XPLR Infrastructure (XIFR) Financials

$10.80 +0.41 (+3.89%)

Closing price 03:59 PM Eastern

Extended Trading

$10.65 -0.15 (-1.43%)

As of 07:35 PM Eastern

Annual Income Statements for XPLR Infrastructure

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	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	10	83	-64	167	-88	-55	137	477	200	-23	-28
Consolidated Net Income / (Loss)	107	383	114	267	-404	-238	424	1,121	218	-411	-436
Net Income / (Loss) Continuing Operations	107	383	114	267	-404	-238	266	969	-254	-412	-399
Total Pre-Tax Income	140	440	281	273	-430	-257	303	1,130	-279	-454	-477
Total Operating Income	209	302	312	443	233	253	64	44	-28	-459	-186
Total Gross Profit	388	557	559	514	519	554	348	442	558	726	690
Total Revenue	501	772	807	771	855	917	722	969	1,078	1,230	1,188
Total Cost of Revenue	113	215	248	257	336	363	374	527	520	504	498
Operating Cost of Revenue	113	215	248	257	336	363	374	527	520	504	498
Total Operating Expenses	179	255	247	71	286	301	284	398	586	1,185	876
Depreciation Expense	163	235	226	203	259	271	251	394	521	550	564
Other Operating Expenses / (Income)	16	20	21	-132	27	28	28	40	65	73	68
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	575	253
Other Special Charges / (Income)	-	-	-	-	-	2.00	5.00	-36	0.00	-13	-9.00
Total Other Income / (Expense), net	-69	138	-31	-170	-663	-510	239	1,086	-251	5.00	-291
Interest & Investment Income	36	40	40	41	-664	-512	208	1,025	-264	-60	-310
Other Income / (Expense), net	-12	183	9.00	37	1.00	2.00	31	61	13	65	19
Income Tax Expense	33	57	167	6.00	-26	-19	37	161	-25	-42	-78
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	158	152	472	1.00	-37
Net Income / (Loss) Attributable to Noncontrolling Interest	97	300	175	75	-333	-188	287	644	18	-388	-408
Basic Earnings per Share	$0.46	$1.90	($1.18)	$3.05	($1.51)	($0.81)	$1.77	$5.62	$2.18	($0.25)	($0.30)
Weighted Average Basic Shares Outstanding	22.80M	43.80M	54.20M	1.67B	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M
Weighted Average Diluted Shares Outstanding	22.80M	43.80M	54.20M	1.67B	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M
Weighted Average Basic & Diluted Shares Outstanding	22.80M	43.80M	54.20M	1.67B	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	49	53	112	70	62	-40	-115	-98	79	-37	28
Consolidated Net Income / (Loss)	89	132	148	35	58	-83	-421	-328	36	-64	-80
Net Income / (Loss) Continuing Operations	56	100	-206	35	58	-64	-421	-328	36	-61	-46
Total Pre-Tax Income	72	128	-239	22	79	-30	-505	-373	-5.00	-18	-81
Total Operating Income	26	32	-51	-21	66	49	-553	-233	90	5.00	-48
Total Gross Profit	170	187	102	134	221	191	180	172	240	164	114
Total Revenue	293	308	232	257	360	319	294	282	342	315	249
Total Cost of Revenue	123	121	130	123	139	128	114	110	102	151	135
Operating Cost of Revenue	123	121	130	123	139	128	114	110	102	151	135
Total Operating Expenses	144	155	153	155	155	142	733	405	150	159	162
Depreciation Expense	126	136	136	136	138	138	138	136	141	142	145
Other Operating Expenses / (Income)	18	19	17	19	16	18	19	16	18	15	19
Total Other Income / (Expense), net	46	96	-188	43	13	-79	48	-140	-95	-23	-33
Interest & Investment Income	33	80	-177	17	-6.00	-94	43	-143	-100	-28	-39
Other Income / (Expense), net	13	16	-11	26	19	15	5.00	3.00	5.00	5.00	6.00
Income Tax Expense	16	28	-33	-13	21	34	-84	-45	-41	43	-35
Net Income / (Loss) Attributable to Noncontrolling Interest	40	79	36	-35	-4.00	-43	-306	-230	-43	-27	-108
Basic Earnings per Share	$0.53	$0.57	$1.25	$0.75	$0.66	($0.43)	($1.23)	($1.05)	$0.84	($0.40)	$0.31
Weighted Average Basic Shares Outstanding	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M
Weighted Average Diluted Shares Outstanding	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M
Weighted Average Basic & Diluted Shares Outstanding	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-10	5.00	7.00	-32	-34	-20	39	133	10	34	695
Net Cash From Operating Activities	288	415	413	362	346	665	677	776	731	800	739
Net Cash From Continuing Operating Activities	288	415	413	362	346	665	677	776	731	800	739
Net Income / (Loss) Continuing Operations	107	383	114	267	-404	-238	424	1,121	218	-411	-436
Consolidated Net Income / (Loss)	107	383	114	267	-404	-238	424	1,121	218	-411	-436
Depreciation Expense	163	235	226	203	259	271	288	430	553	550	564
Amortization Expense	-	-	0.00	0.00	72	103	117	143	82	82	83
Non-Cash Adjustments To Reconcile Net Income	-24	-58	-101	-104	469	554	-173	-1,107	-43	564	506
Changes in Operating Assets and Liabilities, net	42	-145	174	-4.00	-50	-25	21	189	-79	15	22
Net Cash From Investing Activities	-1,899	-1,716	-1,368	-763	-2,349	-681	-2,301	-1,194	-194	1,236	630
Net Cash From Continuing Investing Activities	-1,899	-1,716	-1,368	-763	-2,349	-681	-2,301	-1,194	-194	1,236	630
Purchase of Property, Plant & Equipment	-201	-861	-349	-25	-93	-334	-113	-1,351	-1,269	-241	-958
Acquisitions	-	-	-	-1,283	-2,322	-378	-2,352	-989	-661	0.00	0.00
Divestitures	-	-	-	-	-	0.00	0.00	204	1,885	0.00	1,139
Sale and/or Maturity of Investments	182	1.00	-	21	54	2.00	1.00	15	-	-	116
Other Investing Activities, net	-1,880	-856	-997	524	12	29	210	1,167	1,064	93	333
Net Cash From Financing Activities	1,608	1,302	959	371	1,969	-4.00	1,663	551	-527	-2,002	-674
Net Cash From Continuing Financing Activities	1,608	1,302	959	371	1,969	-4.00	1,663	551	-527	-1,986	-674
Repayment of Debt	-745	-663	-1,287	-983	-2,845	-1,170	-1,184	-1,590	-1,542	-1,358	-2,588
Payment of Dividends	-1,122	-682	-307	-303	-383	-449	-884	-636	-1,713	-1,070	-1,571
Issuance of Debt	1,794	775	1,880	750	3,380	695	2,880	1,505	2,362	354	3,448
Issuance of Common Equity	1,045	645	0.00	836	1,790	752	943	1,262	492	3.00	4.00
Other Financing Activities, net	636	1,227	125	71	27	168	-92	10	-126	85	33
Cash Interest Paid	110	170	163	171	162	163	126	154	250	193	167
Cash Income Taxes Paid	-	0.00	0.00	5.00	1.00	6.00	2.00	0.00	1.00	47	45

