FTAI Infrastructure Inc. Reports Third Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock

The Long Ridge sale received regulatory approval, while a planned $255 million acquisition would expand Jefferson’s energy logistics business.

Rhea-AI Summary

FTAI Infrastructure (NASDAQ:FIP) reported record third-quarter 2026 adjusted EBITDA of $95.3 million, alongside a narrower loss attributable to common stockholders. Revenue rose to $218.973 million from $140.556 million a year earlier. The common-stockholder loss was $150.234 million, or $1.27 per share, versus $159.229 million, or $1.38 per share. Adjusted EBITDA, an earnings measure excluding interest, taxes and other specified items, was $54.4 million excluding Long Ridge.

The Long Ridge sale received regulatory approval; closing is expected by November-end. FTAI agreed to acquire USD Group energy logistics assets for $255 million, with closing planned in November; the company expects the acquisition to more than double Jefferson’s existing adjusted EBITDA. A $0.03 quarterly dividend is payable December 7, 2026, to holders of record November 23. Nine-month operating cash outflow narrowed to $8.356 million from $115.255 million.

9 points · 1 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

4 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.$255 million USD Group asset acquisition is expected to more than double Jefferson’s existing adjusted EBITDA. 78% of market cap
• Moderate pointQ3 revenue rose to $218.973 million from $140.556 million a year earlier.
• Moderate pointQ3 adjusted EBITDA reached a quarterly record of $95.3 million; excluding Long Ridge, $54.4 million was also a record.
• Moderate pointRail segment reported record Q3 revenue and adjusted EBITDA, with an active acquisition pipeline.
• Moderate pointQ3 common-stockholder loss narrowed to $150.234 million, or $1.27 per share, from $159.229 million, or $1.38.
• Moderate pointNine-month revenue increased to $594.105 million from $359.003 million in 2025.
• Moderate pointNine-month operating cash outflow narrowed to $8.356 million from $115.255 million in 2025.
• Moderate pointQ3 interest expense declined to $116.524 million from $128.520 million a year earlier.
• Minor pointLong Ridge sale received regulatory approval.

Negative

• Major pointStockholders’ equity fell to negative $544.424 million at September 30, 2026, from positive $21.324 million at year-end.
• Major pointUSD Group asset acquisition remains pending, with closing planned in November.
• Major pointCurrent debt, net rose to $552.644 million at September 30, 2026, from $65.438 million at year-end.
• Major pointNine-month property, plant and equipment purchases required $214.388 million of cash. 66% of market cap
• Moderate pointNine-month common-stockholder loss widened to $471.223 million from $134.870 million in 2025.
• Moderate pointLong Ridge sale remains pending, with closing expected by the end of November.
• Moderate pointQ3 operating expenses increased to $120.602 million from $74.985 million a year earlier.
• Moderate pointQ3 asset impairment was $28.587 million versus none a year earlier; nine-month impairment reached $91.775 million. 28% of market cap
• Moderate pointQ3 preferred dividends and accretion on redeemable non-controlling interests rose to $34.284 million from $12.487 million.
• Moderate pointNine-month interest expense increased to $352.019 million from $234.909 million in 2025.
• Moderate pointNine-month financing costs paid totaled $19.079 million. 5.9% of market cap

2 minor points

• Minor pointCash and cash equivalents declined to $52.442 million at September 30, 2026, from $57.351 million at year-end.
• Minor pointQ3 acquisition and transaction expenses increased to $7.487 million from $3.221 million a year earlier.

Key Figures

Adjusted EBITDA: $95.3 million Adjusted EBITDA excluding Long Ridge: $54.4 million Net loss attributable to common stockholders: $(150,234) thousand +4 more

Adjusted EBITDA

$95.3 million

Q3 2026; new quarterly record

Adjusted EBITDA excluding Long Ridge

$54.4 million

Q3 2026; quarterly record

Net loss attributable to common stockholders

$(150,234) thousand

Q3 2026

Loss per share

$(1.27)

Basic and diluted; Q3 2026

USD Group energy logistics assets acquisition

$255 million

Agreed acquisition; closing planned in November

Long Ridge sale closing

Expected by the end of November

Regulatory approval received

Common stock dividend

$0.03 per share

Q3 2026; payable Dec. 7, 2026 to holders of record Nov. 23, 2026

Previous Dividends,earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Quarterly earnings

   24h Move

   +18.9%

   Reported Long Ridge sale pending approval and quarterly Adjusted EBITDA of $76.1 million.

