Revenue grew 52.7% year-over-year to $186.8M in 2026Q2 with gross margin expanding to 37.2%, yet operating income swung to -$46.6M (a -25.0% margin) from $13.0M in 2025Q4, suggesting growth may be pressuring profitability.
FTAI Infrastructure Inc. (FIP) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 737.62M | 502.52M | 331.5M | 320.47M | 261.97M | 120.22M | 68.56M | 229.45M |
| Revenue Growth % | 67.73% | 51.59% | 3.44% | 22.33% | 117.91% | 75.34% | -70.12% | - |
| Cost of Goods Sold | 364.23M | 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 | 154.42M | 55.73M | 331.5M | -26.66M | -29.9M | 120.22M | -45.02M | -81.13M |
| Gross Margin % | 20.94% | 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 | 305.88M | 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 | 19.13M | 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 | 3M | 0 | 338.4M | 0 | -12.96M | 168.19M | 0 | 0 |
| Operating Income | -30.85M | 39.51M | -21.7M | -39.49M | -40.8M | -56.71M | -53.54M | -88.59M |
| Operating Margin % | -4.18% | 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 | -131.33M | 172M | 57.71M | 41.5M | 29.95M | -2.7M | -22.42M | -55.47M |
| EBITDA Margin % | -17.8% | 34.23% | 17.41% | 12.95% | 11.43% | -2.24% | -32.71% | -24.17% |
| EBITDA Growth % | -197.16% | 198.05% | 39.05% | 38.55% | 1210.64% | 87.97% | 59.57% | - |
| D&A (Non-Cash Add-back) | 164.03M | 132.49M | 79.41M | 80.99M | 70.75M | 54.02M | 31.11M | 33.13M |
| EBIT | -64.22M | 110.54M | -140.64M | -57.68M | -129.81M | -93.95M | -62.94M | 21.15M |
| Net Interest Income | -278.26M | -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 | 161.74M | 265.91M | 122.11M | 99.6M | 53.24M | 16.02M | 10.76M | 17.91M |
| Other Income/Expense | -309.42M | -194.88M | -241.05M | -117.79M | -142.25M | -53.26M | -20.17M | 91.84M |
| Pretax Income | -461.15M | -155.37M | -262.75M | -157.28M | -183.05M | -109.97M | -73.71M | 3.25M |
| Pretax Margin % | -62.52% | -30.92% | -79.26% | -49.08% | -69.88% | -91.48% | -107.5% | 1.41% |
| Income Tax | 26.36M | -3.32M | 3.31M | 2.47M | 4.47M | -3.63M | -1.98M | 14.38M |
| Effective Tax Rate % | -5.72% | 2.14% | -1.26% | -1.57% | -2.44% | 3.3% | 2.69% | 443.27% |
| Net Income | -478.09M | -107.17M | -223.65M | -121.34M | -153.58M | -79.87M | -55.2M | 6.43M |
| Net Margin % | -64.81% | -21.33% | -67.47% | -37.86% | -58.63% | -66.44% | -80.51% | 2.8% |
| Net Income Growth % | -255.09% | 52.08% | -84.32% | 21% | -92.29% | -44.69% | -958.22% | - |
| Net Income (Continuing) | -514.61M | -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 | 1.04B | -167.56M | -127.51M | -71.43M | -26.83M | -91K | 22.34M | 36.54M |
| EPS (Diluted) | -4.05 | -2.26 | -2.72 | -1.78 | -1.73 | -0.81 | -0.56 | 0.06 |
| EPS Growth % | -109.92% | 16.91% | -52.81% | -2.89% | -113.58% | -44.64% | -1033.33% | - |
| EPS (Basic) | - | -2.26 | -2.72 | -1.78 | -1.73 | -0.81 | -0.56 | 0.06 |
| Diluted Shares Outstanding | 118.18M | 115.21M | 108.22M | 102.96M | 99.45M | 99.19M | 99.19M | 99.19M |
| Basic Shares Outstanding | 118.18M | 115.21M | 108.22M | 102.96M | 99.45M | 99.19M | 99.19M | 99.19M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin sustainability uncertainty
Metrics are mathematically derived from official filings.
