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FTAI Infrastructure (FIP) Financials

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$3.93 -0.30 (-7.09%)
Closing price 11/13/2026 04:00 PM Eastern
Extended Trading
$3.97 +0.04 (+1.02%)
As of 11/13/2026 07:30 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.
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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders
-57 -54 -50 -134 110 -84 -159 -119 -150 -166 -150
Consolidated Net Income / (Loss)
-50 -48 -43 -125 120 -70 -105 -98 -127 -139 -123
Net Income / (Loss) Continuing Operations
-50 -48 -43 -61 120 -70 -105 -98 -127 -139 -123
Total Pre-Tax Income
-48 -48 -43 -123 79 -69 -99 -66 -124 -151 -121
Total Operating Income
-11 -3.19 -7.27 -5.73 113 -6.79 21 -117 2.25 -47 20
Total Gross Profit
83 85 83 81 96 122 141 144 188 187 219
Total Revenue
83 85 83 81 96 122 141 144 188 187 219
Operating Revenue
83 85 83 81 96 122 141 144 188 187 219
Total Cost of Revenue
0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses
94 88 91 86 -17 129 120 261 186 233 199
Selling, General & Admin Expense
69 64 66 63 72 78 78 87 124 121 125
Depreciation Expense
21 20 19 19 25 34 35 39 51 40 35
Other Operating Expenses / (Income)
3.00 2.78 2.81 2.73 2.54 3.68 3.78 4.71 4.09 3.68 3.11
Impairment Charge
0.00 0.00 0.00 - 0.00 4.40 0.00 -1.38 0.00 63 29
Restructuring Charge
0.93 0.92 2.53 1.08 3.52 8.70 3.22 12 6.82 6.02 7.49
Other Special Charges / (Income)
0.01 0.15 - 0.23 -120 - -0.03 - 0.57 - -0.04
Total Other Income / (Expense), net
-37 -45 -36 -54 -34 -62 -120 52 -126 -104 -141
Interest Expense
28 39 31 42 43 63 129 90 128 107 117
Interest & Investment Income
-12 -13 -14 -16 5.31 -2.00 2.93 4.68 -0.52 -0.56 -0.59
Other Income / (Expense), net
2.37 6.96 9.30 5.04 3.69 3.05 5.55 137 2.98 3.27 -23
Income Tax Expense
1.81 0.27 -0.09 1.33 -42 0.95 5.08 32 3.52 -12 2.25
Preferred Stock Dividends Declared
17 18 17 19 22 25 30 45 37 38 40
Net Income / (Loss) Attributable to Noncontrolling Interest
-11 -11 -9.96 -10 -11 -11 -11 -11 -14 -11 -13
Basic Earnings per Share
($0.54) ($0.52) ($0.45) - $0.95 ($0.73) ($1.38) - ($1.32) ($1.41) ($1.27)
Weighted Average Basic Shares Outstanding
104.19M 105.04M 109.72M 108.22M 114.10M 114.88M 115.56M 115.21M 116.69M 118.16M 118.18M
Diluted Earnings per Share
($0.54) ($0.52) ($0.45) - $0.89 ($0.73) ($1.38) ($1.04) ($1.32) ($1.41) ($1.27)
Weighted Average Diluted Shares Outstanding
104.19M 105.04M 109.72M 108.22M 122.76M 114.88M 115.56M 115.21M 116.69M 118.16M 118.18M
Weighted Average Basic & Diluted Shares Outstanding
101.69M 105.04M 113.75M 113.94M 114.76M 115.09M 116.29M 118.16M 118.16M 118.18M 118.18M

