FTAI Infrastructure Incorporation(FIP)
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FIP
FTAI Infrastructure Incorporation earnings date
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FTAI Infrastructure Incorporation (FIP) Q3 2026 Earnings Report
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FIP Q3 2026 EPS Results
- Actual EPS
- -$1.27
- Consensus EPS
- -$0.55
- Beat/Miss
- Missed by -$0.72
- One Year Ago EPS
- -$1.38
FIP Q3 2026 Revenue Results
- Actual Revenue
- $230.15M
- Expected Revenue
- $195.03M
- Beat/Miss
- Beat by +$35.12M
- YoY Revenue Growth
- +63.74%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
FIP Upcoming Earnings
FTAI Infrastructure Incorporation's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
FIP Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. The company reported record consolidated and railroad results, favorable rail volume and pricing trends, progress on deleveraging through the planned Long Ridge sale, a strategically significant USD acquisition, and advancing growth opportunities at Jefferson and Repauno. The main challenges were temporary Jefferson crude-volume weakness related to Middle East volatility, slightly lower Gary volumes during a furnace overhaul, and the time required for some investment-driven growth to materialize.
Company Guidance
Management forecasts continued double digit growth in revenue and EBITDA in the year ahead, with double digit year over year growth in revenue and a little more than that in EBITDA, pricing growth of at least mid single digit pricing growth, with some cases higher than that into the higher single digits, and growth sustainable into 2027. The Long Ridge sale is expected to close by the end of this month, generating gross proceeds of just over $1.5 billion, eliminating approximately $1.4 billion of total debt and reducing parent-level debt service by approximately $25 million per year. The USD transaction is hoping to close the week of November 16th, with approximately $50 million of annual EBITDA at contracted minimum volumes and combined Jefferson EBITDA expected to exceed $100 million annually before increased capacity utilization; two new crude customers beginning January 1st next year should add approximately $8 million of incremental annual EBITDA. Repauno is expected to commence revenue service in 2027 near or at full capacity, while Wheeling integration is on track for about $19 million of annual cost savings, with the full benefit effective January 1st, and the railroad’s operating ratio is expected to move from the mid-70s into the low 70s.
- Record Quarterly Revenue and EBITDAFTAI Infrastructure posted new quarterly records for revenue and EBITDA. Q3 adjusted EBITDA was $95.3 million, up from $70.9 million in Q3 2025. Excluding Long Ridge, adjusted EBITDA was $54.4 million, also a quarterly record.
- Positive Outlook for Consolidated EBITDA GrowthManagement expects EBITDA to continue growing, driven by organic growth at the railroad, the USD acquisition and inclusion of its financial results with Jefferson, and the commencement of Phase II operations at Repauno next year.
- Railroad Delivered Record ResultsThe railroad posted all-time highs for carloads, average rates per car, revenue and EBITDA. Revenue was $104 million and adjusted EBITDA was $47.4 million, compared with $61.7 million of revenue and $29.1 million of adjusted EBITDA in Q3 2025.
- Railroad Growth Outlook Remains StrongManagement expects continued double-digit growth in railroad revenue and EBITDA in the year ahead, with strong volumes and pricing. Management also said rail growth is expected to remain sustainable into 2027.
- Favorable Rail Pricing and Volume TrendsCarloads and the overall volume environment remained strong, propane volumes were as high as the company has seen, and pricing was described as attractive. Management expects at least mid-single-digit pricing growth going forward, with some cases in the higher single digits next year.
- Gary Railway Returned to Full CapacityThe largest blast furnace at Gary Works, which had been out of service for most of Q3, was completed in September and returned to full capacity. Management said the Gary business was back online for the entirety of Q4.
- Nippon Steel Investment Supports Future Rail VolumesNippon Steel has committed approximately $11 billion of total investment at Gary, Indiana, and the Mon Valley complex. Its approximately $3 billion Mon Valley investment is expected to increase production from about 2.2 million tons per year to 3.5 million tons per year, potentially generating well into the tens of thousands of incremental carloads, including an estimated 30,000 to 50,000 incremental carloads for Union Railway and approximately $20 million of incremental EBITDA. Management expects the investment-related volume growth to begin in 2 or 3 years.
- Railroad M&A Pipeline Is Highly ActiveManagement described the rail M&A environment as one of the most active seen in at least 10 years, possibly 20 years. FTAI is evaluating several potential acquisitions, with a focus on larger and more strategic rail assets, including corporate carve-outs and opportunities where its operating capabilities and existing network could add value.
- Wheeling Integration and Cost Savings ProgressingIntegration of the Wheeling and Lake Erie is largely complete, with final systems integration taking place in November. The company is on track for approximately $19 million of annual cost savings, excluding one-time costs, and expects the full benefit to take effect January 1. The systems cutover proceeded smoothly with no meaningful customer-service disruptions.
