AMERICOLD REALTY TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMERICOLD REALTY TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,490	1,544	1,604	1,784	1,988	2,715	2,915	2,673	2,667	2,602
Cost of revenue							2,219	1,903	1,820	1,762
Gross profit							696	771	847	839
Selling, general and administrative	96.7	99.6	111	129	145	182	231	227	255	269
Operating income	132	137	180	131	168	73	87.9	-108	124	7.23
Interest expense	120	115	93.3	94.4	91.5	99.2	116	140	135	148
Interest income	0.71	1.07	4	6.29	1.16	0.84	1.63
Other non-operating income	-1.37	-1.94	-0.53	-1.87	-2.56	2.02	2.46	2.8	27.9	6.92
Pre-tax income	10.8	8.79	44.4	43	17.6	-30.6	-29.9	-328	-103	-136
Income tax	5.88	9.39	-3.62	-5.16	-6.93	-1.57	-18.8	-2.27	-8.43	-20.5
Income from continuing operations						-29	-11.1	-326	-94.7	-115
Net income to minority interests			0	0	0.02	0.15	-0.03	-0.05	-0.44	-0.73
Net income	4.93	-0.61	48	48.2	24.5	-30.5	-19.4	-336	-94.3	-115
EBITDA	251	254	298	295	384	393	419	245	485	375
EPS, basic	-0.35	-0.43	0.31	0.26	0.11	-0.12	-0.07	-1.22	-0.33	-0.40
EPS, diluted	-0.35	-0.43	0.31	0.26	0.11	-0.12	-0.07	-1.22	-0.33	-0.40
Shares, basic (weighted)	69.9	70	141	180	203	259	270	276	285	286
Shares, diluted (weighted)	69.9	70	144	184	207	259	270	276	285	286
Dividend per share	0.29	0.29	0.74	0.82

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.8	48.9	208	234	621	83	53.1	60.4	47.7	137
Inventory		10.4	7.88	9.37	21.5	27	29.3	7.24	7.43	6.83
Property, plant and equipment		1,835	1,840	2,933	4,767	5,128	5,066	5,107	5,021	5,345
Lease right-of-use assets			0	59.6	267	320	276	247	222	180
Goodwill	187	188	186	318	794	1,073	1,034	794	784	828
Intangible assets		26.6	25.1	285	797	981	925	897	839	819
Total assets		2,395	2,532	4,171	7,831	8,216	8,105	7,869	7,736	8,122
Total liabilities		2,209	1,826	2,338	4,038	4,187	4,317	4,235	4,429	5,200
Total debt					2,648
Paid-in capital		394	1,356	2,582	4,688	5,172	5,192	5,626	5,647	5,664
Retained earnings		-581	-638	-737	-896	-1,158	-1,415	-1,996	-2,342	-2,719
Other comprehensive income		-0.23	-12.5	-14.1	-4.38	4.52	-6.05	-16.6	-27.3	-63.2
Shareholders' equity	-149	-187	707	1,833	3,790	4,021	3,773	3,616	3,281	2,884
Minority interests				0	2.38	8.07	14.5	18.5	26.2	37.6
Total equity	-149	-187	707	1,833	3,793	4,029	3,788	3,635	3,307	2,922
Total liabilities and equity		2,395	2,532	4,171	7,831	8,216	8,105	7,869	7,736	8,122
Shares outstanding		69.4	148	192	252	268	270	284	284	285

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.93	-0.61	48	48.2	24.6	-30.3	-19.5	-336	-94.7	-115
Depreciation and amortization	119	117	118	163	216	320	331	354	361	367
Stock-based compensation	2.5	2.4	10.7	15.9	17.9	23.9	27.1	23.6	28.2	30.2
Deferred income tax	-0.59	-3.66	-3.15	-10.7	-13.7	-9.15	-22.6	-10.8	-13.2	-26.6
Change in receivables	-19.1	1.6	-1.94	-3.68	-12.9	-60.5	-68.6	-2.75	22.7	20.9
Change in payables	-4.57	18.2	-5.22	0.84	19.5	-7.5	13.3	23.5	17.3	-17
Cash from operations	119	163	188	236	294	273	300	366	412	360
Capital expenditures	-74.9	-149	-145	-217	-377	-438	-308	-264	-309	-577
Acquisitions		0	0	-1,320	-1,859	-741	-15.8	-46.7	0	-108
Cash from investing	-41.7	-139	-126	-1,605	-2,249	-1,239	-348	-357	-313	-658
Debt issued	0	0	600	350	922	0	0
Stock issued	0	0	586	1,207	1,579	474	0	413	0	0
Dividends paid	-20.2	-20.2	-76.5	-135	-167	-228	-239	-242	-252	-261
Cash from financing	-95.3	-18.6	84.9	1,395	2,330	431	23.3	-0.29	-107	383
Exchange rate effect	-0.28	1.14	-3.28	-0.11	5.98	-3.44	-4.73	-1.47	-4.65	4.32
Net change in cash	-18.2	5.89	147	26.6	374	-535	-25.2	8.8	-8.09	84.9
Free cash flow	43.9	14.3	43	19	-83.1	-165	-8.37	102	102	-217
Interest paid	115	107	85.6	68	82.8	87.7	118	135	122	138
Income taxes paid	10.9	11.9	5.51	2.21	1.49	10.8	7.89	5.83	6.72	5.85

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.14 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.2%	Gross profit / revenue.
Operating margin	15.1%	Operating income / revenue.
EBITDA margin	30.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.2%	Pre-tax income / revenue.
Net margin	9.0%	Net income / revenue.
FCF margin	-5.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.4%	Cash from operations / revenue.
Effective tax rate	1.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	13.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	18.5%	Capital expenditures / revenue.
D&A / revenue	15.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-94.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-56.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-46.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-22.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-12.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-312.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-12.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-5.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	59.0%	Total liabilities / total assets.
Interest coverage	2.42x	Operating income / interest expense.
Goodwill and intangibles / assets	21.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.43B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.35x	Revenue / average total assets.
Fixed asset turnover	0.57x	Revenue / average property, plant and equipment.
FCF conversion	-56.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	137.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.19	Revenue / diluted weighted shares.
FCF per share	-$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.23	Cash from operations / diluted weighted shares.
Book value per share	$10.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.99	Tangible book value / shares outstanding.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	110.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.61B	Share price x shares outstanding.
Enterprise value	$4.57B	Market cap + total debt - cash - short-term investments.
P/E	19.3x	Market cap / net income. Only when net income is positive.
P/S	1.74x	Market cap / revenue.
P/B	1.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.23x	Market cap / tangible book value, when positive.
P/OCF	13.0x	Market cap / cash from operations, when positive.
EV/Sales	1.73x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.71x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.9%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Dividend yield	5.7%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.

What was AMERICOLD REALTY TRUST's revenue in fiscal 2025?

AMERICOLD REALTY TRUST reported revenue of $2.60B for fiscal 2025, 2.4% lower than the year before.

Was AMERICOLD REALTY TRUST profitable in fiscal 2025?

No. It reported a net loss of $114.5M.

How much free cash flow did AMERICOLD REALTY TRUST generate in fiscal 2025?

Cash from operations of $359.6M minus capital expenditures of $576.8M left free cash flow of -$217.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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