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Change in Cash & Equivalents
-23 122 -42 2.66 76 225 -94 -28 -99 -55 -32
Net Cash From Operating Activities
-3.88 -18 14 -8.06 -86 -5.22 -24 -2.75 -69 39 22
Net Cash From Continuing Operating Activities
-3.88 -18 14 -8.06 -86 -6.12 -23 -2.75 -69 39 22
Net Income / (Loss) Continuing Operations
-50 -48 -43 -125 120 -70 -105 -98 -127 -139 -123
Consolidated Net Income / (Loss)
-50 -48 -43 -125 120 -70 -105 -98 -127 -139 -123
Depreciation Expense
21 20 19 19 25 34 35 39 51 40 35
Amortization Expense
3.36 4.11 3.32 4.14 3.21 2.73 1.51 6.78 5.80 34 30
Non-Cash Adjustments To Reconcile Net Income
14 24 10 92 -124 12 57 -10 57 76 60
Changes in Operating Assets and Liabilities, net
8.11 -18 24 1.52 -110 16 -13 60 -56 29 20
Net Cash From Investing Activities
-19 -34 -37 -28 164 -86 -1,175 -46 -45 -133 -91
Net Cash From Continuing Investing Activities
-19 -34 -37 -28 164 -86 -1,175 -46 -45 -133 -91
Purchase of Property, Plant & Equipment
-13 -15 -26 -28 -67 -82 -66 -65 -46 -86 -85
Acquisitions
0.00 - - - 227 - - -1,084 0.00 -40 0.00
Sale of Property, Plant & Equipment
0.02 0.09 0.49 0.60 0.14 2.06 0.46 0.12 8.90 0.14 0.59
Other Investing Activities, net
-5.61 -1.03 -0.63 -1.29 4.06 -5.64 -1,109 1,103 -7.18 -7.21 -6.34
Net Cash From Financing Activities
-0.45 174 -19 39 -2.54 316 1,105 21 16 72 21
Net Cash From Continuing Financing Activities
-0.45 173 -19 39 -2.54 316 1,105 21 16 72 21
Repayment of Debt
-0.27 -252 -5.38 -1.04 -1.27 -146 -676 -19 -1,332 -22 -226
Payment of Dividends
0.00 -21 -13 -8.36 -29 -3.44 -3.46 -4.80 -8.91 -4.43 -3.92
Issuance of Debt
0.00 450 - 49 28 466 1,250 50 1,359 98 252
Other Net Changes in Cash
- - - - - - - - - - 16