- Railroad Has a Low Capital Expenditure ProfileManagement said approximately 15% of railroad EBITDA goes to capital expenditures, leaving 85% available for reinvestment, distribution up to the parent, or other uses. Management contrasted this with typical railroads, which consume 30%, 40%, and sometimes 50% of EBITDA in annual capital expenditures.
- Jefferson Revenue and EBITDA IncreasedJefferson reported Q3 revenue of $24.9 million and adjusted EBITDA of $14.2 million, compared with $21.1 million of revenue and $11 million of EBITDA in Q3 of the prior year.
- Jefferson Refined Products Reached Quarterly RecordsRefined products reached new quarterly records for both volumes and revenue as the export business continued to grow. The ammonia business was also described as holding strong and running at record levels.
- Jefferson Crude Volumes Recovered in Q4October crude volumes averaged 85 thousand barrels per day, more than double the 41 thousand barrels per day averaged during Q3. Management forecast the remainder of Q4 to be strong on the crude front.
- New Jefferson Crude Contracts Add Expected EBITDAJefferson finalized commercial terms with two new customers for crude oil exports. The business is scheduled to commence January 1 next year and is expected to represent approximately $8 million of incremental annual EBITDA, with little to no CapEx.
- USD Acquisition Adds Contracted EBITDA and CustomersThe USD assets include a rail-connected crude terminal in the Beaumont-Port Arthur Energy Complex and a 50% joint venture interest in a diluent recovery unit in Alberta, Canada. At contracted minimum volumes, the assets handle approximately 50 thousand barrels per day of Canadian crude under a long-term take-or-pay contract with an investment-grade customer and generate approximately $50 million of annual EBITDA.
- USD Acquisition Transforms Jefferson's ProfileThe combined Jefferson and USD business is expected to serve seven high-quality customers under long-term contracts and generate more than $100 million of annual EBITDA before the impact of increased capacity utilization at the Jefferson Main Terminal. Management also expects potential cost savings from integration and meaningful EBITDA upside in 2027.
- Long Ridge Sale Approved and Expected to CloseFTAI received regulatory approvals for the sale of Long Ridge Power and Gas and expects to close the transaction by the end of November. Gross proceeds are expected to be just over $1.5 billion and will be used almost entirely to repay debt.
- Deleveraging and Interest Expense BenefitsThe Long Ridge sale is expected to eliminate approximately $1.4 billion of total debt, including a little over $1.1 billion at the Long Ridge level and a little under $300 million at other parent entities. Parent-level debt service is expected to decline by approximately $25 million per year, and management expects leverage to continue improving over the next several quarters.
- Repauno Phase II Construction ProgressingRepauno Phase II construction is proceeding as planned toward completion in the coming months, with revenue expected to commence shortly thereafter. The new cryogenic tank is nearing completion, and pipes and manifolds are being connected to the rail racks and ship dock.
- Repauno Demand and 2027 Revenue OutlookRepauno has long-term contracts in place for a portion of its capacity and is seeing high demand for the remaining available space. Management expects propane revenue service to commence in 2027 near or at full capacity, supported by attractive propane export spreads.
- Repauno Preparing for Earlier Propane HandlingIn Q4, the company is converting its existing cavern, previously used for butane handling, to propane in order to begin handling propane before Phase II is completed and commissioned.
- Terminal Monetization Strategy AdvancingFTAI continues to position its terminals for monetization next year. The company plans to combine logistics assets acquired from USD Group with Jefferson, expects Phase II at Repauno to approach completion, and is pursuing a strategy to materially increase EBITDA at Jefferson and Repauno before potential monetizations.
FIP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | -0.54- | -1.08 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | -0.55-1.27 | -1.38 | 7.97% (+0.11) | |
| Aug 05, 2026 | 2026 (Q2) | -0.59-1.41 | -0.73 | -93.15% (-0.68) | |
| May 07, 2026 | 2026 (Q1) | -0.42-1.32 | 0.89 | -248.31% (-2.21) | |
| Feb 26, 2026 | 2025 (Q4) | -0.43-1.08 | -1.24 | 12.90% (+0.16) | |
| Oct 30, 2025 | 2025 (Q3) | -0.59-1.38 | -0.45 | -206.67% (-0.93) | |
| Aug 07, 2025 | 2025 (Q2) | -0.37-0.73 | -0.52 | -40.38% (-0.21) | |
| May 08, 2025 | 2025 (Q1) | -0.340.89 | -0.54 | 264.81% (+1.43) | |
| Feb 27, 2025 | 2024 (Q4) | -0.37-1.24 | -0.47 | -163.83% (-0.77) | |
| Oct 30, 2024 | 2024 (Q3) | -0.40-0.45 | -0.55 | 18.18% (+0.10) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
