FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.03 per Share of Common Stock
Rhea-AI Summary
FTAI Infrastructure (NASDAQ:FIP) reported fourth-quarter and full-year 2025 results and declared a cash dividend of $0.03 per share payable April 1, 2026 to holders of record on March 13, 2026.
Key metrics: Adjusted EBITDA $232.3 million for 2025 (up 82% YoY), Q4 Adjusted EBITDA $80.2 million (year-end run rate $320.8 million), closed a $1.315 billion term loan to refinance the 2025 bridge facility, and Railroad segment Q4 Adjusted EBITDA was $41.3 million. Reported net loss attributable to stockholders was $207.4 million for 2025.
Positive
- Adjusted EBITDA $232.3M for 2025, up 82% YoY
- Q4 Adjusted EBITDA $80.2M, implying $320.8M annual run rate
- Closed $1.315B term loan to refinance 2025 bridge facility
- Railroad segment $41.3M Q4 Adjusted EBITDA with Wheeling integration underway
Negative
- Net loss attributable to stockholders $207.4M for 2025
- Basic loss per share of common stock $2.24 for 2025
- Adjusted EBITDA figures exclude notable nonoperating gains (e.g., $120.0M consolidation gain)
News Market Reaction – FIP
On the day this news was published, FIP declined 9.86%, reflecting a notable negative market reaction. Argus tracked a trough of -9.2% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $82M from the company's valuation, bringing the market cap to $749M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum scanner shows no sector-wide move. Peers are mixed, with names like CODI up 2.11%, TRC up 2.46%, while TTI is down 2.79% and CRESY down 0.52%, suggesting stock-specific focus on FIP’s results and dividend.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Q3 2025 earnings | Positive | +4.5% | Strong Q3 Adjusted EBITDA growth and maintained $0.03 dividend despite net loss. |
| Aug 07 | Q2 2025 earnings | Neutral | -20.2% | Q2 loss, Wheeling acquisition announcement, and dividend maintained at $0.03. |
| May 08 | Q1 2025 earnings | Positive | -1.3% | Q1 net income, strong Adjusted EBITDA, and $120M Long Ridge gain with $0.03 dividend. |
| Feb 27 | FY 2024 earnings | Positive | +2.6% | FY 2024 growth, Long Ridge stake, Repauno and Jefferson EBITDA contracts, $0.03 dividend. |
| Oct 30 | Q3 2024 earnings | Neutral | -5.5% | Q3 2024 net loss with improving Adjusted EBITDA and ongoing infrastructure contracts. |
Earnings/dividend releases often trigger sizable moves, with a mix of positive and negative reactions; historically, more events show divergence than clean alignment with headline tone.
Over the past five dividends/earnings releases, FTAI Infrastructure has consistently declared a $0.03 quarterly dividend while scaling Adjusted EBITDA and pursuing major rail and energy assets. Prior updates highlighted the Long Ridge transaction, the planned $1.05 billion Wheeling & Lake Erie Railway acquisition, and growing contributions from core segments. Market reactions have been mixed, including both double‑digit declines and solid gains. Today’s Q4 2025 release, with stronger 2025 Adjusted EBITDA and another $0.03 dividend, follows this ongoing growth-and-investment narrative.
Historical Comparison
In the last five dividends/earnings releases, FIP’s average move was about -3.97%, showing that this news type has often met with cautious trading.
Across these dividends/earnings events, FIP has kept the quarterly dividend at $0.03 while scaling Adjusted EBITDA and advancing the Wheeling and Long Ridge infrastructure strategy.
Market Pulse Summary
The stock moved -9.9% in the session following this news. A negative reaction despite higher 2025 Adjusted EBITDA of $232.3 million and an 82% year‑over‑year increase would fit the mixed history around FIP’s earnings days, where the average move has been about -3.97%. Persistent net losses, including a Q4 net loss of $118,959 thousand, and sizable leverage, such as the new $1.315 billion term loan, could reinforce concerns even when operating metrics improve.
Key Terms
adjusted ebitda financial
term loan financial
AI-generated analysis. Not financial advice.
NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Business Highlights
- Reported
$232.3 million (1) of Adjusted EBITDA for fiscal 2025, up82% from fiscal 2024. - Fourth quarter Adjusted EBITDA of
$80.2 million (2) represented a run rate at year-end of$320.8 million annually. - Closed new
$1.31 5 billion term loan to refinance 2025 bridge facility issued in connection with the acquisition of the Wheeling & Lake Erie Railroad. - Railroad segment reported
$41.3 million of fourth quarter Adjusted EBITDA with integration of the Wheeling now underway and multiple new M&A opportunities being pursued.
| (1) | Excludes | |
| (2) | Excludes |
Financial Overview
| (in thousands, except per share data) | ||||||||
| Selected Financial Results | Three Months Ended December 31, 2025 | Year Ended December 31, 2025 | ||||||
| Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock | $ | (118,959 | ) | $ | (207,403 | ) | ||
| Basic Loss per Share of Common Stock | $ | (1.06 | ) | $ | (2.24 | ) | ||
| Diluted Loss per Share of Common Stock | $ | (1.08 | ) | $ | (2.26 | ) | ||
| Adjusted EBITDA(1) | $ | 89,158 | $ | 361,224 | ||||
| Adjusted EBITDA – Four Core Segments(1)(2) | $ | 89,107 | $ | 382,815 | ||||
| _______________________________ (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. (2) Excludes Sustainability and Energy Transition and Corporate and Other segments. | ||||||||
Fourth Quarter 2025 Dividends
On February 26, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, February 27, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI2c5be2238dae44279ac782022ea89a85. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Friday, February 27, 2026 through 11:30 A.M. on Friday, March 6, 2026 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@ftaiaviation.com
Exhibit – Financial Statements
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollar amounts in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Total revenues | $ | 143,517 | $ | 80,764 | $ | 502,520 | $ | 331,497 | ||||||||
| Expenses | ||||||||||||||||
| Operating expenses | 83,122 | 59,108 | 299,587 | 247,674 | ||||||||||||
| General and administrative | 4,045 | 4,108 | 16,222 | 14,798 | ||||||||||||
| Acquisition and transaction expenses | 11,698 | 1,084 | 27,138 | 5,457 | ||||||||||||
| Management fees and incentive allocation to affiliate | 4,710 | 2,734 | 14,714 | 11,318 | ||||||||||||
| Depreciation and amortization | 38,666 | 19,234 | 132,489 | 79,410 | ||||||||||||
| Asset impairment | — | 72,336 | 4,401 | 72,336 | ||||||||||||
| Total expenses | 142,241 | 158,604 | 494,551 | 430,993 | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Equity in earnings (losses) of unconsolidated entities | 6,056 | (16,498 | ) | 12,303 | (55,496 | ) | ||||||||||
| Gain (loss) on sale of assets, net | 8,986 | (225 | ) | 128,842 | 2,370 | |||||||||||
| Loss on modification or extinguishment of debt | (42 | ) | (502 | ) | (59,323 | ) | (8,925 | ) | ||||||||
| Interest expense | (90,286 | ) | (33,312 | ) | (265,914 | ) | (122,108 | ) | ||||||||
| Other income | 8,452 | 5,039 | 20,751 | 20,904 | ||||||||||||
| Total other expense | (66,834 | ) | (45,498 | ) | (163,341 | ) | (163,255 | ) | ||||||||
| Loss before income taxes | (65,558 | ) | (123,338 | ) | (155,372 | ) | (262,751 | ) | ||||||||
| Provision for (benefit from) income taxes | 32,163 | 1,333 | (3,318 | ) | 3,313 | |||||||||||
| Net loss | (97,721 | ) | (124,671 | ) | (152,054 | ) | (266,064 | ) | ||||||||
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (10,882 | ) | (10,366 | ) | (44,880 | ) | (42,419 | ) | ||||||||
| Less: Preferred dividends and accretion on redeemable non-controlling interests | 32,120 | — | 44,607 | — | ||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | 19,251 | 55,622 | 70,814 | ||||||||||||
| Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | (118,959 | ) | $ | (133,556 | ) | $ | (207,403 | ) | $ | (294,459 | ) | ||||
| Net loss attributable to common stockholders | $ | (125,482 | ) | $ | (133,556 | ) | $ | (260,406 | ) | $ | (294,459 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic | $ | (1.06 | ) | $ | (1.29 | ) | $ | (2.24 | ) | $ | (2.72 | ) | ||||
| Diluted | $ | (1.08 | ) | $ | (1.29 | ) | $ | (2.26 | ) | $ | (2.72 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 116,294,461 | 103,426,793 | 115,214,910 | 108,217,871 | ||||||||||||
| Diluted | 116,294,461 | 103,426,793 | 115,214,910 | 108,217,871 | ||||||||||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 57,351 | $ | 27,785 | ||||
| Restricted cash and cash equivalents | 268,595 | 119,511 | ||||||
| Accounts receivable, net | 95,388 | 52,994 | ||||||
| Other current assets | 62,677 | 19,561 | ||||||
| Total current assets | 484,011 | 219,851 | ||||||
| Leasing equipment, net | 36,570 | 37,453 | ||||||
| Operating lease right-of-use assets, net | 133,493 | 67,937 | ||||||
| Property, plant, and equipment, net | 4,581,771 | 1,653,468 | ||||||
| Investments | 22,243 | 12,529 | ||||||
| Intangible assets, net | 43,173 | 46,229 | ||||||
| Goodwill | 365,703 | 275,367 | ||||||
| Other assets | 81,697 | 61,554 | ||||||
| Total assets | $ | 5,748,661 | $ | 2,374,388 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 280,707 | $ | 176,425 | ||||
| Debt, net | 1,611,006 | 48,594 | ||||||
| Operating lease liabilities | 9,108 | 7,172 | ||||||
| Derivative liabilities | 34,381 | — | ||||||
| Other current liabilities | 20,363 | 18,603 | ||||||
| Total current liabilities | 1,955,565 | 250,794 | ||||||
| Debt, net | 2,163,167 | 1,539,241 | ||||||
| Operating lease liabilities | 71,000 | 60,893 | ||||||
| Derivative liabilities | 189,116 | — | ||||||
| Warrant liabilities | 81,599 | — | ||||||
| Deferred income tax liabilities | 300,231 | 9,639 | ||||||
| Other liabilities | 44,000 | 57,465 | ||||||
| Total liabilities | 4,804,678 | 1,918,032 | ||||||
| Commitments and contingencies | ||||||||
| Redeemable preferred stock Series A ( | — | 381,218 | ||||||
| Redeemable convertible preferred stock Series B ( | 152,642 | — | ||||||
| Redeemable preferred stock Series A RailCo - Non-controlling interest (zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 and — Series A - RailCo shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; redemption amount of | 937,578 | — | ||||||
| Equity | ||||||||
| Common stock ( | 1,163 | 1,139 | ||||||
| Additional paid in capital | 623,771 | 764,381 | ||||||
| Accumulated deficit | (512,992 | ) | (405,818 | ) | ||||
| Accumulated other comprehensive loss | (90,618 | ) | (157,051 | ) | ||||
| Stockholders' equity | 21,324 | 202,651 | ||||||
| Non-controlling interests in equity of consolidated subsidiaries | (167,561 | ) | (127,513 | ) | ||||
| Total equity | (146,237 | ) | 75,138 | |||||
| Total liabilities, redeemable preferred stock and equity | $ | 5,748,661 | $ | 2,374,388 | ||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands, unless otherwise noted) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (152,054 | ) | $ | (266,064 | ) | ||
| Equity in (earnings) losses of unconsolidated entities | (12,303 | ) | 55,496 | |||||
| Gain on sale of subsidiaries | (128,921 | ) | — | |||||
| Loss (gain) on sale of assets, net | 79 | (2,370 | ) | |||||
| Loss on modification or extinguishment of debt | 59,323 | 8,925 | ||||||
| Gain on sale of easement | — | (3,486 | ) | |||||
| Equity-based compensation | 11,076 | 8,636 | ||||||
| Depreciation and amortization | 132,489 | 79,410 | ||||||
| Asset impairment | 4,401 | 72,336 | ||||||
| Change in deferred income taxes | (5,764 | ) | 1,920 | |||||
| Change in fair value of non-hedge derivatives | 603 | — | ||||||
| Change in fair value of warrants | (4,234 | ) | — | |||||
| Amortization of deferred financing costs | 10,988 | 6,248 | ||||||
| Amortization of bond discount | 23,336 | 8,682 | ||||||
| Amortization of other comprehensive income | (20,092 | ) | — | |||||
| Paid-in-kind interest expense | 5,829 | — | ||||||
| Provision for (recovery) credit losses | (888 | ) | 863 | |||||
| Change in: | ||||||||
| Accounts receivable | (9,920 | ) | 2,133 | |||||
| Other assets | (13,282 | ) | (1,976 | ) | ||||
| Accounts payable and accrued liabilities | 51,745 | 20,970 | ||||||
| Derivative liabilities | (67,006 | ) | — | |||||
| Other liabilities | (3,416 | ) | (7,001 | ) | ||||
| Net cash used in operating activities | (118,011 | ) | (15,278 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Investment in unconsolidated entities | (18,548 | ) | (3,826 | ) | ||||
| Acquisition of business, net of cash acquired | (856,644 | ) | — | |||||
| Acquisition of leasing equipment | (724 | ) | (3,288 | ) | ||||
| Acquisition of property, plant and equipment | (280,526 | ) | (79,536 | ) | ||||
| Investment in investor loan | 11,001 | — | ||||||
| Investment in promissory notes | — | (31,438 | ) | |||||
| Investment in equity instruments | — | (5,000 | ) | |||||
| Proceeds from insurance recoveries | — | 267 | ||||||
| Proceeds from sale of property, plant and equipment | 2,775 | 1,198 | ||||||
| Proceeds from sale of easement | — | 3,486 | ||||||
| Net cash used in investing activities | (1,142,666 | ) | (118,137 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt, net | 1,794,074 | 498,426 | ||||||
| Repayment of debt | (780,364 | ) | (247,594 | ) | ||||
| Payment of financing costs | (62,051 | ) | (11,438 | ) | ||||
| Proceeds from issuance of common shares | 2,694 | — | ||||||
| Proceeds from issuance of redeemable preferred stock | 1,000,000 | — | ||||||
| Redeemable preferred stock issuance costs | (21,197 | ) | — | |||||
| Repayment of preferred stock | (447,121 | ) | — | |||||
| Distributions to non-controlling interests | (1,311 | ) | (15,039 | ) | ||||
| Settlement of equity-based compensation | (6,050 | ) | (3,335 | ) | ||||
| Cash dividends – common stock | (13,831 | ) | (13,124 | ) | ||||
| Cash dividends – redeemable preferred stock | (25,516 | ) | (14,664 | ) | ||||
| Net cash provided by financing activities | 1,439,327 | 193,232 | ||||||
| Net increase in cash and cash equivalents and restricted cash and cash equivalents | 178,650 | 59,817 | ||||||
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 147,296 | 87,479 | ||||||
| Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ | 325,946 | $ | 147,296 | ||||
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three and twelve months ended December 31, 2025 and 2024:
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
(in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | (118,959 | ) | $ | (133,556 | ) | $ | (207,403 | ) | $ | (294,459 | ) | ||||
| Add: Provision for (benefit from) income taxes | 32,163 | 1,333 | (3,318 | ) | 3,313 | |||||||||||
| Add: Equity-based compensation expense | 7,391 | 1,868 | 11,076 | 8,636 | ||||||||||||
| Add: Acquisition and transaction expenses | 11,698 | 1,084 | 27,138 | 5,457 | ||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 42 | 502 | 59,323 | 8,925 | ||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | (4,274 | ) | — | (4,063 | ) | — | ||||||||||
| Add: Asset impairment charges | — | 70,401 | 4,401 | 70,401 | ||||||||||||
| Add: Incentive allocations | — | — | — | — | ||||||||||||
| Add: Depreciation & amortization expense(1) | 33,777 | 20,467 | 117,328 | 83,885 | ||||||||||||
| Add: Interest expense | 90,286 | 33,312 | 265,914 | 122,108 | ||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | 18,152 | 5,182 | 30,875 | 20,272 | ||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | 32,120 | 19,251 | 100,229 | 70,814 | ||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (93 | ) | (280 | ) | (887 | ) | (66 | ) | ||||||||
| Add: Other non-recurring items(3) | — | — | 2,295 | — | ||||||||||||
| Less: Equity in (earnings) losses of unconsolidated entities | (6,056 | ) | 16,498 | (12,303 | ) | 55,496 | ||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (7,089 | ) | (6,889 | ) | (29,381 | ) | (27,194 | ) | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 89,158 | $ | 29,173 | $ | 361,224 | $ | 127,588 | ||||||||
| (1) | Includes the following items for the years ended December 31, 2025 and 2024: (i) depreciation and amortization expense of Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation and amortization expense of |
| (2) | Includes the following items for the years ended December 31, 2025 and 2024: (i) net income (loss) of Includes the following items for the three months ended December 31, 2025 and 2024: (i) net income (loss) of |
| (3) | Includes the following items for the year ended December 31, 2025: (i) incidental utility rebillings of |
| (4) | Includes the following items for the years ended December 31, 2025 and 2024: (i) equity-based compensation of Includes the following items for the three months ended December 31, 2025 and 2024: (i) equity-based compensation of |
The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2025:
| Three Months Ended December 31, 2025 | ||||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | |||||||||||||||
| Net loss attributable to stockholders, before series B preferred stock and loss on extinguishment of preferred stock | $ | (8,191 | ) | $ | (6,971 | ) | $ | (8,195 | ) | $ | (45,699 | ) | $ | (69,056 | ) | |||||
| Add: Provision for (benefit from) income taxes | 317 | (2,593 | ) | 658 | 34,933 | 33,315 | ||||||||||||||
| Add: Equity-based compensation expense | 1,230 | 328 | 70 | 5,636 | 7,264 | |||||||||||||||
| Add: Acquisition and transaction expenses | 1,190 | — | 959 | 3,966 | 6,115 | |||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 12 | — | 30 | 42 | |||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | (3,764 | ) | — | — | (510 | ) | (4,274 | ) | ||||||||||||
