FTAI Infrastructure (FIP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 Adjusted EBITDA of $76.1 million, driven by strong rail and terminal segment performance and successful integration of acquisitions such as The Wheeling and Tidewater Logistics.

• Announced $1.52 billion sale of Long Ridge, expected to close by end of Q3 2026, with proceeds earmarked for significant debt reduction and deleveraging.

• Rail and terminal businesses posted record revenues and Adjusted EBITDA, with Jefferson and Repauno positioned for future volume growth and monetization in 2027.

• Net loss attributable to common stockholders for Q2 2026 was $(166.5) million, reflecting higher operating expenses, asset impairments, and interest expense.

• Major transactions included the acquisition of Tidewater Logistics, expanding the multimodal terminal footprint and expected to add $9 million annual Adjusted EBITDA.

Financial highlights

• Q2 2026 total revenues were $186.8 million, up from $122.3 million in Q2 2025 (+53% YoY).

• Adjusted EBITDA for Q2 2026 was $76.1 million, up from $45.9 million in Q2 2025.

• Excluding Long Ridge, Q2 2026 Adjusted EBITDA was $48.7 million, a new quarterly record.

• Rail segment Adjusted EBITDA rose to $42.4 million, with revenues of $92.2 million and carloads at 98.5k.

• Jefferson Terminal Adjusted EBITDA increased to $13.0 million, with throughput at 245.8 kbd and record refined products and ammonia volumes.

Outlook and guidance

• Sale of Long Ridge expected to close by end of Q3 2026, significantly reducing leverage and cost of capital.

• Anticipate continued growth in rail and terminal segment revenues and Adjusted EBITDA, driven by recent acquisitions and terminal developments.

• Jefferson Terminal expects crude volumes to ramp up over the next 12 months, with majority of volumes moving by rail and pipeline.

• Repauno phase two construction progressing, targeting near full capacity at commencement in early 2027.

• Planned refinancing of the Jefferson Bridge Loan Credit Agreement is considered probable to ensure liquidity for the next 12 months.