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	339	-247	-87	7.00	20	25	-18	1,258	-656	-155	248
Net Cash From Operating Activities	214	256	179	78	231	208	283	90	232	231	186
Net Cash From Continuing Operating Activities	214	256	179	78	231	208	283	90	232	231	186
Net Income / (Loss) Continuing Operations	89	132	148	35	57	-83	-420	-328	36	-63	-81
Consolidated Net Income / (Loss)	89	132	148	35	57	-83	-420	-328	36	-63	-81
Depreciation Expense	135	145	141	136	138	138	138	136	141	142	145
Amortization Expense	20	21	21	21	20	21	20	20	21	20	22
Non-Cash Adjustments To Reconcile Net Income	55	-114	-175	-36	-26	81	545	378	58	75	-5.00
Changes in Operating Assets and Liabilities, net	-85	72	44	-78	42	51	-	-116	-24	57	105
Net Cash From Investing Activities	-629	-134	370	42	706	596	-108	-49	314	632	-267
Net Cash From Continuing Investing Activities	-629	-134	370	42	706	596	-108	-49	314	632	-267
Purchase of Property, Plant & Equipment	-406	-257	-205	-64	-69	-56	-52	-89	-81	-514	-274
Sale and/or Maturity of Investments	-22	-49	-206	68	762	630	-1,460	34	386	-111	-193
Other Investing Activities, net	377	172	159	38	13	22	20	6.00	9.00	4.00	314
Net Cash From Financing Activities	754	-369	-636	-113	-917	-779	-193	1,217	-1,202	-1,018	329
Net Cash From Continuing Financing Activities	754	-369	-636	-113	-917	-779	-193	1,217	-1,202	-1,018	329
Repayment of Debt	-12	-329	-1,192	-27	-525	-776	-30	-556	-220	-861	-951
Payment of Dividends	-373	-406	-569	-188	-373	-222	-287	-21	-1,261	-263	-26
Issuance of Debt	1,006	315	978	24	-	175	155	1,754	338	74	1,282
Other Financing Activities, net	-28	51	-30	75	-19	44	-31	37	-60	32	24
Cash Interest Paid	28	54	121	50	21	81	41	66	-3.00	62	42
Cash Income Taxes Paid	1.00	-2.00	-	-24	-9.00	-5.00	-9.00	-4.00	1.00	-	48

This table presents XPLR 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,227	8,661	8,425	9,405	12,256	12,562	18,976	23,052	22,511	20,292	19,595
Total Current Assets	354	367	398	340	433	414	1,410	1,862	2,216	860	1,422
Cash & Equivalents	164	150	154	147	128	108	147	226	274	283	960
Accounts Receivable	150	154	173	148	269	266	1,197	1,285	1,753	339	238
Inventories, net	-	-	-	-	20	24	41	49	82	108	103
Other Current Assets	24	30	46	45	16	16	25	302	107	130	121
Plant, Property, & Equipment, net	5,122	6,298	6,197	6,770	6,970	7,163	11,417	14,191	14,837	14,555	15,366
Total Noncurrent Assets	1,751	1,996	1,830	2,295	4,853	4,985	6,149	6,999	5,458	4,877	2,807
Long-Term Investments	168	310	229	214	1,653	1,814	1,896	1,875	1,853	631	625
Goodwill	622	628	628	584	609	609	891	812	833	253	0.00
Intangible Assets	696	678	668	1,261	2,282	2,182	2,768	2,010	1,987	1,817	1,648
Other Noncurrent Operating Assets	61	94	124	128	137	131	272	2,302	785	2,176	534
Total Liabilities & Shareholders' Equity	7,227	8,661	8,425	9,405	12,256	12,562	18,976	23,052	22,511	20,292	19,595
Total Liabilities	5,335	6,095	6,201	3,867	5,190	4,855	7,817	8,280	8,454	7,426	8,696
Total Current Liabilities	512	818	276	859	301	350	1,261	1,326	1,671	1,087	1,568
Short-Term Debt	113	277	99	707	12	12	33	38	1,348	705	762
Accounts Payable	320	458	71	55	180	209	1,086	954	159	224	556
Other Taxes Payable	-	-	12	19	21	22	25	23	43	32	29
Other Current Liabilities	51	58	55	47	48	82	91	262	83	80	118
Other Current Nonoperating Liabilities	28	25	39	31	40	25	26	49	38	46	103
Total Noncurrent Liabilities	4,823	5,277	5,925	3,008	4,889	4,505	6,556	6,954	6,783	6,339	7,128
Long-Term Debt	3,334	3,508	4,218	2,728	4,132	3,376	5,294	5,250	4,941	4,609	5,440
Asset Retirement Reserve & Litigation Obligation	41	78	81	95	139	144	243	299	331	366	373
Other Noncurrent Operating Liabilities	1,386	1,622	1,542	151	584	952	978	1,402	1,511	1,364	1,315
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,892	2,566	2,224	5,538	7,066	7,707	10,838	14,671	14,057	12,866	10,899
Total Preferred & Common Equity	929	1,743	2,190	2,346	2,183	2,354	2,977	3,325	3,569	3,215	3,190
Total Common Equity	929	1,743	2,190	2,346	2,183	2,354	2,977	3,325	3,569	3,215	3,190
Common Stock	935	1,746	2,189	2,352	2,191	2,362	2,985	3,332	3,576	3,221	3,195
Accumulated Other Comprehensive Income / (Loss)	-6.00	-3.00	1.00	-6.00	-8.00	-8.00	-8.00	-7.00	-7.00	-6.00	-5.00
Noncontrolling Interest	963	823	34	3,192	4,883	5,353	7,861	11,346	10,488	9,651	7,709

