NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Business Highlights
- Reported $76.1 million of Adjusted EBITDA for the second quarter of 2026.
- Strong performance from the rail segment with record revenues and Adjusted EBITDA for Q2; announced tuck-in acquisition of Tidewater Logistics on June 29, 2026.
- Anticipated sale of Long Ridge is pending regulatory approval; at closing, FIP will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of other debt.
- Jefferson completed the SSP bi-directional pipeline project, while Repauno phase two continued progress to an expected early 2027 operational commencement.
Financial Overview
(in thousands, except per share data)Selected Financial ResultsQ2’26Net Loss Attributable to Common Stockholders$(166,464)Basic and Diluted Loss per Share of Common Stock$(1.41)Adjusted EBITDA(1)$76,113 Adjusted EBITDA - Four core segments(1)(2)$83,031_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Second Quarter 2026 Dividends
On August 5, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2026, payable on September 8, 2026 to the holders of record on August 24, 2026.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Thursday, August 6, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI94c2ce06b3e4463c9d752652f363bf8e. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Thursday, August 6, 2026 through 11:30 A.M. on Thursday, August 13, 2026 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Total revenues$186,768 $122,286 $375,132 $218,447 Expenses Operating expenses 117,333 74,435 237,727 141,480 General and administrative 3,674 3,862 7,228 8,975 Acquisition and transaction expenses 6,021 8,704 12,841 12,219 Management fees and incentive allocation to affiliate 3,677 3,680 7,769 6,222 Depreciation and amortization 39,511 33,998 90,202 59,010 Asset impairment 63,188 4,401 63,188 4,401 Total expenses 233,404 129,080 418,955 232,307 Other (expense) income Equity in (losses) earnings of unconsolidated entities (560) (1,995) (1,078) 3,319 (Loss) gain on sale of assets, net (16) — (582) 119,828 Loss on modification or extinguishment of debt (1,602) (4,066) (47,516) (4,073)Interest expense (105,492) (59,204) (187,979) (102,316)Other income 3,287 3,052 6,271 6,745 Total other (expense) income (104,383) (62,213) (230,884) 23,503 (Loss) income before income taxes (151,019) (69,007) (274,707) 9,643 (Benefit from) provision for income taxes (11,576) 952 (8,053) (40,562)Net (loss) income (139,443) (69,959) (266,654) 50,205 Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders (11,377) (11,100) (25,637) (22,501)Less: Preferred dividends and accretion on redeemable non-controlling interests 33,230 — 70,451 — Less: Dividends and accretion of redeemable preferred stock 657 20,957 657 42,798 Less: Convertible preferred stock dividend 4,511 4,082 8,864 5,549 Net (loss) income attributable to common stockholders$(166,464) $(83,898) $(320,989) $24,359 (Loss) earnings per share: Basic$(1.41) $(0.73) $(2.73) $0.21 Diluted$(1.41) $(0.73) $(2.73) $0.21 Weighted average shares outstanding: Basic 118,163,955 114,880,817 117,430,787 114,491,338 Diluted 118,163,955 114,880,817 117,430,787 115,260,452
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data) (Unaudited) June 30, 2026 December 31, 2025Assets Current assets: Cash and cash equivalents$32,628 $57,351 Restricted cash and cash equivalents 139,947 268,595 Accounts receivable, net 89,759 95,388 Other current assets 48,500 62,677 Current assets held for sale 56,933 — Total current assets 367,767 484,011 Leasing equipment, net 35,822 36,570 Operating lease right-of-use assets, net 154,406 133,493 Property, plant, and equipment, net 3,135,540 4,581,771 Investments 21,166 22,243 Intangible assets, net 55,980 43,173 Goodwill 275,366 365,703 Other assets 100,241 81,697 Non-current assets held for sale 1,600,457 — Total assets$5,746,745 $5,748,661 Liabilities Current liabilities: Accounts payable and accrued liabilities$236,752 $280,707 Debt, net 476,768 65,438 Operating lease liabilities 10,985 9,108 Derivative liabilities — 34,381 Other current liabilities 29,791 20,363 Current