FTAI Infrastructure (FIP) Q2 2026 earnings summary

Executive summary

• Q2 2026 total revenues rose to $186.8 million, driven by acquisitions and higher volumes in rail, terminals, and power and gas segments.

• Adjusted EBITDA for Q2 2026 reached $76.1 million, with record rail segment performance and strong terminal results.

• Announced $1.52 billion sale of Long Ridge, expected to close by end of Q3 2026, with proceeds to pay down debt.

• Acquired Tidewater Logistics, expanding multimodal terminal footprint and expected to add $9 million annual Adjusted EBITDA.

• Jefferson Terminal and Repauno positioned for volume growth and future monetization, with Repauno Phase 2 on track for early 2027.

Financial highlights

• Q2 2026 revenues were $186.8 million, up 53% year-over-year; Adjusted EBITDA was $76.1 million, up from $45.9 million in Q2 2025.

• Net loss attributable to common stockholders was $(166.5) million, compared to $(83.9) million in Q2 2025, reflecting higher operating expenses, asset impairments, and interest expense.

• Rail segment posted record revenue of $92.2 million and Adjusted EBITDA of $42.4 million.

• Jefferson Terminal Adjusted EBITDA increased to $13.0 million in Q2 2026 from $11.1 million in Q2 2025.

• Asset impairment charges of $63.2 million in Q2 2026, mainly related to Long Ridge and KRS.

Outlook and guidance

• Pending Long Ridge sale will significantly reduce leverage and improve liquidity, with closing expected by end of Q3 2026.

• Repauno Phase 2 construction progressing, targeting near full capacity at commencement in early 2027.

• Jefferson Terminal expects crude volumes to ramp up over the next 12 months, with new contracts expected to add over $50 million in annual incremental EBITDA.

• Continued focus on acquisitions and operational improvements in core infrastructure segments.

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