What is FTAI INFRASTRUCTURE INC's earnings per share (EPS)?

FTAI INFRASTRUCTURE INC (FIP) reported diluted earnings per share of $-2.26 for fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FTAI INFRASTRUCTURE INC Financials

FIP

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows FTAI INFRASTRUCTURE INC (FIP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FIP FY2025 2026-05-08

Debt-funded asset expansion is lifting revenue, but cash generation still lags the capital structure required to carry it.

FY2025 paired higher revenue and a smaller net loss than FY2024 with much worse cash conversion: free cash flow fell to -$398.5M and operating cash flow to -$118.0M. That gap was covered by $1.4B of financing inflow, which means the enlarged asset base is not yet self-funding and that better accounting results did not translate into internally generated expansion capital.

This is an asset-heavy model: FY2025 carried $5.7B of assets against $502.5M of revenue, so the core economic test is whether those long-lived assets can eventually throw off enough cash after upkeep and financing costs. That makes this less a simple sales-growth story than a return-on-assets story.

Leverage is now doing most of the balance-sheet work. Long-term debt reached $3.7B while equity shrank to $21.3M, leaving shareholder capital as a very thin cushion. That is why ROE printed at -713.1%; ROA at -2.7% is the cleaner gauge of how the assets themselves are performing.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of FTAI INFRASTRUCTURE INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

FTAI INFRASTRUCTURE INC's revenue surged 51.6% year-over-year to $502.5M, reflecting rapid business expansion. This strong growth earns a score of 75/100.

Leverage

FTAI INFRASTRUCTURE INC has elevated debt relative to equity (D/E of 173.92), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

FTAI INFRASTRUCTURE INC's current ratio of 1.18 is below the typical benchmark, resulting in a score of 19/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While FTAI INFRASTRUCTURE INC generated -$118.0M in operating cash flow, capex of $280.5M consumed most of it, leaving -$398.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

FTAI INFRASTRUCTURE INC generates a -713.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -131.3% the prior year.

Piotroski F-Score Neutral

4/9

FTAI INFRASTRUCTURE INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.78x

For every $1 of reported earnings, FTAI INFRASTRUCTURE INC generates $0.78 in operating cash flow (-$118.0M OCF vs -$152.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$502.5M

YoY+51.6%

5Y CAGR+48.9%

FTAI INFRASTRUCTURE INC generated $502.5M in revenue in fiscal year 2025. This represents an increase of 51.6% from the prior year.

EBITDA

N/A

Net Income

-$152.1M

YoY+42.9%

FTAI INFRASTRUCTURE INC reported -$152.1M in net income in fiscal year 2025. This represents an increase of 42.9% from the prior year.

EPS (Diluted)

$-2.26

YoY+16.9%

FTAI INFRASTRUCTURE INC earned $-2.26 per diluted share (EPS) in fiscal year 2025. This represents an increase of 16.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$398.5M

YoY-320.3%

FTAI INFRASTRUCTURE INC generated -$398.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 320.3% from the prior year.

Cash & Debt

$57.4M

YoY+106.4%

5Y CAGR+29.6%

FTAI INFRASTRUCTURE INC held $57.4M in cash against $3.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

116M

YoY+2.1%

FTAI INFRASTRUCTURE INC had 116M shares outstanding in fiscal year 2025. This represents an increase of 2.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-30.3%

YoY+50.0pp

5Y CAGR+74.4pp

FTAI INFRASTRUCTURE INC's net profit margin was -30.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 50.0 percentage points from the prior year.

Return on Equity

-713.1%

YoY-581.8pp

5Y CAGR-705.7pp

FTAI INFRASTRUCTURE INC's ROE was -713.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 581.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$280.5M

YoY+252.7%

5Y CAGR+2.5%

FTAI INFRASTRUCTURE INC invested $280.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 252.7% from the prior year.