This table presents XPLR 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 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	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
Total Assets	18,611	18,467	22,647	23,566	23,213	22,336	21,704	20,904	21,402	20,496	19,125
Total Current Assets	1,439	799	1,365	1,447	1,122	2,183	1,500	852	2,079	1,456	1,214
Cash & Equivalents	256	225	238	587	332	245	281	290	1,530	880	711
Accounts Receivable	1,043	385	930	624	534	1,709	969	315	327	331	272
Inventories, net	45	46	59	71	78	88	93	102	104	100	100
Other Current Assets	95	143	138	165	178	141	157	145	118	145	131
Plant, Property, & Equipment, net	11,087	11,443	15,176	15,829	15,693	14,732	14,643	14,614	14,783	14,871	15,050
Total Noncurrent Assets	6,085	6,225	6,106	6,290	6,398	5,421	5,561	5,438	4,540	4,169	2,861
Long-Term Investments	1,921	1,928	1,927	1,960	2,038	1,840	1,850	1,856	1,754	1,753	638
Goodwill	891	891	891	898	913	833	833	828	0.00	0.00	0.00
Intangible Assets	2,635	2,591	2,490	2,583	2,543	1,945	1,902	1,860	1,775	1,733	1,691
Other Noncurrent Operating Assets	440	628	556	590	672	803	976	894	1,011	683	532
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	18,611	18,467	22,647	23,566	23,213	22,336	21,704	20,904	21,402	20,496	19,125
Total Liabilities	6,535	5,878	8,068	8,933	8,803	8,358	7,839	7,300	8,848	9,225	8,148
Total Current Liabilities	1,074	419	983	1,184	1,840	1,604	1,150	422	1,125	1,895	1,624
Short-Term Debt	512	37	50	573	1,342	1,349	850	100	519	1,026	999
Accounts Payable	439	259	827	476	346	133	138	177	478	658	427
Other Taxes Payable	27	34	19	33	45	22	28	36	20	30	37
Other Current Liabilities	70	72	66	71	73	55	70	75	73	93	111
Other Current Nonoperating Liabilities	26	17	21	31	34	45	64	34	35	88	50
Total Noncurrent Liabilities	5,461	5,459	7,085	7,749	6,963	6,754	6,689	6,878	7,723	7,330	6,524
Long-Term Debt	4,782	4,774	5,295	5,918	5,139	4,942	4,924	5,074	5,986	5,608	4,861
Asset Retirement Reserve & Litigation Obligation	261	269	307	324	327	335	340	360	371	375	371
Other Noncurrent Operating Liabilities	378	377	1,428	1,507	1,497	1,477	1,425	1,444	1,366	1,347	1,292
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,959	12,563	14,476	14,528	14,410	13,978	13,865	13,604	12,554	11,271	10,977
Total Preferred & Common Equity	3,220	3,412	3,407	3,558	3,533	3,557	3,540	3,413	3,117	3,194	3,157
Total Common Equity	3,220	3,412	3,407	3,558	3,533	3,557	3,540	3,413	3,117	3,194	3,157
Common Stock	3,228	3,420	3,414	3,565	3,540	3,564	3,547	3,419	3,123	3,200	3,162
Accumulated Other Comprehensive Income / (Loss)	-8.00	-8.00	-7.00	-7.00	-7.00	-7.00	-7.00	-6.00	-6.00	-6.00	-5.00
Noncontrolling Interest	8,739	9,151	11,069	10,970	10,877	10,421	10,325	10,191	9,437	8,077	7,820

