second quarter 2026
Filed Aug 5, 2026FTAI Infrastructure Inc. Reports Second Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock
Total revenues increased to $ 186,768 from $ 122,286, and the Company reported $ 76,113 of Adjusted EBITDA, including record rail revenues and Adjusted EBITDA. However, net loss attributable to common stockholders widened to $ (166,464) from $ (83,898), reflecting $ 63,188 of asset impairment and $ (105,492) of interest expense.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended June 30, 2026GAAP | $ 186,768 | – | – |
| Operating expenses, three months ended June 30, 2026GAAP | 117,333 | – | – |
| General and administrative, three months ended June 30, 2026GAAP | 3,674 | – | – |
| Acquisition and transaction expenses, three months ended June 30, 2026GAAP | 6,021 | – | – |
| Management fees and incentive allocation to affiliate, three months ended June 30, 2026GAAP | 3,677 | – | – |
| Depreciation and amortization, three months ended June 30, 2026GAAP | 39,511 | – | – |
| Asset impairment, three months ended June 30, 2026GAAP | 63,188 | – | – |
| Total expenses, three months ended June 30, 2026GAAP | 233,404 | – | – |
| Equity in losses of unconsolidated entities, three months ended June 30, 2026GAAP | (560) | – | – |
| Loss on sale of assets, net, three months ended June 30, 2026GAAP | (16) | – | – |
| Loss on modification or extinguishment of debt, three months ended June 30, 2026GAAP | (1,602) | – | – |
| Interest expense, three months ended June 30, 2026GAAP | (105,492) | – | – |
| Other income, three months ended June 30, 2026GAAP | 3,287 | – | – |
| Total other expense, three months ended June 30, 2026GAAP | (104,383) | – | – |
| Loss before income taxes, three months ended June 30, 2026GAAP | (151,019) | – | – |
| Benefit from income taxes, three months ended June 30, 2026GAAP | (11,576) | – | – |
| Net loss, three months ended June 30, 2026GAAP | (139,443) | – | – |
| Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders, three months ended June 30, 2026GAAP | (11,377) | – | – |
| Preferred dividends and accretion on redeemable non-controlling interests, three months ended June 30, 2026GAAP | 33,230 | – | – |
| Dividends and accretion of redeemable preferred stock, three months ended June 30, 2026GAAP | 657 | – | – |
| Convertible preferred stock dividend, three months ended June 30, 2026GAAP | 4,511 | – | – |
| Net loss attributable to common stockholders, three months ended June 30, 2026GAAP | $ (166,464) | – | – |
| Basic loss per share, three months ended June 30, 2026GAAP | $ (1.41) | – | – |
| Diluted loss per share, three months ended June 30, 2026GAAP | $ (1.41) | – | – |
| Weighted average shares outstanding, basic, three months ended June 30, 2026GAAP | 118,163,955 | – | – |
| Weighted average shares outstanding, diluted, three months ended June 30, 2026GAAP | 118,163,955 | – | – |
| Adjusted EBITDA, second quarter 2026non-GAAP | $ 76,113 | – | – |
| Adjusted EBITDA - Four core segments, second quarter 2026non-GAAP | $ 83,031 | – | – |
| Total revenues, six months ended June 30, 2026GAAP | $ 375,132 | – | – |
| Net loss attributable to common stockholders, six months ended June 30, 2026GAAP | $ (320,989) | – | – |
| Basic loss per share, six months ended June 30, 2026GAAP | $ (2.73) | – | – |
| Diluted loss per share, six months ended June 30, 2026GAAP | $ (2.73) | – | – |
| Net cash used in operating activities, six months ended June 30, 2026GAAP | $ (30,340) | – | – |
Capital returns
- The Board declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2026.
- The dividend is payable on September 8, 2026 to holders of record on August 24, 2026.
What drove it
- The Company reported strong performance from the rail segment, with record revenues and Adjusted EBITDA for Q2.
- The Company announced the tuck-in acquisition of Tidewater Logistics on June 29, 2026.
- Jefferson completed the SSP bi-directional pipeline project.
- Repauno phase two continued progress toward an expected early 2027 operational commencement.
Concerns
- Asset impairment was 63,188 in the second quarter of 2026, compared with 4,401 in the prior-year quarter.
- Interest expense was (105,492) in the second quarter of 2026, compared with (59,204) in the prior-year quarter.
