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FTAI Infrastructure cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$63.4M in Q3 2026 · −$291M over twelve months

Operating cash flow$22.0M
Capital spending−$85.4M
Free cash flow−$63.4M

Analysis

In Q3 2026, FTAI Infrastructure generated $22.0M of operating cash flow and spent $85.4M on capital projects, leaving free cash flow of −$63.4M. That is $27.3M more than in Q3 2025 (−$90.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$11.1M; the largest uses were acquisitions ($1.1B), capital spending ($280M), dividends ($14.1M); besides operations, cash came from other investing ($1.1B), net borrowing (+) / repaid (−) ($132M); the cash balance fell by $213M.

Operating cash flow was $22.0M against net income of −$123M. The largest differences: depreciation & amortization +$35.3M, impairments +$28.6M, prepaid and other assets +$12.5M.

Free cash flow

FTAI Infrastructure: free cash flow by quarterFTAI Infrastructure: free cash flow by quarter−$34.3MQ4 2024−$152MQ1 2025−$87.0MQ2 2025−$90.7MQ3 2025−$68.6MQ4 2025−$116MQ1 2026−$43.5MQ2 2026−$63.4MQ3 2026
Operating cash flow less capital spending.
FTAI Infrastructure: operating cash flow against capital spendingFTAI Infrastructure: operating cash flow against capital spendingOperating cash flowCapital spending−$8.1M$26.2MQ4 2024−$85.7M$66.5MQ1 2025−$5.2M$81.8MQ2 2025−$24.4M$66.3MQ3 2025−$2.8M$65.9MQ4 2025−$69.4M$46.5MQ1 2026$39.0M$82.6MQ2 2026$22.0M$85.4MQ3 2026
Latest (Q3 2026): Operating cash flow $22.0M, Capital spending $85.4M.

Capital allocation, year by year

FTAI Infrastructure: where the cash came from (up) and went (down), by fiscal yearFTAI Infrastructure: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow −$61.7MFY2021: Net borrowing $451MFY2021: Asset sales $4.5MFY2021: Capital spending −$141MFY2021: Acquisitions −$627M$456MFY2021FY2022: Operating cash flow −$42.7MFY2022: Net borrowing $519MFY2022: Asset sales $7.1MFY2022: Capital spending −$217MFY2022: Acquisitions −$3.8MFY2022: Dividends −$3.1M$526MFY2022FY2023: Operating cash flow $5.5MFY2023: Net borrowing $106MFY2023: Asset sales $1.1MFY2023: Capital spending −$99.0MFY2023: Acquisitions −$4.4MFY2023: Dividends −$12.4M$113MFY2023FY2024: Operating cash flow −$15.3MFY2024: Net borrowing $251MFY2024: Asset sales $1.2MFY2024: Capital spending −$79.5MFY2024: Dividends −$13.1M$252MFY2024FY2025: Operating cash flow −$118MFY2025: Net borrowing $1.0BFY2025: Shares issued $2.7MFY2025: Asset sales $2.8MFY2025: Capital spending −$281MFY2025: Acquisitions −$857MFY2025: Dividends −$13.8M$1.0BFY2025
Over these 5 years operating cash flow totalled −$232M; the largest uses were acquisitions ($1.5B) and capital spending ($817M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$52.4M
Debt$2.8B
Net debt$2.8B
Due within a year$553M
Cash runway2 months

FTAI Infrastructure is burning cash: its operations consume cash, a free cash flow of −$291M a year at the current rate against $52.4M of cash and investments: a runway of about 2 months; $553M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

FTAI Infrastructure: sources (+) and uses (−) of cash, Q3 2026FTAI Infrastructure: sources (+) and uses (−) of cash, Q3 2026Capital spending−$85.4MCash drawn (+) / kept (−)$31.8MNet borrowing (+) / repaid (−)$29.2MOperating cash flow$22.0MNot reconciled$16.0MOther investing−$6.3MOther financing−$4.0MDividends−$3.5MAsset & business sales$586KPartners−$372KAcquisitions$1K
FTAI Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026FTAI Infrastructure: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$1.1BOther investing$1.1BCapital spending−$280MCash drawn (+) / kept (−)$213MNet borrowing (+) / repaid (−)$132MNot reconciled−$16.1MDividends−$14.1MOther financing$13.8MOperating cash flow−$11.1MAsset & business sales$9.7MPartners−$2.9M

From profit to cash

FTAI Infrastructure: net income to operating cash flow, Q3 2026FTAI Infrastructure: net income to operating cash flow, Q3 2026Net income−$123MDepreciation & amortization$35.3MStock-based pay$3.7MDeferred taxes$310KImpairments$28.6MGains on disposals−$37KReceivables−$4.0MPayables$11.8MPrepaid and other assets$12.5MOther liabilities−$632KOperating cash flow$22.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$22.0M−$85.4M$1K−$3.5M$29.2M$31.8M−$63.4M
Q2 2026$39.0M−$82.6M−$40.4M−$3.5M$80.9M$54.9M−$43.5M
Q1 2026−$69.4M−$46.5M—−$3.5M−$10.8M$98.5M−$116M
Q4 2025−$2.8M−$65.9M−$1.1B−$3.5M$33.0M$28.0M−$68.6M
Q3 2025−$24.4M−$66.3M—−$3.5M$613M$94.3M−$90.7M
Q2 2025−$5.2M−$81.8M—−$3.4M$340M−$225M−$87.0M
Q1 2025−$85.7M−$66.5M$227M−$3.4M$28.2M−$76.1M−$152M
Q4 2024−$8.1M−$26.2M—−$3.4M$48.7M−$2.7M−$34.3M

FTAI Infrastructure: income statement and cash flow

FTAI Infrastructure, Q3 2026: revenue $219M (+56% year over year), operating margin 9.0%. The chart follows the revenue to costs, profit and cash.

FTAI Infrastructure: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.