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FTAI Infrastructure (FIP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · FTAI Infrastructure (FIP) Q3 2026 earnings results →
Q3 2026 Revenue up 56% year over year to $219M · 56¢ of every $1 of revenue lost · operating margin 9.0%
FTAI Infrastructure made $219M in Q3 2026 (+56% Y/Y): Rail revenues $94.8M, Power Revenues $60.3M, Terminal services revenues $34.6M. Operating margin 9.0%, net loss $123M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $219.0M in Q3 2026, up 56% year over year and up 17% from the previous quarter. Rail revenues was the largest line at 43% of revenue. Rail revenues added $51.9M year over year (up 121%), 66% of the total change.
Operating profit was $19.7M, a 9.0% margin (down 5.6 points year over year). Operating profit fell $877K even though revenue rose $78.4M versus Q3 2025, so costs grew faster than sales. Total costs grew 66% against revenue growth of 56%. The fastest-growing cost line was Other operating costs (+67%). The quarter ended with a net loss of $123.1M, narrower than the previous quarter's $139.4M loss. Net interest and other expense of $140.6M was the main reason.
Operating cash flow was $22.0M. Non-cash charges added back $35.3M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items added $106.1M. Capital expenditures of $85.4M exceeded it, leaving free cash flow of −$63.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $219M | +56% | 9.0% | −$123M | $22.0M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $187M | +53% | -25.0% | −$139M | $39.0M |
| Q1 2026 | 10-Q | May 8, 2026 | $188M | +96% | 1.5% | −$127M | −$69.4M |
| Q4 2025 | 10-K | Mar 16, 2026 | $144M | +78% | 0.9% | −$97.7M | −$2.8M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $141M | +69% | 14.6% | −$105M | −$24.4M |
| Q2 2025 | 10-Q | Aug 15, 2025 | $122M | +44% | -5.6% | −$70.0M | −$5.2M |
| Q1 2025 | 10-Q | May 16, 2025 | $96.2M | +16% | -7.3% | $120M | −$85.7M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About FTAI Infrastructure
FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”) is in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; “FTAI” or “Former Parent”). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.”
In its own words, from its 10-K, filed Mar 16, 2026.
FTAI Infrastructure against its Railroads, Line-Haul Operating peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +56% against the peers' median +15%. Operating margin: 9.0% against the peers' median 35.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FIP FTAI Infrastructure | Q3 2026 | $219M | +56% | 9.0% |
| UNP Union Pacific | Q3 2026 | $7.2B | +15% | 40.9% |
| Burlington Northern Santa FE, LLC | Q2 2026 | $6.6B | +14% | 34.5% |
| CSX CSX | Q3 2026 | $4.0B | +12% | 39.1% |
| NSC Norfolk Southern | Q3 2026 | $3.5B | +14% | 32.6% |
| CP Canadian Pacific Kansas City | Q3 2026 | $3.0B | +15% | 35.2% |
Source: FTAI Infrastructure 10-Q on SEC EDGAR · CIK 1899883 · Railroads, Line-Haul Operating
Guidance and outlook
13F: who owns FIP and who is buying
More on FIP
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results