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FTAI Infrastructure (FIP) Financials

FTAI Infrastructure logo
$4.54 +0.07 (+1.57%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$4.62 +0.08 (+1.65%)
As of 07/10/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for FTAI Infrastructure

Annual Income Statements for FTAI Infrastructure

This table shows FTAI Infrastructure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -55 -80 -177 -184 -294 -207
Consolidated Net Income / (Loss)		 -72 -106 -188 -160 -266 -152
Net Income / (Loss) Continuing Operations		 -72 -106 -188 -160 -266 -152
Total Pre-Tax Income 		-74 -110 -183 -157 -263 -155
Total Operating Income		 -55 -72 -59 -44 -99 7.97
Total Gross Profit		 69 120 262 320 331 503
Total Revenue		 69 120 262 320 331 503
Operating Revenue		 69 120 262 320 331 503
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 124 192 321 365 431 495
Selling, General & Admin Expense		 78 107 219 267 262 316
Depreciation Expense		 31 54 71 81 79 132
Other Operating Expenses / (Income)		 13 16 13 12 11 15
Impairment Charge		 - - - 0.74 72 4.40
Restructuring Charge		 1.66 15 17 4.14 5.46 27
Total Other Income / (Expense), net		 -19 -38 -124 -113 -163 -163
Interest Expense		 15 16 53 102 131 325
Interest & Investment Income		 -3.11 -13 -67 -25 -55 12
Other Income / (Expense), net		 0.08 -8.91 -3.17 13 23 150
Income Tax Expense		 -1.98 -3.63 4.47 2.47 3.31 -3.32
Preferred Stock Dividends Declared		 0.00 0.00 24 62 71 100
Net Income / (Loss) Attributable to Noncontrolling Interest		 -17 -26 -34 -38 -42 -45
Weighted Average Basic Shares Outstanding		 99.39M 99.39M 102.75M 102.96M 108.22M 115.21M
Diluted Earnings per Share		 ($0.56) ($0.80) - ($1.79) ($2.72) ($2.26)
Weighted Average Diluted Shares Outstanding		 99.39M 99.39M 102.75M 102.96M 108.22M 115.21M
Weighted Average Basic & Diluted Shares Outstanding		 - - 99.45M 101.69M 113.94M 118.16M

Quarterly Income Statements for FTAI Infrastructure

This table shows FTAI Infrastructure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -56 -48 -57 -54 -50 -134 110 -80 -118 -119 -150
Consolidated Net Income / (Loss)		 -50 -40 -50 -48 -43 -125 120 -70 -105 -98 -127
Net Income / (Loss) Continuing Operations		 -48 -42 -50 -48 -43 -61 120 -70 -105 -98 -127
Total Pre-Tax Income 		-50 -40 -48 -48 -43 -123 79 -69 -99 -66 -124
Total Operating Income		 -14 1.85 -11 -3.19 -7.27 -5.73 113 -6.79 21 -117 2.25
Total Gross Profit		 81 81 83 85 83 81 96 122 141 144 188
Total Revenue		 81 81 83 85 83 81 96 122 141 144 188
Operating Revenue		 81 81 83 85 83 81 96 122 141 144 188
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 95 80 94 88 91 86 -17 129 120 261 186
Selling, General & Admin Expense		 71 61 69 64 66 63 72 78 78 87 124
Depreciation Expense		 20 20 21 20 19 19 25 34 35 39 51
Other Operating Expenses / (Income)		 3.24 3.16 3.00 2.78 2.81 2.73 2.54 3.68 3.78 4.71 4.09
Impairment Charge		 0.00 - 0.00 0.00 0.00 - 0.00 4.40 0.00 -1.38 0.00
Restructuring Charge		 0.65 2.59 0.93 0.92 2.53 1.08 3.52 8.70 3.22 12 6.82
Other Special Charges / (Income)		 0.26 -6.60 0.01 0.15 - 0.23 -120 0.00 -0.03 - 0.57
Total Other Income / (Expense), net		 -34 -43 -37 -45 -36 -54 -34 -62 -120 52 -126
Interest Expense		 26 28 28 39 31 42 43 63 129 90 128
Interest & Investment Income		 -9.91 -18 -12 -13 -14 -16 5.31 -2.00 2.93 4.68 -0.52
Other Income / (Expense), net		 2.39 2.61 2.37 6.96 9.30 5.04 3.69 3.05 5.55 137 2.98
Income Tax Expense		 0.01 -0.09 1.81 0.27 -0.09 1.33 -42 0.95 5.08 32 3.52
Preferred Stock Dividends Declared		 16 17 17 18 17 19 22 21 12 45 37
Net Income / (Loss) Attributable to Noncontrolling Interest		 -9.93 -8.31 -11 -11 -9.96 -10 -11 -11 -11 -11 -14
Basic Earnings per Share		 ($0.55) - ($0.54) ($0.52) ($0.45) - $0.95 ($0.73) ($1.38) - ($1.32)
Weighted Average Basic Shares Outstanding		 102.82M 102.96M 104.19M 105.04M 109.72M 108.22M 114.10M 114.88M 115.56M 115.21M 116.69M
Diluted Earnings per Share		 ($0.55) - ($0.54) ($0.52) ($0.45) - $0.89 ($0.73) ($1.38) ($1.04) ($1.32)
Weighted Average Diluted Shares Outstanding		 102.82M 102.96M 104.19M 105.04M 109.72M 108.22M 122.76M 114.88M 115.56M 115.21M 116.69M
Weighted Average Basic & Diluted Shares Outstanding		 99.49M 101.69M 101.69M 105.04M 113.75M 113.94M 114.76M 115.09M 116.29M 118.16M 118.16M

Annual Cash Flow Statements for FTAI Infrastructure

This table details how cash moves in and out of FTAI Infrastructure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 39 246 -152 -62 60 179
Net Cash From Operating Activities		 -47 -62 -43 5.51 -15 -118
Net Cash From Continuing Operating Activities		 -47 -62 -43 5.51 -15 -118
Net Income / (Loss) Continuing Operations		 -72 -106 -188 -160 -266 -152
Consolidated Net Income / (Loss)		 -72 -106 -188 -160 -266 -152
Depreciation Expense		 31 54 71 81 79 132
Amortization Expense		 1.54 2.60 6.30 12 15 14
Non-Cash Adjustments To Reconcile Net Income		 10 15 73 33 140 -65
Changes in Operating Assets and Liabilities, net		 -18 -27 -4.82 40 16 -48
Net Cash From Investing Activities		 -252 -829 -267 -147 -118 -1,143
Net Cash From Continuing Investing Activities		 -252 -829 -267 -147 -118 -1,143
Purchase of Property, Plant & Equipment		 -248 -141 -217 -101 -83 -281
Acquisitions		 0.00 -627 -3.82 -4.45 0.00 -857
Sale of Property, Plant & Equipment		 0.00 4.49 7.14 1.19 1.20 2.78
Other Investing Activities, net		 -4.69 -55 -6.00 -7.08 -8.56 -7.55
Net Cash From Financing Activities		 338 1,137 158 79 193 1,439
Net Cash From Continuing Financing Activities		 338 1,137 158 79 193 1,439
Repayment of Debt		 -252 -12 -14 -84 -259 -842
Repurchase of Preferred Equity		 - - - 0.00 0.00 -447
Repurchase of Common Equity		 0.00 0.00 -16 0.00 0.00 -21
Payment of Dividends		 0.00 0.00 -5.06 -16 -43 -41
Issuance of Debt		 264 451 519 181 498 1,794
Issuance of Preferred Equity		 0.00 0.00 291 0.00 0.00 1,000
Issuance of Common Equity		 0.00 0.00 0.73 0.00 0.00 2.69
Other Financing Activities, net		 325 698 -618 -2.16 -3.34 -6.05
Cash Interest Paid		 8.59 7.30 38 88 94 220

Quarterly Cash Flow Statements for FTAI Infrastructure

This table details how cash moves in and out of FTAI Infrastructure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -20 9.56 -23 122 -42 2.66 76 225 -94 -28 -99
Net Cash From Operating Activities		 15 7.73 -3.88 -18 14 -8.06 -86 -5.22 -24 -2.75 -69
Net Cash From Continuing Operating Activities		 15 7.73 -3.88 -18 14 -8.06 -86 -6.12 -23 -2.75 -69
Net Income / (Loss) Continuing Operations		 -50 -40 -50 -48 -43 -125 120 -70 -105 -98 -127
Consolidated Net Income / (Loss)		 -50 -40 -50 -48 -43 -125 120 -70 -105 -98 -127
Depreciation Expense		 20 20 21 20 19 19 25 34 35 39 51
Amortization Expense		 3.14 3.24 3.36 4.11 3.32 4.14 3.21 2.73 1.51 6.78 5.80
Non-Cash Adjustments To Reconcile Net Income		 18 15 14 24 10 92 -124 12 57 -10 57
Changes in Operating Assets and Liabilities, net		 23 9.33 8.11 -18 24 1.52 -110 16 -13 60 -56
Net Cash From Investing Activities		 -45 -8.11 -19 -34 -37 -28 164 -86 -1,175 -46 -45
Net Cash From Continuing Investing Activities		 -45 -8.11 -19 -34 -37 -28 164 -86 -1,175 -46 -45
Purchase of Property, Plant & Equipment		 -13 -22 -13 -15 -26 -28 -67 -82 -66 -65 -46
Acquisitions		 - - 0.00 - - - 227 - - -1,084 0.00
Sale of Property, Plant & Equipment		 0.16 -0.07 0.02 0.09 0.49 0.60 0.14 2.06 0.46 0.12 8.90
Other Investing Activities, net		 -2.76 -1.01 -5.61 -1.03 -0.63 -1.29 4.06 -5.64 -1,109 1,103 -7.18
Net Cash From Financing Activities		 10 9.94 -0.45 174 -19 39 -2.54 316 1,105 21 16
Net Cash From Continuing Financing Activities		 10 9.94 -0.45 173 -19 39 -2.54 316 1,105 21 16
Repayment of Debt		 -80 -2.36 -0.27 -252 -5.38 -1.04 -1.27 -146 -676 -19 -1,332
Payment of Dividends		 -4.71 -4.88 0.00 -21 -13 -8.36 -29 -3.44 -3.46 -4.80 -8.91
Issuance of Debt		 96 19 0.00 450 - 49 28 466 1,250 50 1,359
Other Financing Activities, net		 - -2.07 -0.19 -3.03 0.00 -0.12 -0.55 - -0.65 -4.85 -2.82

Annual Balance Sheets for FTAI Infrastructure

This table presents FTAI Infrastructure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,442 2,478 2,380 2,374 5,749
Total Current Assets		 413 278 186 220 484
Cash & Equivalents		 50 36 29 28 57
Restricted Cash		 252 113 58 120 269
Accounts Receivable		 50 61 56 53 95
Other Current Assets		 61 67 42 20 63
Plant, Property, & Equipment, net		 1,518 1,674 1,631 1,653 4,582
Total Noncurrent Assets		 512 527 563 501 683
Long-Term Investments		 54 74 73 13 22
Goodwill		 257 260 275 275 366
Intangible Assets		 68 60 53 46 43
Other Noncurrent Operating Assets		 132 133 163 167 252
Total Liabilities & Shareholders' Equity		 2,442 2,478 2,380 2,374 5,749
Total Liabilities		 980 1,689 1,642 1,918 4,805
Total Current Liabilities		 129 160 151 251 410
Short-Term Debt		 - - 0.00 49 65
Accounts Payable		 116 136 131 176 281
Other Current Liabilities		 14 24 20 26 64
Total Noncurrent Liabilities		 851 1,529 1,491 1,667 4,395
Long-Term Debt		 719 1,230 1,341 1,539 3,709
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - 9.64 300
Other Noncurrent Operating Liabilities		 132 299 150 118 386
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 265 325 381 1,090
Total Equity & Noncontrolling Interests		 1,462 525 413 75 -146
Total Preferred & Common Equity		 1,462 552 484 203 21
Total Common Equity		 1,462 552 484 203 21
Common Stock		 0.00 913 845 766 625
Retained Earnings		 0.00 -61 -182 -406 -513
Accumulated Other Comprehensive Income / (Loss)		 -155 -300 -179 -157 -91
Noncontrolling Interest		 -0.09 -27 -71 -128 -168

Quarterly Balance Sheets for FTAI Infrastructure

This table presents FTAI Infrastructure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,525 2,447 2,438 2,385 2,345 2,452 2,437 4,142 4,407 5,452 5,689
Total Current Assets		 353 239 214 180 165 289 247 319 539 443 398
Cash & Equivalents		 69 40 43 24 23 33 20 26 34 35 38
Restricted Cash		 127 68 55 53 41 153 124 197 415 319 190
Accounts Receivable		 78 72 56 65 54 52 55 65 68 64 97
Other Current Assets		 78 59 61 37 46 51 47 30 23 25 73
Plant, Property, & Equipment, net		 1,641 1,685 1,688 1,664 1,611 1,606 1,625 3,187 3,233 3,255 4,576
Total Noncurrent Assets		 532 523 535 541 569 557 566 636 635 1,754 714
Long-Term Investments		 75 72 70 70 68 63 54 14 18 1,132 22
Goodwill		 263 260 260 275 275 275 275 403 401 401 366
Intangible Assets		 62 58 56 55 51 49 47 47 45 44 42
Other Noncurrent Operating Assets		 132 132 148 141 175 170 189 172 171 176 285
Total Liabilities & Shareholders' Equity		 2,525 2,447 2,438 2,385 2,345 2,452 2,437 4,142 4,407 5,452 5,689
Total Liabilities		 1,718 1,647 1,612 1,604 1,682 1,806 1,817 3,275 3,631 4,373 4,868
Total Current Liabilities		 172 155 182 162 240 138 174 371 363 1,771 362
Short-Term Debt		 - - 24 0.00 78 - - 91 83 1,515 25
Accounts Payable		 151 133 122 136 140 112 153 210 223 203 252
Other Current Liabilities		 21 22 36 27 22 26 21 70 57 53 84
Total Noncurrent Liabilities		 1,546 1,493 1,430 1,442 1,442 1,668 1,644 2,904 3,268 2,602 4,507
Long-Term Debt		 1,192 1,274 1,277 1,318 1,267 1,554 1,536 2,664 3,002 2,214 3,788
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 302
Other Noncurrent Operating Liabilities		 354 219 153 123 176 114 108 241 267 389 417
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 252 279 294 310 342 360 367 529 550 1,059 1,123
Total Equity & Noncontrolling Interests		 556 520 531 470 321 287 253 337 226 20 -303
Total Preferred & Common Equity		 574 560 581 534 403 395 371 476 375 181 -122
Total Common Equity		 574 560 581 534 403 395 371 476 375 181 -122
Common Stock		 930 894 876 864 824 805 787 750 726 676 591
Retained Earnings		 -14 -87 -110 -151 -222 -259 -292 -274 -333 -439 -626
Accumulated Other Comprehensive Income / (Loss)		 -342 -247 -185 -179 -200 -151 -125 0.94 -17 -56 -87
Noncontrolling Interest		 -18 -39 -49 -63 -82 -108 -118 -139 -150 -161 -181

Annual Metrics And Ratios for FTAI Infrastructure

This table displays calculated financial ratios and metrics derived from FTAI Infrastructure's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - 116,294,461.00
DEI Adjusted Shares Outstanding		 - - - - - 116,294,461.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -1.78
Growth Metrics		 - - - - - -
Profitability Metrics		 - - - - - -
Net Operating Profit after Tax (NOPAT)		 -39 -50 -41 -26 -17 5.58
Return On Investment Capital (ROIC_SIMPLE)		 - - -2.36% -1.47% -1.04% 0.15%
Earnings before Interest and Taxes (EBIT)		 -55 -80 -62 -30 -3.89 158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -22 -24 15 62 90 304
Valuation Ratios		 - - - - - -
Leverage & Solvency		 - - - - - -
Liquidity Ratios		 - - - - - -
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,874 -13 -148 17 -2,480
Efficiency Ratios		 - - - - - -
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 1,824 1,796 1,919 1,884 4,370
Increase / (Decrease) in Invested Capital		 0.00 1,824 -28 123 -34 2,486
Book Value per Share		 $0.00 $14.71 $5.37 $4.87 $1.78 $0.18
Tangible Book Value per Share		 $0.00 $11.44 $2.25 $1.57 ($1.05) ($3.33)
Total Capital		 0.00 2,181 2,020 2,079 2,044 4,718
Total Debt		 0.00 719 1,230 1,341 1,588 3,774
Total Long-Term Debt		 0.00 719 1,230 1,341 1,539 3,709
Net Debt		 0.00 362 1,007 1,181 1,428 3,426
Capital Expenditures (CapEx)		 248 136 210 100 82 278
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -18 -31 -53 -130 -186
Debt-free Net Working Capital (DFNWC)		 0.00 284 118 35 18 139
Net Working Capital (NWC)		 0.00 284 118 35 -31 74
Net Nonoperating Expense (NNE)		 33 56 146 134 249 158
Net Nonoperating Obligations (NNO)		 0.00 362 1,007 1,181 1,428 3,426
Total Depreciation and Amortization (D&A)		 33 57 77 93 94 147
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 102.75M 102.96M 108.22M 115.21M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($1.73) ($1.79) $0.00 ($2.26)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 102.75M 102.96M 108.22M 115.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 99.45M 101.69M 113.94M 118.16M
Normalized Net Operating Profit after Tax (NOPAT)		 -37 -40 -29 -28 -15 28
Debt Service Ratios		 - - - - - -
Payout Ratios		 - - - - - -

Quarterly Metrics And Ratios for FTAI Infrastructure

This table displays calculated financial ratios and metrics derived from FTAI Infrastructure's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 116,294,461.00 118,163,555.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 116,294,461.00 118,163,555.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -1.02 -1.27
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.73% 14.08% 7.90% 3.73% 3.23% -0.83% 16.51% 44.06% 68.71% - 95.88%
EBITDA Growth		 24.34% 411.05% 103.54% 77.34% 122.13% -19.31% 863.13% 17.60% 151.44% - -57.34%
EBIT Growth		 -16.45% 127.62% 41.19% 152.13% 116.73% -115.48% 1,379.09% -199.13% 1,189.98% - -95.51%
NOPAT Growth		 -56.43% 112.24% 26.79% 62.98% 68.88% -409.68% 2,239.72% -113.11% 383.13% - -99.09%
Net Income Growth		 -15.87% 28.82% -40.06% -42.12% 14.17% -212.33% 338.91% -45.32% -143.36% - -205.86%
EPS Growth		 -27.91% 0.00% -35.00% -36.84% 18.18% 0.00% 264.81% -40.38% -206.67% - -248.31%
Operating Cash Flow Growth		 -16.85% 254.57% 68.03% -267.39% -3.19% -204.24% -2,105.79% 70.31% -271.14% - 19.00%
Free Cash Flow Firm Growth		 0.00% 0.00% 100.55% 100.30% 99.55% 125.12% -12,879.67% -24,806.17% -12,370.39% - 25.31%
Invested Capital Growth		 0.00% 6.82% -0.97% -0.41% 0.29% -1.80% 80.52% 74.01% 69.69% - 29.56%
Revenue Q/Q Growth		 -1.38% 0.91% 1.34% 2.85% -1.86% -3.06% 19.06% 27.17% 14.94% - 31.25%
EBITDA Q/Q Growth		 -29.31% 151.41% -47.07% 88.53% -11.45% -8.67% 531.71% -76.98% 89.32% - -5.83%
EBIT Q/Q Growth		 -67.19% 136.82% -301.82% 141.96% -46.33% -134.06% 16,778.26% -103.25% 798.42% - -73.96%
NOPAT Q/Q Growth		 -68.31% 112.76% -160.72% 71.94% -41.50% -27.00% 4,343.59% -102.79% 402.93% - 101.92%
Net Income Q/Q Growth		 -47.76% 20.24% -26.00% 4.29% 10.77% -190.23% 196.38% -158.22% -49.43% - -30.18%
EPS Q/Q Growth		 -44.74% 0.00% -17.39% 3.70% 13.46% 0.00% 0.00% -182.02% -89.04% - -26.92%
Operating Cash Flow Q/Q Growth		 407.44% -47.50% -150.25% -352.92% 181.01% -156.54% -963.33% 93.90% -367.02% - -2,420.05%
Free Cash Flow Firm Q/Q Growth		 0.17% 93.82% 108.35% -44.05% -251.66% 442.43% -4,498.57% -8.16% 6.83% - 61.11%
Invested Capital Q/Q Growth		 -0.38% -1.66% -2.31% 4.06% 0.32% -3.71% 79.58% 0.31% -2.16% - 0.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
EBITDA Margin		 13.86% 34.52% 18.03% 33.05% 29.81% 28.09% 149.03% 26.98% 44.43% - 32.76%
Operating Margin		 -17.96% 2.27% -13.77% -3.76% -5.41% -7.09% 115.83% -5.56% 14.64% - 1.19%
EBIT Margin		 -15.00% 5.47% -10.90% 4.45% 2.43% -0.85% 119.67% -3.06% 18.59% - 2.78%
Profit (Net Income) Margin		 -62.01% -49.01% -60.94% -56.71% -51.56% -154.36% 124.96% -57.21% -74.37% - -67.53%
Tax Burden Percent		 100.02% 99.78% 103.72% 100.56% 99.79% 101.08% 152.78% 101.38% 105.11% - 102.85%
Interest Burden Percent		 413.29% -897.42% 538.98% -1,268.16% -2,124.78% 17,875.07% 68.34% 1,844.12% -380.55% - -2,364.52%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -52.78% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -4.00% 0.27% -1.67% -0.44% -0.64% -0.87% 23.23% -0.56% 1.71% - 0.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 -10.82% -3.49% -5.34% -4.21% -3.82% -10.12% 20.55% -3.88% -4.94% - -4.11%
Return on Net Nonoperating Assets (RNNOA)		 -16.22% -5.00% -8.42% -6.97% -6.83% -22.09% 50.11% -10.70% -10.40% - -14.81%
Return on Equity (ROE)		 -20.22% -4.73% -10.09% -7.41% -7.48% -22.96% 73.34% -11.26% -8.70% - -14.68%
Cash Return on Invested Capital (CROIC)		 0.00% -7.98% -0.49% -0.81% -1.16% 0.90% -54.80% -51.55% -48.44% - -27.60%
Operating Return on Assets (OROA)		 -1.95% 0.72% -1.49% 0.60% 0.34% -0.12% 12.73% -0.34% 2.07% - 0.34%
Return on Assets (ROA)		 -8.07% -6.47% -8.31% -7.64% -7.10% -21.53% 13.30% -6.38% -8.29% - -8.17%
Return on Common Equity (ROCE)		 -13.82% -3.21% -6.64% -4.91% -4.83% -13.20% 42.15% -6.10% -2.82% - -3.08%
Return on Equity Simple (ROE_SIMPLE)		 -32.95% 0.00% -43.26% -47.72% -48.90% 0.00% -20.08% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 1.30 -7.95 -2.23 -3.16 -4.01 170 -4.76 14 -82 1.57
NOPAT Margin		 -12.57% 1.59% -9.64% -2.63% -3.79% -4.97% 176.97% -3.89% 10.25% - 0.84%
Net Nonoperating Expense Percent (NNEP)		 6.82% 3.77% 3.67% 3.77% 3.17% 9.25% 2.68% 3.32% 6.65% - 4.24%
Return On Investment Capital (ROIC_SIMPLE)		 - 0.07% - - - -0.24% 5.50% -0.14% 0.38% -2.26% 0.04%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 87.85% 74.61% 84.13% 75.47% 78.93% 78.27% 75.04% 64.03% 55.63% - 65.80%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 117.96% 97.73% 113.77% 103.76% 105.41% 107.09% -15.83% 105.56% 85.36% - 98.81%
Earnings before Interest and Taxes (EBIT)		 -12 4.46 -9.00 3.78 2.03 -0.69 115 -3.74 26 20 5.23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 11 28 15 28 25 23 143 33 62 66 62
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.59 0.79 1.55 2.17 2.51 3.56 0.95 1.63 2.39 - 0.00
Price to Tangible Book Value (P/TBV)		 1.54 2.44 8.16 12.14 19.31 0.00 16.98 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 1.01 1.19 1.91 2.60 2.80 2.18 1.30 1.60 0.99 - 0.83
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 4.76% 3.13% 1.91% 1.39% 1.28% 1.65% 3.31% 1.94% 2.75% - 2.43%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.89 0.95 1.12 1.24 1.29 1.28 0.99 1.07 1.08 - 1.14
Enterprise Value to Revenue (EV/Rev)		 5.58 5.66 6.42 7.32 7.58 7.25 9.73 9.50 8.13 - 8.40
Enterprise Value to EBITDA (EV/EBITDA)		 43.48 29.08 29.95 29.36 26.25 26.57 15.34 16.23 13.67 - 22.58
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 1,994.29 0.00 27.94 32.24 26.12 - 107.85
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 48.97 54.99 41.77 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 329.29 152.20 2,478.29 4,993.65 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 140.53 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.69 1.82 2.03 2.40 2.48 3.48 3.18 3.98 3.46 - 4.65
Long-Term Debt to Equity		 1.69 1.82 1.91 2.40 2.48 3.37 3.07 3.87 2.05 - 4.62
Financial Leverage		 1.50 1.43 1.58 1.66 1.79 2.18 2.44 2.76 2.11 - 3.61
Leverage Ratio		 3.05 3.18 3.28 3.32 3.44 3.98 4.24 4.82 4.64 - 5.83
Compound Leverage Factor		 12.62 -28.54 17.66 -42.12 -73.14 711.44 2.90 88.93 -17.67 - -137.82
Debt to Total Capital		 62.80% 64.50% 66.98% 70.62% 71.24% 77.68% 76.07% 79.90% 77.56% - 82.30%
Short-Term Debt to Total Capital		 0.00% 0.00% 3.87% 0.00% 0.00% 2.38% 2.52% 2.14% 31.51% - 0.55%
Long-Term Debt to Total Capital		 62.80% 64.50% 63.11% 70.62% 71.24% 75.30% 73.55% 77.76% 46.05% - 81.75%
Preferred Equity to Total Capital		 0.01% 0.00% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 11.77% 12.21% 12.96% 11.44% 11.57% 12.41% 10.78% 10.37% 18.67% - 20.34%
Common Equity to Total Capital		 25.43% 23.29% 20.06% 17.94% 17.20% 9.91% 13.15% 9.73% 3.77% - -2.64%
Debt to EBITDA		 33.12 21.48 19.20 18.90 16.02 17.55 12.59 13.78 14.26 - 17.23
Net Debt to EBITDA		 29.40 18.92 17.31 15.86 13.94 15.79 11.50 11.70 8.58 - 16.10
Long-Term Debt to EBITDA		 33.12 21.48 18.10 18.90 16.02 17.02 12.17 13.41 8.47 - 17.11
Debt to NOPAT		 -36.12 -52.09 -48.65 -65.20 -91.16 -91.50 40.18 46.70 43.59 - -53.12
Net Debt to NOPAT		 -32.07 -45.86 -43.86 -54.72 -79.36 -82.29 36.71 39.64 26.21 - -49.65
Long-Term Debt to NOPAT		 -36.12 -52.09 -45.84 -65.20 -91.16 -88.70 38.84 45.45 25.88 - -52.77
Altman Z-Score		 0.15 0.19 0.18 0.35 0.31 0.11 0.15 0.13 -0.25 - 0.02
Noncontrolling Interest Sharing Ratio		 31.63% 32.18% 34.19% 33.75% 35.43% 42.49% 42.53% 45.85% 67.52% - 79.03%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.11 1.23 0.69 2.10 1.42 0.88 0.86 1.49 0.25 - 1.10
Quick Ratio		 0.55 0.57 0.32 0.62 0.43 0.32 0.25 0.28 0.06 - 0.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,961 -121 10 5.86 -8.89 30 -1,339 -1,448 -1,349 -2,568 -999
Operating Cash Flow to CapEx		 114.48% 34.95% -29.34% -115.11% 55.14% -29.53% -129.02% -6.50% -37.00% - -184.64%
Free Cash Flow to Firm to Interest Expense		 -75.44 -4.30 0.38 0.20 -0.28 0.72 -31.06 -22.89 -10.50 - -7.78
Operating Cash Flow to Interest Expense		 0.57 0.27 -0.14 -0.59 0.45 -0.19 -1.99 -0.08 -0.19 - -0.54
Operating Cash Flow Less CapEx to Interest Expense		 0.07 -0.51 -0.62 -1.11 -0.37 -0.84 -3.53 -1.35 -0.70 - -0.83
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.14 0.13 0.14 0.14 0.11 0.11 0.11 - 0.12
Accounts Receivable Turnover		 4.80 5.49 5.19 6.07 5.54 6.08 5.79 6.36 7.40 - 7.31
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.19 0.19 0.20 0.20 0.20 0.20 0.14 0.16 0.18 - 0.15
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 76.07 66.51 70.27 60.14 65.85 60.00 63.03 57.43 49.31 - 49.91
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 76.07 66.51 70.27 60.14 65.85 60.00 63.03 57.43 49.31 - 49.91
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,951 1,919 1,875 1,951 1,957 1,884 3,384 3,394 3,321 4,370 4,384
Invested Capital Turnover		 0.32 0.17 0.17 0.17 0.17 0.17 0.13 0.14 0.17 - 0.15
Increase / (Decrease) in Invested Capital		 1,951 123 -18 -8.09 5.73 -34 1,509 1,444 1,364 2,486 1,000
Enterprise Value (EV)		 1,731 1,815 2,096 2,414 2,517 2,403 3,358 3,632 3,573 - 4,997
Market Capitalization		 313 381 624 858 930 722 450 613 433 - 491
Book Value per Share		 $5.37 $4.87 $3.96 $3.88 $3.53 $1.78 $4.18 $3.27 $1.57 $0.18 ($1.04)
Tangible Book Value per Share		 $2.05 $1.57 $0.75 $0.69 $0.46 ($1.05) $0.23 ($0.62) ($2.30) ($3.33) ($4.49)
Total Capital		 2,099 2,079 2,007 2,201 2,156 2,044 3,621 3,860 4,807 4,718 4,633
Total Debt		 1,318 1,341 1,344 1,554 1,536 1,588 2,755 3,084 3,728 3,774 3,813
Total Long-Term Debt		 1,318 1,341 1,267 1,554 1,536 1,539 2,664 3,002 2,214 3,709 3,788
Net Debt		 1,170 1,181 1,212 1,304 1,337 1,428 2,517 2,618 2,242 3,426 3,564
Capital Expenditures (CapEx)		 13 22 13 15 26 27 66 80 66 65 38
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -60 -53 -62 -35 -71 -130 -185 -189 -167 -186 -166
Debt-free Net Working Capital (DFNWC)		 18 35 2.45 152 73 18 39 259 187 139 61
Net Working Capital (NWC)		 18 35 -75 152 73 -31 -52 176 -1,328 74 36
Net Nonoperating Expense (NNE)		 40 41 42 46 40 121 50 65 119 16 129
Net Nonoperating Obligations (NNO)		 1,170 1,181 1,212 1,304 1,337 1,428 2,517 2,618 2,242 3,426 3,564
Total Depreciation and Amortization (D&A)		 23 24 24 24 23 23 28 37 36 45 56
Debt-free, Cash-free Net Working Capital to Revenue		 -19.45% -16.42% -18.94% -10.57% -21.45% -39.11% -53.47% -49.47% -37.98% - -27.94%
Debt-free Net Working Capital to Revenue		 5.65% 10.88% 0.75% 46.01% 22.09% 5.32% 11.26% 67.72% 42.50% - 10.31%
Net Working Capital to Revenue		 5.65% 10.88% -23.04% 46.01% 22.09% -9.33% -15.20% 46.08% -301.95% - 6.03%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.55) $0.00 ($0.54) ($0.52) ($0.45) $0.00 $0.95 ($0.73) ($1.38) $0.00 ($1.32)
Adjusted Weighted Average Basic Shares Outstanding		 102.82M 102.96M 104.19M 105.04M 109.72M 108.22M 114.10M 114.88M 115.56M 115.21M 116.69M
Adjusted Diluted Earnings per Share		 ($0.55) $0.00 ($0.54) ($0.52) ($0.45) $0.00 $0.89 ($0.73) ($1.38) ($1.04) ($1.32)
Adjusted Weighted Average Diluted Shares Outstanding		 102.82M 102.96M 104.19M 105.04M 109.72M 108.22M 122.76M 114.88M 115.56M 115.21M 116.69M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 99.49M 101.69M 101.69M 105.04M 113.75M 113.94M 114.76M 115.09M 116.29M 118.16M 118.16M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.51 -1.51 -7.30 -1.48 -3.32 -3.09 -2.49 4.42 17 -75 6.74
Normalized NOPAT Margin		 -11.78% -1.86% -8.84% -1.75% -3.99% -3.83% -2.58% 3.61% 11.84% - 3.58%
Pre Tax Income Margin		 -62.00% -49.12% -58.75% -56.40% -51.67% -152.71% 81.79% -56.43% -70.76% - -65.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.47 0.16 -0.33 0.13 0.06 -0.02 2.67 -0.06 0.20 - 0.04
NOPAT to Interest Expense		 -0.39 0.05 -0.29 -0.08 -0.10 -0.09 3.95 -0.08 0.11 - 0.01
EBIT Less CapEx to Interest Expense		 -0.96 -0.63 -0.81 -0.39 -0.76 -0.66 1.13 -1.33 -0.31 - -0.25
NOPAT Less CapEx to Interest Expense		 -0.88 -0.74 -0.77 -0.59 -0.92 -0.74 2.41 -1.34 -0.40 - -0.28
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -9.07% -9.88% -7.29% -16.42% -21.70% -16.10% -75.09% -45.89% -24.70% - -5.16%
Augmented Payout Ratio		 -9.07% -9.88% -7.29% -16.42% -21.70% -16.10% -75.09% -45.89% -36.21% - -5.16%

Financials Breakdown Chart

Key Financial Trends

Here are four-year trends for FTAI Infrastructure (NASDAQ:FIP) based on the provided quarterly statements. The focus is on the most impactful, tangible signals for retail investors.

  • Revenue momentum: 2025 Q4 operating revenue was 143,517,000 USD, up from 2024 Q4’s 80,764,000 USD, indicating a strong 2025 rebound in the top line after softer 2024 performance.
  • Other income contribution: 2025 Q4 total other income / (expense), net totaled 51,647,000 USD, helping pretax results despite ongoing losses.
  • Financing activity provides liquidity: Net cash from financing activities was positive in several 2025 quarters (e.g., Q1 2025 around 39.2 million USD; Q4 2025 around 20.6 million USD), suggesting ongoing access to capital markets to support operations and capex needs.
  • Assets growth and scale: Total assets rose into the mid-range of several years, with PPE and long-term investments contributing to a multi-billion asset base (example: assets in the 4.3–5.5 billion USD band across 2023–2025).
  • Non-cash and restructuring activity: Quarterly non-cash adjustments, restructuring charges, and other items appear across periods, adding volatility to quarterly earnings but not always cash flow.
  • Persistent net losses: Net income attributable to common shareholders was negative in all 2025 quarters (examples include roughly -69M to -118M USD per quarter), signaling ongoing annual profitability challenges.
  • Negative cash flow from operations: Net cash from continuing operating activities was negative in all 2025 quarters (e.g., Q1 around -85M, Q2 around -6M, Q3 around -23M, Q4 around -2.8M), indicating ongoing cash burn from core operations.
  • High leverage and interest burden: Long-term debt remains in the billions, with sizable interest expense (e.g., 2025 periods showing substantial interest costs), which pressures cash flows and balance sheet resilience.
07/12/26 08:12 AM ETAI Generated. May Contain Errors.

FTAI Infrastructure Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FTAI Infrastructure's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

FTAI Infrastructure's net income appears to be on an upward trend, with a most recent value of -$152.05 million in 2025, rising from -$71.72 million in 2020. The previous period was -$266.06 million in 2024. See where experts think FTAI Infrastructure is headed by visiting FTAI Infrastructure's forecast page.

FTAI Infrastructure's total operating income in 2025 was $7.97 million, based on the following breakdown:
  • Total Gross Profit: $502.52 million
  • Total Operating Expenses: $494.55 million

Over the last 5 years, FTAI Infrastructure's total revenue changed from $68.56 million in 2020 to $502.52 million in 2025, a change of 632.9%.

FTAI Infrastructure's total liabilities were at $4.80 billion at the end of 2025, a 150.5% increase from 2024, and a 390.1% increase since 2021.

In the past 4 years, FTAI Infrastructure's cash and equivalents has ranged from $27.79 million in 2024 to $57.35 million in 2025, and is currently $57.35 million as of their latest financial filing in 2025.

Over the last 5 years, FTAI Infrastructure's book value per share changed from 0.00 in 2020 to 0.18 in 2025, a change of 18.3%.


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Financial statements for NASDAQ:FIP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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