Revenue Growth Accelerating Sharply
FIP's revenue trajectory has accelerated markedly, growing 52.7% year-over-year to $186.8 million in 2026Q2, up from single-digit growth just two years prior. According to recent SEC filings, this expansion appears driven by scaling operations across segments, though organic versus inorganic contributions warrant closer scrutiny.
The shift from 3–8% quarterly growth in 2024 to 50–96% growth through 2025–2026 suggests a fundamentally different growth regime rather than cyclical recovery, possibly reflecting new asset deployments or segment consolidation. Investors should assess whether this pace reflects durable demand or one-time inorganic additions, as growth durability will heavily influence the multiple the market assigns to FIP's earnings profile.
Gross Margin Transformation Underway
Based on FIP's reported figures, gross margins have swung dramatically from negative territory in early 2024 to 37.2% in 2026Q2, reflecting a structural shift in revenue mix or cost absorption. This margin transformation appears to be one of the most consequential developments in the company's recent income statement history.
The jump from 1.6% gross margin in 2025Q1 to 37.2% in 2026Q2 is too large to be explained by incremental operating efficiency alone and may indicate a shift toward higher-margin revenue streams or improved contract pricing. However, the 2024Q4 data point showing zero COGS and a 100% gross margin represents a data anomaly that complicates trend interpretation and warrants further investigation before drawing firm conclusions about structural margin ceilings.
Overhead Leverage Emerging
As reported in financial statements, FIP's SG&A has remained within a narrow $2.8–7.4 million range over ten quarters while gross profit expanded from near-zero to $69.4 million, suggesting meaningful overhead leverage. However, operating income's volatility indicates that other cost lines below gross profit may be offsetting this efficiency.
The relative stability of SG&A against rapidly expanding gross profit is a positive sign of fixed-cost absorption, but operating margin has swung from -12.6% to 16.9% and back to -25.0% over the period, implying significant variable or non-recurring costs sit between gross profit and operating income. Analysts should decompose these below-gross-profit charges to understand whether the operating leverage observed in 2025Q3–Q4 is repeatable or was driven by favorable one-time factors.
Net Income Diverges from Operations
Analysis of FIP's income statement reveals net losses persisting even in quarters where operating income turned positive, with 2026Q1 showing $2.8 million in operating income against a $113.0 million net loss. Rising stock-based compensation of $16.4 million in 2026Q2 may further pressure reported earnings quality.
The persistent gap between operating income and net income suggests substantial non-operating charges—likely interest expense, impairments, or other below-the-line items—that are eroding any operating gains. Additionally, the 2025Q1 net income of $131.6 million against only $1.6 million in gross profit strongly suggests a large non-recurring gain, making that quarter's EPS of $0.89 an unreliable indicator of normalized earnings power. The escalating SBC from under $2 million to $16.4 million per quarter represents a growing dilutive burden that investors should factor into per-share valuation.
Recent Growth May Mask Margin Risks
FTAI Infrastructure's own reported figures show operating income collapsing from $13.0 million in 2025Q4 to negative $46.6 million in 2026Q2 even as revenue grew 52.7% year-over-year, a divergence that warrants further investigation. This pattern may indicate that recent growth is coming at the expense of margin sustainability.
A short-seller would focus on the fact that 2026Q2 posted the highest revenue in the period yet the worst operating margin since 2024, suggesting the growth may be low-quality or accompanied by escalating costs that are not visible in the headline gross margin figure. Combined with the anomalous 2024Q4 data (zero COGS) and the 2025Q1 net income spike unrelated to operations, the income statement's historical volatility raises questions about earnings predictability. Investors should monitor whether subsequent quarters restore positive operating income or confirm a deteriorating trend.