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	39.55%	54.09%	4.53%	-4.46%	10.89%	7.25%	-21.27%	34.21%	11.25%	14.10%	-3.41%
EBITDA Growth	31.39%	100.00%	-24.03%	24.86%	-17.28%	11.33%	-20.51%	35.60%	-8.55%	-61.61%	101.68%
EBIT Growth	12.57%	146.19%	-33.81%	49.53%	-51.25%	8.97%	-62.75%	10.53%	-114.29%	-2,526.67%	57.61%
NOPAT Growth	-22.34%	64.57%	-51.85%	242.29%	-62.36%	8.58%	-68.28%	-32.84%	-151.95%	-1,539.29%	59.48%
Net Income Growth	10.31%	257.94%	-70.24%	134.21%	-251.31%	41.09%	278.15%	164.39%	-80.55%	-288.53%	-6.08%
EPS Growth	187.50%	313.04%	-162.11%	346.61%	-151.89%	46.36%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	58.24%	44.10%	-0.48%	-12.35%	-4.42%	92.20%	1.80%	14.62%	-5.80%	9.44%	-7.63%
Free Cash Flow Firm Growth	-135.78%	60.42%	73.28%	-1,170.41%	67.68%	167.75%	-1,262.95%	33.69%	92.33%	768.94%	150.57%
Invested Capital Growth	50.30%	17.21%	4.88%	40.11%	9.52%	-2.86%	57.19%	24.13%	1.37%	-11.49%	-9.78%
Revenue Q/Q Growth	10.84%	9.82%	-2.89%	-5.17%	6.08%	0.00%	0.00%	-17.60%	23.91%	5.31%	-3.65%
EBITDA Q/Q Growth	9.76%	21.42%	-16.36%	-5.79%	13.00%	2.11%	-27.43%	-19.29%	24.50%	-67.31%	1,471.43%
EBIT Q/Q Growth	6.49%	27.63%	-21.90%	-6.98%	10.90%	3.66%	-68.65%	-65.00%	87.90%	-528.26%	75.19%
NOPAT Q/Q Growth	-26.53%	9.48%	-50.46%	25.61%	5.91%	1.20%	-75.80%	-81.58%	81.21%	-1,167.44%	73.08%
Net Income Q/Q Growth	-3.60%	86.83%	-70.69%	-18.35%	33.11%	24.20%	-31.94%	5.36%	147.73%	-360.13%	43.89%
EPS Q/Q Growth	0.00%	69.64%	-183.10%	85.35%	36.82%	40.88%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	25.76%	13.08%	-7.81%	-6.94%	0.29%	15.45%	0.30%	-2.51%	1.95%	14.94%	-11.60%
Free Cash Flow Firm Q/Q Growth	0.00%	78.60%	-380.80%	-170.88%	72.34%	-56.10%	-315.55%	25.38%	92.09%	-7.42%	142.56%
Invested Capital Q/Q Growth	73.60%	-1.01%	0.49%	19.44%	-3.19%	2.93%	38.76%	17.70%	-1.61%	-3.04%	0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.45%	72.15%	69.27%	66.67%	60.70%	60.41%	48.20%	45.61%	51.76%	59.02%	58.08%
EBITDA Margin	71.86%	93.26%	67.78%	88.59%	66.08%	68.59%	69.25%	69.97%	57.51%	19.35%	40.40%
Operating Margin	41.72%	39.12%	38.66%	57.46%	27.25%	27.59%	8.86%	4.54%	-2.60%	-37.32%	-15.66%
EBIT Margin	39.32%	62.82%	39.78%	62.26%	27.37%	27.81%	13.16%	10.84%	-1.39%	-32.03%	-14.06%
Profit (Net Income) Margin	21.36%	49.61%	14.13%	34.63%	-47.25%	-25.95%	58.73%	115.69%	20.22%	-33.41%	-36.70%
Tax Burden Percent	76.43%	87.05%	40.57%	97.80%	93.95%	92.61%	139.93%	99.20%	-84.82%	89.93%	91.40%
Interest Burden Percent	71.07%	90.72%	87.54%	56.88%	-183.76%	-100.78%	318.95%	1,076.19%	1,713.33%	115.99%	285.63%
Effective Tax Rate	23.57%	12.95%	59.43%	2.20%	0.00%	0.00%	12.21%	14.25%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.81%	4.80%	2.09%	5.83%	1.79%	1.89%	0.47%	0.23%	-0.11%	-1.87%	-0.79%
ROIC Less NNEP Spread (ROIC-NNEP)	1.64%	8.51%	1.75%	1.15%	-18.55%	-19.07%	15.56%	33.11%	6.28%	-4.26%	-7.46%
Return on Net Nonoperating Assets (RNNOA)	2.26%	12.38%	2.67%	1.05%	-8.20%	-5.11%	4.02%	8.41%	1.62%	-1.19%	-2.88%
Return on Equity (ROE)	6.07%	17.18%	4.76%	6.88%	-6.41%	-3.22%	4.49%	8.65%	1.51%	-3.05%	-3.67%
Cash Return on Invested Capital (CROIC)	-36.38%	-11.04%	-2.67%	-27.58%	-7.29%	4.79%	-44.00%	-21.30%	-1.46%	10.32%	9.49%
Operating Return on Assets (OROA)	3.41%	6.11%	3.76%	5.38%	2.16%	2.06%	0.60%	0.50%	-0.07%	-1.84%	-0.84%
Return on Assets (ROA)	1.85%	4.82%	1.33%	3.00%	-3.73%	-1.92%	2.69%	5.33%	0.96%	-1.92%	-2.19%
Return on Common Equity (ROCE)	2.54%	10.30%	3.91%	4.02%	-2.30%	-0.99%	1.27%	2.10%	0.36%	-0.77%	-0.99%
Return on Equity Simple (ROE_SIMPLE)	11.52%	21.97%	5.21%	11.38%	-18.51%	-10.11%	14.24%	33.71%	6.11%	-12.78%	0.00%
Net Operating Profit after Tax (NOPAT)	160	263	127	433	163	177	56	38	-20	-321	-130
NOPAT Margin	31.88%	34.05%	15.68%	56.20%	19.08%	19.31%	7.78%	3.89%	-1.82%	-26.12%	-10.96%
Net Nonoperating Expense Percent (NNEP)	2.17%	-3.70%	0.34%	4.68%	20.34%	20.96%	-15.09%	-32.88%	-6.39%	2.39%	6.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	0.19%	-0.10%	-1.77%	-0.76%
Cost of Revenue to Revenue	22.55%	27.85%	30.73%	33.33%	39.30%	39.59%	51.80%	54.39%	48.24%	40.98%	41.92%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.73%	33.03%	30.61%	9.21%	33.45%	32.82%	39.34%	41.07%	54.36%	96.34%	73.74%
Earnings before Interest and Taxes (EBIT)	197	485	321	480	234	255	95	105	-15	-394	-167
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	360	720	547	683	565	629	500	678	620	238	480
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.50	0.46	0.79	23.72	1.27	1.81	2.06	1.47	0.69	0.52	0.29
Price to Tangible Book Value (P/TBV)	0.00	1.83	1.95	111.05	0.00	0.00	0.00	9.73	3.29	1.45	0.61
Price to Revenue (P/Rev)	0.93	1.04	2.16	72.16	3.25	4.65	8.50	5.05	2.29	1.35	0.79
Price to Earnings (P/E)	46.41	9.63	0.00	333.16	0.00	0.00	44.78	10.27	12.34	0.00	0.00
Dividend Yield	4.45%	7.11%	4.64%	5.14%	4.63%	4.02%	3.55%	5.28%	12.78%	20.20%	0.00%
Earnings Yield	2.15%	10.38%	0.00%	0.30%	0.00%	0.00%	2.23%	9.74%	8.10%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.83	0.92	7.13	1.06	1.20	1.21	1.08	0.94	0.90	0.85
Enterprise Value to Revenue (EV/Rev)	9.03	6.37	7.04	80.29	11.73	12.09	24.38	20.16	15.88	11.84	11.17
Enterprise Value to EBITDA (EV/EBITDA)	12.57	6.83	10.39	90.63	17.75	17.63	35.20	28.81	27.61	61.19	27.64
Enterprise Value to EBIT (EV/EBIT)	22.98	10.13	17.71	128.97	42.86	43.48	185.27	186.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	28.33	18.69	44.90	142.88	61.49	62.61	313.26	517.62	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.72	11.84	13.76	171.00	28.99	16.67	26.00	25.17	23.42	18.20	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	24.69	0.00	0.00	0.00	8.20	8.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.82	1.48	1.94	0.62	0.59	0.44	0.48	0.36	0.45	0.41	0.57
Long-Term Debt to Equity	1.76	1.37	1.90	0.49	0.58	0.44	0.47	0.36	0.35	0.36	0.50
Financial Leverage	1.38	1.45	1.53	0.92	0.44	0.27	0.26	0.25	0.26	0.28	0.39
Leverage Ratio	3.28	3.56	3.57	2.30	1.72	1.68	1.67	1.62	1.58	1.59	1.68
Compound Leverage Factor	2.33	3.23	3.12	1.31	-3.16	-1.69	5.33	17.44	27.08	1.84	4.79
Debt to Total Capital	64.56%	59.60%	66.00%	38.28%	36.97%	30.54%	32.31%	26.36%	30.91%	29.23%	36.27%
Short-Term Debt to Total Capital	2.12%	4.36%	1.51%	7.88%	0.11%	0.11%	0.20%	0.19%	6.63%	3.88%	4.46%
Long-Term Debt to Total Capital	62.45%	55.24%	64.49%	30.40%	36.86%	30.43%	32.11%	26.17%	24.28%	25.35%	31.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.04%	12.96%	0.52%	35.57%	43.56%	48.25%	49.63%	57.06%	51.55%	53.09%	45.08%
Common Equity to Total Capital	17.40%	27.44%	33.48%	26.15%	19.47%	21.22%	18.06%	16.58%	17.54%	17.68%	18.65%
Debt to EBITDA	9.58	5.26	7.89	5.03	7.33	5.39	10.65	7.80	10.14	22.33	12.92
Net Debt to EBITDA	8.61	4.57	7.15	4.50	4.18	2.33	6.57	4.70	6.71	13.64	9.62
Long-Term Debt to EBITDA	9.26	4.87	7.71	3.99	7.31	5.37	10.59	7.74	7.97	19.37	11.33
Debt to NOPAT	21.58	14.40	34.11	7.93	25.41	19.13	94.81	140.15	-320.87	-16.54	-47.63
Net Debt to NOPAT	19.40	12.52	30.88	7.10	14.49	8.28	58.45	84.47	-212.35	-10.11	-35.46
Long-Term Debt to NOPAT	20.87	13.34	33.32	6.30	25.33	19.06	94.22	139.14	-252.09	-14.34	-41.78
Altman Z-Score	0.19	0.29	0.41	8.82	0.47	0.67	0.53	0.44	0.25	0.12	0.09
Noncontrolling Interest Sharing Ratio	58.10%	40.06%	17.89%	41.56%	64.07%	69.29%	71.74%	75.70%	76.09%	74.80%	73.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.45	1.44	0.40	1.44	1.18	1.12	1.40	1.33	0.79	0.91
Quick Ratio	0.61	0.37	1.18	0.34	1.32	1.07	1.07	1.14	1.21	0.57	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,526	-604	-161	-2,051	-663	449	-5,223	-3,463	-266	1,777	1,563
Operating Cash Flow to CapEx	143.28%	48.20%	118.34%	1,448.00%	372.04%	199.10%	599.12%	57.44%	57.60%	331.95%	77.14%
Free Cash Flow to Firm to Interest Expense	-16.41	-7.11	-2.02	-8.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.10	4.88	5.16	1.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.94	-5.25	0.80	1.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.10	0.09	0.09	0.08	0.07	0.05	0.05	0.05	0.06	0.06
