EarningsQ2 2026 Earnings Report
MX:COLD Q2 2026 EPS Results
Actual EPS-$20.23
Consensus EPS-$0.02
Beat/MissMissed by -$20.21
One Year Ago EPS$0.17
MX:COLD Q2 2026 Revenue Results
Actual Revenue$11.27B
Expected Revenue$10.43B
Beat/MissBeat by +$838.79M
YoY Revenue Growth+1.87%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:COLD Upcoming Earnings
Americold Realty's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:COLD Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive and improving operating picture: sequential and year-over-year occupancy and inventory improvements, pricing gains, new-business wins across geographies and adjacencies, meaningful cost reductions, and a strategic EQT JV expected to materially delever the balance sheet. Major negatives included a large noncash impairment ($298.8M) tied to two automated facilities, reporting and AFFO dilution effects from the JV, ongoing input and power cost pressures, and remaining high absolute debt levels. On balance, the company presented multiple material positive operational and financial developments that outweigh the noted challenges.Company Guidance
AFFO Per Share Outperformance
Second quarter AFFO per share of $0.35, ahead of expectations and marking the fourth consecutive quarter of AFFO per share meeting or exceeding analyst consensus.
Raised Full-Year AFFO Guidance
Increased full-year AFFO guidance to $1.26–$1.32 per share, a $0.04 raise at the midpoint, despite an estimated ~$0.05 AFFO dilution from the EQT joint venture.
Occupancy and Inventory Improvements
Physical occupancy rose by over 200 basis points sequentially and inventories grew nearly 300 basis points year-over-year; economic occupancy was also up year-over-year and the gap between physical and economic occupancy tightened by 240 basis points to 860 basis points.
Pricing and Commercial Stability
Year-over-year storage and handling pricing increased in Q2; churn remained low at 2.1%; storage revenue from fixed commitments remained stable at 58% and 100% of the top 25 customers (accounting for >50% of revenue) use fixed committed contracts.
Strategic EQT Joint Venture to Delever
Announced regulatory approval and expected Q3 closing of a $1.3 billion strategic JV with EQT (12 assets contributed, blended cap rate ~7% / ~$3,300 per pallet). Proceeds planned to repay ~ $1.1 billion of debt (reducing total debt from $4.3B by ~25% and lowering leverage by ~0.75x). Revolver maturity extended to 2031 and Moody's reaffirmed rating.
Active Portfolio Management and Dispositions
Sold two idled facilities for approximately $27 million (removing ~31,000 pallet positions). Since initiative launch, exited 10 underperforming facilities and have ~15 additional idled/marketed sites; several hundred million dollars of properties currently listed for sale.
Entry and Wins in Adjacent Sectors and New Geographies
Won new business establishing a retail footprint in Europe and expanded QSR/convenience capabilities in Asia Pacific; wins in e-commerce and pet food markets; Good Ranchers renewal expanded from 1 to 5 facilities, demonstrating success in adjacent, fast-turning sectors.
Development Execution and Customer-Backed Projects
Announced $163 million McCain-adjacent plant with a 20-year fixed commitment; grand opening of Port St. John import/export facility (integrated rail/port/cold storage); Dallas–Fort Worth expansion on budget and on track for later this year — demonstrating reliable delivery on development projects.
Cost Reductions and SG&A Discipline
Reduced indirect headcount by ~400 positions (>10% globally), completed first-phase savings (~$30 million annual, primarily indirect labor) and launched a fit-for-purpose initiative targeting an additional $25 million of savings by end of Q1 2027; SG&A was down year-over-year in Q2 despite ongoing wage inflation.
ESG Rating Upgrade
MSCI upgraded Americold's ESG rating by four categories from BB to AA, reflecting maturity of the sustainability program and multi-year focus on operational efficiency, governance and disclosure.
Updated Same-Store Guidance and Financial Targets
For 2026 (assuming Q3 JV close), same-store revenue expected $2.03B–$2.09B (slightly up year-over-year at midpoint), same-store NOI expected $660M–$695M, core EBITDA $570M–$600M, and full-year interest expense $155M–$160M.
MX:COLD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed