FTAI Infrastructure (FIP) financial statements
FTAI Infrastructure reported revenue of $503M in fiscal 2025, up 48.9% a year over 5 years.
Net income was -$207M and the operating margin 1.6%, against -80.5% in 2020.
Free cash flow was -$399M, and the company returned $14M in dividends.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FTAI Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $69M | $120M | $262M | $320M | $331M | $503M |
| Selling, general and admin | $9M | $9M | $11M | $13M | $15M | $16M |
| Operating income | -$55M | -$72M | -$58M | -$44M | -$99M | $8M |
| Interest expense | $11M | $16M | $53M | $100M | $122M | $266M |
| Pre-tax income | -$74M | -$110M | -$183M | -$157M | -$263M | -$155M |
| Income tax | -$2M | -$4M | $4M | $2M | $3M | -$3M |
| Net income | -$55M | -$80M | -$177M | -$184M | -$294M | -$207M |
| EPS (diluted) | -$0.56 | -$0.80 | -$1.73 | -$1.79 | -$2.72 | -$2.26 |
| Diluted shares | 99M | 99M | 103M | 103M | 108M | 115M |
| Operating margin | -80.5% | -59.5% | -22.0% | -13.8% | -30.0% | 1.6% |
| Net margin | -80.5% | -66.4% | -67.7% | -57.3% | -88.8% | -41.3% |
Balance sheet
Fiscal years, from FTAI Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $55M | $50M | $36M | $29M | $28M | $57M |
| Total current assets | — | $278M | $278M | $186M | $220M | $484M |
| Property, plant and equipment | — | $1.5B | $1.7B | $1.6B | $1.7B | $4.6B |
| Goodwill | — | $257M | $260M | $275M | $275M | $366M |
| Total assets | — | $2.5B | $2.5B | $2.4B | $2.4B | $5.7B |
| Total current liabilities | — | $160M | $160M | $151M | $251M | $410M |
| Long-term debt | — | $1.2B | $1.2B | $1.3B | $1.5B | $3.7B |
| Total liabilities | — | $1.7B | $1.7B | $1.6B | $1.9B | $4.8B |
| Shareholders' equity | $995M | $1.5B | $552M | $484M | $203M | $21M |
| Net debt | -$55M | $1.2B | $1.2B | $1.3B | $1.6B | $3.7B |
Cash flow
Fiscal years, from FTAI Infrastructure's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$47M | -$62M | -$43M | $6M | -$15M | -$118M |
| Capital spending | $248M | $141M | $217M | $99M | $80M | $281M |
| Free cash flow | -$294M | -$203M | -$260M | -$94M | -$95M | -$399M |
| Stock-based compensation | $2M | $4M | $4M | $9M | $9M | $11M |
| Dividends paid | $0 | $0 | $3M | $12M | $13M | $14M |
| Net borrowing | $24M | $451M | $519M | $106M | $251M | $1.0B |
| Free cash flow margin | -429.4% | -168.5% | -99.2% | -29.2% | -28.6% | -79.3% |
| Dividends per share | — | — | $0.03 | $0.12 | $0.12 | $0.12 |
Questions
What was FTAI Infrastructure's revenue in 2025?
$503M in fiscal 2025, from its 10-K filing.
How much free cash flow does FTAI Infrastructure generate?
-$399M in fiscal 2025 (operating cash flow minus capital spending).
From FTAI Infrastructure's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.