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Side-by-side financial comparison of BLACKLINE, INC. (BL) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $143.5M, roughly 1.3× FTAI Infrastructure Inc.). BLACKLINE, INC. runs the higher net margin — 2.7% vs -68.1%, a 70.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 8.1%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
BL vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $143.5M |
| Net Profit | $4.9M | $-97.7M |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | -45.7% |
| Net Margin | 2.7% | -68.1% |
| Revenue YoY | 8.1% | 77.7% |
| Net Profit YoY | -91.3% | 21.6% |
| EPS (diluted) | $0.07 | $-1.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.2M | $143.5M | ||
| Q3 25 | $178.3M | $140.6M | ||
| Q2 25 | $172.0M | $122.3M | ||
| Q1 25 | $166.9M | $96.2M | ||
| Q4 24 | $169.5M | $80.8M | ||
| Q3 24 | $165.9M | $83.3M | ||
| Q2 24 | $160.5M | $84.9M | ||
| Q1 24 | $157.5M | $82.5M |
| Q4 25 | $4.9M | $-97.7M | ||
| Q3 25 | $5.3M | $-104.5M | ||
| Q2 25 | $8.3M | $-70.0M | ||
| Q1 25 | $6.1M | $120.2M | ||
| Q4 24 | $56.4M | $-124.7M | ||
| Q3 24 | $17.2M | $-43.0M | ||
| Q2 24 | $76.7M | $-48.1M | ||
| Q1 24 | $10.8M | $-50.3M |
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — | ||
| Q1 24 | 75.2% | — |
| Q4 25 | 3.7% | -45.7% | ||
| Q3 25 | 4.3% | -70.8% | ||
| Q2 25 | 4.4% | -56.4% | ||
| Q1 25 | 2.1% | 81.8% | ||
| Q4 24 | 3.7% | -152.7% | ||
| Q3 24 | 5.0% | -51.7% | ||
| Q2 24 | 1.4% | -56.4% | ||
| Q1 24 | 1.1% | -58.8% |
| Q4 25 | 2.7% | -68.1% | ||
| Q3 25 | 3.0% | -74.4% | ||
| Q2 25 | 4.8% | -57.2% | ||
| Q1 25 | 3.6% | 125.0% | ||
| Q4 24 | 33.3% | -154.4% | ||
| Q3 24 | 10.4% | -51.6% | ||
| Q2 24 | 47.8% | -56.7% | ||
| Q1 24 | 6.9% | -60.9% |
| Q4 25 | $0.07 | $-1.04 | ||
| Q3 25 | $0.09 | $-1.38 | ||
| Q2 25 | $0.13 | $-0.73 | ||
| Q1 25 | $0.10 | $0.89 | ||
| Q4 24 | $0.79 | $-1.21 | ||
| Q3 24 | $0.27 | $-0.45 | ||
| Q2 24 | $0.22 | $-0.52 | ||
| Q1 24 | $0.17 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.0M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $332.3M | $21.3M |
| Total Assets | $1.8B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $57.4M | ||
| Q3 25 | $419.9M | $34.7M | ||
| Q2 25 | $459.1M | $33.6M | ||
| Q1 25 | $479.5M | $26.3M | ||
| Q4 24 | $885.9M | $27.8M | ||
| Q3 24 | $725.3M | $20.3M | ||
| Q2 24 | $616.6M | $33.1M | ||
| Q1 24 | $331.4M | $23.0M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $332.3M | $21.3M | ||
| Q3 25 | $328.3M | $181.1M | ||
| Q2 25 | $414.0M | $375.5M | ||
| Q1 25 | $417.9M | $476.2M | ||
| Q4 24 | $446.7M | $202.7M | ||
| Q3 24 | $367.9M | $370.8M | ||
| Q2 24 | $325.8M | $394.8M | ||
| Q1 24 | $279.8M | $402.5M |
| Q4 25 | $1.8B | $5.7B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $1.8B | $4.4B | ||
| Q1 25 | $1.8B | $4.1B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $1.9B | $2.5B | ||
| Q1 24 | $2.1B | $2.3B |
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× | ||
| Q1 24 | — | 3.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $26.7M | $-2.8M |
| Free Cash FlowOCF − Capex | $26.1M | $-68.6M |
| FCF MarginFCF / Revenue | 14.2% | -47.8% |
| Capex IntensityCapex / Revenue | 0.3% | 45.9% |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $-2.8M | ||
| Q3 25 | $63.8M | $-24.4M | ||
| Q2 25 | $32.3M | $-5.2M | ||
| Q1 25 | $46.7M | $-85.7M | ||
| Q4 24 | $43.8M | $-8.1M | ||
| Q3 24 | $55.9M | $14.2M | ||
| Q2 24 | $40.7M | $-17.6M | ||
| Q1 24 | $50.4M | $-3.9M |
| Q4 25 | $26.1M | $-68.6M | ||
| Q3 25 | $63.3M | $-90.7M | ||
| Q2 25 | $31.4M | $-87.5M | ||
| Q1 25 | $40.8M | $-151.7M | ||
| Q4 24 | $43.0M | $-34.3M | ||
| Q3 24 | $55.5M | $-11.7M | ||
| Q2 24 | $40.0M | $-32.1M | ||
| Q1 24 | $50.1M | $-16.7M |
| Q4 25 | 14.2% | -47.8% | ||
| Q3 25 | 35.5% | -64.5% | ||
| Q2 25 | 18.2% | -71.6% | ||
| Q1 25 | 24.4% | -157.7% | ||
| Q4 24 | 25.4% | -42.4% | ||
| Q3 24 | 33.5% | -14.0% | ||
| Q2 24 | 24.9% | -37.9% | ||
| Q1 24 | 31.8% | -20.3% |
| Q4 25 | 0.3% | 45.9% | ||
| Q3 25 | 0.3% | 47.2% | ||
| Q2 25 | 0.6% | 67.3% | ||
| Q1 25 | 3.6% | 68.6% | ||
| Q4 24 | 0.4% | 32.5% | ||
| Q3 24 | 0.2% | 31.1% | ||
| Q2 24 | 0.4% | 17.2% | ||
| Q1 24 | 0.2% | 15.6% |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | -0.71× | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
