FTAI Infrastructure (FIP) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 adjusted EBITDA of $80.2 million, up from $70.9 million in Q3 and $29.2 million in Q4 2024, with an annualized run rate of $320.8 million; full-year 2025 adjusted EBITDA reached $361.2 million, up from $127.6 million in 2024, driven by strong segment contributions and major acquisitions.

• Net loss attributable to stockholders for Q4 2025 was $119.0 million, with a full-year net loss of $260.4 million, compared to $294.5 million in 2024.

• Integration of Transtar and Wheeling & Lake Erie Railroad underway, targeting $20 million in annual cost savings, with $10 million already implemented.

• Closed $1.315 billion term loan to refinance Wheeling acquisition bridge loan.

• Major acquisitions and contracts in 2025, including full ownership of Long Ridge, a 15-year ammonia export contract at Jefferson terminal, and STB approval for W&LE acquisition.

Financial highlights

• Total revenues for 2025 were $502.5 million, up from $331.5 million in 2024.

• Q4 2025 consolidated adjusted EBITDA reached $80.2 million, with segment contributions: Rail $41.3M, Long Ridge $36.2M, Jefferson $13.6M, Repauno $(1.9)M.

• Full-year 2025 adjusted EBITDA was $361.2 million, compared to $127.6 million in 2024.

• Net loss attributable to common stockholders was $260.4 million for 2025.

• Excluded from adjusted EBITDA: $9.0M gain from Clean Planet Energy and $120M gain from Long Ridge consolidation.

Outlook and guidance

• 2026 goals include realizing cost eliminations, monetizing Long Ridge, and growing all business segments, with Jefferson Terminal expecting continued growth from new ammonia contracts and increased crude imports.

• Repauno Phase 2 expected operational early 2027, targeting $80M annual adjusted EBITDA, with Phase 3 planning and permits secured.

• Rail M&A market active, with actionable opportunities under pursuit.