The company's profitability is severely constrained by a thin gross margin of 10.61% and a negative net margin of 2.36%, reflecting significant operational inefficiencies.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 1.18B | 1.19B | 1.23B | 1.08B | 969M | 722M | 917M | 855M | 771M | 807M | 772M | 501M | 359M | 179M | 93M |
| Revenue Growth % | -6.06% | -3.41% | 14.1% | 11.25% | 34.21% | -21.27% | 7.25% | 10.89% | -4.46% | 4.53% | 54.09% | 39.55% | 100.56% | 92.47% | - |
| Cost of Revenue | 950M | 1.06B | 504M | 520M | 527M | 374M | 363M | 336M | 257M | 248M | 215M | 113M | 79M | 46M | 17M |
| Gross Profit | 229M | 126M | 726M | 558M | 442M | 348M | 554M | 519M | 514M | 559M | 557M | 388M | 280M | 133M | 76M |
| Gross Margin % | 19.42% | 10.61% | 59.02% | 51.76% | 45.61% | 48.2% | 60.41% | 60.7% | 66.67% | 69.27% | 72.15% | 77.45% | 77.99% | 74.3% | 81.72% |
| Gross Profit Growth % | - | -82.64% | 30.11% | 26.24% | 27.01% | -37.18% | 6.74% | 0.97% | -8.05% | 0.36% | 43.56% | 38.57% | 110.53% | 75% | - |
| Operating Expenses | 200M | 68M | 1.19B | 586M | 398M | 284M | 301M | 286M | 71M | 247M | 255M | 179M | 104M | 61M | 27M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 679M | 705M | 173M | 607M | 617M | 469M | 627M | 564M | 646M | 538M | 537M | 372M | 275M | 126M | 72M |
| EBITDA Margin % | 57.59% | 59.34% | 14.07% | 56.31% | 63.67% | 64.96% | 68.38% | 65.96% | 83.79% | 66.67% | 69.56% | 74.25% | 76.6% | 70.39% | 77.42% |
| EBITDA Growth % | 1841.03% | 307.51% | -71.5% | -1.62% | 31.56% | -25.2% | 11.17% | -12.69% | 20.07% | 0.19% | 44.35% | 35.27% | 118.25% | 75% | - |
| Depreciation & Amortization | 650M | 647M | 632M | 635M | 573M | 405M | 374M | 331M | 203M | 226M | 235M | 163M | 99M | 54M | 23M |
| D&A / Revenue % | 55.13% | 54.46% | 51.38% | 58.91% | 59.13% | 56.09% | 40.79% | 38.71% | 26.33% | 28% | 30.44% | 32.53% | 27.58% | 30.17% | 24.73% |
| Operating Income (EBIT) | 29M | 58M | -459M | -28M | 44M | 64M | 253M | 233M | 443M | 312M | 302M | 209M | 176M | 72M | 49M |
| Operating Margin % | 2.46% | 4.88% | -37.32% | -2.6% | 4.54% | 8.86% | 27.59% | 27.25% | 57.46% | 38.66% | 39.12% | 41.72% | 49.03% | 40.22% | 52.69% |
| Operating Income Growth % | - | 112.64% | -1539.29% | -163.64% | -31.25% | -74.7% | 8.58% | -47.4% | 41.99% | 3.31% | 44.5% | 18.75% | 144.44% | 46.94% | - |
| Interest Expense | 4M | 437M | 170M | 394M | 853M | 0 | 620M | 702M | 248M | 199M | 152M | 117M | 100M | 49M | 43M |
| Interest Coverage | - | -0.09x | -1.69x | 0.35x | 0.01x | - | 0.59x | 0.39x | 2.10x | 2.41x | 3.89x | 2.20x | 1.83x | 1.57x | 1.16x |
| Interest / Revenue % | 0.34% | 36.78% | 13.82% | 36.55% | 88.03% | 0% | 67.61% | 82.11% | 32.17% | 24.66% | 19.69% | 23.35% | 27.86% | 27.37% | 46.24% |
| Non-Operating Income | -4M | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -245M | -477M | -457M | -257M | 1.13B | 303M | -257M | -430M | 273M | 281M | 440M | 140M | 83M | 28M | 7M |
| Pretax Margin % | -20.78% | -40.15% | -37.15% | -23.84% | 116.62% | 41.97% | -28.03% | -50.29% | 35.41% | 34.82% | 56.99% | 27.94% | 23.12% | 15.64% | 7.53% |
| Income Tax | -91M | -78M | -46M | -25M | 161M | 37M | -19M | -26M | 6M | 167M | 57M | 33M | -14M | 8M | -9M |
| Effective Tax Rate % | 37.14% | 16.35% | 10.07% | 9.73% | 14.25% | 12.21% | 7.39% | 6.05% | 2.2% | 59.43% | 12.95% | 23.57% | -16.87% | 28.57% | -128.57% |
| Net Income | 104M | -28M | -23M | 200M | 477M | 137M | -50M | -71M | 192M | -61M | 83M | 10M | 3M | 20M | 16M |
| Net Margin % | 8.82% | -2.36% | -1.87% | 18.55% | 49.23% | 18.98% | -5.45% | -8.3% | 24.9% | -7.56% | 10.75% | 2% | 0.84% | 11.17% | 17.2% |
| Net Income Growth % | 154.74% | -21.74% | -111.5% | -58.07% | 248.18% | 374% | 29.58% | -136.98% | 414.75% | -173.49% | 730% | 233.33% | -85% | 25% | - |
