Filing Flows › FTAI Infrastructure (FIP) › Q1 2026
FTAI Infrastructure (FIP) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
FTAI Infrastructure (FIP) reported revenue of $188M for the first quarter 2026 (Q1 2026), +96% from a year earlier and +31% from the quarter before. Operating margin was 1.5%, net loss $127M (67.5% of revenue).
FTAI Infrastructure, Q1 2026: revenue $188M (+96% year over year), operating margin 1.5%, net loss $127M, operating cash flow −$69.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $188M | +31% | +96% |
| Operating profit | $2.8M | +120% | — |
| Net earnings | −$127M | — | -206% |
| Operating cash flow | −$69.4M | — | — |
What changed
Revenue was $188.4M in Q1 2026, up 96% year over year and up 31% from the previous quarter. Rail revenues was the largest line at 44% of revenue. Rail revenues added $40.1M year over year (up 95%), 44% of the total change.
Operating profit was $2.8M, a 1.5% margin (up 8.8 points year over year). Total costs grew 80% against revenue growth of 96%. The fastest-growing cost line was Other operating costs (+85%). The quarter ended with a net loss of $127.2M, wider than the previous quarter's $97.7M loss. Net interest and other expense of $126.5M was the main reason.
Operating cash flow was −$69.4M. Non-cash charges added back $50.7M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $46.5M exceeded it, leaving free cash flow of −$115.9M.
Questions
What was FTAI Infrastructure's revenue in the first quarter 2026?
FTAI Infrastructure (FIP) reported revenue of $188M for the first quarter 2026 (Q1 2026), +96% from a year earlier and +31% from the quarter before.
Was FTAI Infrastructure profitable in the first quarter 2026?
Operating profit was $2.8M (1.5% of revenue) and net loss $127M.