- Net loss attributable to common stockholders was $ (166,464), compared with $ (83,898) in the prior-year quarter.
- The anticipated sale of Long Ridge remains pending regulatory approval.
- Stockholders' equity was (329,776) and total equity was (518,723) at June 30, 2026.
What to watch
- Regulatory approval and closing of the anticipated Long Ridge sale.
- The Company's stated plan at closing to immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of other debt.
- Operational commencement of Repauno phase two, expected in early 2027.
- Rail segment performance following the June 29, 2026 announcement of the Tidewater Logistics tuck-in acquisition.
Balance sheet and cash flow
- Cash and cash equivalents at June 30, 2026: $ 32,628; December 31, 2025: $ 57,351.
- Restricted cash and cash equivalents at June 30, 2026: 139,947; December 31, 2025: 268,595.
- Current debt, net at June 30, 2026: 476,768; December 31, 2025: 65,438.
- Non-current debt, net at June 30, 2026: 2,286,949; December 31, 2025: 3,708,735.
- Total assets at June 30, 2026: $ 5,746,745; December 31, 2025: $ 5,748,661.
- Total liabilities at June 30, 2026: 5,108,423; December 31, 2025: 4,804,678.
- Total equity at June 30, 2026: (518,723); December 31, 2025: (146,237).
- Current assets held for sale at June 30, 2026: 56,933.
- Non-current assets held for sale at June 30, 2026: 1,600,457.
- Current liabilities held for sale at June 30, 2026: 579,713.
- Non-current liabilities held for sale at June 30, 2026: 911,169.
- Net cash used in operating activities for the six months ended June 30, 2026: $ (30,340); 2025: $ (90,872).
- Investment in unconsolidated entities for the six months ended June 30, 2026: $ (14,391); 2025: $ (12,585).
- Acquisition of business, net of cash acquired for the six months ended June 30, 2026: $ (40,411); 2025: $ 226,628.
- Acquisition of leasing equipment for the six months ended June 30, 2026: $ —; 2025: $ (564).
- Acquisition of property, plant and equipment for the six months ended June 30, 2026: $ (129,029); 2025: $ (148,319).
Analysis
FTAI Infrastructure reported higher quarterly revenue, with total revenues of $ 186,768 for the three months ended June 30, 2026, compared with $ 122,286 in the prior-year period. The release identified rail as the operating highlight, describing record revenues and Adjusted EBITDA in the segment. Consolidated Adjusted EBITDA was $ 76,113, while Adjusted EBITDA for the four core segments was $ 83,031.
The higher revenue did not translate into GAAP profitability. Total expenses were 233,404, compared with 129,080 in the prior-year quarter, including 63,188 of asset impairment and 39,511 of depreciation and amortization. Interest expense was (105,492), versus (59,204) a year earlier. Net loss attributable to common stockholders was $ (166,464), and basic and diluted loss per share were both $ (1.41).
Balance-sheet and cash-flow attention centers on debt, held-for-sale balances, and operating cash use. Debt, net was 476,768 in current liabilities and 2,286,949 in non-current liabilities at June 30, 2026. The balance sheet included 1,600,457 of non-current assets held for sale and 911,169 of non-current liabilities held for sale. Net cash used in operating activities for the six months ended June 30, 2026 was $ (30,340), compared with $ (90,872) in the prior-year period.
Management expects the Long Ridge sale to close subject to regulatory approval. The Company stated that at closing it will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of other debt. Capital returns consisted of a declared $0.03 per-share common dividend, payable on September 8, 2026 to holders of record on August 24, 2026. The filing did not provide quantitative financial guidance.
Not in the filing
stated, not guessed- Segment revenue, segment Adjusted EBITDA, and segment comparisons by individual segment were not provided in the filing text.
- GAAP gross profit, gross margin, operating income or loss, and operating margin were not reported.
- Prior-quarter comparative figures for reported metrics were not provided.
- Quarterly operating cash flow and free cash flow were not reported.
- The supplied filing text is truncated during the investing cash-flow section; subsequent cash-flow line items and cash-flow totals are unavailable.
- Quantitative forward financial guidance for revenue, gross margin, operating expenses, tax rate, EBITDA, capital expenditures, or cash flow was not provided.
- A previous outlook section was not provided.
- Named executive commentary and attributable executive quotes were not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.