COLD

MKT CAP:$4B

Americold Realty Trust, Inc.

Market Cap

$4B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$12.83-$0.11 (-0.85%)

Apr 24, 2026

Company Details

Americold is the world's largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in Atlanta, Georgia, Americold owns and operates 185 temperature-controlled w...

CEO

Richard C. Winnall

IPO Date

Jan 19, 2018

Website

www.americold.com

Key Metrics TTM

Revenue

$2.7B

-4.4% YoY

Net Income

-$297M

EPS (Diluted)

-$1.05

Free Cash Flow

$130M

Revenue / Share

$9.42

Gross Margin

30.7%

Operating Margin

-2.5%

Net Margin

-11.1%

FCF Margin

4.8%

P/S

1.3x

P/E

—

Earnings Reports

Q4 2024

May 14, 2026

PENDING

FY 2024

Feb 27, 2025

$2.7B-0.3%EPS -$0.33

Q3 2024

Nov 7, 2024

$674M+0.9%EPS -$0.01

Q2 2024

Aug 8, 2024

$661M+1.7%EPS -$0.23

FY 2023

Feb 22, 2024

$2.7B-8.3%EPS -$1.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$483M	$128M	$57M
Q3 20	$497M	$135M	$37M
Q4 20	$524M	$152M	$27M
Q2 21	$655M	$155M	$23M
Q3 21	$709M	$156M	$32M
Q4 21	$716M	$161M	$4M
Q1 22	$706M	$158M	$8M
Q2 22	$730M	$168M	$24M
Q3 22	$758M	$181M	$23M
Q4 22	$722M	$188M	$33M
Q1 23	$676M	$188M	$32M
Q2 23	$650M	$184M	$21M
Q3 23	$668M	$189M	$33M
Q4 23	$679M	$210M	-$194M
Q2 24	$661M	$215M	$63M
Q3 24	$674M	$209M	$30M

Valuation

Quarter	P/S	P/E
Q2 20	3.8x	70.1x
Q3 20	3.8x	82.5x
Q4 20	3.7x	303.2x
Q2 21	4.6x	—
Q3 21	3.3x	—
Q4 21	3.3x	—
Q1 22	2.6x	—
Q2 22	2.9x	—
Q3 22	2.4x	—
Q4 22	2.7x	—
Q1 23	2.6x	—
Q2 23	3.2x	—
Q3 23	3.1x	—
Q4 23	3.2x	—
Q2 24	2.7x	—
Q3 24	3.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$83M	-$28M
Q3 20	$63M	-$31M
Q4 20	$66M	-$69M
Q2 21	$81M	-$26M
Q3 21	$37M	-$69M
Q4 21	$109M	-$70M
Q1 22	$16M	-$77M
Q2 22	$118M	$22M
Q3 22	$50M	-$30M
Q4 22	$117M	$63M
Q1 23	$41M	-$28M
Q2 23	$41M	-$38M
Q3 23	$110M	$27M
Q4 23	$173M	$75M
Q2 24	$137M	$73M
Q3 24	$51M	-$45M

Capital Expenditures

Quarter	CapEx
Q2 20	$111M
Q3 20	$94M
Q4 20	$135M
Q2 21	$107M
Q3 21	$106M
Q4 21	$179M
Q1 22	$93M
Q2 22	$96M
Q3 22	$80M
Q4 22	$54M
Q1 23	$69M
Q2 23	$79M
Q3 23	$84M
Q4 23	$98M
Q2 24	$63M
Q3 24	$95M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+10.0%	+4.1%
Q3 20	+6.7%	+7.8%
Q4 20	+7.8%	+13.1%
Q2 21	+35.3%	+44.8%
Q3 21	+46.9%	+59.0%
Q4 21	+44.0%	+54.8%
Q1 22	+34.8%	+40.4%
Q2 22	+11.5%	+11.8%
Q3 22	+6.9%	+8.5%
Q4 22	+0.7%	-3.3%
Q1 23	-4.1%	-7.7%
Q2 23	-11.0%	-10.9%
Q3 23	-11.9%	-13.6%
Q4 23	-5.9%	+26.9%
Q2 24	-2.3%	-7.2%
Q3 24	+3.8%	+2.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$4M	0.9%
Q3 20	$5M	0.9%
Q4 20	$5M	0.9%
Q2 21	$5M	0.8%
Q3 21	$4M	0.6%
Q4 21	$9M	1.3%
Q1 22	$8M	1.1%
Q2 22	$7M	1.0%
Q3 22	$7M	0.9%
Q4 22	$5M	0.7%
Q1 23	$7M	1.0%
Q2 23	$5M	0.7%
Q3 23	$6M	0.9%
Q4 23	$6M	0.9%
Q2 24	$6M	0.9%
Q3 24	$7M	1.1%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 20	$32M	—
Q3 20	$36M	—
Q4 20	—	$40M
Q2 21	—	$42M
Q3 21	—	$46M
Q4 21	—	$49M
Q1 22	—	$58M
Q2 22	—	$56M
Q3 22	—	$57M
Q4 22	—	$60M
Q1 23	—	$63M
Q2 23	—	$54M
Q3 23	—	$52M
Q4 23	—	$58M
Q2 24	—	$59M
Q3 24	—	$64M