FIP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$502.5M+51.6%	$331.5M+3.4%	$320.5M+22.3%	$262.0M+117.9%	$120.2M+75.3%	$68.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.2M+9.6%	$14.8M+15.3%	$12.8M+17.8%	$10.9M+24.7%	$8.7M+2.5%	$8.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$265.9M+117.8%	$122.1M+22.6%	$99.6M+87.1%	$53.2M+232.3%	$16.0M+48.8%	$10.8M
Income Tax	-$3.3M-200.2%	$3.3M+34.1%	$2.5M-44.7%	$4.5M+223.1%	-$3.6M-83.0%	-$2.0M
Net Income	-$152.1M+42.9%	-$266.1M-66.6%	-$159.8M+14.8%	-$187.5M-76.3%	-$106.3M-48.3%	-$71.7M
EPS (Diluted)	$-2.26+16.9%	$-2.72-52.0%	$-1.79-3.5%	$-1.73-116.2%	$-0.80-42.9%	$-0.56

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$188.4M+31.2%	$143.5M+2.1%	$140.6M+14.9%	$122.3M+27.2%	$96.2M+19.1%	$80.8M-3.1%	$83.3M-1.9%	$84.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.6M-12.1%	$4.0M+26.3%	$3.2M-17.1%	$3.9M-24.5%	$5.1M+24.5%	$4.1M+37.4%	$3.0M+5.2%	$2.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$82.5M-8.6%	$90.3M+23.2%	$73.3M+23.8%	$59.2M+37.3%	$43.1M+29.4%	$33.3M+5.7%	$31.5M+6.1%	$29.7M
Income Tax	$3.5M-89.0%	$32.2M+533.0%	$5.1M+433.7%	$952K+102.3%	-$41.5M-3214.3%	$1.3M+1548.9%	-$92K-134.5%	$267K
Net Income	-$127.2M-30.2%	-$97.7M+6.5%	-$104.5M-49.4%	-$70.0M-158.2%	$120.2M+196.4%	-$124.7M-190.2%	-$43.0M+10.8%	-$48.1M
EPS (Diluted)	$-1.32	N/A	$-1.38-89.0%	$-0.73-182.0%	$0.89	N/A	$-0.45+13.5%	$-0.52

FIP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.7B+142.1%	$2.4B-0.2%	$2.4B-4.0%	$2.5B0.0%	$2.5B+77.2%	$1.4B
Current Assets	$484.0M+120.2%	$219.9M+18.5%	$185.5M-33.2%	$277.8M0.0%	$277.8M+228.7%	$84.5M
Cash & Equivalents	$57.4M+106.4%	$27.8M-5.4%	$29.4M-19.5%	$36.5M-26.8%	$49.9M+217.5%	$15.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$95.4M+80.0%	$53.0M-5.4%	$56.0M-7.9%	$60.8M+20.9%	$50.3M	N/A
Goodwill	$365.7M+32.8%	$275.4M0.0%	$275.4M+5.8%	$260.3M+1.2%	$257.1M+109.5%	$122.7M
Total Liabilities	$4.8B+150.5%	$1.9B+16.8%	$1.6B-2.8%	$1.7B+66.2%	$1.0B+151.8%	$403.6M
Current Liabilities	$410.0M+63.5%	$250.8M+66.5%	$150.6M-5.6%	$159.6M0.0%	$159.6M+93.8%	$82.4M
Long-Term Debt	$3.7B+140.9%	$1.5B+14.8%	$1.3B+9.0%	$1.2B	N/A	$253.5M
Total Equity	$21.3M-89.5%	$202.7M-58.2%	$484.3M-12.2%	$551.6M-62.3%	$1.5B+50.3%	$973.1M
Retained Earnings	-$513.0M-26.4%	-$405.8M-122.8%	-$182.2M-199.4%	-$60.8M	$0	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.7B-1.0%	$5.7B+5.4%	$5.5B+23.7%	$4.4B+6.4%	$4.1B+74.4%	$2.4B-2.6%	$2.4B-0.6%	$2.5B
Current Assets	$397.6M-17.9%	$484.0M+9.3%	$442.8M-17.8%	$539.0M+69.1%	$318.7M+45.0%	$219.9M-11.0%	$247.1M-14.6%	$289.2M
Cash & Equivalents	$37.9M-34.0%	$57.4M+65.2%	$34.7M+3.3%	$33.6M+27.7%	$26.3M-5.3%	$27.8M+36.9%	$20.3M-38.7%	$33.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	$95.4M	N/A	N/A	N/A	$53.0M	N/A	N/A
Goodwill	$365.7M0.0%	$365.7M-8.9%	$401.2M0.0%	$401.2M-0.4%	$403.0M+46.3%	$275.4M0.0%	$275.4M0.0%	$275.4M
Total Liabilities	$4.9B+1.3%	$4.8B+9.9%	$4.4B+20.4%	$3.6B+10.9%	$3.3B+70.8%	$1.9B+5.5%	$1.8B+0.6%	$1.8B
Current Liabilities	$361.7M-11.8%	$410.0M-76.8%	$1.8B+388.1%	$362.8M-2.3%	$371.1M+48.0%	$250.8M+44.4%	$173.7M+26.2%	$137.6M
Long-Term Debt	$3.8B+2.1%	$3.7B+67.5%	$2.2B-26.3%	$3.0B+12.7%	$2.7B+73.0%	$1.5B+0.2%	$1.5B-1.2%	$1.6B
Total Equity	-$122.5M-674.3%	$21.3M-88.2%	$181.1M-51.8%	$375.5M-21.2%	$476.2M+135.0%	$202.7M-45.3%	$370.8M-6.1%	$394.8M
Retained Earnings	-$625.9M-22.0%	-$513.0M-17.0%	-$438.6M-31.7%	-$333.1M-21.5%	-$274.3M+32.4%	-$405.8M-39.2%	-$291.5M-12.8%	-$258.5M

