FTAI Infrastructure Inc. (NASDAQ: FIP) is an infrastructure company that acquires, develops, and operates assets and businesses serving customers in the transportation, energy, and industrial products industries. It generates revenue through four business lines: Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition. The Railroad segment invests in and operates short line and regional railroads in North America. The Ports and Terminals segment, comprising Jefferson Terminal and Repauno, stores and handles crude oil, refined products, and clean fuels for third parties at industrial properties in strategic locations. The Power and Gas segment operates a 485-megawatt power plant at the Long Ridge terminal in Ohio. FIP was spun off from FTAI Aviation Ltd. on August 1, 2022, trades on the Nasdaq Global Select Market, and is externally managed. Customer concentration is material: the largest customer accounted for 27% of FY2025 revenue, and one Railroad segment customer accounted for 32% of consolidated revenue in FY2025. The company carries significant debt and has reported net losses in each of FY2023, FY2024, and FY2025.

Revenue model

Transactional and fee-based revenues from terminal storage and handling, railroad operations, power generation, and roadside services. The Ports and Terminals segment earns fees from third-party energy companies for storing and handling crude oil, refined products, and clean fuels. The Railroad segment earns rail revenues. The Power and Gas segment sells electricity from its Ohio power plant. A small roadside services business (FYX) earns service fees connecting trucking operators with repair vendors.

Products and services

Short line and regional railroad operations; crude oil, refined product, and clean fuel storage and handling at Jefferson Terminal (including Jefferson Terminal South and ancillary assets such as 299 tank railcars and pipeline rights-of-way); underground storage cavern and riparian rights at Repauno; 485-megawatt power generation at Long Ridge (Ohio); roadside and fleet repair dispatch services via FYX mobile platform; minority investments in Clean Planet Group (plastic-to-fuel recycling) and CarbonFree (carbon capture technology).

Customers and end markets

Global industrial and energy companies, including crude oil refiners, petroleum product traders, manufacturers, local electricity markets, and electricity traders. The intermodal and over-the-road trucking industry is served through FYX. Revenue is highly concentrated: the largest single customer represented 27% of FY2025 consolidated revenue, one Jefferson Terminal customer represented 10% of consolidated revenue in FY2025, and one Railroad customer represented 32% of consolidated revenue in FY2025.

Value-chain role

Midstream and transportation infrastructure owner-operator. FIP sits between upstream energy producers and downstream refiners or distributors by providing terminal storage, handling, and rail transport. In power, it operates generation assets that sell into local electricity markets. It does not produce commodities; it moves, stores, and processes them for third-party customers.

Geographic exposure

North America. Railroad operations are in North America (short line and regional). Jefferson Terminal is located in Texas with inter-coastal waterway access. Repauno assets include riparian rights suggesting a Mid-Atlantic or river-adjacent location. Long Ridge power plant is in Ohio.

Source: SEC 10-K, filed 2026-03-16

Industry: Railroads, Line-Haul Operating Peers: CSX Corp Norfolk Southern Corp Union Pacific Corp