| EPS (Diluted) | 1.11 | -0.30 | -0.25 | 2.18 | 5.62 | 1.77 | -0.81 | -1.51 | 2.91 | -1.20 | 2.05 | 0.46 | 0.16 | 1.23 | 0.98 |
| EPS Growth % | 158.42% | -20% | -111.47% | -61.21% | 217.51% | 318.52% | 46.36% | -151.89% | 342.5% | -158.54% | 345.65% | 187.5% | -86.99% | 25.51% | - |
| EPS (Basic) | - | -0.30 | -0.25 | 2.18 | 5.62 | 1.77 | -0.81 | -1.51 | 3.05 | -1.20 | 2.05 | 0.46 | 0.16 | 1.23 | 0.98 |
| Diluted Shares Outstanding | 94.1M | 93.9M | 93.5M | 91.6M | 84.9M | 77.4M | 67.9M | 75.8M | 74.6M | 54.2M | 43.8M | 22.8M | 18.7M | 16.25M | 16.25M |
High
As reported in recent financial statements, XIFR experienced a revenue contraction of 3.41% year-over-year, suggesting that the company's reliance on project-based contracts and sponsor-led drop-downs is currently failing to offset the underlying decline in performance or potential divestitures within its existing renewable and natural gas infrastructure portfolio.
The revenue trajectory appears highly inconsistent, characterized by significant quarterly fluctuations that suggest a lack of organic growth drivers. Investors should monitor whether this volatility stems from resource variability in renewable assets or a structural weakening in the firm's long-term take-or-pay pipeline contracts.
Based on XIFR's reported figures, the company maintains a thin gross margin of 10.61%, which indicates that high depreciation and operational expenses are significantly eroding the top-line revenue before it can contribute to meaningful earnings power for the partnership's unitholders.
The persistent weight of depreciation and amortization, consistently exceeding $150 million per quarter, suggests a capital-intensive model that struggles to achieve operating leverage. This cost structure implies that the company may be vulnerable to inflationary pressures on maintenance and operational expenditures that are not fully recoverable through existing contract escalators.
According to recent SEC filings, XIFR reported a negative net margin of 2.36%, highlighting a disconnect between headline revenue and bottom-line profitability that warrants further investigation into the impact of non-operating financing charges and potential asset impairments on the company's reported earnings per share.
The frequent swings between positive and negative net income suggest that reported EPS is heavily influenced by non-recurring items rather than sustainable regulated earnings power. Analysts should look past these GAAP figures to evaluate the true cash-generating capacity of the underlying infrastructure assets.
As indicated by the company's financial disclosures, the presence of $960 million in cash reserves alongside negative net margins suggests that XIFR may be prioritizing liquidity preservation over operational profitability, potentially to address looming debt maturities or to satisfy obligations to its primary utility sponsor.
The income statement appears to hide the true cost of capital and the potential for future asset retirement obligations that are not yet fully reflected in the P&L. Investors should be skeptical of the current cash position, as it may be earmarked for capital-intensive repowering needs rather than growth.
Quick answers to the most common questions about buying XIFR stock.
For fiscal year 2025, XPLR Infrastructure, LP (XIFR) reported total revenue of $1.19B. This represents a 1177.4% increase compared to $93.0M in 2012.
XPLR Infrastructure, LP (XIFR) reported a net loss of $28.0M for the fiscal year ending 2025.
XPLR Infrastructure, LP (XIFR) reported an operating income of $58.0M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
XPLR Infrastructure, LP (XIFR) generated $126.0M in gross profit for the year, representing a gross profit margin of 10.6%. This demonstrates the company's core pricing power and production efficiency.