Lineage, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Lineage, Inc. 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

	FY2022	FY2024	FY2024	FY2025
Revenue	4,928	5,342	5,340	5,355
Cost of revenue	3,473	3,590	3,578	3,634
Gross profit	1,455	1,752	1,762	1,721
General and administrative	399	502	539	574
Operating income	297	398	-361	181
Interest expense	281	509	426	256
Interest income	3	6	12	8
Other non-operating income	-367	-508	-479	-296
Pre-tax income	-70	-110	-840	-115
Income tax	6	-14	-89	-2
Net income to minority interests	-13	-19	-87	-13
Net income	-63	-77	-664	-100
EBITDA	975	1,158	515	1,076
EPS, basic	-0.51	-0.73	-3.70	-0.43
EPS, diluted	-0.51	-0.73	-3.70	-0.43
Shares, basic (weighted)	152	162	191	228
Shares, diluted (weighted)	152	162	191	228
Dividend per share		0.55	0.91	2.11

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	202	68	173	66
Receivables		913	826	896
Inventory		171	187	145
Other current assets		9	39	53
Total current assets		1,256	1,285	1,239
Property, plant and equipment		10,571	10,627	11,338
Lease right-of-use assets		724	627	616
Goodwill	3,305	3,394	3,338	3,466
Intangible assets		1,280	1,127	1,090
Other non-current assets		290	279	204
Total assets		18,871	18,661	19,185
Accounts payable		1,137	1,220	1,331
Deferred revenue		93	83	81
Short-term debt		24	56	2
Total current liabilities		1,365	1,493	1,548
Long-term debt		8,958	4,906	6,107
Lease liabilities		692	605	599
Other non-current liabilities		159	410	169
Total liabilities		12,849	8,967	9,942
Total debt		8,982	4,962	6,109
Paid-in capital		5,961	10,764	10,780
Retained earnings		-879	-1,855	-2,439
Other comprehensive income		-34	-273	-97
Shareholders' equity		5,051	8,638	8,246
Minority interests	641	622	1,013	990
Total equity	5,809	5,673	9,651	9,236
Total liabilities and equity		18,871	18,661	19,185
Shares outstanding		162	228	227

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	-76	-96	-751	-113
Depreciation and amortization	678	760	876	895
Stock-based compensation	17	26	215	126
Deferred income tax	-42	-58	-105	-16
Change in receivables	-156	43	64	-37
Change in inventory	-13	8	-18	-5
Cash from operations	501	796	703	943
Capital expenditures	-813	-766	-691	-747
Acquisitions	-1,640	-283	-346	-443
Purchases of investments	-12	-31	-20
Cash from investing	-2,369	-1,066	-919	-1,067
Debt issued	946	0	2,481	1,298
Share buybacks	0	-12	-42	-82
Dividends paid	-180	-46	-234	-537
Cash from financing	1,840	136	320	14
Exchange rate effect	-10	3	0	1
Net change in cash	-38	-131	104	-109
Free cash flow	-312	30	12	196
Interest paid	354	594	523	299
Income taxes paid	74	31	36	26

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $36.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.0%	Gross profit / revenue.
Operating margin	3.6%	Operating income / revenue.
EBITDA margin	18.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-3.1%	Net income / revenue.
FCF margin	4.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.4%	Cash from operations / revenue.
Return on equity (ROE)	-2.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.
Return on invested capital (ROIC)	1.1%	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%.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.8%	Capital expenditures / revenue.
D&A / revenue	15.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 3y	-15.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	108.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	1,533.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	131.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.5%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	19.4%	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	14.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.9%	Total debt / total assets.
Liabilities / assets	53.0%	Total liabilities / total assets.
Net debt	$6.16B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.72x	Operating income / interest expense.
Working capital	-$349.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	0.48x	Revenue / average property, plant and equipment.
Inventory turnover	30.0x	Cost of revenue / average inventory.
Days inventory	12 days	365 x average inventory / cost of revenue.
Receivables turnover	5.84x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	137 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-62 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	75.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.74	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	$23.56	Revenue / diluted weighted shares.
FCF per share	$1.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.33	Cash from operations / diluted weighted shares.
Book value per share	$34.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.14	Tangible book value / shares outstanding.
Cash per share	$0.25	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	220.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.23B	Share price x shares outstanding.
Enterprise value	$14.40B	Market cap + total debt - cash - short-term investments.
P/S	1.53x	Market cap / revenue.
P/B	1.04x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.39x	Market cap / tangible book value, when positive.
P/FCF	33.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.34x	Market cap / cash from operations, when positive.
EV/Sales	2.68x	Enterprise value / revenue.
EV/EBIT	75.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	59.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.0%	Free cash flow / market cap.
Earnings yield	-2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	6.5%	Dividends paid over the period / market cap.
Shareholder yield	6.5%	(Dividends paid + share buybacks) / market cap.

What was Lineage, Inc.'s revenue in fiscal 2025?

Lineage, Inc. reported revenue of $5.36B for fiscal 2025, 0.3% higher than the year before.

Was Lineage, Inc. profitable in fiscal 2025?

No. It reported a net loss of $100.0M.

How much free cash flow did Lineage, Inc. generate in fiscal 2025?

Cash from operations of $943.0M minus capital expenditures of $747.0M left free cash flow of $196.0M.

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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