Q3 FY2026
Filed Nov 5, 2026FTAI Infrastructure reports Q3 2026 Adjusted EBITDA of $95,329 thousand (non-GAAP, described by the company as a new quarterly record), a GAAP net loss attributable to common stockholders of $(150,234) thousand, and a $0.03 per share dividend declared
The company reports record quarterly Adjusted EBITDA and a narrower net loss attributable to common stockholders than in Q3 2025. GAAP results remain loss-making, with total expenses rising, asset impairment of $28,587 thousand against nil in the prior-year quarter, and stockholders' equity of $(544,424) thousand at September 30, 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, Q3 2026GAAP | $219.0M | – | – |
| Operating expenses, Q3 2026GAAP | $120.6M | – | – |
| General and administrative, Q3 2026GAAP | $4.18M | – | – |
| Acquisition and transaction expenses, Q3 2026GAAP | $7.49M | – | – |
| Management fees and incentive allocation to affiliate, Q3 2026GAAP | $3.11M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $35.33M | – | – |
| Asset impairment, Q3 2026GAAP | $28.59M | – | – |
| Total expenses, Q3 2026GAAP | $199.3M | – | – |
| Equity in (losses) earnings of unconsolidated entities, Q3 2026GAAP | −$590K | – | – |
| Gain (loss) on sale of assets, net, Q3 2026GAAP | $37K | – | – |
| Interest expense, Q3 2026GAAP | −$116.5M | – | – |
| Other (expense) income, Q3 2026GAAP | −$23.49M | – | – |
| Total other expense, Q3 2026GAAP | −$140.6M | – | – |
| Loss before income taxes, Q3 2026GAAP | −$120.9M | – | – |
| Provision for income taxes, Q3 2026GAAP | $2.25M | – | – |
| Net loss, Q3 2026GAAP | −$123.1M | – | – |
| Net loss attributable to common stockholders, Q3 2026GAAP | −$150.2M | – | $8,995 thousand (printed Change column) |
| Basic loss per share of common stock, Q3 2026GAAP | $(1.27) | – | – |
| Diluted loss per share of common stock, Q3 2026GAAP | $(1.27) | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $95.33M | – | $24,398 thousand (printed Change column) |
| Adjusted EBITDA, four core segments, Q3 2026non-GAAP | $101.8M | – | – |
| Adjusted EBITDA excluding Long Ridge, Q3 2026non-GAAP | $54.4M | – | – |
| Railroad segment Adjusted EBITDA, Q3 2026non-GAAP | $47.42M | – | – |
| Jefferson Terminal segment Adjusted EBITDA, Q3 2026non-GAAP | $14.18M | – | – |
| Repauno segment Adjusted EBITDA, Q3 2026non-GAAP | −$718K | – | – |
| Power and Gas segment Adjusted EBITDA, Q3 2026non-GAAP | $40.94M | – | – |
| Total revenues, nine months 2026GAAP | $594.1M | – | – |
| Operating expenses, nine months 2026GAAP | $358.3M | – | – |
| General and administrative, nine months 2026GAAP | $11.41M | – | – |
| Acquisition and transaction expenses, nine months 2026GAAP | $20.33M | – | – |
| Management fees and incentive allocation to affiliate, nine months 2026GAAP | $10.88M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $125.5M | – | – |
| Asset impairment, nine months 2026GAAP | $91.78M | – | – |
| Total expenses, nine months 2026GAAP | $618.3M | – | – |
| Equity in (losses) earnings of unconsolidated entities, nine months 2026GAAP | −$1.67M | – | – |
| Gain (loss) on sale of assets, net, nine months 2026GAAP | −$545K | – | – |
| Interest expense, nine months 2026GAAP | −$352.0M | – | – |
| Other (expense) income, nine months 2026GAAP | −$17.22M | – | – |
| Total other expense, nine months 2026GAAP | −$371.4M | – | – |
| Loss before income taxes, nine months 2026GAAP | −$395.6M | – | – |
| Provision for (benefit from) income taxes, nine months 2026GAAP | −$5.81M | – | – |
| Net loss, nine months 2026GAAP | −$389.8M | – | – |
| Net loss attributable to common stockholders, nine months 2026GAAP | −$471.2M | – | $(336,353) thousand (printed Change column) |
| Basic loss per share of common stock, nine months 2026GAAP | $(4.00) | – | – |
| Diluted loss per share of common stock, nine months 2026GAAP | $(4.00) | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | $242.0M | – | $(30,032) thousand (printed Change column) |
| Net cash used in operating activities, nine months 2026GAAP | −$8.36M | – | – |
| Net cash used in investing activities, nine months 2026GAAP | −$269.3M | – | – |
| Net cash provided by financing activities, nine months 2026GAAP | $108.5M | – | – |
Capital returns
- On November 4, 2026 the Board declared a cash dividend of $0.03 per share of common stock for the quarter ended September 30, 2026, payable December 7, 2026 to holders of record on November 23, 2026.