Accounts Receivable Turnover	2.44	5.08	4.94	4.80	4.10	3.43	0.99	0.78	0.71	1.18	4.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	16.50	11.51	11.71	7.94	5.31	4.72
Fixed Asset Turnover	0.11	0.14	0.13	0.12	0.12	0.13	0.08	0.08	0.07	0.08	0.08
Accounts Payable Turnover	0.44	0.55	0.94	4.08	2.86	1.87	0.58	0.52	0.93	2.63	1.28
Days Sales Outstanding (DSO)	149.35	71.87	73.95	75.98	89.01	106.47	369.80	467.46	514.32	310.40	88.64
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	22.12	31.72	31.17	45.98	68.80	77.32
Days Payable Outstanding (DPO)	826.90	660.40	389.28	89.47	127.64	195.57	631.92	706.45	390.62	138.69	285.84
Cash Conversion Cycle (CCC)	-677.55	-588.53	-315.33	-13.49	-38.63	-66.98	-230.40	-207.83	169.67	240.51	-119.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,038	5,905	6,193	8,677	9,503	9,231	14,510	18,011	18,257	16,159	15,619
Invested Capital Turnover	0.12	0.14	0.13	0.10	0.09	0.10	0.06	0.06	0.06	0.07	0.07
Increase / (Decrease) in Invested Capital	1,686	867	288	2,484	826	-272	5,279	3,501	246	-2,098	-1,693
Enterprise Value (EV)	4,526	4,914	5,684	61,903	10,029	11,087	17,600	19,530	17,118	14,563	13,266
Market Capitalization	464	799	1,741	55,637	2,783	4,268	6,134	4,896	2,468	1,665	940
Book Value per Share	$31.31	$32.14	$40.37	$41.88	$35.89	$32.25	$38.85	$38.42	$38.20	$34.37	$33.95
Tangible Book Value per Share	($13.11)	$8.06	$16.48	$8.94	($11.64)	($5.99)	($8.90)	$5.81	$8.02	$12.24	$16.41
Total Capital	5,339	6,351	6,541	8,973	11,210	11,095	16,486	20,060	20,346	18,180	17,101
Total Debt	3,447	3,785	4,317	3,435	4,144	3,388	5,327	5,288	6,289	5,314	6,202
Total Long-Term Debt	3,334	3,508	4,218	2,728	4,132	3,376	5,294	5,250	4,941	4,609	5,440
Net Debt	3,099	3,292	3,909	3,074	2,363	1,466	3,284	3,187	4,162	3,247	4,617
Capital Expenditures (CapEx)	201	861	349	25	93	334	113	1,351	1,269	241	958
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-225	-357	42	41	16	-32	35	348	1,619	195	-344
Debt-free Net Working Capital (DFNWC)	-45	-174	221	188	144	76	182	574	1,893	478	616
Net Working Capital (NWC)	-158	-451	122	-519	132	64	149	536	545	-227	-146
Net Nonoperating Expense (NNE)	53	-120	13	166	567	415	-368	-1,083	-238	90	306
Net Nonoperating Obligations (NNO)	3,146	3,339	3,969	3,139	2,437	1,524	3,351	3,239	4,200	3,293	4,720
Total Depreciation and Amortization (D&A)	163	235	226	203	331	374	405	573	635	632	647
Debt-free, Cash-free Net Working Capital to Revenue	-44.91%	-46.24%	5.20%	5.32%	1.87%	-3.49%	4.85%	35.91%	150.19%	15.85%	-28.96%
Debt-free Net Working Capital to Revenue	-8.98%	-22.54%	27.39%	24.38%	16.84%	8.29%	25.21%	59.24%	175.60%	38.86%	51.85%
Net Working Capital to Revenue	-31.54%	-58.42%	15.12%	-67.32%	15.44%	6.98%	20.64%	55.31%	50.56%	-18.46%	-12.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.88	($1.20)	$0.00	($1.51)	($0.81)	$1.77	$5.62	$2.18	($0.25)	($0.30)
Adjusted Weighted Average Basic Shares Outstanding	30.71M	54.24M	54.25M	54.90M	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M
Adjusted Diluted Earnings per Share	$0.00	$1.88	($1.20)	$2.91	($1.51)	($0.81)	$1.77	$5.62	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	30.71M	54.24M	54.25M	74.60M	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.88	($1.20)	$0.00	($1.51)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	22.80M	43.80M	54.20M	56.09M	65.50M	75.87M	83.87M	86.54M	93.43M	93.53M	93.97M
Normalized Net Operating Profit after Tax (NOPAT)	160	263	218	433	163	179	61	6.86	-20	72	41
Normalized NOPAT Margin	31.88%	34.05%	27.06%	56.20%	19.08%	19.47%	8.39%	0.71%	-1.82%	5.86%	3.42%
Pre Tax Income Margin	27.94%	56.99%	34.82%	35.41%	-50.29%	-28.03%	41.97%	116.62%	-23.84%	-37.15%	-40.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.12	5.71	4.01	1.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.72	3.09	1.58	1.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.04	-4.42	-0.35	1.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.44	-7.04	-2.78	1.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,048.60%	178.07%	269.30%	113.48%	-94.80%	-188.66%	208.49%	56.74%	785.78%	-260.34%	-360.32%
Augmented Payout Ratio	1,048.60%	178.07%	269.30%	113.48%	-94.80%	-188.66%	208.49%	56.74%	785.78%	-260.34%	-360.32%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.06%	1.99%	866.67%	4.90%	22.87%	3.57%	26.72%	9.73%	-5.00%	-1.25%	-15.31%
EBITDA Growth	-34.46%	2.88%	554.55%	44.64%	25.26%	4.21%	-490.00%	-145.68%	5.76%	-22.87%	132.05%
EBIT Growth	-74.34%	-31.43%	63.74%	112.50%	117.95%	33.33%	-783.87%	-4,700.00%	11.76%	-84.38%	92.34%
NOPAT Growth	-82.45%	-39.08%	70.35%	-36.36%	139.62%	37.20%	-984.31%	-388.19%	30.02%	-89.80%	91.32%
Net Income Growth	-83.46%	-43.10%	722.22%	123.18%	-34.83%	-162.88%	-384.46%	-1,037.14%	-37.93%	22.89%	81.00%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-240.00%	27.27%	6.98%	0.00%
Operating Cash Flow Growth	-25.95%	26.73%	8.48%	-4.88%	7.94%	-18.75%	58.10%	15.38%	0.43%	11.06%	-34.28%
Free Cash Flow Firm Growth	27.74%	32.84%	92.22%	86.13%	132.58%	159.60%	707.35%	627.81%	109.78%	-41.17%	197.44%
Invested Capital Growth	21.95%	21.25%	1.37%	2.21%	-5.57%	-10.18%	-11.49%	-13.27%	-12.59%	-6.77%	-9.78%
Revenue Q/Q Growth	19.59%	5.12%	-24.68%	328.33%	40.08%	-11.39%	-7.84%	-4.08%	21.28%	-7.89%	-20.95%
EBITDA Q/Q Growth	73.21%	10.31%	-53.27%	1,112.50%	50.00%	-8.23%	-274.89%	81.03%	447.30%	-33.07%	-27.33%
EBIT Q/Q Growth	197.50%	23.08%	-229.17%	102.81%	1,600.00%	-24.71%	-956.25%	58.03%	141.30%	-89.47%	-520.00%
NOPAT Q/Q Growth	182.54%	23.63%	-242.80%	71.59%	245.04%	-29.21%	-1,228.57%	57.87%	138.63%	-94.44%	-1,060.00%
Net Income Q/Q Growth	158.94%	48.31%	12.12%	-76.35%	65.71%	-243.10%	-407.23%	22.09%	110.98%	-277.78%	-25.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	180.00%	-147.62%	0.00%
Operating Cash Flow Q/Q Growth	160.98%	19.63%	-30.08%	-56.42%	196.15%	-9.96%	36.06%	-68.20%	157.78%	-0.43%	-19.48%
Free Cash Flow Firm Q/Q Growth	-7.99%	3.06%	91.27%	-17.55%	353.73%	77.35%	-11.04%	31.85%	0.85%	-50.26%	46.65%
Invested Capital Q/Q Growth	4.33%	-0.28%	-1.61%	-0.15%	-3.60%	-5.16%	-3.04%	-2.16%	-2.85%	1.16%	0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.02%	60.71%	43.97%	52.14%	61.39%	59.87%	61.22%	60.99%	70.18%	52.06%	45.78%
EBITDA Margin	66.21%	69.48%	43.10%	63.04%	67.50%	69.91%	-132.65%	-26.24%	75.15%	54.60%	50.20%
Operating Margin	8.87%	10.39%	-21.98%	-8.17%	18.33%	15.36%	-188.10%	-82.62%	26.32%	1.59%	-19.28%
EBIT Margin	13.31%	15.58%	-26.72%	1.95%	23.61%	20.06%	-186.39%	-81.56%	27.78%	3.17%	-16.87%
Profit (Net Income) Margin	30.38%	42.86%	63.79%	13.62%	16.11%	-26.02%	-143.20%	-116.31%	10.53%	-20.32%	-32.13%
Tax Burden Percent	123.61%	103.13%	-61.92%	159.09%	73.42%	156.60%	83.37%	87.94%	-720.00%	355.56%	98.77%
Interest Burden Percent	184.62%	266.67%	385.48%	440.00%	92.94%	-82.81%	92.15%	162.17%	-5.26%	-180.00%	192.86%
Effective Tax Rate	22.22%	21.88%	0.00%	-59.09%	26.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.35%	0.42%	-0.91%	-0.79%	0.86%	0.71%	-9.41%	-4.26%	1.38%	0.09%	-0.97%
ROIC Less NNEP Spread (ROIC-NNEP)	2.27%	3.54%	4.02%	1.04%	1.11%	-2.54%	-10.32%	-8.66%	0.69%	-1.69%	-1.99%
Return on Net Nonoperating Assets (RNNOA)	0.61%	0.90%	1.04%	0.27%	0.30%	-0.65%	-2.87%	-2.45%	0.21%	-0.52%	-0.77%
Return on Equity (ROE)	0.96%	1.32%	0.12%	-0.51%	1.16%	0.06%	-12.28%	-6.71%	1.60%	-0.44%	-1.74%
Cash Return on Invested Capital (CROIC)	-20.32%	-19.83%	-1.46%	-2.24%	5.83%	10.90%	10.32%	11.45%	10.68%	4.00%	9.49%
Operating Return on Assets (OROA)	0.55%	0.65%	-1.26%	0.09%	1.21%	1.06%	-10.71%	-4.68%	1.63%	0.20%	-1.00%
Return on Assets (ROA)	1.24%	1.79%	3.02%	0.66%	0.82%	-1.38%	-8.23%	-6.67%	0.62%	-1.25%	-1.91%
Return on Common Equity (ROCE)	0.24%	0.34%	0.03%	-0.13%	0.29%	0.01%	-3.09%	-1.69%	0.43%	-0.12%	-0.47%
Return on Equity Simple (ROE_SIMPLE)	5.28%	2.49%	0.00%	11.36%	10.54%	4.63%	0.00%	-24.83%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	20	25	-36	-33	48	34	-387	-163	63	3.50	-34
NOPAT Margin	6.90%	8.12%	-15.39%	-13.00%	13.46%	10.75%	-131.67%	-57.84%	18.42%	1.11%	-13.49%
Net Nonoperating Expense Percent (NNEP)	-1.92%	-3.12%	-4.94%	-1.82%	-0.25%	3.26%	0.90%	4.39%	0.69%	1.77%	1.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-0.18%	-	-	-	-2.13%	-0.86%	0.35%	0.02%	-0.20%
