Americold Realty Financials
This page shows Americold Realty (COLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Americold’s core mechanic is a cash-generative but capex-hungry storage model where reinvestment and financing costs absorb most operating gains.
Operating cash flow stayed fairly steady near$360M-$412M across FY2023-FY2025, but free cash flow reversed from$102.4M in FY2024 to-$217.2M in FY2025 because capital spending jumped to$576.8M . That means the business can produce cash before reinvestment, yet the amount left for debt reduction or dividends depends heavily on how much asset upkeep and expansion is required in a given year.
Warehouse-level economics improved even as sales softened: revenue slipped to
The balance sheet is carrying more of the load: liabilities rose to
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Americold Realty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Americold Realty passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Americold Realty generates $-3.12 in operating cash flow ($359.6M OCF vs -$115.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Americold Realty earns $0.0 in operating income for every $1 of interest expense ($7.2M vs $147.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Americold Realty generated $2.6B in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
Americold Realty's EBITDA was $374.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 22.7% from the prior year.
Americold Realty reported -$115.3M in net income in fiscal year 2025. This represents a decrease of 21.8% from the prior year.
Americold Realty earned $-0.40 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 21.2% from the prior year.
Cash & Balance Sheet
Americold Realty generated -$217.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 312.1% from the prior year.
Americold Realty held $136.9M in cash against $0 in long-term debt as of fiscal year 2025.
Americold Realty had 285M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.
Margins & Returns
Americold Realty's gross margin was 32.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.
Americold Realty's operating margin was 0.3% in fiscal year 2025, reflecting core business profitability. This is down 4.4 percentage points from the prior year.
Americold Realty's net profit margin was -4.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.9 percentage points from the prior year.
Americold Realty's ROE was -4.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the prior year.
Capital Allocation
Americold Realty invested $576.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 86.4% from the prior year.
COLD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $629.9M-4.3% | $658.5M-0.8% | $663.7M+2.0% | $650.7M+3.5% | $629.0M-5.6% | $666.4M-1.1% | $674.2M+2.0% | $661.0M |
| Cost of Revenue | $434.4M-1.6% | $441.6M-3.7% | $458.6M+4.5% | $439.1M+3.8% | $423.1M-7.1% | $455.2M-2.1% | $465.0M+4.4% | $445.5M |
| Gross Profit | $195.5M-9.8% | $216.9M+5.8% | $205.0M-3.1% | $211.7M+2.8% | $205.8M-2.5% | $211.2M+0.9% | $209.2M-2.9% | $215.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $71.3M+14.4% | $62.4M-12.2% | $71.0M+6.1% | $66.9M-3.4% | $69.2M+4.0% | $66.6M+4.6% | $63.7M+7.1% | $59.5M |
| Operating Income | $14.3M+120.6% | -$69.3M-513.9% | $16.8M-55.4% | $37.6M+69.2% | $22.2M+364.0% | -$8.4M-130.9% | $27.2M-57.0% | $63.4M |
| Interest Expense | $41.5M+5.2% | $39.5M+16.4% | $33.9M-11.3% | $38.2M+5.9% | $36.1M+4.8% | $34.5M+0.6% | $34.3M+3.2% | $33.2M |
| Income Tax | -$6.6M+67.1% | -$19.9M-219.2% | -$6.2M-292.9% | $3.2M+29.3% | $2.5M+135.3% | -$7.1M-757.2% | -$828K+66.8% | -$2.5M |
| Net Income | -$13.6M+84.8% | -$89.1M-683.9% | -$11.4M-838.5% | $1.5M+109.4% | -$16.4M+55.2% | -$36.6M-881.6% | -$3.7M+94.2% | -$64.1M |
| EPS (Diluted) | $-0.05 | N/A | $-0.04-500.0% | $0.01+116.7% | $-0.06 | N/A | $-0.01+95.7% | $-0.23 |
COLD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.1B-0.5% | $8.1B+0.5% | $8.1B-0.1% | $8.1B+3.4% | $7.8B+1.2% | $7.7B-1.9% | $7.9B+1.1% | $7.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $39.8M-70.9% | $136.9M+310.5% | $33.3M-67.1% | $101.4M+160.3% | $38.9M-18.3% | $47.7M-22.2% | $61.3M+38.6% | $44.2M |
| Inventory | N/A | $6.8M | N/A | N/A | N/A | $7.4M | N/A | N/A |
| Accounts Receivable | $372.1M+1.0% | $368.5M-0.2% | $369.1M+0.7% | $366.5M-3.3% | $379.0M-2.1% | $386.9M-15.9% | $460.3M+7.3% | $429.1M |
| Goodwill | $828.3M0.0% | $828.3M+0.2% | $827.0M-0.2% | $828.5M-0.4% | $831.9M+6.1% | $784.0M-1.1% | $792.8M+0.3% | $790.6M |
| Total Liabilities | $5.2B+0.5% | $5.2B+3.8% | $5.0B+1.3% | $4.9B+7.3% | $4.6B+4.0% | $4.4B-1.4% | $4.5B+3.7% | $4.3B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.8B-2.2% | $2.9B-4.9% | $3.0B-2.6% | $3.1B-2.4% | $3.2B-2.8% | $3.3B-2.6% | $3.4B-2.3% | $3.4B |
