FTAI Infrastructure Inc. (FIP) · Nov 5, 2026 · Earnings

FTAI Infrastructure earnings beat revenue estimates as losses and leverage mount

Miss — EPS $(1.27) vs ~$0.52 consensus; revenue $219.0M vs ~$180.5M

FTAI Infrastructure earnings topped revenue expectations, but a $1.27 loss, impairments and shrinking liquidity keep the balance-sheet story under pressure.

FTAI Infrastructure is trying to scale a portfolio of rail, terminal, and power-and-gas assets while relying on asset sales and refinancing to manage a heavily burdened capital structure. The prior quarter had already established the central tension: fast revenue growth, but large losses, negative equity, and dependence on the planned Long Ridge sale to improve liquidity.

The operating quarter was better than feared, but not enough to rescue the earnings read. Revenue rose sharply to $219.0 million, well above the published consensus of about $180.5 million, and Adjusted EBITDA increased to $95.3 million from $70.9 million a year earlier. But the common-stock loss was $1.27 per share versus a published expectation of roughly $0.52, making this an earnings miss despite the top-line beat. The gap reflects the company’s unusually heavy interest, preferred-stock, derivative, and impairment burden rather than a collapse in operating revenue.

	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$219.0M (+55.8%)	$140.6M	~$180.5M
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$95.3M (+34.4%)	$70.9M
Net loss attributable to common stockholders (Income Statement)	$(150.2)M	$(159.2)M
Diluted loss per share (Income Statement)	$(1.27)	$(1.38)	~$(0.52)
Asset impairment (Income Statement)	$28.6M	—
Cash and restricted cash (Balance Sheet)	$140.8M	$353.9M*

*Comparison is year-end cash and restricted cash, December 31, 2025.

The balance sheet remains the more consequential problem. FIP ended September with $140.8 million of cash and restricted cash, down from $353.9 million at year-end, while total equity deteriorated to negative $744.8 million from negative $146.2 million. Assets and liabilities held for sale now include $1.6 billion and $1.5 billion, respectively, making the planned asset-sale path more visible in the accounts but not yet equivalent to cash in hand.

Underlying execution is improving, but the improvement is being absorbed by financing costs and restructuring. The four core segments generated $101.8 million of Adjusted EBITDA, with Railroad contributing $47.4 million and Power and Gas $40.9 million; however, Power and Gas also carried the quarter’s $28.6 million impairment charge, and nine-month Adjusted EBITDA of $242.0 million remained below $272.1 million a year earlier. Interest expense was still $116.5 million for the quarter, while preferred dividends and accretion consumed another $40.5 million in the Adjusted EBITDA bridge.

The dividend is unchanged, not a new positive signal. The $0.03 quarterly common dividend was declared as expected and does little to alter the central story: FIP is producing more revenue and better quarterly operating EBITDA, but common-stock economics and liquidity remain under pressure until asset-sale proceeds and refinancing actions actually arrive.

Bottom line: This was a strong revenue quarter but a weak common-stock earnings quarter. The filing modestly worsens the business read because operating growth is still being overwhelmed by financing costs, impairments, negative equity, and shrinking liquidity.

What to watch next

Q3 earnings call, November 6

Original filing on SEC EDGAR

More FTAI Infrastructure Inc. news

FTAI Infrastructure financing targets Jefferson EBITDA jump but adds debt

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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FTAI Infrastructure earnings beat revenue estimates as losses and leverage mount

What to watch next

More FTAI Infrastructure Inc. news

Breaking down Wall Street's information edge.