Cost of Revenue to Revenue	41.98%	39.29%	56.03%	47.86%	38.61%	40.13%	38.78%	39.01%	29.82%	47.94%	54.22%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	49.15%	50.32%	65.95%	60.31%	43.06%	44.51%	249.32%	143.62%	43.86%	50.48%	65.06%
Earnings before Interest and Taxes (EBIT)	39	48	-62	5.00	85	64	-548	-230	95	10	-42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	194	214	100	162	243	223	-390	-74	257	172	125
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.39	0.69	0.69	0.79	0.73	0.76	0.52	0.29	0.24	0.30	0.29
Price to Tangible Book Value (P/TBV)	64.04	31.78	3.29	3.61	3.21	3.56	1.45	0.67	0.53	0.65	0.61
Price to Revenue (P/Rev)	5.71	2.81	2.29	2.58	2.23	2.21	1.35	0.71	0.62	0.78	0.79
Price to Earnings (P/E)	33.10	19.89	12.34	9.91	8.71	12.66	0.00	0.00	0.00	0.00	0.00
Dividend Yield	6.07%	12.59%	12.78%	11.45%	12.64%	12.83%	20.20%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.02%	5.03%	8.10%	10.09%	11.49%	7.90%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.07	0.94	0.94	0.96	0.94	0.95	0.90	0.86	0.84	0.86	0.85
Enterprise Value to Revenue (EV/Rev)	23.09	20.04	15.88	16.00	14.31	13.53	11.84	10.80	10.39	10.78	11.17
Enterprise Value to EBITDA (EV/EBITDA)	40.55	35.01	27.61	26.03	23.02	21.71	61.19	6,775.50	803.03	0.00	27.64
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	581.36	217.81	171.77	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	909.53	525.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.09	24.32	23.42	23.99	22.25	22.70	18.20	16.69	15.80	15.89	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	15.70	8.23	8.20	6.95	7.30	20.62	8.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.45	0.45	0.45	0.42	0.38	0.41	0.52	0.59	0.53	0.57
Long-Term Debt to Equity	0.40	0.36	0.35	0.35	0.36	0.37	0.36	0.48	0.50	0.44	0.50
Financial Leverage	0.27	0.25	0.26	0.26	0.27	0.26	0.28	0.28	0.31	0.31	0.39
Leverage Ratio	1.58	1.54	1.58	1.58	1.59	1.57	1.59	1.65	1.68	1.63	1.68
Compound Leverage Factor	2.92	4.12	6.09	6.93	1.48	-1.30	1.47	2.67	-0.09	-2.93	3.24
Debt to Total Capital	30.73%	31.02%	30.91%	31.04%	29.40%	27.55%	29.23%	34.13%	37.05%	34.80%	36.27%
Short-Term Debt to Total Capital	2.71%	6.42%	6.63%	6.66%	4.33%	0.53%	3.88%	2.72%	5.73%	5.93%	4.46%
Long-Term Debt to Total Capital	28.02%	24.60%	24.28%	24.38%	25.07%	27.02%	25.35%	31.41%	31.32%	28.87%	31.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	52.43%	52.07%	51.55%	51.41%	52.57%	54.27%	53.09%	49.51%	45.11%	46.45%	45.08%
Common Equity to Total Capital	16.84%	16.91%	17.54%	17.55%	18.03%	18.18%	17.68%	16.35%	17.84%	18.75%	18.65%
Debt to EBITDA	13.19	13.01	10.14	9.39	8.03	7.11	22.33	3,252.50	414.63	-167.43	12.92
Net Debt to EBITDA	8.02	8.26	6.71	6.28	5.07	4.16	13.64	1,610.50	250.06	-128.89	9.62
Long-Term Debt to EBITDA	12.03	10.32	7.97	7.38	6.85	6.97	19.37	2,993.00	350.50	-138.89	11.33
Debt to NOPAT	-70.25	-62.14	-320.87	-641.94	317.25	171.89	-16.54	-13.85	-14.65	-12.11	-47.63
Net Debt to NOPAT	-42.68	-39.42	-212.35	-429.18	200.16	100.60	-10.11	-6.86	-8.83	-9.33	-35.46
Long-Term Debt to NOPAT	-64.05	-49.27	-252.09	-504.29	270.55	168.57	-14.34	-12.74	-12.38	-10.05	-41.78
Altman Z-Score	0.39	0.17	0.24	0.28	0.28	0.30	0.09	0.14	0.10	0.11	0.11
Noncontrolling Interest Sharing Ratio	74.62%	74.28%	76.09%	75.61%	75.09%	75.21%	74.80%	74.85%	73.21%	73.27%	73.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	0.61	1.33	1.36	1.30	2.02	0.79	1.85	0.77	0.75	0.91
Quick Ratio	1.02	0.47	1.21	1.22	1.09	1.43	0.57	1.65	0.64	0.61	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,329	-3,227	-282	-427	1,084	1,923	1,711	2,256	2,275	1,132	1,659
Operating Cash Flow to CapEx	52.71%	99.61%	87.32%	121.88%	334.78%	371.43%	544.23%	101.12%	286.42%	44.94%	67.88%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.05	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06
Accounts Receivable Turnover	1.04	1.89	0.71	0.83	1.45	2.75	1.18	1.23	1.90	4.20	4.12
Inventory Turnover	9.16	8.05	7.94	6.76	6.26	5.78	5.31	5.11	4.70	4.72	4.72
Fixed Asset Turnover	0.06	0.06	0.07	0.07	0.08	0.08	0.08	0.09	0.08	0.08	0.08
Accounts Payable Turnover	1.16	1.65	0.93	1.04	1.67	1.99	2.63	1.61	1.14	1.58	1.28
Days Sales Outstanding (DSO)	352.12	192.78	514.32	441.85	251.27	132.66	310.40	296.07	191.79	86.88	88.64
Days Inventory Outstanding (DIO)	39.87	45.35	45.98	53.98	58.34	63.17	68.80	71.36	77.58	77.29	77.32
Days Payable Outstanding (DPO)	314.48	221.27	390.62	352.52	218.43	183.55	138.69	227.10	319.98	231.09	285.84
Cash Conversion Cycle (CCC)	77.51	16.86	169.67	143.31	91.19	12.28	240.51	140.33	-50.60	-66.92	-119.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,608	18,555	18,257	18,229	17,572	16,666	16,159	15,810	15,360	15,538	15,619
Invested Capital Turnover	0.05	0.05	0.06	0.06	0.06	0.07	0.07	0.07	0.08	0.08	0.07
Increase / (Decrease) in Invested Capital	3,349	3,252	246	394	-1,036	-1,889	-2,098	-2,419	-2,212	-1,128	-1,693
Enterprise Value (EV)	19,950	17,435	17,118	17,441	16,553	15,802	14,563	13,551	12,849	13,287	13,266
Market Capitalization	4,931	2,447	2,468	2,814	2,585	2,583	1,665	893	771	956	940
Book Value per Share	$40.02	$37.81	$38.20	$38.03	$37.85	$36.49	$34.37	$33.32	$33.98	$33.60	$33.95
Tangible Book Value per Share	$0.87	$0.82	$8.02	$8.33	$8.61	$7.75	$12.24	$14.35	$15.54	$15.60	$16.41
Total Capital	21,124	20,891	20,346	20,269	19,639	18,778	18,180	19,059	17,905	16,837	17,101
Total Debt	6,491	6,481	6,289	6,291	5,774	5,174	5,314	6,505	6,634	5,860	6,202
Total Long-Term Debt	5,918	5,139	4,941	4,942	4,924	5,074	4,609	5,986	5,608	4,861	5,440
Net Debt	3,944	4,111	4,162	4,206	3,643	3,028	3,247	3,221	4,001	4,511	4,617
Capital Expenditures (CapEx)	406	257	205	64	69	56	52	89	81	514	274
Debt-free, Cash-free Net Working Capital (DFCFNWC)	249	292	1,619	1,683	919	240	195	-57	-293	-122	-344
Debt-free Net Working Capital (DFNWC)	836	624	1,893	1,928	1,200	530	478	1,473	587	589	616
Net Working Capital (NWC)	263	-718	545	579	350	430	-227	954	-439	-410	-146
Net Nonoperating Expense (NNE)	-69	-107	-184	-68	-9.54	117	34	165	27	68	46
Net Nonoperating Obligations (NNO)	3,975	4,145	4,200	4,251	3,707	3,062	3,293	3,256	4,089	4,561	4,720
Total Depreciation and Amortization (D&A)	155	166	162	157	158	159	158	156	162	162	167
Debt-free, Cash-free Net Working Capital to Revenue	28.82%	33.56%	150.19%	154.40%	79.43%	20.55%	15.85%	-4.54%	-23.69%	-9.89%	-28.96%
Debt-free Net Working Capital to Revenue	96.76%	71.72%	175.60%	176.88%	103.72%	45.38%	38.86%	117.37%	47.45%	47.77%	51.85%
Net Working Capital to Revenue	30.44%	-82.53%	50.56%	53.12%	30.25%	36.82%	-18.46%	76.02%	-35.49%	-33.25%	-12.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.53	$0.57	$1.25	$0.75	$0.66	($0.43)	($1.23)	($1.05)	$0.84	($0.40)	$0.31
Adjusted Weighted Average Basic Shares Outstanding	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M
Adjusted Diluted Earnings per Share	$0.53	$0.57	$0.00	$0.00	$0.00	$0.00	$0.00	($1.05)	$0.84	($0.40)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M
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	93.43M	93.43M	93.43M	93.54M	93.54M	93.53M	93.53M	94.00M	93.97M	93.97M	93.97M
Normalized Net Operating Profit after Tax (NOPAT)	20	25	-36	-15	48	25	-387	14	57	4.90	-34
Normalized NOPAT Margin	6.90%	8.12%	-15.39%	-5.72%	13.46%	7.68%	-131.67%	4.96%	16.58%	1.56%	-13.49%
Pre Tax Income Margin	24.57%	41.56%	-103.02%	8.56%	21.94%	-16.61%	-171.77%	-132.27%	-1.46%	-5.71%	-32.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	578.19%	1,490.91%	785.78%	380.20%	411.80%	855.70%	-260.34%	-116.67%	-225.00%	-235.78%	-360.32%
Augmented Payout Ratio	578.19%	1,490.91%	785.78%	380.20%	411.80%	855.70%	-260.34%	-116.67%	-225.00%	-235.78%	-360.32%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-friendly read on XPLR Infrastructure (NYSE: XIFR) based on the quarterly cash flow, income statement, and balance sheet data for the last four years. The narrative below highlights notable trends, focusing on cash generation, leverage, and profitability dynamics.

