FTAI Infrastructure Inc.
fipinc.comWhat Do They Do?
Operates short-line and regional railroads, port terminals that store and handle energy products, and power and gas facilities for customers in transportation, energy and industrial products industries.
10-K for FY2025, filed Mar 16, 2026
How Do They Make Money?
Power and Gas earns natural-gas revenue based on volumes sold to end users; rail customers pay as switching and freight services are performed. Terminal customers are billed monthly as services are rendered, and roadside repairs are invoiced individually with 30-day payment terms.
10-K for FY2025, filed Mar 16, 2026Gas Revenues—The Company’s natural gas revenues are based on actual sales volumes of commodities sold by Diversified Energy Inc.…View ↗
Rail Revenues—Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage…View ↗
Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These…View ↗
Roadside Services Revenues—Roadside services revenue is revenue related to providing roadside assistance services to customers in the…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by product or service ↗
$502.5M
-
10-K for FY2025, filed Mar 16, 2026
$502.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Lease income
Recurring
|
1.0%
FY2022: 1.2%
|
Lease income, FY2025
$5.1M Sources
|
Recurring |
|
Rail revenues
Usage-based
10-K for FY2025, filed Mar 16, 2026 |
34%
FY2022: 56%
|
Rail revenues, FY2025
$172.5M Sources
|
Usage-based |
|
Terminal services revenues
Recurring
10-K for FY2025, filed Mar 16, 2026 |
19%
FY2022: 23%
|
Terminal services revenues, FY2025
$95.1M Sources
|
Recurring |
|
Roadside services revenues
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
10%
FY2022: 18%
|
Roadside services revenues, FY2025
$52.2M Sources
|
Sold outright |
|
Other revenue
|
0.1%
FY2022: 1.3%
|
Other revenue, FY2025
$324K Sources
|
Who Are Their Customers?
Customers include global industrial and energy companies such as refiners, petroleum traders and manufacturers, as well as local electricity markets and traders.
10-K for FY2025, filed Mar 16, 2026Our customers consist of global industrial and energy companies, including corporations that refine crude oil and trade petroleum products…View ↗
10-K for FY2025, filed Mar 16, 2026
Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to…View ↗
Do Revenues Turn Into Profits?
No. It lost $152.1M in FY2025.
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$139.4MView ↗
- ▲ +99% (Loss)
- vs −$70M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Apr 30, 2026
Agreed to sell Long Ridge Energy and Power
MARA's subsidiary agreed to buy it for a base purchase price of $1.512 billion, subject to regulatory approvals.
Sources
8-K, filed Apr 30, 2026
On April 29, 2026, Ohio River Partners Holdco LLC (“ORPH”), a Delaware limited liability company and a direct wholly-owned subsidiary of…View ↗
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Apr 17, 2026
Changed its independent auditor from Ernst & Young to KPMG
KPMG was appointed for the fiscal year ending December 31, 2026.
Sources
8-K, filed Apr 17, 2026
On and effective April 15, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of FTAI Infrastructure…View ↗
Growing. Revenue grew 4.2x in 4 years, from $120.2M in FY2021 to $502.5M in FY2025, about 43% a year.
Railroad portfolio
Added Wheeling to its Railroad business alongside the short-line railroads described in the older report.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 16, 2026Transtar is comprised of five short-line freight railroads and one switching company, including two railroads that connect to U.S. Steel…View ↗
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