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 13
Other Current Nonoperating Assets
- - - - 0.00
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
Other Noncurrent Nonoperating Assets
- - - - 0.00
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
Other Current Nonoperating Liabilities
- - - - 0.00
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
Other Noncurrent Nonoperating Liabilities
- - - - 0.00
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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Total Assets
2,438 2,385 2,345 2,452 2,437 4,142 4,407 5,452 5,689 5,747 5,700
Total Current Assets
214 180 165 289 247 319 539 443 398 368 314
Cash & Equivalents
43 24 23 33 20 26 34 35 38 33 52
Restricted Cash
55 53 41 153 124 197 415 319 190 140 88
Accounts Receivable
56 65 54 52 55 65 68 64 97 90 88
Other Current Assets
61 37 46 51 47 30 23 25 73 15 6.35
Other Current Nonoperating Assets
- - - - - - - - - 57 44
Plant, Property, & Equipment, net
1,688 1,664 1,611 1,606 1,625 3,187 3,233 3,255 4,576 3,136 3,171
Total Noncurrent Assets
535 541 569 557 566 636 635 1,754 714 2,243 2,214
Long-Term Investments
70 70 68 63 54 14 18 1,132 22 21 21
Goodwill
260 275 275 275 275 403 401 401 366 275 275
Intangible Assets
56 55 51 49 47 47 45 44 42 56 56
Other Noncurrent Operating Assets
148 141 175 170 189 172 171 176 285 290 288
Other Noncurrent Nonoperating Assets
- - - - - - - - - 1,600 1,575
Total Liabilities & Shareholders' Equity
2,438 2,385 2,345 2,452 2,437 4,142 4,407 5,452 5,689 5,747 5,700
Total Liabilities
1,612 1,604 1,682 1,806 1,817 3,275 3,631 4,373 4,868 5,108 5,252
Total Current Liabilities
182 162 240 138 174 371 363 1,771 362 1,334 1,422
Short-Term Debt
24 0.00 78 - - 91 83 1,515 25 477 553
Accounts Payable
122 136 140 112 153 210 223 203 252 237 250
Other Current Liabilities
36 27 22 26 21 70 57 53 84 41 42
Other Current Nonoperating Liabilities
- - - - - - - - - 580 577
Total Noncurrent Liabilities
1,430 1,442 1,442 1,668 1,644 2,904 3,268 2,602 4,507 3,774 3,829
Long-Term Debt
1,277 1,318 1,267 1,554 1,536 2,664 3,002 2,214 3,788 2,287 2,275
Noncurrent Deferred & Payable Income Tax Liabilities
- - - - - - - - 302 289 290
Other Noncurrent Operating Liabilities
153 123 176 114 108 241 267 389 417 287 314
Other Noncurrent Nonoperating Liabilities
- - - - - - - - - 911 950
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
294 310 342 360 367 529 550 1,059 1,123 1,157 1,193
Total Equity & Noncontrolling Interests
531 470 321 287 253 337 226 20 -303 -519 -745
Total Preferred & Common Equity
581 534 403 395 371 476 375 181 -122 -330 -544
Total Common Equity
581 534 403 395 371 476 375 181 -122 -330 -544
Common Stock
876 864 824 805 787 750 726 676 591 555 517
Retained Earnings
-110 -151 -222 -259 -292 -274 -333 -439 -626 -754 -864
Accumulated Other Comprehensive Income / (Loss)
-185 -179 -200 -151 -125 0.94 -17 -56 -87 -131 -197
Noncontrolling Interest
-49 -63 -82 -108 -118 -139 -150 -161 -181 -189 -200

