Revenue growth reached 95.9% in 2026Q1, yet the company continues to struggle with profitability, posting a -60.0% net margin during the same period.
| Sales/Revenue | 594.72M | 502.52M | 331.5M | 320.47M | 261.97M | 120.22M | 68.56M | 229.45M |
| Revenue Growth % | 72.32% | 51.59% | 3.44% | 22.33% | 117.91% | 75.34% | -70.12% | - |
| Cost of Goods Sold | 472.58M | 446.79M | 0 | 347.13M | 291.87M | 0 | 113.58M | 310.58M |
| COGS % of Revenue | - | 88.91% | - | 108.32% | 111.42% | - | 165.66% | 135.36% |
| Gross Profit | 122.14M | 55.73M | 331.5M | -26.66M | -29.9M | 120.22M | -45.02M | -81.13M |
| Gross Margin % | 20.54% | 11.09% | 100% | -8.32% | -11.42% | 100% | -65.66% | -35.36% |
| Gross Profit Growth % | - | -83.19% | 1343.47% | 10.85% | -124.87% | 367.06% | 44.51% | - |
| Operating Expenses | 76.27M | 16.22M | 353.2M | 12.83M | 10.89M | 176.93M | 8.52M | 7.47M |
| OpEx % of Revenue | - | 3.23% | 106.55% | 4% | 4.16% | 147.17% | 12.43% | 3.26% |
| Selling, General & Admin | 14.66M | 16.22M | 14.8M | 12.83M | 23.86M | 8.74M | 8.52M | 7.47M |
| SG&A % of Revenue | - | 3.23% | 4.46% | 4% | 9.11% | 7.27% | 12.43% | 3.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 338.4M | 0 | -12.96M | 168.19M | 0 | 0 |
| Operating Income | 45.87M | 39.51M | -21.7M | -39.49M | -40.8M | -56.71M | -53.54M | -88.59M |
| Operating Margin % | 7.71% | 7.86% | -6.55% | -12.32% | -15.57% | -47.17% | -78.09% | -38.61% |
| Operating Income Growth % | - | 282.04% | 45.04% | 3.19% | 28.07% | -5.93% | 39.57% | - |
| EBITDA | 204.04M | 172M | 57.71M | 41.5M | 29.95M | -2.7M | -22.42M | -55.47M |
| EBITDA Margin % | 34.31% | 34.23% | 17.41% | 12.95% | 11.43% | -2.24% | -32.71% | -24.17% |
| EBITDA Growth % | 195.41% | 198.05% | 39.05% | 38.55% | 1210.64% | 87.97% | 59.57% | - |
| D&A (Non-Cash Add-back) | 158.17M | 132.49M | 79.41M | 80.99M | 70.75M | 54.02M | 31.11M | 33.13M |
| EBIT | -8.41M | 110.54M | -140.64M | -57.68M | -129.81M | -93.95M | -62.94M | 21.15M |
| Net Interest Income | -305.29M | -265.91M | -122.11M | -99.6M | -53.24M | -16.02M | -10.76M | -17.91M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 305.29M | 265.91M | 122.11M | 99.6M | 53.24M | 16.02M | 10.76M | 17.91M |
| Other Income/Expense | -403.58M | -194.88M | -241.05M | -117.79M | -142.25M | -53.26M | -20.17M | 91.84M |
| Pretax Income | -357.71M | -155.37M | -262.75M | -157.28M | -183.05M | -109.97M | -73.71M | 3.25M |
| Pretax Margin % | -60.15% | -30.92% | -79.26% | -49.08% | -69.88% | -91.48% | -107.5% | 1.41% |
| Income Tax | 41.72M | -3.32M | 3.31M | 2.47M | 4.47M | -3.63M | -1.98M | 14.38M |
| Effective Tax Rate % | -11.66% | 2.14% | -1.26% | -1.57% | -2.44% | 3.3% | 2.69% | 443.27% |
| Net Income | -351.69M | -107.17M | -223.65M | -121.34M | -153.58M | -79.87M | -55.2M | 6.43M |
| Net Margin % | -59.14% | -21.33% | -67.47% | -37.86% | -58.63% | -66.44% | -80.51% | 2.8% |
| Net Income Growth % | -570.23% | 52.08% | -84.32% | 21% | -92.29% | -44.69% | -958.22% | - |
| Net Income (Continuing) | -399.43M | -152.05M | -266.06M | -159.75M | -187.52M | -106.34M | -71.72M | -11.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -180.63M | -167.56M | -127.51M | -71.43M | -26.83M | -91K | 22.34M | 36.54M |
| EPS (Diluted) | -3.01 | -2.26 | -2.72 | -1.78 | -1.73 | -0.81 | -0.56 | -0.11 |
| EPS Growth % | -236.09% | 16.91% | -52.81% | -2.89% | -113.58% | -44.64% | -409.09% | - |
| EPS (Basic) | - | -2.26 | -2.72 | -1.78 | -1.73 | -0.81 | -0.56 | -0.11 |
| Diluted Shares Outstanding | 116.69M | 115.21M | 108.22M | 102.96M | 99.45M | 99.19M | 99.19M | 99.19M |
| Basic Shares Outstanding | 116.69M | 115.21M | 108.22M | 102.96M | 99.45M | 99.19M | 99.19M | 99.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Debt Service Burden
