vs
Side-by-side financial comparison of Core Scientific, Inc. (CORZ) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $79.8M, roughly 1.8× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs -68.1%, a 336.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -16.0%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-450.8M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -33.3%).
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
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.
CORZ vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.8M | $143.5M |
| Net Profit | $214.2M | $-97.7M |
| Gross Margin | 26.0% | — |
| Operating Margin | -149.5% | -45.7% |
| Net Margin | 268.5% | -68.1% |
| Revenue YoY | -16.0% | 77.7% |
| Net Profit YoY | 180.6% | 21.6% |
| EPS (diluted) | $-1.63 | $-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 | $79.8M | $143.5M | ||
| Q3 25 | $81.1M | $140.6M | ||
| Q2 25 | $78.6M | $122.3M | ||
| Q1 25 | $79.5M | $96.2M | ||
| Q4 24 | $94.9M | $80.8M | ||
| Q3 24 | $95.4M | $83.3M | ||
| Q2 24 | $141.1M | $84.9M | ||
| Q1 24 | $179.3M | $82.5M |
| Q4 25 | $214.2M | $-97.7M | ||
| Q3 25 | $-144.0M | $-104.5M | ||
| Q2 25 | $-936.8M | $-70.0M | ||
| Q1 25 | $576.3M | $120.2M | ||
| Q4 24 | $-265.5M | $-124.7M | ||
| Q3 24 | $-455.3M | $-43.0M | ||
| Q2 24 | $-902.2M | $-48.1M | ||
| Q1 24 | $210.7M | $-50.3M |
| Q4 25 | 26.0% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | 27.5% | — | ||
| Q1 24 | 43.3% | — |
| Q4 25 | -149.5% | -45.7% | ||
| Q3 25 | -67.6% | -70.8% | ||
| Q2 25 | -33.4% | -56.4% | ||
| Q1 25 | -59.1% | 81.8% | ||
| Q4 24 | -41.9% | -152.7% | ||
| Q3 24 | -43.2% | -51.7% | ||
| Q2 24 | -64.3% | -56.4% | ||
| Q1 24 | 30.8% | -58.8% |
| Q4 25 | 268.5% | -68.1% | ||
| Q3 25 | -177.6% | -74.4% | ||
| Q2 25 | -1191.4% | -57.2% | ||
| Q1 25 | 724.6% | 125.0% | ||
| Q4 24 | -279.7% | -154.4% | ||
| Q3 24 | -477.4% | -51.6% | ||
| Q2 24 | -639.4% | -56.7% | ||
| Q1 24 | 117.5% | -60.9% |
| Q4 25 | $-1.63 | $-1.04 | ||
| Q3 25 | $-0.45 | $-1.38 | ||
| Q2 25 | $-0.04 | $-0.73 | ||
| Q1 25 | $1.24 | $0.89 | ||
| Q4 24 | $0.51 | $-1.21 | ||
| Q3 24 | $-1.17 | $-0.45 | ||
| Q2 24 | $-5.05 | $-0.52 | ||
| Q1 24 | $0.78 | $-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 | $311.4M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $-962.7M | $21.3M |
| Total Assets | $2.3B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $311.4M | $57.4M | ||
| Q3 25 | $453.4M | $34.7M | ||
| Q2 25 | $581.3M | $33.6M | ||
| Q1 25 | $697.9M | $26.3M | ||
| Q4 24 | $836.2M | $27.8M | ||
| Q3 24 | $253.0M | $20.3M | ||
| Q2 24 | $96.1M | $33.1M | ||
| Q1 24 | $98.1M | $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 | $-962.7M | $21.3M | ||
| Q3 25 | $-1.3B | $181.1M | ||
| Q2 25 | $-1.2B | $375.5M | ||
| Q1 25 | $-308.8M | $476.2M | ||
| Q4 24 | $-943.0M | $202.7M | ||
| Q3 24 | $-826.7M | $370.8M | ||
| Q2 24 | $-1.2B | $394.8M | ||
| Q1 24 | $-318.5M | $402.5M |
| Q4 25 | $2.3B | $5.7B | ||
| Q3 25 | $2.2B | $5.5B | ||
| Q2 25 | $1.9B | $4.4B | ||
| Q1 25 | $1.5B | $4.1B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $824.6M | $2.4B | ||
| Q2 24 | $664.2M | $2.5B | ||
| Q1 24 | $814.0M | $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 | $278.3M | $-2.8M |
| Free Cash FlowOCF − Capex | $-450.8M | $-68.6M |
| FCF MarginFCF / Revenue | -565.1% | -47.8% |
| Capex IntensityCapex / Revenue | 914.0% | 45.9% |
| Cash ConversionOCF / Net Profit | 1.30× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-779.8M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.3M | $-2.8M | ||
| Q3 25 | $131.8M | $-24.4M | ||
| Q2 25 | $34.0M | $-5.2M | ||
| Q1 25 | $-45.0M | $-85.7M | ||
| Q4 24 | $42.9M | $-8.1M | ||
| Q3 24 | $5.7M | $14.2M | ||
| Q2 24 | $1.2M | $-17.6M | ||
| Q1 24 | $22.2M | $-3.9M |
| Q4 25 | $-450.8M | $-68.6M | ||
| Q3 25 | $-112.7M | $-90.7M | ||
| Q2 25 | $-87.3M | $-87.5M | ||
| Q1 25 | $-129.0M | $-151.7M | ||
| Q4 24 | $-52.1M | $-34.3M | ||
| Q3 24 | $-25.5M | $-11.7M | ||
| Q2 24 | $-1.9M | $-32.1M | ||
| Q1 24 | $-9.7M | $-16.7M |
| Q4 25 | -565.1% | -47.8% | ||
| Q3 25 | -139.0% | -64.5% | ||
| Q2 25 | -111.0% | -71.6% | ||
| Q1 25 | -162.2% | -157.7% | ||
| Q4 24 | -54.8% | -42.4% | ||
| Q3 24 | -26.7% | -14.0% | ||
| Q2 24 | -1.4% | -37.9% | ||
| Q1 24 | -5.4% | -20.3% |
| Q4 25 | 914.0% | 45.9% | ||
| Q3 25 | 301.5% | 47.2% | ||
| Q2 25 | 154.2% | 67.3% | ||
| Q1 25 | 105.6% | 68.6% | ||
| Q4 24 | 100.0% | 32.5% | ||
| Q3 24 | 32.7% | 31.1% | ||
| Q2 24 | 2.2% | 17.2% | ||
| Q1 24 | 17.8% | 15.6% |
| Q4 25 | 1.30× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.08× | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
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% |