FIP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$118.0M-672.4%	-$15.3M-377.1%	$5.5M+112.9%	-$42.7M+30.8%	-$61.7M-31.7%	-$46.9M
Capital Expenditures	$280.5M+252.7%	$79.5M-19.7%	$99.0M-54.4%	$217.1M+54.1%	$140.9M-43.1%	$247.5M
Free Cash Flow	-$398.5M-320.3%	-$94.8M-1.4%	-$93.5M+64.0%	-$259.8M-28.2%	-$202.6M+31.2%	-$294.4M
Investing Cash Flow	-$1.1B-867.2%	-$118.1M+19.7%	-$147.1M+45.0%	-$267.3M+67.7%	-$828.7M-228.6%	-$252.2M
Financing Cash Flow	$1.4B+644.9%	$193.2M+143.2%	$79.4M-49.6%	$157.7M-86.1%	$1.1B+236.7%	$337.6M
Dividends Paid	$13.8M+5.4%	$13.1M+6.1%	$12.4M+301.4%	$3.1M	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$69.4M-2420.1%	-$2.8M+88.7%	-$24.4M-367.0%	-$5.2M+93.9%	-$85.7M-963.3%	-$8.1M-156.5%	$14.2M+181.0%	-$17.6M
Capital Expenditures	$46.5M-29.5%	$65.9M-0.7%	$66.3M-18.9%	$81.8M+22.9%	$66.5M+153.8%	$26.2M+1.2%	$25.9M+77.9%	$14.6M
Free Cash Flow	-$115.9M-68.8%	-$68.6M+24.3%	-$90.7M-4.2%	-$87.0M+42.8%	-$152.2M-344.1%	-$34.3M-194.0%	-$11.7M+63.7%	-$32.1M
Investing Cash Flow	-$44.8M+2.3%	-$45.8M+96.1%	-$1.2B-1267.5%	-$85.9M-152.3%	$164.3M+676.5%	-$28.5M+22.9%	-$37.0M-9.4%	-$33.8M
Financing Cash Flow	$15.6M-24.1%	$20.6M-98.1%	$1.1B+249.8%	$316.0M+12556.3%	-$2.5M-106.5%	$39.2M+305.4%	-$19.1M-111.0%	$173.6M
Dividends Paid	$3.5M+1.6%	$3.5M+1.0%	$3.5M+0.4%	$3.4M0.0%	$3.4M+0.8%	$3.4M+0.4%	$3.4M-46.0%	$6.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FIP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-30.3%+50.0pp	-80.3%-30.4pp	-49.9%+21.7pp	-71.6%+16.9pp	-88.5%+16.1pp	-104.6%
Return on Equity	-713.1%-581.8pp	-131.3%-98.3pp	-33.0%+1.0pp	-34.0%-26.7pp	-7.3%+0.1pp	-7.4%
Return on Assets	-2.6%+8.6pp	-11.2%-4.5pp	-6.7%+0.9pp	-7.6%-3.3pp	-4.3%+0.8pp	-5.1%
Current Ratio	1.18+0.3	0.88-0.4	1.23-0.5	1.740.0	1.74+0.7	1.03
Debt-to-Equity	173.92+166.3	7.60+4.8	2.77+0.5	2.23+1.5	0.70+0.4	0.26
FCF Margin	-79.3%-50.7pp	-28.6%+0.6pp	-29.2%+70.0pp	-99.2%+69.3pp	-168.5%+260.8pp	-429.4%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-67.5%+0.6pp	-68.1%+6.3pp	-74.4%-17.2pp	-57.2%-182.2pp	125.0%+279.3pp	-154.4%-102.8pp	-51.6%+5.2pp	-56.7%
Return on Equity	N/A	-458.3%-400.5pp	-57.7%-39.1pp	-18.6%-43.9pp	25.2%+86.8pp	-61.5%-49.9pp	-11.6%+0.6pp	-12.2%
Return on Assets	-2.2%-0.5pp	-1.7%+0.2pp	-1.9%-0.3pp	-1.6%-4.5pp	2.9%+8.2pp	-5.3%-3.5pp	-1.8%+0.2pp	-2.0%
Current Ratio	1.10-0.1	1.18+0.9	0.25-1.2	1.49+0.6	0.86-0.0	0.88-0.5	1.42-0.7	2.10
Debt-to-Equity	-30.93-204.9	173.92+161.7	12.23+4.2	7.99+2.4	5.59-2.0	7.60+3.5	4.14+0.2	3.94
FCF Margin	-61.5%-13.7pp	-47.8%+16.7pp	-64.5%+6.6pp	-71.2%+87.1pp	-158.3%-115.8pp	-42.4%-28.4pp	-14.0%+23.9pp	-37.9%

