Americold Realty Trust, Inc.

What they do

Americold owns and operates temperature-controlled warehouses and provides related transportation and third-party managed services for food producers, processors, distributors and retailers. As of December 31, 2025, it operated 231 warehouses: 188 in North America, 23 in Europe, 18 in Asia-Pacific and 2 in South America, with a minority interest in the RSA Cold Holdings joint venture in Dubai. Warehouses are grouped into four solution nodes: production-focused (67 warehouses, 406.8 million cubic feet), forward distribution (102, 649.9 million cubic feet), retail solutions (27, 175.6 million cubic feet) and port-oriented (32, 184.4 million cubic feet).

Revenue drivers

• Warehouse — The largest segment, earning storage and handling fees across the 231-warehouse network; the company notes it depends on certain customers for a substantial amount of Warehouse segment revenues.
• Transportation — One of three reported segments, providing temperature-controlled transportation services that connect the warehouse network to customers' supply chains.
• Third-Party Managed — One of three reported segments, operating temperature-controlled facilities for third-party owners.
• Segment mix detail — Segment-level revenue or NOI splits are not disclosed in the excerpts provided; the filings state only that the business is viewed through Warehouse, Transportation and Third-Party Managed segments.

Recent performance

Annual revenue declined from $2.68 billion in 2021 to $2.54 billion in 2025, with net loss of $115.3 million and diluted EPS of -$0.40 in 2025. Recent quarterly revenue was $649.0 million (Q3 2025), $643.1 million (Q4 2025), $615.2 million (Q1 2026) and $647.8 million (Q2 2026). For the six months ended June 30, 2026, net cash provided by operating activities was $140.0 million, down $10.5 million versus $150.5 million a year earlier, which the company attributed primarily to lower overall NOI partially offset by favorable working capital. Investing activities used $215.7 million in the first half of 2026, including $250.4 million of property, buildings and equipment additions, $18.7 million for the March 18, 2026 acquisition of the previously leased Massillon facility, offset by $23.4 million from collection of advances to partially owned entities and $30.0 million from sales of real estate related assets.

Strategy

Management describes a strategy of disciplined execution, capital efficiency and proactive asset management to grow cash flow and long-term stockholder value, leveraging the scale and density of the global warehouse network. The company continues Project Orion, its transformation program launched in February 2023, which includes a cloud-based ERP system plus AI-related and market expansion initiatives; Orion – Oracle ERP activities are substantially complete except for the European implementation. Since inception, Project Orion has incurred $227.7 million of total implementation costs, with $88.6 million of unamortized deferred costs in Other Assets at December 31, 2025. The company also invests in development and expansion projects, capitalized maintenance and IT, and has been a net acquirer, buying the previously leased Massillon facility in March 2026 for $18.7 million. Management states that food remains the primary end market, with facilities also supporting adjacent temperature-sensitive categories and, where appropriate, non-temperature-sensitive goods.

Risks

• Segment and geographic concentration — The company states its investments are concentrated in the temperature-controlled warehouse industry and in certain geographic areas susceptible to local conditions, natural disasters, economic slowdowns and localized warehouse oversupply.
• Customer contract structure — The company cites the short-term nature of many customer contracts and lack of fixed storage commitments, as well as dependence on certain customers for a substantial amount of Warehouse segment revenues.
• Inflation, labor and supply chain — The company identifies continued inflation, labor shortages, increased turnover and work stoppages, and supply chain disruptions as risks that could materially adversely affect it and its customers' ability to produce and ship products.
• Trade disputes and tariffs — National and international economic conditions, including uncertainty from trade disputes and tariffs on goods imported to the United States and exported to other countries, are cited as potentially materially adverse.

Outlook

Management ties its outlook to continued customer outsourcing, e-commerce growth and evolving distribution models, which it believes its network is positioned to serve. It expects Project Orion initiatives to deliver revenue and margin improvement through pricing data and analytics and contract governance, plus finance, HR and IT cost reductions, working capital efficiency and lower IT maintenance capital expenditures. The 10-K discussion of results is limited to 2025, and the company refers readers to its prior-year 10-K for the 2024 versus 2023 comparison.