FTAI Infrastructure Posts Record Adjusted EBITDA of $95.3 Million

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

The infrastructure investor reported record third-quarter 2026 Adjusted EBITDA of $95.3 million, received regulatory approval to sell Long Ridge and agreed to acquire energy logistics assets from USD Group for $255 million.

FTAI Infrastructure Inc. (FIP) reported Adjusted EBITDA of $95.3 million for the third quarter of 2026, a quarterly record that followed $76.1 million in the second quarter and $70.6 million in the first. Excluding Long Ridge, Adjusted EBITDA was $54.4 million, which the company said was also a quarterly record.

The externally managed infrastructure investor, which focuses on rail, ports and terminals, and power and gas, said the four core segments produced $101.8 million of Adjusted EBITDA.

Total revenues were $219.0 million for the three months ended September 30, 2026, compared with $140.6 million a year earlier. Net loss attributable to common stockholders was $150.2 million, or $1.27 a share, versus a $159.2 million, or $1.38 a share, loss in the year-earlier quarter.

The company recorded $28.6 million of asset impairment in the quarter, concentrated in Power and Gas, versus none in the year-earlier period. Interest expense was $116.5 million.

Railroad Adjusted EBITDA was $47.4 million. The company said the rail segment posted record revenues and Adjusted EBITDA for the quarter and that it had an active pipeline of M&A opportunities.

Power and Gas Adjusted EBITDA was $40.9 million. Jefferson Terminal Adjusted EBITDA was $14.2 million. Repauno Adjusted EBITDA was a loss of $0.7 million.

FTAI received regulatory approval for the sale of Long Ridge, with closing expected by the end of November. The sale had been agreed in the first quarter at a $1.52 billion transaction value and was pending approval in the second quarter.

The company also agreed to acquire energy logistics assets from USD Group LLC for $255 million, which it said would more than double Jefferson’s existing Adjusted EBITDA, with closing planned in November.

The board declared a cash dividend of $0.03 a share for the quarter ended September 30, 2026, payable December 7, 2026, matching the $0.03 a share dividends declared for the prior two quarters.

On the balance sheet at September 30, 2026, cash and cash equivalents were $52.4 million and restricted cash was $88.3 million. Current assets held for sale were $43.9 million and non-current assets held for sale were $1.57 billion. Current liabilities held for sale were $577.4 million and non-current liabilities held for sale were $950.2 million. Stockholders’ equity was a deficit of $544.4 million.

For the nine months ended September 30, 2026, Adjusted EBITDA was $242.0 million. Net cash used in operating activities was $8.4 million.