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Frequently Asked Questions

What is FTAI INFRASTRUCTURE INC's annual revenue?

FTAI INFRASTRUCTURE INC (FIP) reported $502.5M in total revenue for fiscal year 2025. This represents a 51.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is FTAI INFRASTRUCTURE INC's revenue growing?

FTAI INFRASTRUCTURE INC (FIP) revenue grew by 51.6% year-over-year, from $331.5M to $502.5M in fiscal year 2025.

Is FTAI INFRASTRUCTURE INC profitable?

No, FTAI INFRASTRUCTURE INC (FIP) reported a net income of -$152.1M in fiscal year 2025, with a net profit margin of -30.3%.

How much debt does FTAI INFRASTRUCTURE INC have?

As of fiscal year 2025, FTAI INFRASTRUCTURE INC (FIP) had $57.4M in cash and equivalents against $3.7B in long-term debt.

What is FTAI INFRASTRUCTURE INC's net profit margin?

FTAI INFRASTRUCTURE INC (FIP) had a net profit margin of -30.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is FTAI INFRASTRUCTURE INC's return on equity (ROE)?

FTAI INFRASTRUCTURE INC (FIP) has a return on equity of -713.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is FTAI INFRASTRUCTURE INC's free cash flow?

FTAI INFRASTRUCTURE INC (FIP) generated -$398.5M in free cash flow during fiscal year 2025. This represents a -320.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is FTAI INFRASTRUCTURE INC's operating cash flow?

FTAI INFRASTRUCTURE INC (FIP) generated -$118.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are FTAI INFRASTRUCTURE INC's total assets?

FTAI INFRASTRUCTURE INC (FIP) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are FTAI INFRASTRUCTURE INC's capital expenditures?

FTAI INFRASTRUCTURE INC (FIP) invested $280.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does FTAI INFRASTRUCTURE INC have outstanding?

FTAI INFRASTRUCTURE INC (FIP) had 116M shares outstanding as of fiscal year 2025.

What is FTAI INFRASTRUCTURE INC's current ratio?

FTAI INFRASTRUCTURE INC (FIP) had a current ratio of 1.18 as of fiscal year 2025, which is considered adequate.

What is FTAI INFRASTRUCTURE INC's debt-to-equity ratio?

FTAI INFRASTRUCTURE INC (FIP) had a debt-to-equity ratio of 173.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FTAI INFRASTRUCTURE INC's return on assets (ROA)?

FTAI INFRASTRUCTURE INC (FIP) had a return on assets of -2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is FTAI INFRASTRUCTURE INC's cash runway?

Based on fiscal year 2025 data, FTAI INFRASTRUCTURE INC (FIP) had $57.4M in cash against an annual operating cash burn of $118.0M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is FTAI INFRASTRUCTURE INC's Piotroski F-Score?

FTAI INFRASTRUCTURE INC (FIP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are FTAI INFRASTRUCTURE INC's earnings high quality?

FTAI INFRASTRUCTURE INC (FIP) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is FTAI INFRASTRUCTURE INC?

FTAI INFRASTRUCTURE INC (FIP) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.