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
DEI Shares Outstanding
- - - - - - - 116,294,461.00 118,163,555.00 118,163,555.00 118,181,737.00
DEI Adjusted Shares Outstanding
- - - - - - - 116,294,461.00 118,163,555.00 118,163,555.00 118,181,737.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - -1.02 -1.27 -1.41 -1.27
Growth Metrics
- - - - - - - - - - -
Revenue Growth
7.90% 3.73% 3.23% -0.83% 16.51% 44.06% 68.71% - 95.88% 52.73% 55.79%
EBITDA Growth
103.54% 77.34% 122.13% -19.31% 863.13% 17.60% 151.44% - -57.34% -9.41% -2.24%
EBIT Growth
41.19% 152.13% 116.73% -115.48% 1,379.09% -199.13% 1,189.98% - -95.51% -1,058.87% -114.44%
NOPAT Growth
26.79% 62.98% 68.88% -409.68% 2,239.72% -113.11% 383.13% - -99.09% -586.43% -4.22%
Net Income Growth
-40.06% -42.12% 14.17% -212.33% 338.91% -45.32% -143.36% - -205.86% -99.32% -17.79%
EPS Growth
-35.00% -36.84% 18.18% 0.00% 264.81% -40.38% -206.67% - -248.31% -93.15% 7.97%
Operating Cash Flow Growth
68.03% -267.39% -3.19% -204.24% -2,105.79% 70.31% -271.14% - 19.00% 847.69% 190.16%
Free Cash Flow Firm Growth
100.55% 100.30% 99.55% 125.12% -12,879.67% -24,806.17% -12,370.39% - 25.31% 124.40% 125.67%
Invested Capital Growth
-0.97% -0.41% 0.29% -1.80% 80.52% 74.01% 69.69% - 29.56% -11.37% -10.01%
Revenue Q/Q Growth
1.34% 2.85% -1.86% -3.06% 19.06% 27.17% 14.94% - 31.25% -0.85% 17.24%
EBITDA Q/Q Growth
-47.07% 88.53% -11.45% -8.67% 531.71% -76.98% 89.32% - -5.83% -51.58% 104.31%
EBIT Q/Q Growth
-301.82% 141.96% -46.33% -134.06% 16,778.26% -103.25% 798.42% - -73.96% -929.00% 91.30%
NOPAT Q/Q Growth
-160.72% 71.94% -41.50% -27.00% 4,343.59% -102.79% 402.93% - 101.92% -2,175.48% 142.27%
Net Income Q/Q Growth
-26.00% 4.29% 10.77% -190.23% 196.38% -158.22% -49.43% - -30.18% -9.62% 11.70%
EPS Q/Q Growth
-17.39% 3.70% 13.46% 0.00% 0.00% -182.02% -89.04% - -26.92% -6.82% 9.93%
Operating Cash Flow Q/Q Growth
-150.25% -352.92% 181.01% -156.54% -963.33% 93.90% -367.02% - -2,420.05% 156.27% -43.68%
Free Cash Flow Firm Q/Q Growth
108.35% -44.05% -251.66% 442.43% -4,498.57% -8.16% 6.83% - 61.11% 135.39% -1.99%
Invested Capital Q/Q Growth
-2.31% 4.06% 0.32% -3.71% 79.58% 0.31% -2.16% - 0.32% -31.38% -0.66%
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
18.03% 33.05% 29.81% 28.09% 149.03% 26.98% 44.43% - 32.76% 16.00% 27.88%
Operating Margin
-13.77% -3.76% -5.41% -7.09% 115.83% -5.56% 14.64% - 1.19% -24.97% 9.00%
EBIT Margin
-10.90% 4.45% 2.43% -0.85% 119.67% -3.06% 18.59% - 2.78% -23.22% -1.72%
Profit (Net Income) Margin
-60.94% -56.71% -51.56% -154.36% 124.96% -57.21% -74.37% - -67.53% -74.66% -56.23%
Tax Burden Percent
103.72% 100.56% 99.79% 101.08% 152.78% 101.38% 105.11% - 102.85% 92.33% 101.86%
Interest Burden Percent
538.98% -1,268.16% -2,124.78% 17,875.07% 68.34% 1,844.12% -380.55% - -2,364.52% 348.25% 3,203.18%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% -52.78% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
-1.67% -0.44% -0.64% -0.87% 23.23% -0.56% 1.71% - 0.13% -3.60% 1.47%
ROIC Less NNEP Spread (ROIC-NNEP)