liabilities held for sale 579,713 — Total current liabilities 1,334,009 409,997 Debt, net 2,286,949 3,708,735 Operating lease liabilities 91,474 71,000 Derivative liabilities — 189,116 Warrant liabilities 82,523 81,599 Deferred income tax liabilities 289,279 300,231 Other liabilities 113,020 44,000 Non-current liabilities held for sale 911,169 — Total liabilities 5,108,423 4,804,678 Commitments and contingencies — — Redeemable convertible preferred stock Series B($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 and 160,000 Series B shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; redemption amount of $192.0 million and $192.0 million at June 30, 2026 and December 31, 2025, respectively) 153,298 152,642 Redeemable preferred stock Series A RailCo - Non-controlling interest(zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 Series A - RailCo shares issued and outstanding as of June 30, 2026 and December 31, 2025; redemption amount of $1.4 billion and $1.4 billion at June 30, 2026 and December 31, 2025, respectively) 1,003,747 937,578 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,181,737 and 116,294,461 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 1,182 1,163 Additional paid in capital 553,590 623,771 Accumulated deficit (754,009) (512,992)Accumulated other comprehensive loss (130,539) (90,618)Stockholders' equity (329,776) 21,324 Non-controlling interest in equity of consolidated subsidiaries (188,947) (167,561)Total equity (518,723) (146,237)Total liabilities, redeemable preferred stock and equity$5,746,745 $5,748,661
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net (loss) income$(266,654) $50,205 Adjustments to reconcile net loss to net cash used in operating activities: Equity in losses (earnings) of unconsolidated entities 1,078 (3,319)Gain on sale of subsidiaries — (119,952)Loss on modification or extinguishment of debt 47,516 4,073 Equity-based compensation 16,438 2,163 Depreciation and amortization 90,202 59,010 Asset impairment 63,188 4,401 Change in deferred income taxes (10,952) (41,298)Amortization of deferred financing costs 7,218 5,218 Amortization of bond discount 42,839 5,459 Amortization of other comprehensive income (10,523) (4,732)Paid-in-kind interest expense 5,115 — Other 840 1,216 Change in: Accounts receivable (5,492) (2,988)Other assets (2,457) 2,540 Accounts payable and accrued liabilities (9,731) 15,593 Derivative liabilities — (66,178)Other liabilities 1,035 (2,283)Net cash used in operating activities (30,340) (90,872) Cash flows from investing activities: Investment in unconsolidated entities (14,391) (12,585)Acquisition of business, net of cash acquired (40,411) 226,628 Acquisition of leasing equipment — (564)Acquisition of property, plant and equipment (129,029) (148,319)Proceeds from investor loan — 11,001 Proceeds from sale of subsidiaries, net of cash 35 — Purchase deposits for acquisitions (3,410) — Proceeds from sale of property, plant and equipment 9,043 2,198 Net cash (used in) provided by investing activities (178,163) 78,359 Cash flows from financing activities: Proceeds from debt, net 1,407,376 494,074 Repayment of debt (1,337,217) (126,102)Payment of financing costs (15,796) (21,545)Proceeds from financing obligation 50,000 — Repayment of financing obligation (920) — Cash dividends - common stock (7,090) (6,886)Cash dividends - redeemable preferred stock — (25,516)Cash dividends - redeemable preferred stock - NCI (5,000) — Settlement of equity-based compensation (2,903) (545)Distributions to non-controlling interests (1,248) — Net cash provided by financing activities 87,202 313,480 Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents, including cash classified within assets held for sale (121,301) 300,967 Less: net decrease in cash classified within assets held for sale (32,070) — Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (153,371) 300,967 Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 325,946 147,296 Cash and cash equivalents and restricted cash and cash equivalents, end of period$172,575 $448,263