Operating cash flow from continuing activities was positive in every 2025 quarter, totaling about $739 million (Q1 +$90m, Q2 +$232m, Q3 +$231m, Q4 +$186m). This shows robust cash generation from core operations despite reported net losses in several periods.
In Q4 2025, net cash from continuing financing activities was +$329 million, supported by a debt issuance of about $1.282 billion and offset by debt repayments, providing meaningful liquidity to fund investing needs.
Gross margin in Q4 2025 was roughly 46% (Gross Profit $114 million on Revenue $249 million), indicating a solid underlying product/service profitability before non-cash adjustments and financing costs.
The quarter-end cash balance moved higher, with a net increase in cash and equivalents of about +$248 million in Q4 2025, signaling improved liquidity for near-term operations and commitments.
Noncontrolling interests (minority interests) represent a substantial portion of equity (examples around $7.8B–$10B across recent quarters), which can dilute per-share metrics and complicate earnings attribution for common shareholders.
Total debt load remains meaningful (long-term debt typically around $4.9B–$6.0B; total liabilities often near $8B–$9B). This creates interest expense and refinancing risk, especially if capital markets tighten.
Revenue across 2025 quarters shows volatility (e.g., stronger results in Q2–Q3 before a softer Q4), suggesting project‑cycle or timing effects typical of a large infrastructure platform.
Net income is negative in several periods, reflecting ongoing profitability challenges (for example, Q4 2025 Consolidated Net Income ≈ -$81 million; Q1 2025 ≈ -$328 million). This remains a focal point for evaluating business health.
Significant capital expenditures limit near-term cash availability (notable PPE purchases of about -$274 million in Q4 2025, and -$514 million in Q3 2025, among other periods), pressuring free cash flow despite positive operating cash flow.
Heavy reliance on financing to fund activity (notably large debt issuance and major net financing outflows in several quarters) raises liquidity and leverage risk if funding conditions deteriorate or if project timelines slip.