-5.34% -4.21% -3.82% -10.12% 20.55% -3.88% -4.94% - -4.11% -7.88% -4.25%
Return on Net Nonoperating Assets (RNNOA)
-8.42% -6.97% -6.83% -22.09% 50.11% -10.70% -10.40% - -14.81% -27.80% -13.32%
Return on Equity (ROE)
-10.09% -7.41% -7.48% -22.96% 73.34% -11.26% -8.70% - -14.68% -31.40% -11.85%
Cash Return on Invested Capital (CROIC)
-0.49% -0.81% -1.16% 0.90% -54.80% -51.55% -48.44% - -27.60% 8.95% 7.36%
Operating Return on Assets (OROA)
-1.49% 0.60% 0.34% -0.12% 12.73% -0.34% 2.07% - 0.34% -3.01% -0.23%
Return on Assets (ROA)
-8.31% -7.64% -7.10% -21.53% 13.30% -6.38% -8.29% - -8.17% -9.69% -7.44%
Return on Common Equity (ROCE)
-6.64% -4.91% -4.83% -13.20% 42.15% -6.10% -2.82% - -3.08% -1.01% 2.82%
Return on Equity Simple (ROE_SIMPLE)
-43.26% -47.72% -48.90% 0.00% -20.08% 0.00% 0.00% - 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-7.95 -2.23 -3.16 -4.01 170 -4.76 14 -82 1.57 -33 14
NOPAT Margin
-9.64% -2.63% -3.79% -4.97% 176.97% -3.89% 10.25% - 0.84% -17.48% 6.30%
Net Nonoperating Expense Percent (NNEP)
3.67% 3.77% 3.17% 9.25% 2.68% 3.32% 6.65% - 4.24% 4.28% 5.73%
Return On Investment Capital (ROIC_SIMPLE)
- - - -0.24% 5.50% -0.14% 0.38% -2.26% 0.04% -1.45% 0.66%
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
84.13% 75.47% 78.93% 78.27% 75.04% 64.03% 55.63% - 65.80% 64.79% 56.99%
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
113.77% 103.76% 105.41% 107.09% -15.83% 105.56% 85.36% - 98.81% 124.97% 91.00%
Earnings before Interest and Taxes (EBIT)
-9.00 3.78 2.03 -0.69 115 -3.74 26 20 5.23 -43 -3.77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
15 28 25 23 143 33 62 66 62 30 61
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.55 2.17 2.51 3.56 0.95 1.63 2.39 - 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)
8.16 12.14 19.31 0.00 16.98 0.00 0.00 - 0.00 0.00 0.00
Price to Revenue (P/Rev)
1.91 2.60 2.80 2.18 1.30 1.60 0.99 - 0.83 0.70 0.37
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
1.91% 1.39% 1.28% 1.65% 3.31% 1.94% 2.75% - 2.43% 2.59% 4.35%
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)
1.12 1.24 1.29 1.28 0.99 1.07 1.08 - 1.14 1.33 1.32
Enterprise Value to Revenue (EV/Rev)
6.42 7.32 7.58 7.25 9.73 9.50 8.13 - 8.40 6.07 5.33
Enterprise Value to EBITDA (EV/EBITDA)
29.95 29.36 26.25 26.57 15.34 16.23 13.67 - 22.58 18.33 18.14
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 1,994.29 0.00 27.94 32.24 26.12 - 107.85 595.57 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 48.97 54.99 41.77 - 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
152.20 2,478.29 4,993.65 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 140.53 0.00 0.00 0.00 - 0.00 13.96 16.93
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
2.03 2.40 2.48 3.48 3.18 3.98 3.46 - 4.65 4.33 6.31
Long-Term Debt to Equity
1.91 2.40 2.48 3.37 3.07 3.87 2.05 - 4.62 3.58 5.08
Financial Leverage
1.58 1.66 1.79 2.18 2.44 2.76 2.11 - 3.61 3.53 3.13
Leverage Ratio
3.28 3.32 3.44 3.98 4.24 4.82 4.64 - 5.83 7.18 7.30
Compound Leverage Factor