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to common stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (losses) on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable and convertible preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net (loss) income attributable to common stockholders to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, ChangeSix Months Ended
June 30, Change
(in thousands) 2026 2025 2026 2025 Net (loss) income attributable to common stockholders$(166,464) $(83,898) $(82,566) $(320,989) $24,359 $(345,348)Add: (Benefit from) provision for income taxes (11,576) 952 (12,528) (8,053) (40,562) 32,509 Add: Equity-based compensation expense 5,460 910 4,550 16,438 2,163 14,275 Add: Acquisition and transaction expenses 6,021 8,704 (2,683) 12,841 12,219 622 Add: Losses on the modification or extinguishment of debt and capital lease obligations 1,602 4,066 (2,464) 47,516 4,073 43,443 Add: Changes in fair value of non-hedge derivative instruments 195 — 195 753 — 753 Add: Asset impairment charges 63,188 4,401 58,787 63,188 4,401 58,787 Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense (1) 40,456 32,086 8,370 82,144 56,743 25,401 Add: Interest expense 105,492 59,204 46,288 187,979 102,316 85,663 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (560) (100) (460) (1,078) 4,400 (5,478)Add: Dividends and accretion of redeemable and convertible preferred stock (3) 38,398 25,039 13,359 79,972 48,347 31,625 Add: Interest and other costs on pension and OPEB liabilities (103) (264) 161 (283) (529) 246 Add: Other non-recurring items (4) 857 298 559 3,518 1,333 2,185 Less: Equity in losses (earnings) of unconsolidated entities 560 1,995 (1,435) 1,078 (3,319) 4,397 Less: Non-controlling share of Adjusted EBITDA (5) (7,413) (7,477) 64 (18,319) (14,809) (3,510)Adjusted EBITDA (Non-GAAP)$76,113 $45,916 $30,197 $146,705 $201,135 $(54,430)
_______________________________
(1) Includes the following items for the three months ended June 30, 2026 and 2025: (i) depreciation and amortization expense of $39,511 and $33,998, (ii) capitalized contract costs amortization of $1,232 and $1,232 and (iii) amortization of other comprehensive income of $(287) and $(3,144), respectively. Includes the following items for the six months ended June 30, 2026 and 2025: (i) depreciation and amortization expense of $90,202 and $59,010, (ii) capitalized contract costs amortization of $2,465 and $2,465 and (iii) amortization of other comprehensive income of $(10,523) and $(4,732), respectively.
(2) Includes the following items for the three months ended June 30, 2026 and 2025: net loss of $(560) and $(100), respectively. Includes the following items for the six months ended June 30, 2026 and 2025: (i) net (loss) income of $(1,078) and $6,478, (ii) interest expense of $— and $7,648, (iii) depreciation and amortization expense of $— and $2,884, (iv) acquisition and transaction expenses of $— and $201, (v) changes in fair value of non-hedge derivative instruments of $— and $(12,822), (vi) equity method basis adjustments of $— and $10 and (vii) other non-recurring items of $— and $1, respectively.
(3) Includes the following items for the three months ended June 30, 2026 and 2025: (i) dividends and accretion of redeemable preferred stock of $33,887 and $20,957 and (ii) dividends of convertible preferred stock of $4,511 and $4,082, respectively. Includes the following items for the six months ended June 30, 2026 and 2025: (i) dividends and accretion of redeemable preferred stock of $71,108 and $42,798 and (ii) dividends of convertible preferred stock of $8,864 and $5,549, respectively.
(4) Includes the following items for the three months ended June 30, 2026: Railroad severance and integration expenses of $857. Includes the following item for the three months ended June 30, 2025: Railroad severance expense of $298. Includes the following items for the six months ended June 30, 2026: (i) Railroad severance and integration expenses of $2,328 and (ii) unrealized loss on investment of $1,190. Includes the following items for the six months ended June 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298.
