Lineage Inc 2025年度报告

FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-42191___________________________ Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo As of June 30, 2025, the aggregate market value of the common stock owned by non-affiliates of Lineage, Inc. was $3.1 billion. Shares held by non-affiliates were calculated by excluding shares held by executive officers, directors, and 10% or greater stockholders as of June 30, 2025 from totalcommon stock shares outstanding. This calculation does not reflect a determination that persons whose shares are excluded from the computation areaffiliates for any other purpose. As of February19, 2026, the registrant had outstanding 227,080,326 shares of common stock. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement related to its 2026 Annual Meeting to be filed with the U.S. Securities and Exchange Commissionwithin 120 days after the end of the fiscal year ended December31, 2025 are incorporated by reference in Part III of this Form 10-K. Table of Contents PageForward-Looking Statements2Part I4Item 1. Business4Item 1A. Risk Factors18Item 1B. Unresolved Staff Comments59Item 1C. Cybersecurity59Item 2. Properties60Item 3. Legal Proceedings62Item 4. Mine Safety Disclosures62Part II63Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities63Item 6. [Reserved]64Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations64Item 7A. Quantitative and Qualitative Disclosures About Market Risk92Item 8. Financial Statements and Supplementary Data93Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure177Item 9A. Controls and Procedures177Item 9B. Other Information178Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections178Part III179Item 10. Directors, Executive Officers and Corporate Governance179Item 11. Executive Compensation180Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters180Item 13. Certain Relationships and Related Transactions, and Director Independence180Item 14. Principal Accountant Fees and Services180Part IV180Item 15. Exhibits and Financial Statement Schedules180Item 16. Form 10-K Summary184Signatures185 Forward-Looking Stateme