17.66 -42.12 -73.14 711.44 2.90 88.93 -17.67 - -137.82 25.00 233.95
Debt to Total Capital
66.98% 70.62% 71.24% 77.68% 76.07% 79.90% 77.56% - 82.30% 81.24% 86.32%
Short-Term Debt to Total Capital
3.87% 0.00% 0.00% 2.38% 2.52% 2.14% 31.51% - 0.55% 14.01% 16.87%
Long-Term Debt to Total Capital
63.11% 70.62% 71.24% 75.30% 73.55% 77.76% 46.05% - 81.75% 67.22% 69.45%
Preferred Equity to Total Capital
0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
12.96% 11.44% 11.57% 12.41% 10.78% 10.37% 18.67% - 20.34% 28.46% 30.30%
Common Equity to Total Capital
20.06% 17.94% 17.20% 9.91% 13.15% 9.73% 3.77% - -2.64% -9.69% -16.62%
Debt to EBITDA
19.20 18.90 16.02 17.55 12.59 13.78 14.26 - 17.23 12.67 13.04
Net Debt to EBITDA
17.31 15.86 13.94 15.79 11.50 11.70 8.58 - 16.10 11.78 12.30
Long-Term Debt to EBITDA
18.10 18.90 16.02 17.02 12.17 13.41 8.47 - 17.11 10.48 10.49
Debt to NOPAT
-48.65 -65.20 -91.16 -91.50 40.18 46.70 43.59 - -53.12 -27.73 -28.20
Net Debt to NOPAT
-43.86 -54.72 -79.36 -82.29 36.71 39.64 26.21 - -49.65 -25.78 -26.59
Long-Term Debt to NOPAT
-45.84 -65.20 -91.16 -88.70 38.84 45.45 25.88 - -52.77 -22.94 -22.69
Altman Z-Score
0.18 0.35 0.31 0.11 0.15 0.13 -0.25 - 0.02 -0.24 -0.29
Noncontrolling Interest Sharing Ratio
34.19% 33.75% 35.43% 42.49% 42.53% 45.85% 67.52% - 79.03% 96.77% 123.80%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.69 2.10 1.42 0.88 0.86 1.49 0.25 - 1.10 0.28 0.22
Quick Ratio
0.32 0.62 0.43 0.32 0.25 0.28 0.06 - 0.37 0.09 0.10
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
10 5.86 -8.89 30 -1,339 -1,448 -1,349 -2,568 -999 353 346
Operating Cash Flow to CapEx
-29.34% -115.11% 55.14% -29.53% -129.02% -6.50% -37.00% - -184.64% 45.49% 25.93%
Free Cash Flow to Firm to Interest Expense
0.38 0.20 -0.28 0.72 -31.06 -22.89 -10.50 - -7.78 3.30 2.97
Operating Cash Flow to Interest Expense
-0.14 -0.59 0.45 -0.19 -1.99 -0.08 -0.19 - -0.54 0.36 0.19
Operating Cash Flow Less CapEx to Interest Expense
-0.62 -1.11 -0.37 -0.84 -3.53 -1.35 -0.70 - -0.83 -0.44 -0.54
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.14 0.13 0.14 0.14 0.11 0.11 0.11 - 0.12 0.13 0.13
Accounts Receivable Turnover
5.19 6.07 5.54 6.08 5.79 6.36 7.40 - 7.31 8.35 9.70
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
0.20 0.20 0.20 0.20 0.14 0.16 0.18 - 0.15 0.21 0.23
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)
70.27 60.14 65.85 60.00 63.03 57.43 49.31 - 49.91 43.72 37.63
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)
70.27 60.14 65.85 60.00 63.03 57.43 49.31 - 49.91 43.72 37.63
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,875 1,951 1,957 1,884 3,384 3,394 3,321 4,370 4,384 3,008 2,988
Invested Capital Turnover
0.17 0.17 0.17 0.17 0.13 0.14 0.17 - 0.15 0.21 0.23
Increase / (Decrease) in Invested Capital
-18 -8.09 5.73 -34 1,509 1,444 1,364 2,486 1,000 -386 -333
Enterprise Value (EV)
2,096 2,414 2,517 2,403 3,358 3,632 3,573 - 4,997 3,999 3,933
Market Capitalization
624 858 930 722 450 613 433 - 491 461 274
Book Value per Share