05/05/26 08:15 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About XPLR Infrastructure's Financials

When does XPLR Infrastructure's fiscal year end?

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

How has XPLR Infrastructure's net income changed over the last 10 years?

XPLR Infrastructure's net income appears to be on a downward trend, with a most recent value of -$436 million in 2025, falling from $107 million in 2015. The previous period was -$411 million in 2024. See XPLR Infrastructure's forecast for analyst expectations on whatâ€™s next for the company.

What is XPLR Infrastructure's operating income?

XPLR Infrastructure's total operating income in 2025 was -$186 million, based on the following breakdown:

Total Gross Profit: $690 million
Total Operating Expenses: $876 million

How has XPLR Infrastructure's revenue changed over the last 10 years?

Over the last 10 years, XPLR Infrastructure's total revenue changed from $501 million in 2015 to $1.19 billion in 2025, a change of 137.1%.

How much debt does XPLR Infrastructure have?

XPLR Infrastructure's total liabilities were at $8.70 billion at the end of 2025, a 17.1% increase from 2024, and a 63.0% increase since 2015.

How much cash does XPLR Infrastructure have?

In the past 10 years, XPLR Infrastructure's cash and equivalents has ranged from $108 million in 2020 to $960 million in 2025, and is currently $960 million as of their latest financial filing in 2025.

How has XPLR Infrastructure's book value per share changed over the last 10 years?

Over the last 10 years, XPLR Infrastructure's book value per share changed from 31.31 in 2015 to 33.95 in 2025, a change of 8.4%.

Related Companies

Financial statements for NYSE:XIFR last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

XPLR Infrastructure (XIFR) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About XPLR Infrastructure's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

XPLR Infrastructure (XIFR) Financials

Annual Income Statements for XPLR Infrastructure

Quarterly Income Statements for XPLR Infrastructure

Annual Cash Flow Statements for XPLR Infrastructure

Quarterly Cash Flow Statements for XPLR Infrastructure

Annual Balance Sheets for XPLR Infrastructure

Quarterly Balance Sheets for XPLR Infrastructure

Annual Metrics And Ratios for XPLR Infrastructure

Quarterly Metrics And Ratios for XPLR Infrastructure

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About XPLR Infrastructure's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools