10-Q · May 8, 2026
FTAI Infrastructure reported Q1 2026 revenues of $188.4 million, surpassing estimates of $182.4 million yet recorded a diluted EPS of -1.32, missing the expected -0.57. The company cited increased revenues across its…
Earnings analysis · 10-Q
FIP earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
FTAI Infrastructure generated Q2 2026 revenue of $186.768 million, approximately 53% above Q2 2025 but slightly below Q1 2026, indicating continued scale but limited sequential momentum. Profitability weakened, with…
Read full summary
FTAI Infrastructure generated Q2 2026 revenue of $186.768 million, approximately 53% above Q2 2025 but slightly below Q1 2026, indicating continued scale but limited sequential momentum. Profitability weakened, with diluted EPS declining to a $1.41 loss from a $0.73 loss in Q2 2025 and a $1.32 loss in Q1 2026. The filing does not provide sufficient current-period gross margin, operating margin, balance-sheet, cash-flow, or segment revenue detail in the supplied text, while customer concentration, floating-rate debt, and Long Ridge sale execution remain material risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.41
What stood out
-
Revenue Growth Remains Strong
Q2 2026 revenue was $186.768 million, up approximately 53% from $122 million in Q2 2025, but down approximately 0.6% from $188 million in Q1 2026.
-
EPS Deteriorated Sequentially
Diluted EPS was a loss of $1.41, deteriorating from a loss of $0.73 in Q2 2025 and a loss of $1.32 in Q1 2026; the result was also below the $0.47 loss consensus estimate.
-
Customer Concentration Improved
Customer concentration declined year over year: one Railroad customer represented 23% of Q2 2026 revenue versus 32% in Q2 2025, while one Jefferson Terminal customer represented 8% versus 11%.
-
Receivables Concentration Eased
Accounts receivable from two Jefferson Terminal and Railroad customers represented 33% of total accounts receivable as of June 30, 2026, compared with 41% from three customers as of December 31, 2025.
-
Controls Reported Effective
Management reported that disclosure controls and procedures were effective as of June 30, 2026, and stated there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
-
Material Customer Concentration
The company earned 23% of Q2 2026 revenue from one Railroad customer and 8% from one Jefferson Terminal customer. Loss, delay, or pricing pressure from either customer could materially reduce revenue and margins.
-
Floating-Rate Debt Exposure
A hypothetical 100-basis-point increase in variable borrowing rates would increase interest expense by approximately $1.5 million over the next 12 months, assuming the exposure is unhedged.
-
Long Ridge Sale Execution Risk
The Long Ridge sale may be terminated if it has not closed by November 30, 2026, subject to specified extensions. Failure or delay could result in transaction costs, lost revenue, and adverse effects on the company’s business and stock price.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q MD&A; outlook appears deferred to the earnings presentation/call.
Earlier filings 4
10-K · March 16, 2026
FTAI Infrastructure reported material top-line growth in 2025 with total revenue of $503 million (quarterly: $96M, $122M, $141M, $144M), driven by portfolio expansion (including the $1.05 billion Wheeling acquisition).…
10-Q · May 16, 2025
FTAI Infrastructure reported quarter-over-quarter revenue growth to $96.161M (Q1 2025 vs $82.535M in Q1 2024) and GAAP diluted EPS of $0.89 driven by large other income items (equity in earnings of unconsolidated…
10-K · March 13, 2025
FTAI Infrastructure (FIP) positions itself as an opportunistic acquirer/operator of mission-critical infrastructure across Railroad, Ports & Terminals, Power & Gas and Sustainability, targeting diversified, long-lived…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.