| Retained Earnings | -$2.8B-2.9% | -$2.7B-6.0% | -$2.6B-3.1% | -$2.5B-2.7% | -$2.4B-3.5% | -$2.3B-4.4% | -$2.2B-3.1% | -$2.2B |
COLD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $39.9M-69.4% | $130.2M+65.0% | $78.9M-34.4% | $120.3M+298.4% | $30.2M-81.4% | $162.6M+221.3% | $50.6M-63.0% | $136.7M |
| Capital Expenditures | $110.0M-22.7% | $142.4M-1.3% | $144.3M-18.8% | $177.7M+57.9% | $112.5M+7.0% | $105.2M+10.5% | $95.2M+50.2% | $63.3M |
| Free Cash Flow | -$70.1M-477.0% | -$12.2M+81.4% | -$65.4M-13.9% | -$57.4M+30.3% | -$82.3M-243.4% | $57.4M+228.9% | -$44.5M-160.8% | $73.3M |
| Investing Cash Flow | -$126.0M+14.2% | -$146.8M-3.1% | -$142.4M-0.2% | -$142.1M+37.3% | -$226.7M-112.4% | -$106.7M-9.7% | -$97.3M-39.2% | -$69.9M |
| Financing Cash Flow | -$11.6M-109.6% | $119.9M+3157.6% | -$3.9M-104.9% | $80.4M-57.0% | $186.9M+387.5% | -$65.0M-199.4% | $65.4M+177.2% | -$84.7M |
| Dividends Paid | $66.1M+0.7% | $65.6M-0.7% | $66.1M-0.2% | $66.2M+4.5% | $63.4M+0.7% | $62.9M-0.1% | $63.0M-0.2% | $63.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
COLD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.0%-1.9pp | 32.9%+2.0pp | 30.9%-1.6pp | 32.5%-0.2pp | 32.7%+1.0pp | 31.7%+0.7pp | 31.0%-1.6pp | 32.6% |
| Operating Margin | 2.3%+12.8pp | -10.5%-13.1pp | 2.5%-3.3pp | 5.8%+2.3pp | 3.5%+4.8pp | -1.3%-5.3pp | 4.0%-5.5pp | 9.6% |
| Net Margin | -2.1%+11.4pp | -13.5%-11.8pp | -1.7%-1.9pp | 0.2%+2.8pp | -2.6%+2.9pp | -5.5%-4.9pp | -0.5%+9.2pp | -9.7% |
| Return on Equity | -0.5%+2.6pp | -3.1%-2.7pp | -0.4%-0.4pp | 0.1%+0.6pp | -0.5%+0.6pp | -1.1%-1.0pp | -0.1%+1.7pp | -1.9% |
| Return on Assets | -0.2%+0.9pp | -1.1%-1.0pp | -0.1%-0.2pp | 0.0%+0.2pp | -0.2%+0.3pp | -0.5%-0.4pp | -0.1%+0.8pp | -0.8% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.85+0.1 | 1.80+0.2 | 1.65+0.1 | 1.59+0.1 | 1.44+0.1 | 1.35+0.0 | 1.33+0.1 | 1.26 |
| FCF Margin | -11.1%-9.3pp | -1.8%+8.0pp | -9.8%-1.0pp | -8.8%+4.3pp | -13.1%-21.7pp | 8.6%+15.2pp | -6.6%-17.7pp | 11.1% |
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Frequently Asked Questions
What is Americold Realty's annual revenue?
Americold Realty (COLD) reported $2.6B in total revenue for fiscal year 2025. This represents a -2.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Americold Realty's revenue growing?
Americold Realty (COLD) revenue declined by 2.4% year-over-year, from $2.7B to $2.6B in fiscal year 2025.
Is Americold Realty profitable?
No, Americold Realty (COLD) reported a net income of -$115.3M in fiscal year 2025, with a net profit margin of -4.4%.
What is Americold Realty's EBITDA?
Americold Realty (COLD) had EBITDA of $374.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Americold Realty's gross margin?
Americold Realty (COLD) had a gross margin of 32.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Americold Realty's operating margin?
Americold Realty (COLD) had an operating margin of 0.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Americold Realty's net profit margin?
Americold Realty (COLD) had a net profit margin of -4.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Americold Realty's return on equity (ROE)?
Americold Realty (COLD) has a return on equity of -4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Americold Realty's free cash flow?
Americold Realty (COLD) generated -$217.2M in free cash flow during fiscal year 2025. This represents a -312.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Americold Realty's operating cash flow?
Americold Realty (COLD) generated $359.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Americold Realty's total assets?
Americold Realty (COLD) had $8.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Americold Realty's capital expenditures?
Americold Realty (COLD) invested $576.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Americold Realty's debt-to-equity ratio?
Americold Realty (COLD) had a debt-to-equity ratio of 1.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Americold Realty's return on assets (ROA)?
Americold Realty (COLD) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Americold Realty's Piotroski F-Score?
Americold Realty (COLD) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Americold Realty's earnings high quality?
Americold Realty (COLD) has an earnings quality ratio of -3.12x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Americold Realty cover its interest payments?
Americold Realty (COLD) has an interest coverage ratio of 0.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Americold Realty?
Americold Realty (COLD) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.