Americold Realty Trust, Inc. (COLD) Earnings
Americold Realty Trust, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.01. COLD has beaten EPS estimates in 1 of its last 12 reported quarters (average surprise -127.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.27 | $-0.05 | -118.5% | $630M | +2.6% |
| Feb 19, 2026 | $0.37 | $-0.31 | -183.8% | $658M | +0.2% |
| Nov 6, 2025 | $0.35 | $-0.04 | -111.4% | $664M | +1.4% |
| Aug 7, 2025 | $0.34 | $0.01 | -97.1% | $651M | -4.5% |
| May 8, 2025 | $0.34 | $-0.06 | -117.6% | $629M | -6.7% |
| Feb 20, 2025 | $0.10 | $-0.13 | -230.0% | $666M | -2.9% |
| Nov 7, 2024 | $0.36 | $-0.01 | -102.8% | $674M | +0.7% |
| May 9, 2024 | $0.03 | $0.03 | +12.5% | $665M | +0.5% |
| Feb 22, 2024 | $0.36 | $-0.80 | -322.2% | $679M | -4.0% |
| Nov 2, 2023 | $0.32 | $-0.01 | -103.1% | $668M | -3.8% |
| Aug 3, 2023 | $0.26 | $-0.36 | -238.5% | $650M | -6.6% |
| May 4, 2023 | $0.26 | $-0.01 | -103.8% | $676M | -5.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Welcome Chris Papa as chief financial officer. - First quarter financial results: AFFO of 29 cents per share above analyst consensus, key metrics in line with or better than original guidance, physical occupancy flat year over year, pricing metrics marginally overperformed. - Key strategic priorities: De-levering balance sheet, actively managing portfolio, right-sizing cost structure, driving organic growth, development. - Formed joint venture with EQT Partners, contributing 12 properties worth over $1.3 billion, expected to close in third quarter, receiving $1.1 billion in proceeds to pay down debt. - Exited 2 facilities in Q1, idled others and marketed for sale. Pursued triple net leasing opportunities, increased leasing revenue. Right-sized cost structure with $30 million in savings fully executed in Q1. Drove organic growth in various sectors including e-commerce. Developments in Sydney, Australia and Christchurch, New Zealand delivered on time and on budget. Kicked off new customer-dedicated project with McCain Foods.
Guidance
- Expect the joint venture transaction to close in the third quarter, receiving approximately $1.1 billion in cash proceeds to repay debt. - While the joint venture is considered, the business metrics were coming in line to above expectations absent the joint venture, and the company is confident in maintaining guidance inclusive of the joint venture impact once closed. - The company plans to use the proceeds from the joint venture to repay certain debt maturities. - Continues to focus on disciplined capital allocation, portfolio management, and cost optimization for future success.
Segment performance
AFFO of 29 cents per share was delivered above analyst consensus. Same-store physical occupancy was flat year over year. Pricing metrics marginally overperformed expectations. Customer churn rate was low at 2.5%. Renewed 34% of year's fixed committed contracts worth approximately $100 million, holding total rent and storage revenue from fixed committed contracts at 59%. Warehouse NOI decreased 4.5% driven by storage market pricing pressure, lower throughput, and energy costs. Core SG&A came in relatively flat year over year. Exited 2 facilities in Q1, idled others and marketed for sale. Leasing revenue increased by over $4 million, or about 7%. Throughput in Europe and Asia Pacific increased, Europe's physical occupancy increased by over 800 basis points.
Analyst Q&A
Q: Michael Griffin with Evercore ISI asked about facilities contributed to the JV, portfolio quality, cap rate and EV to EBITDA multiple.
A: Rob said the portfolio is a good representation of the broader North American portfolio, geographically diverse, with various types of facilities. EQT was excited about the joint venture. Craig addressed the EBITDA multiple math.
Q: Brendan Lynch with Barclays asked about physical occupancy growth, aggregation between consolidation to fewer facilities and industry improving.
A: Brendan Lynch was told physical occupancy in Q1 was driven by industry stabilization, new business wins and market share gains as same store pool was adjusted.
Q: Victor Fediv with Scotiabank asked about JV financials.
A: Rob said the total transaction size is 1.3 billion, and they expect to get about $1.1 billion in cash proceeds.
Q: Craig Mailman with Citi asked about EBITDA multiple and JV debt impact.
A: Chris said the three-quarters of return reduction includes picking up share of JV debt and EBITDA. Scott addressed the EBITDA multiple math.
Q: Michael Goldsmith with UBS asked about renewals of fixed committed contracts, feedback from tenants, ability to absorb pricing.
A: Michael Goldsmith was told 34% of fixed committed contracts were renewed, customers recognize value of fixed commitment structure, pricing is market competitive while leading with value proposition.
Q: Michael Carroll with RBC Capital Markets asked about specific mandate for the new joint venture.
A: Rob said they want to scale the venture, provide first looks of development opportunities to the JV, no mandate to contribute other stabilized assets.
Q: Nick Philman with Baird asked about joint venture assets profile, relation to fixed commitment contracts, average duration of contracts and NOI inclusion.
A: Nick Philman was told the portfolio is representative of the broader AmeriCold pool, NOI includes storage and handling, and the portfolio is geographically diverse.
Q: Mike Mueller with JPMorgan asked about EQT in guidance.
A: Rob and Chris said they are maintaining guidance inclusive of the joint venture impact, with business metrics coming in line to above expectations absent the joint venture.
Q: Alexander Goldfarb with Piper Sandler asked about joint venture assets, fixed commitment contracts, and shareholder value.
A: Alexander Goldfarb was told the portfolio is representative of the broader pool, the joint venture is the right deal, and the company is open to options creating shareholder value.
Q: Mike Newell with J.P. Morgan asked about JV and development first looks.
A: Rob said they will provide first looks of development opportunities to the JV, with no mandate if the venture passes.