2. May 07

   Quarterly earnings

   24h Move

   -5.3%

   Announced Long Ridge sale agreement at $1.52 billion, pending regulatory approval.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, redeemable convertible preferred stock, non-controlling interests, asset impairment

4 terms

non-gaap financial

"Adjusted EBITDA (Non-GAAP)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

redeemable convertible preferred stock financial

"Redeemable convertible preferred stock Series B"

A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.

non-controlling interests financial

"Net loss attributable to non-controlling interests"

An ownership stake in a subsidiary held by outside shareholders rather than the parent company, representing the portion of that subsidiary’s assets and profits the parent does not control. For investors, it shows what part of consolidated earnings and equity belongs to others — like a roommate who owns part of a house — which affects how much value and profit per share are truly attributable to the parent company’s shareholders.

asset impairment financial

"Asset impairment"

Asset impairment occurs when the value of a company’s asset drops below its recorded value on the books, indicating the asset is worth less than previously thought. This often happens due to changes in the market or the asset’s usefulness, similar to realizing a stored item is damaged or less valuable than expected. It matters to investors because it can signal potential losses and affect the company's overall financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 05, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Business Highlights

• Reported $95.3 million of Adjusted EBITDA for the third quarter of 2026, a new quarterly record; excluding Long Ridge, Adjusted EBITDA for the quarter was $54.4 million, also a quarterly record.
• Received regulatory approval for the sale of Long Ridge; closing expected by the end of November.
• Agreed to acquire energy logistics assets from USD Group LLC for $255 million, resulting in more than doubling of Jefferson’s existing Adjusted EBITDA, with closing planned in November.
• Continued growth in rail segment with record revenues and Adjusted EBITDA for Q3, and active pipeline of M&A opportunities.

Financial Overview

(in thousands, except per share data)
Selected Financial Results	Q3’26
Net Loss Attributable to Common Stockholders	$	(150,234	)
Basic and Diluted Loss per Share of Common Stock	$	(1.27	)
Adjusted EBITDA (1)	$	95,329
Adjusted EBITDA - Four core segments (1)(2)	$	101,820

_______________________________

(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.

Third Quarter 2026 Dividends

On November 4, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2026, payable on December 7, 2026 to the holders of record on November 23, 2026.

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 Quarterly Report on Form 10-Q, 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, November 6, 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/BI481e6494b9014b0485e4b754e7023ec5. 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, November 6, 2026 through 11:30 A.M. on Friday, November 13, 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@ftaiinfrastructure.com

Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues
Total revenues	$	218,973			$	140,556			$	594,105			$	359,003
Expenses
Operating expenses		120,602				74,985				358,329				216,465
General and administrative		4,180				3,202				11,408				12,177
Acquisition and transaction expenses		7,487				3,221				20,328				15,440
Management fees and incentive allocation to affiliate		3,113				3,782				10,882				10,004
Depreciation and amortization		35,328				34,813				125,530				93,823
Asset impairment		28,587				—				91,775				4,401
Total expenses		199,297				120,003				618,252				352,310
Other (expense) income
Equity in (losses) earnings of unconsolidated entities		(590	)			2,928				(1,668	)			6,247
Gain (loss) on sale of assets, net		37				28				(545	)			119,856
Interest expense		(116,524	)			(128,520	)			(352,019	)			(234,909	)
Other (expense) income		(23,487	)			5,554				(17,216	)			12,299
Total other expense		(140,564	)			(120,010	)			(371,448	)			(96,507	)
Loss before income taxes		(120,888	)			(99,457	)			(395,595	)			(89,814	)
Provision for (benefit from) income taxes		2,246				5,081				(5,807	)			(35,481	)
Net loss		(123,134	)			(104,538	)			(389,788	)			(54,333	)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders		(13,372	)			(11,497	)			(39,009	)			(33,998	)
Less: Preferred dividends and accretion on redeemable non-controlling interests		34,284				12,487				104,735				12,487
Less: Dividends and accretion of redeemable preferred stock		1,511				12,824				2,168				55,622
Less: Convertible preferred stock dividend		4,677				4,231				13,541				9,780
Less: Loss on extinguishment of preferred stock		—				36,646				—				36,646
Net loss attributable to common stockholders	$	(150,234	)		$	(159,229	)		$	(471,223	)		$	(134,870	)
Loss per share:
Basic	$	(1.27	)		$	(1.38	)		$	(4.00	)		$	(1.17	)
Diluted	$	(1.27	)		$	(1.38	)		$	(4.00	)		$	(1.18	)
Weighted average shares outstanding:
Basic		118,181,737				115,555,973				117,683,855				114,851,106
Diluted		118,181,737				115,555,973				117,683,855				114,851,106

FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
	(Unaudited)
	September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	52,442			$	57,351
Restricted cash and cash equivalents		88,314				268,595
Accounts receivable, net		88,414				95,388
Other current assets		41,328				62,677
Current assets held for sale		43,938				—
Total current assets		314,436				484,011
Leasing equipment, net		35,425				36,570
Operating lease right-of-use assets, net		158,278				133,493
Property, plant, and equipment, net		3,171,219				4,581,771
Investments		20,575				22,243
Intangible assets, net		55,679				43,173
Goodwill		275,366				365,703
Other assets		94,060				81,697
Non-current assets held for sale		1,574,786				—
Total assets	$	5,699,824			$	5,748,661
Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	250,370			$	280,707
Debt, net		552,644				65,438
Operating lease liabilities		12,056				9,108
Derivative liabilities		—				34,381
Other current liabilities		29,997				20,363
Current liabilities held for sale		577,374				—
Total current liabilities		1,422,441				409,997
Debt, net		2,275,088				3,708,735
Operating lease liabilities		94,700				71,000
Derivative liabilities		—				189,116
Warrant liabilities		108,115				81,599
Deferred income tax liabilities		289,589				300,231
Other liabilities		111,665				44,000
Non-current liabilities held for sale		950,183				—
Total liabilities		5,251,781				4,804,678
Commitments and contingencies		—				—
Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively; redemption amount of $192.0 million and $192.0 million at September 30, 2026 and December 31, 2025, respectively)		154,810				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 Series A - RailCo shares issued and outstanding as of September 30, 2026 and December 31, 2025; redemption amount of $1.4 billion and $1.4 billion at September 30, 2026 and December 31, 2025, respectively)		1,038,030				937,578
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,181,737 and 116,294,461 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)		1,182				1,163
Additional paid in capital		515,585				623,771
Accumulated deficit		(863,771	)			(512,992	)
Accumulated other comprehensive loss		(197,420	)			(90,618	)
Stockholders' equity		(544,424	)			21,324
Non-controlling interest in equity of consolidated subsidiaries		(200,373	)			(167,561	)
Total equity		(744,797	)			(146,237	)
Total liabilities, redeemable preferred stock and equity	$	5,699,824			$	5,748,661