As reported in recent financial statements, FIP achieved a 95.9% year-over-year revenue growth in 2026Q1, signaling a rapid transition from development-phase projects to operational throughput, though the sustainability of this aggressive top-line expansion remains contingent on the successful integration of its diverse industrial infrastructure portfolio.
The acceleration in revenue suggests that major capital projects, such as the Long Ridge and Jefferson Terminal expansions, are beginning to contribute meaningful volume. Investors should monitor whether this growth is driven by recurring take-or-pay contracts or more volatile transactional throughput, as the latter may introduce significant cyclicality to the top line.
Based on the provided income statement data, FIP's gross margin fluctuated significantly from a low of -6.7% in 2024Q1 to 36.1% in 2026Q1, reflecting the inherent difficulty in stabilizing profitability while the company manages a capital-intensive asset base during its current heavy ramp-up phase.
The wide variance in gross margins suggests that the company's cost structure is highly sensitive to operational utilization levels. Until throughput across its rail and terminal assets reaches a consistent scale, the company may continue to experience unpredictable margin performance that complicates long-term valuation.
According to the latest quarterly filings, FIP's operating income remains thin at 1.5% of revenue in 2026Q1, indicating that the company has yet to achieve the necessary operating leverage to offset its substantial fixed cost base and high interest obligations inherent in its infrastructure model.
While revenue is scaling rapidly, the lack of meaningful operating margin expansion suggests that incremental revenue is being largely absorbed by direct operating costs and maintenance requirements. This trend warrants further investigation into whether the company can achieve economies of scale as its infrastructure assets mature.
As indicated by the reported figures, FIP consistently posts negative net margins, including a -60.0% net margin in 2026Q1, which appears driven by significant non-operating expenses and interest burdens that continue to overshadow the company's underlying operational performance and revenue growth trajectory.
The persistent net losses suggest that the company's capital structure, characterized by high debt-to-equity, is a primary drag on bottom-line profitability. Investors should distinguish between these accounting losses and the potential for future cash flow generation as the company's infrastructure assets move past their initial development cycles.
Based on the company's reported financial data, the combination of a 4.16x debt-to-equity ratio and negative net margins presents a significant risk, as the company may face challenges in servicing its debt obligations if revenue growth fails to translate into sustained positive free cash flow.
Short-term volatility in throughput could quickly exacerbate the company's liquidity position, given the high fixed-cost nature of its rail and terminal assets. The reliance on external management and potential off-balance-sheet joint venture debt suggests that the true financial risk may be higher than the headline figures imply.
Quick answers to the most common questions about buying FIP stock.
For fiscal year 2025, FTAI Infrastructure Inc. (FIP) reported total revenue of $502.5M. This represents a 119.0% increase compared to $229.5M in 2019.
FTAI Infrastructure Inc. (FIP) reported a net loss of $107.2M for the fiscal year ending 2025.
FTAI Infrastructure Inc. (FIP) reported an operating income of $39.5M, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
FTAI Infrastructure Inc. (FIP) generated $55.7M in gross profit for the year, representing a gross profit margin of 11.1%. This demonstrates the company's core pricing power and production efficiency.