$3.96 $3.88 $3.53 $1.78 $4.18 $3.27 $1.57 $0.18 ($1.04) ($2.79) ($4.61)
Tangible Book Value per Share
$0.75 $0.69 $0.46 ($1.05) $0.23 ($0.62) ($2.30) ($3.33) ($4.49) ($5.60) ($7.41)
Total Capital
2,007 2,201 2,156 2,044 3,621 3,860 4,807 4,718 4,633 3,402 3,276
Total Debt
1,344 1,554 1,536 1,588 2,755 3,084 3,728 3,774 3,813 2,764 2,828
Total Long-Term Debt
1,267 1,554 1,536 1,539 2,664 3,002 2,214 3,709 3,788 2,287 2,275
Net Debt
1,212 1,304 1,337 1,428 2,517 2,618 2,242 3,426 3,564 2,570 2,666
Capital Expenditures (CapEx)
13 15 26 27 66 80 66 65 38 86 85
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-62 -35 -71 -130 -185 -189 -167 -186 -166 -662 -696
Debt-free Net Working Capital (DFNWC)
2.45 152 73 18 39 259 187 139 61 -489 -555
Net Working Capital (NWC)
-75 152 73 -31 -52 176 -1,328 74 36 -966 -1,108
Net Nonoperating Expense (NNE)
42 46 40 121 50 65 119 16 129 107 137
Net Nonoperating Obligations (NNO)
1,212 1,304 1,337 1,428 2,517 2,618 2,242 3,426 3,564 2,370 2,540
Total Depreciation and Amortization (D&A)
24 24 23 23 28 37 36 45 56 73 65
Debt-free, Cash-free Net Working Capital to Revenue
-18.94% -10.57% -21.45% -39.11% -53.47% -49.47% -37.98% - -27.94% -100.43% -94.37%
Debt-free Net Working Capital to Revenue
0.75% 46.01% 22.09% 5.32% 11.26% 67.72% 42.50% - 10.31% -74.25% -75.29%
Net Working Capital to Revenue
-23.04% 46.01% 22.09% -9.33% -15.20% 46.08% -301.95% - 6.03% -146.58% -150.21%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.54) ($0.52) ($0.45) $0.00 $0.95 ($0.73) ($1.38) $0.00 ($1.32) ($1.41) ($1.27)
Adjusted Weighted Average Basic Shares Outstanding
104.19M 105.04M 109.72M 108.22M 114.10M 114.88M 115.56M 115.21M 116.69M 118.16M 118.18M
Adjusted Diluted Earnings per Share
($0.54) ($0.52) ($0.45) $0.00 $0.89 ($0.73) ($1.38) ($1.04) ($1.32) ($1.41) ($1.27)
Adjusted Weighted Average Diluted Shares Outstanding
104.19M 105.04M 109.72M 108.22M 122.76M 114.88M 115.56M 115.21M 116.69M 118.16M 118.18M
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
101.69M 105.04M 113.75M 113.94M 114.76M 115.09M 116.29M 118.16M 118.16M 118.18M 118.18M
Normalized Net Operating Profit after Tax (NOPAT)
-7.30 -1.48 -3.32 -3.09 -2.49 4.42 17 -75 6.74 16 39
Normalized NOPAT Margin
-8.84% -1.75% -3.99% -3.83% -2.58% 3.61% 11.84% - 3.58% 8.46% 17.82%
Pre Tax Income Margin
-58.75% -56.40% -51.67% -152.71% 81.79% -56.43% -70.76% - -65.66% -80.86% -55.21%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-0.33 0.13 0.06 -0.02 2.67 -0.06 0.20 - 0.04 -0.40 -0.03
NOPAT to Interest Expense
-0.29 -0.08 -0.10 -0.09 3.95 -0.08 0.11 - 0.01 -0.30 0.12
EBIT Less CapEx to Interest Expense
-0.81 -0.39 -0.76 -0.66 1.13 -1.33 -0.31 - -0.25 -1.21 -0.76
NOPAT Less CapEx to Interest Expense
-0.77 -0.59 -0.92 -0.74 2.41 -1.34 -0.40 - -0.28 -1.11 -0.61
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
-7.29% -16.42% -21.70% -16.10% -75.09% -45.89% -24.70% - -5.16% -4.61% -4.52%
Augmented Payout Ratio
-7.29% -16.42% -21.70% -16.10% -75.09% -45.89% -36.21% - -5.16% -4.61% -4.65%

