Filing Flows › FTAI Infrastructure (FIP) › Q1 2025
FTAI Infrastructure (FIP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 16, 2025
FTAI Infrastructure (FIP) reported revenue of $96.2M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +19% from the quarter before. Operating margin was -7.3%, net earnings $120M (125.0% of revenue).
FTAI Infrastructure, Q1 2025: revenue $96.2M (+16% year over year), operating margin -7.3%, net earnings $120M, operating cash flow −$85.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $96.2M | +19% | +17% |
| Operating profit | −$7.1M | — | — |
| Net earnings | $120M | — | — |
| Operating cash flow | −$85.7M | — | — |
What changed
Revenue was $96.2M in Q1 2025, up 17% year over year and up 19% from the previous quarter. Rail revenues was the largest line at 44% of revenue. Terminal services revenues added $808K year over year (up 4%), 6% of the total change. Rail revenues declined 8%.
Operating costs exceeded revenue by $7.1M, an operating margin of -7.3%. Total costs grew 10% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $109.7M. The effective tax rate was -52.8%. Non-operating items added $85.7M, 109% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$85.7M. Non-cash charges added back $25.0M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items used $232.1M. Capital expenditures of $66.5M exceeded it, leaving free cash flow of −$152.2M.
Questions
What was FTAI Infrastructure's revenue in the first quarter 2025?
FTAI Infrastructure (FIP) reported revenue of $96.2M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +19% from the quarter before.
Was FTAI Infrastructure profitable in the first quarter 2025?
Operating loss was $7.1M (-7.3% of revenue) and net earnings $120M.