Americold Reports Q3 2026 Results Driven by EQT Joint Venture and Debt Reduction
Americold (COLD) reported third-quarter revenues of $691.6 million, a 4.2% increase driven by higher transportation services and management fees from its new EQT joint venture. The company saw a significant net income spike to $683.4 million, largely due to a $714.1 million gain from contributing real estate assets to the joint venture. Operationally, Americold demonstrated strength with same-store warehouse revenues growing 4.9% and record handling margins of 15.9%. The company utilized proceeds from the EQT deal to repay $1.15 billion in debt, effectively eliminating all maturities through 2028 and reducing its leverage ratio by a full turn to 6.2x. Looking ahead, management raised its full-year AFFO guidance to a range of $1.31 to $1.33 per share. While power costs rose 13% year-over-year, disciplined pricing and cost-saving initiatives helped maintain margin stability.
Topics: joint venture net income real estate assets revenue growth warehouse occupancy