuation
Is Lineage, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$35.40
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+25.3% for 10 yrs
Fair value / share
$-6.98
Buy below
$-5.23
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
New supply deliveries are expected to slow to below 2% in 2026 and 2027 because current supply-demand dynamics and elevated construction costs make speculative development less economically compelling.
Source quote
“we expect the new supply deliveries to meaningfully slow in '26 and '27, declining below 2%. Todd, the 10% was just rounding effectively, we didn't see any meaningful change. And given the current supply-demand dynamics and elevated construction costs, the incremental speculative development is just no longer economically compelling.”
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Guidance
LINE expects to begin lapping 2025 steep volume declines in late Q3 into Q4, easing the headwind as the year closes.
Source quote
“We expect to begin lapping 2025 steep volume declines in late Q3 into Q4, easing the headwind as the year closes.”
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Guidance
The company expects margin recapture as new market rates are absorbed into customer pricing over time.
Source quote
“We expect margin recapture as new market rates are absorbed into customer pricing over time.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“A stabilizing supply and demand environment and a sharper focus on revenue growth, coupled with expense management and balance sheet optimization, provide a solid foundation for 2026 and positions us...”
“Excluding the impact of last year's Spain transportation disposition, the segment saw solid underlying revenue growth of 5%, driven by continued momentum in our U.S.”
“I'm excited about the trajectories in these portfolios and proud of the teams driving such solid results.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.36B | 1.30B | +4.9% | 1.35B | +0.8% |
| Gross profit | 425.0M | 417.0M | +1.9% | 430.0M | −1.2% |
| Operating income | 54.0M | 36.0M | +50.0% | 23.0M | +134.8% |
| Net income | -29.0M | -51.0M | Loss narrowed | -6.0M | Loss widened |
| EPS | -0.13 | -0.18 | Loss narrowed | -0.03 | Loss widened |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Operational trends continue to show signs of stabilization, and this quarter marks another step forward in demonstrating Lineage's ability…
- I'll provide key highlights from the second quarter, then I'll share Lineage's latest views on cold storage industry dynamics.
- Within the same warehouse pool, rent, storage and blast revenue per physical pallet declined approximately 0.7% year-over-year, while…
- A favorable mix helped offset what continues to be a challenging volume environment tied to trade-related headwinds.
- As Greg mentioned last call, Lineage secured a key confectionery account win that launched successfully in June.
Faded since Q1 2026
- Dropped Lineage is the global leader in its markets with a network of modern hard-to-replace assets strategically located near population...
- Dropped A subset of them will continue to struggle or ultimately fail, and Lineage is going to assess those consolidation opportunities…
- Fading Key highlights from Q1, then I'll share Lineage's latest view on cold storage and industry dynamics.
- Fading Same-store physical occupancy sequentially declined by 290 basis points to 76.4%, in line with Lineage's expectations.
Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K