Free cash flow remains deeply negative at -$115.9 million in 2026Q1, driven by capital expenditures that consumed 24.7% of quarterly revenue.
| Cash from Operations | -101.74M | -118.01M | -15.28M | 5.51M | -42.69M | -61.72M | -46.86M | -52.67M |
| Operating CF Margin % | - | -23.48% | -4.61% | 1.72% | -16.3% | -51.34% | -68.35% | -22.96% |
| Operating CF Growth % | -116.05% | -672.42% | -377.13% | 112.91% | 30.83% | -31.7% | 11.03% | - |
| Net Income | -351.69M | -260.41M | -266.06M | -159.75M | -187.52M | -106.34M | -71.72M | -11.14M |
| Depreciation & Amortization | 158.17M | 132.49M | 79.41M | 80.99M | 70.75M | 54.02M | 31.11M | 33.13M |
| Stock-Based Compensation | 20.8M | 11.08M | 8.64M | 9.2M | 4.15M | 4.04M | 2.33M | 1.51M |
| Deferred Taxes | 37.66M | -5.76M | 1.92M | 2.02M | 3.98M | -3.87M | -2.28M | 14.1M |
| Other Non-Cash Items | 213.5M | 46.47M | 146.69M | 35.35M | 74.75M | 13.94M | 9.56M | -107.34M |
| Working Capital Changes | -34.52M | -41.88M | 14.13M | 37.7M | -8.8M | -23.5M | -15.86M | 17.07M |
| Change in Receivables | -12.01M | -9.92M | 2.13M | 2.84M | -3.3M | -26.8M | 10M | 4.12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 11.36M | 51.74M | 20.97M | 8.55M | 7.01M | 15.49M | -14.22M | 21.34M |
| Cash from Investing | -1.35B | -1.14B | -118.14M | -147.12M | -267.27M | -828.72M | -252.22M | -258.58M |
| Capital Expenditures | -46.48M | -281.25M | 0 | -100.75M | -217.14M | -140.9M | -247.52M | -323.04M |
| CapEx % of Revenue | 7.81% | 55.97% | 24.98% | 31.44% | 82.89% | 117.2% | 361.02% | 140.79% |
| Acquisitions | -1.07B | -856.64M | 4.68M | -11.53M | -9.81M | -682.31M | 0 | 62.9M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -223.69M | 2.77M | -114M | -27.77M | 7.14M | -5.51M | 0 | 1.55M |
| Cash from Financing | 1.46B | 1.44B | 193.23M | 79.45M | 157.74M | 1.14B | 337.63M | 293.65M |
| Debt Issued (Net) | -892K | 951.66M | 250.83M | 106.22M | 519.02M | 451.1M | 24M | 196.96M |
| Equity Issued (Net) | 534.38M | 534.38M | 0 | 0 | 291M | 698.18M | 325.44M | 0 |
| Dividends Paid | -13.93M | -13.83M | -27.79M | -14.13M | -4.92M | 0 | 0 | 0 |
| Share Repurchases | -447.12M | -447.12M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 937.93M | -32.88M | -29.81M | -12.64M | -647.36M | -12.41M | -11.8M | 96.69M |
| Net Change in Cash | 4.02M | 178.65M | 59.82M | -62.16M | -152.21M | 246.43M | 38.55M | -17.6M |
| Free Cash Flow | -147.68M | -399.26M | -98.1M | -95.23M | -259.83M | -202.61M | -294.38M | -375.71M |
| FCF Margin % | -24.83% | -79.45% | -29.59% | -29.72% | -99.19% | -168.54% | -429.37% | -163.74% |
| FCF Growth % | 36.66% | -306.99% | -3.01% | 63.35% | -28.24% | 31.17% | 21.65% | - |
| FCF per Share | -1.27 | -3.47 | -0.91 | -0.92 | -2.61 | -2.04 | -2.97 | -3.79 |
| FCF Conversion (FCF/Net Income) | 0.42x | 1.10x | 0.07x | -0.05x | 0.28x | 0.77x | 0.85x | -8.19x |
| Interest Paid | 0 | 0 | 94.4M | 88.41M | 38.08M | 7.3M | 8.59M | 13.11M |
| Taxes Paid | 0 | 0 | 457K | 459K | 379K | 334K | 329K | 162K |
High Debt Service Burden
According to reported financial statements, FIP's operating cash flow consistently trails net income, with an OCF/NI ratio of 0.61 in 2026Q1, suggesting that the company's accounting earnings are not currently supported by actual cash generation from its core industrial infrastructure operations.
The persistent gap between net income and operating cash flow indicates that non-cash charges and accruals are significantly inflating the bottom line relative to liquidity. Investors should monitor this divergence, as it suggests that the company's reported profitability may be disconnected from the actual cash-generating capacity of its rail and terminal assets.
As indicated by recent quarterly filings, FIP's free cash flow remains deeply negative, reaching -$115.9 million in 2026Q1, which highlights the company's ongoing struggle to fund its capital-intensive infrastructure projects through internal cash generation rather than external financing or debt.
The consistent negative FCF margins suggest that the company is in a heavy cash-burn phase, likely driven by the high maintenance and development costs of its multi-modal assets. This trajectory warrants further investigation into when these assets will reach a maturity level capable of self-funding their own operational requirements.
Based on the provided data, FIP's capital expenditure as a percentage of revenue reached 24.7% in 2026Q1, reflecting a business model that requires substantial, ongoing investment to maintain its specialized rail and port infrastructure against a backdrop of negative net margins.
The high capital intensity appears to be a structural necessity for maintaining the company's permitted industrial sites. If these expenditures do not lead to a commensurate increase in throughput and margin expansion, the company may face continued pressure on its liquidity position.
As reported in recent financial statements, FIP experienced a significant working capital outflow of -$61.0 million in 2026Q1, indicating that the company's cash conversion cycle is currently being hampered by inefficient inventory or receivables management during its rapid operational ramp-up phase.
The volatility in working capital changes suggests that the company is struggling to align its cash inflows with the timing of its operational expenses. This instability may indicate potential friction in the collection of throughput fees or the management of supply chain costs across its diverse industrial footprint.
Quick answers to the most common questions about buying FIP stock.
FTAI Infrastructure Inc. (FIP) generated $-118.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FTAI Infrastructure Inc. (FIP) reported negative free cash flow of $399.3M in 2025, indicating capital requirements exceeded cash from operations.
FTAI Infrastructure Inc. (FIP) spent $281.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FTAI Infrastructure Inc. (FIP) returned $13.8M to shareholders via cash dividends and spent $447.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.