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Side-by-side financial comparison of Confluent, Inc. (CFLT) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $188.4M, roughly 1.7× FTAI Infrastructure Inc.). Confluent, Inc. runs the higher net margin — -25.2% vs -79.7%, a 54.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs 20.5%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% CAGR vs 20.4%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
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.
CFLT vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $188.4M |
| Net Profit | $-79.2M | $-150.2M |
| Gross Margin | 74.7% | — |
| Operating Margin | -31.5% | — |
| Net Margin | -25.2% | -79.7% |
| Revenue YoY | 20.5% | 95.9% |
| Net Profit YoY | 10.0% | -387.6% |
| EPS (diluted) | $-0.23 | $-1.32 |
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.
| Q1 26 | — | $188.4M | ||
| Q4 25 | $314.8M | $143.5M | ||
| Q3 25 | $298.5M | $140.6M | ||
| Q2 25 | $282.3M | $122.3M | ||
| Q1 25 | $271.1M | $96.2M | ||
| Q4 24 | $261.2M | $80.8M | ||
| Q3 24 | $250.2M | $83.3M | ||
| Q2 24 | $235.0M | $84.9M |
| Q1 26 | — | $-150.2M | ||
| Q4 25 | $-79.2M | $-97.7M | ||
| Q3 25 | $-66.5M | $-104.5M | ||
| Q2 25 | $-82.0M | $-70.0M | ||
| Q1 25 | $-67.6M | $120.2M | ||
| Q4 24 | $-88.1M | $-124.7M | ||
| Q3 24 | $-74.1M | $-43.0M | ||
| Q2 24 | $-89.9M | $-48.1M |
| Q1 26 | — | — | ||
| Q4 25 | 74.7% | — | ||
| Q3 25 | 74.2% | — | ||
| Q2 25 | 73.7% | — | ||
| Q1 25 | 74.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 74.5% | — | ||
| Q2 24 | 72.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | -31.5% | -45.7% | ||
| Q3 25 | -27.9% | -70.8% | ||
| Q2 25 | -34.2% | -56.4% | ||
| Q1 25 | -37.3% | 81.8% | ||
| Q4 24 | -40.5% | -152.7% | ||
| Q3 24 | -37.4% | -51.7% | ||
| Q2 24 | -46.1% | -56.4% |
| Q1 26 | — | -79.7% | ||
| Q4 25 | -25.2% | -68.1% | ||
| Q3 25 | -22.3% | -74.4% | ||
| Q2 25 | -29.0% | -57.2% | ||
| Q1 25 | -24.9% | 125.0% | ||
| Q4 24 | -33.7% | -154.4% | ||
| Q3 24 | -29.6% | -51.6% | ||
| Q2 24 | -38.3% | -56.7% |
| Q1 26 | — | $-1.32 | ||
| Q4 25 | $-0.23 | $-1.04 | ||
| Q3 25 | $-0.19 | $-1.38 | ||
| Q2 25 | $-0.24 | $-0.73 | ||
| Q1 25 | $-0.20 | $0.89 | ||
| Q4 24 | $-0.26 | $-1.21 | ||
| Q3 24 | $-0.23 | $-0.45 | ||
| Q2 24 | $-0.28 | $-0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $347.2M | $37.9M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $-122.5K |
| Total Assets | $3.0B | $5.7B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.9M | ||
| Q4 25 | $347.2M | $57.4M | ||
| Q3 25 | $298.5M | $34.7M | ||
| Q2 25 | $295.6M | $33.6M | ||
| Q1 25 | $278.6M | $26.3M | ||
| Q4 24 | $386.0M | $27.8M | ||
| Q3 24 | $322.6M | $20.3M | ||
| Q2 24 | $311.3M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.8B | ||
| Q3 25 | $1.1B | $3.7B | ||
| Q2 25 | $1.1B | $3.1B | ||
| Q1 25 | $1.1B | $2.8B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.1B | $1.6B |
| Q1 26 | — | $-122.5K | ||
| Q4 25 | $1.2B | $21.3M | ||
| Q3 25 | $1.1B | $181.1M | ||
| Q2 25 | $1.1B | $375.5M | ||
| Q1 25 | $1.0B | $476.2M | ||
| Q4 24 | $961.2M | $202.7M | ||
| Q3 24 | $934.3M | $370.8M | ||
| Q2 24 | $873.9M | $394.8M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $3.0B | $5.7B | ||
| Q3 25 | $2.9B | $5.5B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.7B | $4.1B | ||
| Q4 24 | $2.7B | $2.4B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $2.5B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.94× | 176.99× | ||
| Q3 25 | 0.98× | 20.59× | ||
| Q2 25 | 1.03× | 8.21× | ||
| Q1 25 | 1.07× | 5.79× | ||
| Q4 24 | 1.14× | 7.84× | ||
| Q3 24 | 1.17× | 4.14× | ||
| Q2 24 | 1.25× | 3.94× |
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 | $42.1M | $-69.4M |
| Free Cash FlowOCF − Capex | $41.7M | — |
| FCF MarginFCF / Revenue | 13.2% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-69.4M | ||
| Q4 25 | $42.1M | $-2.8M | ||
| Q3 25 | $30.8M | $-24.4M | ||
| Q2 25 | $18.1M | $-5.2M | ||
| Q1 25 | $-26.8M | $-85.7M | ||
| Q4 24 | $35.2M | $-8.1M | ||
| Q3 24 | $15.6M | $14.2M | ||
| Q2 24 | $8.6M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $41.7M | $-68.6M | ||
| Q3 25 | $30.0M | $-90.7M | ||
| Q2 25 | $17.2M | $-87.5M | ||
| Q1 25 | $-28.2M | $-151.7M | ||
| Q4 24 | $34.5M | $-34.3M | ||
| Q3 24 | $15.0M | $-11.7M | ||
| Q2 24 | $7.5M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | 13.2% | -47.8% | ||
| Q3 25 | 10.0% | -64.5% | ||
| Q2 25 | 6.1% | -71.6% | ||
| Q1 25 | -10.4% | -157.7% | ||
| Q4 24 | 13.2% | -42.4% | ||
| Q3 24 | 6.0% | -14.0% | ||
| Q2 24 | 3.2% | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 45.9% | ||
| Q3 25 | 0.3% | 47.2% | ||
| Q2 25 | 0.3% | 67.3% | ||
| Q1 25 | 0.5% | 68.6% | ||
| Q4 24 | 0.3% | 32.5% | ||
| Q3 24 | 0.2% | 31.1% | ||
| Q2 24 | 0.5% | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
FIP
Segment breakdown not available.