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)
	Nine Months Ended September 30,
	2026				2025
Cash flows from operating activities:
Net loss	$	(389,788	)		$	(54,333	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities		1,668				(6,247	)
Gain on sale of subsidiaries		—				(119,952	)
Costs to modify or extinguish debt, net		47,634				59,281
Equity-based compensation		20,091				3,685
Depreciation and amortization		125,530				93,823
Asset impairment		91,775				4,401
Change in deferred income taxes		(10,642	)			(36,068	)
Change in fair value of non-hedge derivative		(1,745	)			—
Change in fair value of warrants		26,516				(470	)
Amortization of deferred financing costs		12,444				11,366
Amortization of bond discount		74,195				10,055
Amortization of other comprehensive income		(17,601	)			(13,970	)
Paid-in-kind interest expense		7,809				3,325
Other		716				1,020
Change in:
Accounts receivable		(9,521	)			2,038
Other assets		10,076				(1,022	)
Accounts payable and accrued liabilities		2,084				1,821
Derivative liabilities		—				(67,005	)
Other liabilities		403				(7,003	)
Net cash used in operating activities		(8,356	)			(115,255	)
Cash flows from investing activities:
Investment in unconsolidated entities		(20,729	)			(1,121,917	)
Acquisition of business, net of cash acquired		(40,410	)			226,628
Acquisition of leasing equipment		—				(607	)
Acquisition of property, plant and equipment		(214,388	)			(214,644	)
Proceeds from investor loan		—				11,001
Proceeds from sale of subsidiaries, net of cash		35				—
Purchase deposits for acquisitions		(3,410	)			—
Proceeds from sale of property, plant and equipment		9,629				2,660
Net cash used in investing activities		(269,273	)			(1,096,879	)
Cash flows from financing activities:
Proceeds from debt, net		1,658,887				1,744,075
Repayment of debt		(1,559,513	)			(763,362	)
Payment of financing costs		(19,079	)			(59,878	)
Proceeds from financing obligation		50,000				2,694
Repayment of financing obligations		(1,641	)			—
Proceeds from issuance of redeemable preferred stock		—				1,000,000
Redeemable preferred stock issuance costs		—				(20,597	)
Repayment of preferred stock		—				(447,121	)
Cash dividends - common stock		(10,635	)			(10,342	)
Cash dividends - redeemable preferred stock		—				(25,516	)
Cash dividends - redeemable preferred stock - NCI		(5,000	)			—
Settlement of equity-based compensation		(2,903	)			(1,199	)
Distributions to non-controlling interests		(1,620	)			—
Net cash provided by financing activities		108,496				1,418,754
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents, including cash classified within assets held for sale		(169,133	)			206,620
Less: cash classified within assets held for sale		(16,057	)			—
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents		(185,190	)			206,620
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period		325,946				147,296
Cash and cash equivalents and restricted cash and cash equivalents, end of period	$	140,756			$	353,916

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 common stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (losses) on the modification or extinguishment of 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 and convertible 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 common stockholders to Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025:

	Three Months Ended September 30,								Change				Nine Months Ended September 30,								Change
(in thousands)	2026				2025								2026				2025
Net loss attributable to common stockholders	$	(150,234	)		$	(159,229	)		$	8,995			$	(471,223	)		$	(134,870	)		$	(336,353	)
Add: Provision for (benefit from) income taxes		2,246				5,081				(2,835	)			(5,807	)			(35,481	)			29,674
Add: Equity-based compensation expense		3,653				1,522				2,131				20,091				3,685				16,406
Add: Acquisition and transaction expenses		7,487				3,221				4,266				20,328				15,440				4,888
Add: Losses on the modification or extinguishment of capital lease obligations		—				—				—				—				—				—
Add: Changes in fair value of non-hedge derivative instruments		25,592				211				25,381				26,345				211				26,134
Add: Asset impairment charges		28,587				—				28,587				91,775				4,401				87,374
Add: Incentive allocations		—				—				—				—				—				—
Add: Depreciation and amortization expense (1)		29,483				26,808				2,675				111,627				83,551				28,076
Add: Interest expense		116,524				128,520				(11,996	)			352,019				234,909				117,110
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		(590	)			8,323				(8,913	)			(1,668	)			12,723				(14,391	)
Add: Dividends and accretion of redeemable and convertible preferred stock (3)		40,472				66,188				(25,716	)			120,444				114,535				5,909
Add: Interest and other costs on pension and OPEB liabilities		(142	)			(265	)			123				(425	)			(794	)			369
Add: Other non-recurring items (4)		1,108				962				146				4,626				2,295				2,331
Less: Equity in losses (earnings) of unconsolidated entities		590				(2,928	)			3,518				1,668				(6,247	)			7,915
Less: Non-controlling share of Adjusted EBITDA (5)		(9,447	)			(7,483	)			(1,964	)			(27,766	)			(22,292	)			(5,474	)
Adjusted EBITDA (Non-GAAP)	$	95,329			$	70,931			$	24,398			$	242,034			$	272,066			$	(30,032	)

