AMERICOLD REALTY TRUST
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
COLD$16.14+0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Americold Realty Trust, Inc. and Subsidiaries | |||
|---|---|---|---|
| Consolidated Statements of Cash Flows | |||
| (In thousands) | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net loss | $(115,282) | $(94,749) | $(336,269) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 367,362 | 360,817 | 353,743 |
| Amortization of deferred financing costs and pension withdrawal liability | 5,869 | 5,329 | 5,095 |
| Project Orion and other software related deferred costs amortization | 16,596 | 4,182 | — |
| Loss on debt extinguishment and termination of derivative instruments | — | 116,082 | 2,482 |
| Gain from sale of partially owned entity | (2,420) | — | — |
| Loss from investments in partially owned entities | 2,112 | 3,702 | 5,553 |
| Stock-based compensation expense | 30,190 | 28,233 | 23,592 |
| Deferred income tax benefit | (26,584) | (13,210) | (10,781) |
| Provision for doubtful accounts receivable | 5,112 | 7,633 | 6,422 |
| Impairment of indefinite and long-lived assets | 47,099 | 33,126 | 236,515 |
| Impairment of related party loan receivable | — | — | 21,972 |
| Loss on put option | — | — | 56,576 |
| Loss on classification of Comfrio as held for sale | — | — | 4,616 |
| Non-cash operating lease expenses | 37,925 | 42,751 | 42,841 |
| Net loss (gain) from sale of real estate | 44,324 | (3,514) | (2,254) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 20,929 | 22,748 | (2,748) |
| Accounts payable and accrued expenses | (17,044) | 17,349 | 23,545 |
| Other assets | (22,230) | (66,892) | (49,635) |
| Operating lease liabilities | (36,835) | (40,345) | (37,605) |
| Proceeds from settlement of treasury lock hedge transactions | 1,292 | — | — |
| Other, net | 1,226 | (11,365) | 22,495 |
| Net cash provided by operating activities | 359,641 | 411,877 | 366,155 |
| Investing activities: | |||
| Additions to property, buildings and equipment | (576,845) | (309,458) | (264,467) |
| Business combinations, net of cash acquired | (108,448) | — | (46,653) |
| Acquisitions of property, buildings, equipment, and other assets, net of cash acquired | — | — | (65,771) |
| Investments in and advances to partially owned entities and other, net | (24,553) | (13,049) | (20,533) |
| Net payments for sale of business (discontinued operations) | — | — | (4,616) |
| Proceeds from sale of property, buildings, and equipment | 25,867 | 9,324 | 8,071 |
| Proceeds from sale of investments in partially owned entities | 27,471 | — | 36,896 |
| Payment for foreign currency exchange forwards settlement | (1,493) | — | — |
| Net cash used in investing activities | (658,001) | (313,183) | (357,073) |
| Financing activities: | |||
| Distributions paid on common stock, restricted stock units and noncontrolling interests in OP | (261,375) | (252,119) | (242,221) |
| Proceeds from stock options exercised | 2,864 | 2,828 | 2,952 |
| Proceeds from employee stock purchase plan | 1,577 | 3,069 | 3,047 |
| Remittance of withholding taxes related to employee stock-based transactions | (3,178) | (3,646) | (3,375) |
| Proceeds from revolving line of credit | 627,477 | 827,224 | 716,326 |
| Repayment on revolving line of credit | (572,000) | (942,183) | (832,519) |
| Repayment of sale-leaseback financing obligations | (4,250) | (7,091) | (17,891) |
| Termination of sale-leaseback financing obligations | (15,289) | (190,954) | — |
| Repayment of financing lease obligations | (37,689) | (37,921) | (39,214) |
| Payment of debt issuance costs | (4,881) | (5,992) | — |
| Proceeds from public senior unsecured notes offering | 400,000 | 500,000 | — |
| Proceeds from senior unsecured term loans | 250,000 | — | — |
| Net proceeds from issuance of common stock | — | — | 412,610 |
| Net cash provided by (used in) financing activities | 383,256 | (106,785) | (285) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 84,896 | (8,091) | 8,797 |
| Effect of foreign currency translation on cash, cash equivalents and restricted cash | 4,315 | (4,649) | (1,468) |
| Cash, cash equivalents and restricted cash: | |||
| Beginning of period | 47,652 | 60,392 | 53,063 |
| End of period | $136,863 | $47,652 | $60,392 |
| See accompanying Notes to Consolidated Financial Statements. | |||
| Americold Realty Trust, Inc. and Subsidiaries | |||
|---|---|---|---|
| Consolidated Statements of Cash Flows (Continued) | |||
| (In thousands) | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of non-cash investing and financing activities: | |||
| Addition of property, buildings and equipment on accrual | $40,753 | $32,538 | $34,034 |
| Right-of-use assets obtained in exchange for lease obligations: | |||
| Operating leases | $24,614 | $11,186 | $6,244 |
| Finance leases | $94,699 | $38,989 | $59,276 |
| Supplemental disclosures of cash flows information: | |||
| Interest paid – net of amounts capitalized | $138,449 | $122,023 | $134,513 |
| Income taxes paid – net of refunds | $5,851 | $6,718 | $5,828 |
| As of December 31, | |||
| Allocation of purchase price of property, buildings, equipment, and other assets, net of cash acquired to: | 2025 | 2024 | 2023 |
| Land | $— | $— | $15,551 |
| Building and improvements | — | — | 35,551 |
| Machinery and equipment | — | — | 14,430 |
| Other assets and liabilities, net | — | — | 239 |
| Cash paid for acquisitions of property, buildings, equipment, and other assets, net | $— | $— | $65,771 |
| As of December 31, | |||
| 2025 | 2024 | 2023 | |
| Allocation of purchase price of business combinations, net of cash acquired to: | |||
| Land | $9,990 | $— | $— |
| Buildings and improvements | 41,460 | — | — |
| Machinery and equipment | 19,281 | — | — |
| Goodwill | 38,499 | — | — |
| Cash and cash equivalents | 4 | — | — |
| Deferred revenue | (204) | — | — |
| Accounts payable and accrued expenses(1) | (582) | — | 46,653 |
| Assets of discontinued operations - held for sale | — | — | 86,085 |
| Liabilities of discontinued operations - held for sale | — | — | (86,085) |
| Total consideration | $108,448 | $— | $46,653 |
| (1)Accounts payable and accrued expenses activity as of December 31, 2023 represents the relief of the remaining put option liability for Comfrio. | |||
| See accompanying Notes to Consolidated Financial Statements. | |||
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