FTAI Infrastructure Posts Record Rail Earnings

The Tip Desk · August 5, 2026 · 2 min read

Railroad Adjusted EBITDA reached $42.4 million as the company booked $76.1 million of group Adjusted EBITDA and a $63.2 million impairment.

FTAI Infrastructure Inc. (FIP) reported $76.1 million of Adjusted EBITDA for the second quarter of 2026, up from $70.6 million in the first quarter. The infrastructure investor said the railroad unit posted record revenues and Adjusted EBITDA, and that it announced a tuck-in acquisition of Tidewater Logistics on June 29, 2026.

The sequential rebound followed a drop from $89.2 million in the fourth quarter of 2025, a figure that included a $9.0 million gain on a CPE investment. Four-core-segment Adjusted EBITDA, which excludes Sustainability and Energy Transition and Corporate and Other, was $83.0 million.

Total revenues for the three months ended June 30, 2026 were $186.8 million, compared with $122.3 million a year earlier. Net loss attributable to common stockholders widened to $166.5 million, or $1.41 a share, from $83.9 million, or $0.73 a share, a year earlier.

The loss reflected a $63.2 million asset impairment charge, versus $4.4 million a year earlier, of which $60.4 million sat in Power and Gas. Interest expense was $105.5 million.

Railroad Adjusted EBITDA was $42.4 million. Power and Gas Adjusted EBITDA was $27.4 million. Jefferson Terminal contributed $13.0 million and Repauno $0.2 million. The company said Jefferson completed the SSP bi-directional pipeline project, while Repauno phase two continued progress to an expected early 2027 operational commencement.

The anticipated sale of Long Ridge remained pending regulatory approval. At closing, FIP said it will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of other debt. In the first-quarter release, the company had said it agreed on April 30, 2026, to sell Long Ridge to MARA Holdings, Inc. for a $1.52 billion transaction value.

The board declared a cash dividend of $0.03 a share for the quarter ended June 30, 2026, payable on September 8, 2026. That rate matched the first-quarter and fourth-quarter 2025 declarations.

On the balance sheet at June 30, 2026, current assets held for sale were $56.9 million and non-current assets held for sale $1.60 billion, with matching current and non-current liabilities held for sale of $579.7 million and $911.2 million. Cash and cash equivalents were $32.6 million.

For the six months ended June 30, 2026, net cash used in operating activities was $30.3 million. Investing cash flows included $129.0 million of property, plant and equipment purchases and $40.4 million of business acquisitions, net of cash acquired. Financing cash flows included $1.41 billion of debt proceeds, net, and $1.34 billion of debt repayment.