_______________________________

(1)	Includes the following items for the three months ended September 30, 2026 and 2025: (i) depreciation and amortization expense of $35,328 and $34,813, (ii) capitalized contract costs amortization of $1,233 and $1,233 and (iii) amortization of other comprehensive income of $(7,078) and $(9,238), respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) depreciation and amortization expense of $125,530 and $93,823, (ii) capitalized contract costs amortization of $3,698 and $3,698 and (iii) amortization of other comprehensive income of $(17,601) and $(13,970), respectively.
(2)	Includes the following items for the three months ended September 30, 2026 and 2025: (i) net (loss) income of $(590) and $5,100, (ii) depreciation and amortization expense of $— and $1,852 and (iii) provision for income taxes of $— and $1,371, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) net (loss) income of $(1,668) and $11,578, (ii) interest expense of $— and $7,648, (iii) depreciation and amortization expense of $— and $4,736, (iv) acquisition and transaction expenses of $— and $201, (v) changes in fair value of non-hedge derivative instruments of $— and $(12,822), (vi) equity method basis adjustments of $— and $10, (vii) provision for income taxes of $— and $1,371 and (viii) other non-recurring items of $— and $1, respectively.
(3)	Includes the following items for the three months ended September 30, 2026 and 2025: (i) dividends and accretion of redeemable preferred stock of $35,795 and $25,311, (ii) dividends of convertible preferred stock of $4,677 and $4,231 and (iii) loss on extinguishment of preferred stock of $— and $36,646, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) dividends and accretion of redeemable preferred stock of $106,903 and $68,109, (ii) dividends of convertible preferred stock of $13,541 and $9,780 and (iii) loss on extinguishment of preferred stock of $— and $36,646, respectively.
(4)	Includes the following items for the three months ended September 30, 2026: (i) Railroad severance and integration expenses of $798 and (ii) unrealized loss on investment of $310. Includes the following item for the three months ended September 30, 2025: (i) Railroad severance expense of $7 and (ii) non-ordinary professional fees of $955. Includes the following items for the nine months ended September 30, 2026: (i) Railroad severance and integration expenses of $3,126 and (ii) unrealized loss on investment of $1,500. Includes the following items for the nine months ended September 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $305 and (iv) non-ordinary professional fees of $955.
(5)	Includes the following items for the three months ended September 30, 2026 and 2025: (i) equity-based compensation of $299 and $120, (ii) (benefit from) provision for income taxes of $(20) and $14, (iii) interest expense of $5,370 and $4,124, (iv) depreciation and amortization expense of $3,355 and $3,079, (v) changes in fair value of non-hedge derivative instruments of $150 and $(3), (vi) acquisition and transaction expenses of $76 and $52, (vii) interest and other costs on pension and OPEB liabilities of $(1) and $(2), (viii) asset impairment charges of $(9) and $(2), (ix) equity in earnings of unconsolidated entities of $— and $31, (x) dividends and accretion of redeemable preferred stock of $225 and $72 and (xi) other non-recurring items of $2 and $(2), respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) equity-based compensation expense of $2,366 and $344, (ii) provision for income taxes of $98 and $202, (iii) interest expense of $14,361 and $12,128, (iv) depreciation and amortization expense of $10,048 and $9,219, (v) changes in fair value of non-hedge derivative instruments of $154 and $(3), (vi) acquisition and transaction expenses of $120 and $218, (vii) interest and other costs on pension and OPEB liabilities of $(3) and $(5), (viii) asset impairment charges of $(9) and $25, (ix) equity in earnings of unconsolidated entities of $— and $31, (x) dividends and accretion of redeemable preferred stock of $616 and $72 and (xi) other non-recurring items of $15 and $61, respectively.

The following tables sets forth a reconciliation of net loss attributable to common stockholders to Adjusted EBITDA for our four core segments for the three months ended September 30, 2026:

	Three Months Ended September 30, 2026
(in thousands)	Railroad				Jefferson Terminal				Repauno				Power and Gas				Four Core Segments
Net loss attributable to common stockholders	$	(39,881	)		$	(12,966	)		$	(6,679	)		$	(12,136	)		$	(71,662	)
Add: Provision for income taxes		2,219				20				—				—				2,239
Add: Equity-based compensation expense		424				1,072				172				1,894				3,562
Add: Acquisition and transaction expenses		2,161				90				—				3,172				5,423
Add: Losses on the modification or extinguishment of capital lease obligations		—				—				—				—				—
Add: Changes in fair value of non-hedge derivative instruments		25,592				—				—				—				25,592
Add: Asset impairment charges		—				—				—				28,587				28,587
Add: Incentive allocations		—				—				—				—				—
Add: Depreciation and amortization expense (1)		20,058				13,519				2,708				(7,078	)			29,207
Add: Interest expense		2,460				20,624				3,368				26,907				53,359
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities		—				—				—				—				—
Add: Dividends and accretion of redeemable and convertible preferred stock		34,284				—				—				—				34,284
Add: Interest and other costs on pension and OPEB liabilities		(142	)			—				—				—				(142	)
Add: Other non-recurring items (2)		798				—				—				—				798
Less: Equity in earnings of unconsolidated entities		—				—				—				—				—
Less: Non-controlling share of Adjusted EBITDA (3)		(552	)			(8,181	)			(287	)			(407	)			(9,427	)
Adjusted EBITDA (Non-GAAP)	$	47,421			$	14,178			$	(718	)		$	40,939			$	101,820

_______________________________

(1)	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2026: (i) depreciation and amortization expense of $12,286 and (ii) capitalized contract costs amortization of $1,233.
	Power and Gas
	Includes the following items for the three months ended September 30, 2026: amortization of other comprehensive income of $(7,078).
(2)	Railroad
	Includes the following items for the three months ended September 30, 2026: Railroad severance and integration expenses of $798.
(3)	Railroad
	Includes the following items for the three months ended September 30, 2026: (i) equity-based compensation expense of $3, (ii) provision for income taxes of $15, (iii) interest expense of $12, (iv) depreciation and amortization expense of $133, (v) acquisition and transaction expenses of $12, (vi) interest and other costs on pension and OPEB liabilities of $(1), (vii) dividends and accretion of redeemable preferred stock of $225, (viii) changes in fair value of non-hedge derivative instruments of $151 and (ix) other non-recurring items of $2.
	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2026: (i) equity-based compensation expense of $248, (ii) provision for income taxes of $4, (iii) interest expense of $4,777, (iv) depreciation and amortization expense of $3,131 and (v) acquisition and transaction expenses of $21.
	Repauno
	Includes the following items for the three months ended September 30, 2026: (i) equity-based compensation expense of $8, (ii) interest expense of $155 and (iii) depreciation and amortization expense of $124.
	Power and Gas
	Includes the following items for the three months ended September 30, 2026: (i) equity-based compensation expense of $35, (ii) benefit from income taxes of $(39), (iii) interest expense of $426, (iv) depreciation and amortization expense of $(48), (v) acquisition and transaction expenses of $43, (vi) changes in fair value of non-hedge derivative instruments of $(1) and (vii) asset impairment charges of $(9).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FTAI Infrastructure’s third-quarter 2026 earnings results?

FTAI Infrastructure reported a $150.234 million loss attributable to common stockholders, or $1.27 per share, on revenue of $218.973 million. A year earlier, the loss was $159.229 million, or $1.38 per share, and revenue was $140.556 million. Adjusted EBITDA reached a quarterly record of $95.3 million.

How much is FIP’s third-quarter 2026 dividend, and when is it paid?

FTAI Infrastructure declared a $0.03-per-share cash dividend for the quarter ended September 30, 2026, payable December 7, 2026, to holders of record November 23, 2026.