FTAI Infrastructure Inc. FIP

Industrials SIC 4011 - Railroads, Line-Haul Operating NAICS Transportation and Warehousing › Rail Transportation › Line-Haul Railroads derived Nasdaq

FTAI Infrastructure Inc. ("we", "us", "our", or the "Company") is in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; "FTAI" or "Former Parent"). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol "FIP."

Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485-megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property's location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue. Corporate and other sources accounted for the remaining 11% of our total revenue.

Last close 2.54 2026-10-23
Market cap $300.2M 2026-06-30 share count
52-week range 2.23 - 6.69

Valuation FY2025 figures against the last close

P/S0.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield4.6%
Diluted EPS-2.26

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Revenue $502.5M$331.5M$320.5M$262.0M$120.2M$68.6M$229.5M
SG&A $16.2M$14.8M$12.8M$10.9M$8.7M$8.5M$7.5M
Total operating expenses $299.6M$247.7M$253.7M$208.2M$98.5M$69.4M$331.9M
Interest expense $265.9M$122.1M$99.6M$53.2M$16.0M$10.8M$17.9M
Pre-tax income -$155.4M-$262.8M-$157.3M-$183.0M-$110.0M-$73.7M$3.2M
Income tax $3.3M$3.3M$2.5M$4.5M$3.6M$2.0M$14.4M
Net income -$152.1M-$266.1M-$159.8M-$187.5M-$106.3M-$71.7M-$11.1M
EPS, basic -2.24-2.72-1.78-1.73-0.80-0.56—
EPS, diluted -2.26-2.72-1.79-1.73-0.80-0.56—
Shares, diluted (wtd. avg.) 115.2M108.2M103.0M102.7M99.4M99.4M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $57.4M$27.8M$87.5M$149.6M$301.9M$55.4M$16.9M
Total current assets $484.0M$219.9M$185.5M$277.8M$413.0M——
Property, plant and equipment $4.58B$1.65B$1.63B$1.67B$1.52B——
Goodwill $365.7M$275.4M$275.4M$260.3M$257.1M——
Other intangibles $43.2M$46.2M$52.6M$60.2M$67.7M——
Total assets $5.75B$2.37B$2.38B$2.48B$2.44B——
Short-term debt $65.4M$48.6M$0$0$0——
Total current liabilities $410.0M$250.8M$150.6M$159.6M$129.5M——
Long-term debt $3.71B$1.54B$1.34B$1.23B$718.6M——
Total liabilities $4.80B$1.92B$1.64B$1.69B$980.3M——
Retained earnings -$513.0M-$405.8M-$182.2M-$60.8M$0——
Total equity $21.3M$202.7M$412.9M$524.8M$1.46B$995.4M$766.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow -$118.0M-$15.3M$5.5M-$42.7M-$61.7M-$46.9M-$52.7M
Depreciation and amortisation $132.5M$79.4M$81.0M$70.7M$54.0M$31.1M$33.1M
Capital expenditure $280.5M$79.5M$99.0M$217.1M$140.9M$247.5M$323.0M
Investing cash flow -$1.14B-$118.1M-$147.1M-$267.3M-$828.7M-$252.2M-$258.6M
Financing cash flow $1.44B$193.2M$79.4M$157.7M$1.14B$337.6M$293.6M
Dividends paid $13.8M$13.1M$12.4M$3.1M$0$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001899883-26-000015.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -400M -200M 0 200M 400M 600M Revenue, FY2019: 229.5M Net income, FY2019: -11.1M Revenue, FY2020: 68.6M Net income, FY2020: -71.7M Revenue, FY2021: 120.2M Net income, FY2021: -106.3M Revenue, FY2022: 262M Net income, FY2022: -187.5M Revenue, FY2023: 320.5M Net income, FY2023: -159.8M Revenue, FY2024: 331.5M Net income, FY2024: -266.1M Revenue, FY2025: 502.5M Net income, FY2025: -152.1M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $229.5M $68.6M $120.2M $262.0M $320.5M $331.5M $502.5M
Gross profit — — — — — — —
Net income -$11.1M -$71.7M -$106.3M -$187.5M -$159.8M -$266.1M -$152.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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