Financials Breakdown Chart

Key Financial Trends

FTAI Infrastructure’s revenue has expanded substantially over the period covered. Quarterly revenue increased from $65.9 million in Q2 2022 to $186.8 million in Q2 2026, while Q2 2026 revenue was broadly stable compared with $188.4 million in Q1 2026. However, the company has not converted that growth into consistent profitability. FTAI Infrastructure reported net losses in each quarter from Q2 2022 through Q2 2026, except for a restated profit in Q1 2025 that included significant special income.

Cash-flow performance improved in the latest quarter, but the balance sheet remains highly leveraged. Operating cash flow was positive at $39.0 million in Q2 2026, compared with negative operating cash flow of $69.4 million in Q1 2026 and $5.2 million in Q2 2025. Even so, capital expenditures and acquisitions produced $133.4 million of investing cash outflow, resulting in a $54.9 million decline in cash and equivalents during Q2 2026.

  • Revenue growth: Q2 revenue rose from $65.9 million in 2022 to $186.8 million in 2026, indicating significant expansion in the company’s operating base.
  • Improved operating cash flow: Q2 2026 operating cash flow turned positive at $39.0 million after negative figures in Q1 2026 and Q2 2025, suggesting some improvement in cash collection and working-capital management.
  • Lower restricted cash balance: Restricted cash declined to $139.9 million in Q2 2026 from $414.6 million in Q2 2025 and $319.2 million in Q3 2025, potentially indicating that some previously restricted funds have become more flexible.
  • Growing asset base: Total assets increased to $5.75 billion in Q2 2026 from $2.44 billion in Q2 2024, supported by expansion in property, plant and equipment and other noncurrent assets.
  • Significant investment spending: Q2 2026 included $85.9 million of capital expenditures and $40.4 million of acquisitions. These investments may support future growth, but their returns are not yet evident in reported earnings.
  • Financing remains important: FTAI Infrastructure generated $71.6 million of net financing cash flow in Q2 2026, including $97.9 million of new debt issuance. This helped fund investment activity but increases reliance on external capital.
  • Persistent net losses: The company reported a $139.4 million consolidated net loss and a $166.5 million loss attributable to common shareholders in Q2 2026. Basic and diluted loss per share widened to $1.41 from $1.32 in Q1 2026.
  • High interest burden: Q2 2026 interest expense was $107.1 million, consuming a substantial portion of revenue and contributing to the $151.0 million pretax loss.
  • Heavy leverage and negative equity: Short- and long-term debt totaled approximately $2.76 billion at Q2 2026, while total common equity was negative $329.8 million. Total liabilities represented roughly 89% of total assets, leaving limited balance-sheet cushion for common shareholders.
  • Impairment and restructuring charges: Q2 2026 included a $63.2 million impairment charge and a $6.0 million restructuring charge. These expenses indicate continuing pressure on asset values or operating performance and further weakened results.

Overall, the statements show a company with strong top-line growth and a recent improvement in operating cash flow, but those positives are outweighed by recurring losses, substantial interest expense, negative common equity and dependence on debt financing. Investors should closely monitor whether operating cash flow remains positive and whether future investments can generate enough earnings to reduce leverage and reverse the company’s accumulated deficit.

11/15/26 01:57 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 financial year ends in December. Their financial year 2025 ended on December 31, 2025.

FTAI Infrastructure's net income appears to be on a downward trend, with a most recent value of -$152.05 million in 2025, falling from -$71.72 million in 2020. The previous period was -$266.06 million in 2024. Find out what analysts predict for FTAI Infrastructure in the coming months.

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%.

In the past 13 quarters, FTAI Infrastructure's cash and equivalents has ranged from $20.30 million in Q3 2024 to $52.44 million in Q3 2026, and is currently $52.44 million as of their latest financial filing in Q3 2026.

FTAI Infrastructure had total debt of $3.77 billion at the end of 2025, a 137.7% increase from 2024, and none in 2020.

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%.



Financial statements for NASDAQ:FIP last updated on 11/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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