Revenue Segments

Quarter	Other Segment	Third-Party Managed Segment	Transportation Segment	Warehouse Segment	Third-Party Managed	Transportation	Warehouse Rent And Storage	Warehouse Services
Q2 20	$2M	$73M	$35M	$372M	—	—	—	—
Q3 20	—	$75M	$34M	$388M	—	—	—	—
Q4 20	—	—	—	—	$79M	$37M	$168M	$234M
Q4 21	$27.0K	$84M	$78M	$554M	—	—	—	—
Q4 22	—	$47M	$76M	$599M	—	—	—	—
Q1 23	—	$13M	$68M	$595M	—	—	—	—
Q2 23	—	$10M	$58M	$581M	—	—	—	—
Q3 23	—	—	—	—	$10M	$56M	$266M	$324M
Q2 24	—	—	—	—	$10M	$51M	$252M	$333M
Q3 24	—	—	—	—	$10M	$52M	$249M	$350M

Revenue by Geography

Quarter	Asia Pacific	Europe	North America	South America
Q4 21	$45M	$84M	$553M	$2M
Q1 22	$39M	$85M	$548M	$2M
Q2 22	$34M	$85M	$575M	$2M
Q3 22	$35M	$78M	$612M	$1M
Q1 23	$67M	$72M	$535M	$4M
Q2 23	$65M	$67M	$513M	$4M
Q3 23	$66M	$64M	$534M	$4M
Q2 24	$68M	$60M	$528M	$4M
Q3 24	$73M	$62M	$534M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$51M	$0	$51M
Q2 22	$75M	$0	$75M
Q3 22	$46M	$0	$46M
Q4 22	$53M	$0	$53M
Q1 23	$47M	$0	$47M
Q2 23	$49M	$0	$49M
Q3 23	$54M	$0	$54M
Q4 23	$60M	$0	$60M
Q1 24	$59M	$0	$59M
Q2 24	$44M	$0	$44M
Q3 24	$61M	$0	$61M
Q4 24	$48M	$0	$48M
Q1 25	$39M	$0	$39M
Q2 25	$101M	$0	$101M
Q3 25	$33M	$0	$33M
Q4 25	$137M	$0	$137M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	205M	+0.7%	+10.3%
Q3 20	209M	+1.6%	+5.6%
Q4 20	210M	+0.7%	+6.1%
Q2 21	253M	+20.6%	+24.3%
Q3 21	263M	+3.7%	+27.9%
Q4 21	268M	+2.1%	+28.6%
Q1 22	270M	+0.7%	+28.6%
Q2 22	270M	+0.1%	+6.8%
Q3 22	270M	-0.3%	+2.7%
Q4 22	271M	+0.4%	+1.0%
Q1 23	270M	-0.2%	+0.1%
Q2 23	270M	+0.1%	+0.0%
Q3 23	278M	+2.8%	+3.2%
Q4 23	284M	+2.2%	+5.0%
Q2 24	285M	+0.1%	+5.3%
Q3 24	285M	+0.1%	+5.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$38.3K	13K
Q3 20	$39.5K	13K
Q4 20	$32.1K	16K
Q2 21	$40.2K	16K
Q3 21	$43.5K	16K
Q4 21	$44.0K	16K
Q1 22	$43.4K	16K
Q2 22	$44.8K	16K
Q3 22	$46.6K	16K
Q4 22	$46.6K	15K
Q1 23	$43.7K	15K
Q2 23	$42.0K	15K
Q3 23	$43.1K	15K
Q4 23	$46.2K	15K
Q2 24	$44.9K	15K
Q3 24	$45.8K	15K

Revenue / Employee