(5) Includes the following items for the three months ended June 30, 2026 and 2025: (i) equity-based compensation of $295 and $86, (ii) provision for income taxes of $52 and $84, (iii) interest expense of $3,445 and $3,706, (iv) depreciation and amortization expense of $3,362 and $3,071, (v) changes in fair value of non-hedge derivative instruments of $4 and $—, (vi) acquisition and transaction expenses of $29 and $165, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $(1), (viii) asset impairment charges of $— and $8, (ix) losses on the modification or extinguishment of debt of $5 and $356, (x) dividends and accretion of redeemable preferred stock of $216 and $— and (xi) other non-recurring items of $7 and $2, respectively. Includes the following items for the six months ended June 30, 2026 and 2025: (i) equity-based compensation expense of $2,067 and $224, (ii) provision for income taxes of $118 and $188, (iii) interest expense of $7,497 and $7,646, (iv) depreciation and amortization expense of $6,693 and $6,140, (v) changes in fair value of non-hedge derivative instruments of $4 and $—, (vi) acquisition and transaction expenses of $44 and $166, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $(3), (viii) asset impairment charges of $— and $27, (ix) losses on the modification or extinguishment of debt of $1,494 and $358, (x) dividends and accretion of redeemable preferred stock of $391 and $— and (xi) other non-recurring items of $13 and $63, respectively.
The following tables sets forth a reconciliation of net loss attributable to common stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2026:
Three Months Ended June 30, 2026(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet loss attributable to common stockholders$(18,839) $(8,557) $(3,807) $(54,104) $(85,307)Add: Provision for (benefit from) income taxes 3,237 136 2 (14,951) (11,576)Add: Equity-based compensation expense 442 1,072 172 3,589 5,275 Add: Acquisition and transaction expenses 2,491 — — 2,245 4,736 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — 549 549 Add: Changes in fair value of non-hedge derivative instruments 18 — — 177 195 Add: Asset impairment charges — — — 60,380 60,380 Add: Incentive allocations — — — — — Add: Depreciation and amortization expense (1) 19,512 13,229 2,655 4,822 40,218 Add: Interest expense 1,905 13,636 1,405 25,031 41,977 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities — — — — — Add: Dividends and accretion of redeemable and convertible preferred stock 33,230 — — — 33,230 Add: Interest and other costs on pension and OPEB liabilities (103) — — — (103)Add: Other non-recurring items (2) 857 — — — 857 Less: Equity in earnings of unconsolidated entities — — — — — Less: Non-controlling share of Adjusted EBITDA (3) (394) (6,502) (195) (309) (7,400)Adjusted EBITDA (Non-GAAP)$42,356 $13,014 $232 $27,429 $83,031_______________________________
(1) Jefferson Terminal
Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $11,997 and (ii) capitalized contract costs amortization of $1,232.
Power and Gas
Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $5,109 and (ii) amortization of other comprehensive income of $(287).
(2) Railroad
Includes the following items for the three months ended June 30, 2026: Railroad severance and integration expenses of $857.
(3) Railroad
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $3, (ii) provision for income taxes of $20, (iii) interest expense of $12, (iv) depreciation and amortization expense of $126, (v) acquisition and transaction expenses of $11, (vi) interest and other costs on pension and OPEB liabilities of $(2), (vii) dividends and accretion of redeemable preferred stock of $216, (viii) changes in fair value of non-hedge derivative instruments of $1 and (ix) other non-recurring items of $7.
Jefferson Terminal
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $249, (ii) provision for income taxes of $32, (iii) interest expense of $3,157 and (iv) depreciation and amortization expense of $3,064.
Repauno
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $8, (ii) interest expense of $64 and (iii) depreciation and amortization expense of $123.
Power and Gas
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of $30, (ii) interest expense of $212, (iii) depreciation and amortization expense of $41, (iv) acquisition and transaction expenses of $18, (v) changes in fair value of non-hedge derivative instruments of $3 and (vi) losses on the modification or extinguishment of debt of $5.