- Cash dividends on common stock were $(10,635) thousand for nine months 2026 against $(10,342) thousand for nine months 2025.
- Cash dividends on redeemable preferred stock, non-controlling interest, were $(5,000) thousand for nine months 2026; the nine months 2025 line for redeemable preferred stock dividends was $(25,516) thousand and no 2026 figure is printed for it.
- Distributions to non-controlling interests were $(1,620) thousand for nine months 2026; no 2025 figure is printed.
- Preferred dividends and accretion on redeemable non-controlling interests were $34,284 thousand in Q3 2026 against $12,487 thousand in Q3 2025, shown as adjustments to net loss attributable to common stockholders.
What drove it
- The company states that it received regulatory approval for the sale of Long Ridge, with closing expected by the end of November 2026.
- The company states it agreed to acquire energy logistics assets from USD Group LLC for $255 million, which it says will more than double Jefferson's existing Adjusted EBITDA, with closing planned in November 2026.
- The company reports record Q3 2026 revenues and Adjusted EBITDA for the rail segment and states that Adjusted EBITDA excluding Long Ridge was $54.4 million, also a quarterly record.
- The reconciliation shows changes in fair value of non-hedge derivative instruments of $25,592 thousand in Q3 2026 against $211 thousand in Q3 2025, and asset impairment charges of $28,587 thousand against nil.
Concerns
- GAAP net loss attributable to common stockholders was $(150,234) thousand in Q3 2026 and $(471,223) thousand for nine months 2026.
- Asset impairment was $28,587 thousand in Q3 2026 against nil in Q3 2025, and $91,775 thousand for nine months 2026 against $4,401 thousand a year earlier.
- Other (expense) income was $(23,487) thousand in Q3 2026 against $5,554 thousand in Q3 2025.
- Stockholders' equity and total equity are both negative at September 30, 2026.
- Net cash used in operating activities was $(8,356) thousand for nine months 2026, against $(115,255) thousand a year earlier.
- Current debt, net rose to $552,644 thousand from $65,438 thousand at December 31, 2025, while current liabilities held for sale stood at $577,374 thousand.
What to watch
- Closing of the Long Ridge sale, which the company expects by the end of November 2026.
- Closing of the $255 million USD Group LLC acquisition, which the company plans for November 2026.
- Whether non-GAAP Adjusted EBITDA stays above the Q3 2026 level of $95,329 thousand, and how the $54.4 million figure excluding Long Ridge develops after the sale.
- The Form 10-Q, which the company says will be filed when available, for segment revenue detail and the basis of the held-for-sale classifications.
- The conference call on November 6, 2026 at 8:00 A.M. Eastern Time.
Balance sheet and cash flow
- Cash and cash equivalents were $52,442 thousand at September 30, 2026 against $57,351 thousand at December 31, 2025. Restricted cash and cash equivalents were $88,314 thousand against $268,595 thousand.
- Total assets were $5,699,824 thousand at September 30, 2026 against $5,748,661 thousand at December 31, 2025.
- Current assets held for sale were $43,938 thousand and non-current assets held for sale were $1,574,786 thousand at September 30, 2026. Current liabilities held for sale were $577,374 thousand and non-current liabilities held for sale were $950,183 thousand.
- Property, plant and equipment, net was $3,171,219 thousand at September 30, 2026 against $4,581,771 thousand at December 31, 2025.
- Debt, net was $552,644 thousand in current liabilities and $2,275,088 thousand in non-current liabilities at September 30, 2026. At December 31, 2025 the comparable lines were $65,438 thousand and $3,708,735 thousand.
- Total liabilities were $5,251,781 thousand at September 30, 2026 against $4,804,678 thousand at December 31, 2025.
