FTAI Infrastructure (FIP) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $219.0 million and Adjusted EBITDA reached a record $95.3 million; excluding Long Ridge, Adjusted EBITDA was a record $54.4 million.

• Rail growth, the Long Ridge sale and the USD Group asset acquisition underpin operating growth and deleveraging plans.

Financial highlights

• Q3 revenue was $219.0 million vs. $140.6 million; Adjusted EBITDA was $95.3 million vs. $70.9 million.

• Net loss attributable to common stockholders was $150.2 million vs. $159.2 million; basic and diluted loss per share were each $1.27.

• 9M revenue was $594.1 million vs. $359.0 million; 9M Adjusted EBITDA was $242.0 million vs. $272.1 million.

• 9M net loss attributable to common stockholders was $471.2 million vs. $134.9 million.

Outlook and guidance

• Rail 2027 rate growth is expected in the mid-single digits, with double-digit revenue and EBITDA growth forecast in the year ahead.

• Two new Jefferson crude-export customers are expected to add ~$8 million of annual Adjusted EBITDA from Jan. 1; USD assets are expected to contribute ~$50 million annually at contracted minimum volumes.

• Jefferson’s combined annual EBITDA is expected to exceed $100 million before higher utilization; USD assets are expected to more than double existing Jefferson Adjusted EBITDA.

• Repauno Phase 2 is expected to commence operations in 2027; two long-term contracts represent ~50% of its capacity.

• Long Ridge sale closing was expected by November-end after regulatory approval; USD Group acquisition closing was targeted for Q4, subject to approvals and customary conditions.