Americold Realty Trust (COLD) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Americold Realty Trust published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Americold Realty Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted FFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue is Americold's "Total revenues" line. As a REIT, Americold measures recurring earnings with Adjusted FFO (funds from operations), shown here in place of adjusted EPS.
• Q3 2026 GAAP net income of $683.4 million was driven by a one-time $714.1 million gain, net of tax, on contributing 12 warehouses to a joint venture with EQT, which closed on August 31, 2026. Americold kept a 30% interest.
• From January 1, 2026, Americold folded its former Third-Party Managed segment into the Warehouse segment and recast prior periods.

Source: Americold Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Americold Realty Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Americold Realty Trust's Rent, storage, and warehouse services revenue was $616 million in Q3 2026, flat on $616 million in Q3 2025, 89% of total revenue.
• Americold Realty Trust's Transportation services revenue was $62.2 million in Q3 2026, up 30% from $47.8 million in Q3 2025, 9% of total revenue.
• Americold Realty Trust's Joint venture related management fee and reimbursed costs revenue was $13.1 million in Q3 2026, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Americold Realty Trust said:

“Based on the consistency of our execution, we are increasing our full-year AFFO outlook to a range of $1.31 to $1.33 per share.”

“Total Company NOI (constant currency) $800M-$830M”

“Core EBITDA $585M-$610M”

“The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.”

Source: Americold Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the COLD forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted net income (loss) per share, each as first reported in that quarter's release. The Q2 2026 loss reflects impairment charges tied to winding down operations at Americold's Lancaster, PA and Plainville, CT facilities.

We do not hold a confirmed date for Americold Realty Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Americold Realty Trust runs temperature-controlled warehouses for the food supply chain, with 208 operating facilities and about 1.2 billion refrigerated cubic feet. Total revenues were $691.6 million in Q3 2026, up 4.2% from $663.7 million and up 3.3% in constant currency. Rent, storage, and warehouse services brought in $616.3 million, transportation services $62.2 million, and a new line for joint venture management fees and reimbursed costs $13.1 million. (Americold Q3 2026 release, Nov 5, 2026)

Americold's warehouse revenue comes from renting pallet space and from handling services. Excluding sites contributed to the EQT joint venture, Global Warehouse revenues were $569.4 million: rent and storage $235.2 million, flat on a year earlier, and warehouse services $334.2 million, up 3.8%. Americold attributed the total revenue increase mainly to transportation services, the joint venture fees and favorable foreign exchange, partly offset by losing the revenue of the contributed sites. (Americold Q3 2026 release, Nov 5, 2026)

Occupancy and throughput both rose at Americold's same store warehouses. Same store economic occupancy, which counts physically occupied pallets plus pallets customers have contractually committed to, was 78.5%, against 76.4% a year earlier, and physical occupancy was 70.0%, against 65.4%. Same store throughput pallets rose 4.1%, and same store warehouse services revenue per throughput pallet rose 2.9%. Same store revenues rose 5.7%, or 4.9% in constant currency. (Americold Q3 2026 release, Nov 5, 2026)

Americold's customer base leans on large food companies. Its 25 largest Warehouse segment customers generated 52% of Warehouse segment revenues in 2025, and Americold puts the weighted average length of those relationships at more than 35 years. (Americold Form 10-K, 2025, Feb 26, 2026)

On August 31, 2026 Americold contributed 12 properties with a gross value of $1.33 billion to a joint venture with EQT, which took a 70% interest. Americold received proceeds of about $1.16 billion and reduced its outstanding debt by $1.15 billion. It now earns management fees as the properties' day-to-day manager, which is why joint venture revenue appears for the first time. (Americold Form 10-Q, Q3 2026, Nov 5, 2026; Americold Q3 2026 release, Nov 5, 2026)

Americold's GAAP diluted EPS was $2.38 in Q3 2026, against a loss of $0.04 a year earlier, almost entirely because of a $714.1 million gain, net of tax, on contributing real estate to the EQT joint venture. The quarter also had a $12.1 million net gain on the sale of real estate, while interest expense rose to $42.0 million from $33.9 million and depreciation and amortization to $105.7 million from $88.0 million. (Americold Q3 2026 release, Nov 5, 2026)

Americold measures recurring earnings with funds from operations. NAREIT FFO strips out real estate depreciation, real estate gains and impairments, including the joint venture gain, and was $28.8 million. Core FFO also removes transaction and strategic initiative costs ($32.2 million in the quarter) and Project Orion amortization, and was $66.9 million, or $0.23 per diluted share, against $0.29. Adjusted FFO, which further adds back non-real estate depreciation and stock-based compensation and subtracts maintenance capital expenditures, was $101.3 million, or $0.35 per diluted share, unchanged from a year earlier. (Americold Q3 2026 release, Nov 5, 2026)

Americold's diluted share count was 287,670 thousand, against 285,898 thousand a year earlier. In the nine months to September 30, 2026 Americold recorded $314.2 million of impairment charges, primarily from an agreement with a customer to wind down operations at its Lancaster, PA and Plainville, CT facilities. It declared a dividend of $0.23 per share for the third quarter. (Americold Q3 2026 release, Nov 5, 2026; Americold Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Americold gives full-year guidance in its release and raised it for the second quarter in a row. It now expects Adjusted FFO of $1.31 to $1.33 per share for 2026, up from $1.26 to $1.32 in August, Core EBITDA of $585M to $610M, total company NOI of $800M to $830M in constant currency, and interest expense of $155M to $160M. The updated outlook includes the projected impact of the EQT joint venture. (Americold Q3 2026 release, Nov 5, 2026)

Americold's 2026 guidance for Warehouse segment same store revenues is $2.06B to $2.10B in constant currency, and for same store NOI $680M to $700M. CEO Rob Chambers said the operating environment remains challenging while key metrics have improved for several quarters. (Americold Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Americold Realty Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Americold Realty Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning COLD is on is COLD a buy or a sell?, what analysts expect next is on the COLD forecast, and what the company does is on the Americold Realty Trust (COLD) stock page.

Every number on this page can be traced to a document Americold Realty Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.