| Add: Asset impairment charges | — | — | — | — | — | |||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | |||||||||||||||
| Add: Depreciation & amortization expense(1) | 6,057 | 13,542 | 2,494 | 11,438 | 33,531 | |||||||||||||||
| Add: Interest expense | 552 | 15,442 | 2,413 | 26,730 | 45,137 | |||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | 18,305 | — | — | — | 18,305 | |||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | 32,120 | — | — | — | 32,120 | |||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (93 | ) | — | — | — | (93 | ) | |||||||||||||
| Add: Other non-recurring items | — | — | — | — | — | |||||||||||||||
| Less: Equity in earnings of unconsolidated entities | (6,210 | ) | — | — | — | (6,210 | ) | |||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(3) | (261 | ) | (6,191 | ) | (300 | ) | (337 | ) | (7,089 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 41,252 | $ | 13,569 | $ | (1,901 | ) | $ | 36,187 | $ | 89,107 | |||||||||
| Year Ended December 31, 2025 | ||||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | |||||||||||||||
| Net income (loss) attributable to stockholders, before series B preferred stock and loss on extinguishment of preferred stock | $ | 15,817 | $ | (46,043 | ) | $ | (30,765 | ) | $ | 109,824 | $ | 48,833 | ||||||||
| Add: Provision for (benefit from) income taxes | 5,937 | (1,873 | ) | 714 | (7,524 | ) | (2,746 | ) | ||||||||||||
| Add: Equity-based compensation expense | 2,300 | 1,495 | 1,240 | 5,636 | 10,671 | |||||||||||||||
| Add: Acquisition and transaction expenses | 3,607 | 68 | 4,253 | 6,594 | 14,522 | |||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 748 | 3,324 | 77 | 4,149 | |||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | (4,234 | ) | — | — | 171 | (4,063 | ) | |||||||||||||
| Add: Asset impairment charges | 4,401 | — | — | — | 4,401 | |||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | |||||||||||||||
| Add: Depreciation & amortization expense(1) | 21,273 | 51,128 | 9,973 | 34,144 | 116,518 | |||||||||||||||
| Add: Interest expense | 883 | 65,130 | 6,943 | 88,490 | 161,446 | |||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | 26,713 | — | — | 6,503 | 33,216 | |||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | 44,607 | — | — | — | 44,607 | |||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (887 | ) | — | — | — | (887 | ) | |||||||||||||
| Add: Other non-recurring items(3) | 305 | — | 1,035 | — | 1,340 | |||||||||||||||
| Less: Equity in earnings of unconsolidated entities | (9,223 | ) | — | — | (10,588 | ) | (19,811 | ) | ||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (524 | ) | (27,028 | ) | (1,492 | ) | (337 | ) | (29,381 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 110,975 | $ | 43,625 | $ | (4,775 | ) | $ | 232,990 | $ | 382,815 | |||||||||
| (1) | Jefferson Terminal Includes the following items for the three months and year ended December 31, 2025: (i) depreciation and amortization expense of Power and Gas Includes the following items for the three months and year ended December 31, 2025: (i) depreciation and amortization expense of |
| (2) | Railroad Includes the following items for the three months and year ended December 31, 2025: (i) net income of Power and Gas Includes the following items for the three months and year ended December 31, 2025: (i) net income of $— and |
| (3) | Railroad Includes the following items for the year ended December 31, 2025: Railroad severance expense of Repauno Includes the following items for the year ended December 31, 2025: (i) incidental utility rebillings of |
| (4) | Railroad Includes the following items for the three months and year ended December 31, 2025: (i) equity-based compensation of Jefferson Terminal Includes the following items for the three months and year ended December 31, 2025: (i) equity-based compensation of Repauno Includes the following items for the three months and year ended ended December 31, 2025: (i) equity-based compensation of $— and Power and Gas Includes the following items for the three months and year ended ended December 31, 2025: (i) equity-based compensation of |
FAQ
What was FIP's Adjusted EBITDA for fiscal 2025 (FTAI Infrastructure, NASDAQ:FIP)?
What dividend did FIP declare for Q4 2025 and when is it payable?
What financing did FIP complete related to the Wheeling & Lake Erie acquisition?
How did FIP perform on a net loss basis for full-year 2025?
What did the Railroad segment report for Q4 2025 at FIP (NASDAQ:FIP)?
When and how can investors access FIP's Q4 2025 conference call and replay?