- Stockholders' equity was $(544,424) thousand and total equity was $(744,797) thousand at September 30, 2026, against $21,324 thousand and $(146,237) thousand at December 31, 2025. Accumulated deficit was $(863,771) thousand against $(512,992) thousand.
- Redeemable preferred stock Series A RailCo non-controlling interest was $1,038,030 thousand, with a redemption amount of $1.4 billion. Redeemable convertible preferred stock Series B was $154,810 thousand, with a redemption amount of $192.0 million.
- Acquisition of property, plant and equipment was $(214,388) thousand in nine months 2026 against $(214,644) thousand in nine months 2025. The filing does not print free cash flow.
- Net cash used in operating activities was $(8,356) thousand for nine months 2026. Cash and restricted cash at end of period was $140,756 thousand against $353,916 thousand a year earlier.
Analysis
FTAI Infrastructure reported Q3 2026 Adjusted EBITDA of $95,329 thousand against $70,931 thousand in Q3 2025, a non-GAAP measure that the company describes as a new quarterly record. Excluding Long Ridge, the company states Adjusted EBITDA was $54.4 million, also a quarterly record. The four core segments generated $101,820 thousand of Adjusted EBITDA in the quarter. The filing gives Adjusted EBITDA for the Railroad ($47,421 thousand), Jefferson Terminal ($14,178 thousand), Repauno ($(718) thousand) and Power and Gas ($40,939 thousand) segments, but prints no prior-year figure for these segment lines and no segment revenue figures.
On a GAAP basis, total revenues were $218,973 thousand against $140,556 thousand in Q3 2025, and total expenses rose to $199,297 thousand from $120,003 thousand. Operating expenses were $120,602 thousand against $74,985 thousand. Asset impairment of $28,587 thousand was recorded in Q3 2026, against nil in Q3 2025. Interest expense fell to $(116,524) thousand from $(128,520) thousand. Other (expense) income moved to $(23,487) thousand from $5,554 thousand. Net loss attributable to common stockholders was $(150,234) thousand, against $(159,229) thousand, and the printed change column shows an $8,995 thousand improvement. Basic and diluted loss per share were each $(1.27), against $(1.38).
The nine-month figures show a larger GAAP loss. Net loss attributable to common stockholders was $(471,223) thousand against $(134,870) thousand, and nine-month Adjusted EBITDA was $242,034 thousand against $272,066 thousand, a decline of $(30,032) thousand as printed. Nine-month asset impairment was $91,775 thousand, and the prior-year nine months included a gain on sale of assets of $119,856 thousand that has no 2026 counterpart of similar size. Net cash used in operating activities narrowed to $(8,356) thousand from $(115,255) thousand.
The balance sheet shows substantial change. Property, plant and equipment, net fell to $3,171,219 thousand from $4,581,771 thousand at year end 2025, while non-current assets held for sale stood at $1,574,786 thousand. Debt, net classified as current rose to $552,644 thousand from $65,438 thousand, and total equity is negative at $(744,797) thousand. The company announced a $0.03 per share dividend for the quarter ended September 30, 2026, payable December 7, 2026. No guidance for future periods is printed in the release, so the reader has no stated outlook to test the quarter against.
Not in the filing
stated, not guessed- No forward guidance is printed in the release.
- No prior-year or prior-quarter figures are printed for the four core segment Adjusted EBITDA total or for the Sustainability and Energy Transition and Corporate and Other segments.
- Segment revenue figures are not printed in the release; only segment Adjusted EBITDA is reported.
- The release prints no percentage changes for the income statement or Adjusted EBITDA lines.
- Free cash flow is not printed; only operating, investing and financing cash flows for nine months are shown.
- Q3 2026 cash flow statement figures are not printed; the cash flow statement covers nine months only.
- Prior-year figures for Q3 cash flow lines are not printed.
- No executive quotes are included in the document.
- No consensus estimates, analyst expectations or share price reaction are included in the document.
- Revenue by segment and the revenue growth attributed to rail are described only qualitatively as record revenues, with no figures printed.
- The USD Group LLC acquisition's revenue, purchase accounting and Adjusted EBITDA contribution are not printed beyond the company's qualitative statement.
- Long Ridge sale proceeds and the carrying value of the held-for-sale assets are not printed beyond the balance sheet lines.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.