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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $143.5M, roughly 1.1× FTAI Infrastructure Inc.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs -68.1%, a 105.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 22.8%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 20.6%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs FIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $143.5M |
| Net Profit | $60.0M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 56.5% | -45.7% |
| Net Margin | 37.8% | -68.1% |
| Revenue YoY | 22.8% | 77.7% |
| Net Profit YoY | 6.5% | 21.6% |
| EPS (diluted) | $0.28 | $-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.
| Q1 26 | $158.8M | — | ||
| Q4 25 | $149.9M | $143.5M | ||
| Q3 25 | $144.9M | $140.6M | ||
| Q2 25 | $137.1M | $122.3M | ||
| Q1 25 | $129.4M | $96.2M | ||
| Q4 24 | $119.7M | $80.8M | ||
| Q3 24 | $117.1M | $83.3M | ||
| Q2 24 | $109.3M | $84.9M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | $-97.7M | ||
| Q3 25 | $65.6M | $-104.5M | ||
| Q2 25 | $63.2M | $-70.0M | ||
| Q1 25 | $56.1M | $120.2M | ||
| Q4 24 | $55.4M | $-124.7M | ||
| Q3 24 | $49.1M | $-43.0M | ||
| Q2 24 | $51.5M | $-48.1M |
| Q1 26 | 56.5% | — | ||
| Q4 25 | 65.9% | -45.7% | ||
| Q3 25 | 64.7% | -70.8% | ||
| Q2 25 | 64.1% | -56.4% | ||
| Q1 25 | 61.6% | 81.8% | ||
| Q4 24 | 66.1% | -152.7% | ||
| Q3 24 | 59.7% | -51.7% | ||
| Q2 24 | 61.1% | -56.4% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | -68.1% | ||
| Q3 25 | 45.3% | -74.4% | ||
| Q2 25 | 46.1% | -57.2% | ||
| Q1 25 | 43.4% | 125.0% | ||
| Q4 24 | 46.3% | -154.4% | ||
| Q3 24 | 42.0% | -51.6% | ||
| Q2 24 | 47.1% | -56.7% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | $-1.04 | ||
| Q3 25 | $0.33 | $-1.38 | ||
| Q2 25 | $0.32 | $-0.73 | ||
| Q1 25 | $0.29 | $0.89 | ||
| Q4 24 | $0.31 | $-1.21 | ||
| Q3 24 | $0.27 | $-0.45 | ||
| Q2 24 | $0.29 | $-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 | $15.2M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $4.4B | $21.3M |
| Total Assets | $7.2B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | $57.4M | ||
| Q3 25 | $23.8M | $34.7M | ||
| Q2 25 | $20.8M | $33.6M | ||
| Q1 25 | $47.0M | $26.3M | ||
| Q4 24 | $40.7M | $27.8M | ||
| Q3 24 | $32.7M | $20.3M | ||
| Q2 24 | $23.6M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.6B | $3.7B | ||
| Q2 25 | $2.3B | $3.1B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.1B | $1.6B | ||
| Q3 24 | $2.2B | $1.5B | ||
| Q2 24 | $1.9B | $1.6B |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | $21.3M | ||
| Q3 25 | $3.8B | $181.1M | ||
| Q2 25 | $3.8B | $375.5M | ||
| Q1 25 | $3.8B | $476.2M | ||
| Q4 24 | $3.6B | $202.7M | ||
| Q3 24 | $3.2B | $370.8M | ||
| Q2 24 | $3.2B | $394.8M |
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.9B | $5.7B | ||
| Q3 25 | $6.6B | $5.5B | ||
| Q2 25 | $6.3B | $4.4B | ||
| Q1 25 | $6.1B | $4.1B | ||
| Q4 24 | $5.8B | $2.4B | ||
| Q3 24 | $5.5B | $2.4B | ||
| Q2 24 | $5.3B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | 176.99× | ||
| Q3 25 | 0.69× | 20.59× | ||
| Q2 25 | 0.61× | 8.21× | ||
| Q1 25 | 0.56× | 5.79× | ||
| Q4 24 | 0.60× | 7.84× | ||
| Q3 24 | 0.69× | 4.14× | ||
| Q2 24 | 0.59× | 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 | — | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $381.1M | $-2.8M | ||
| Q3 25 | $99.0M | $-24.4M | ||
| Q2 25 | $99.8M | $-5.2M | ||
| Q1 25 | $77.2M | $-85.7M | ||
| Q4 24 | $308.5M | $-8.1M | ||
| Q3 24 | $73.5M | $14.2M | ||
| Q2 24 | $81.1M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-68.6M | ||
| Q3 25 | — | $-90.7M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | — | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | -47.8% | ||
| Q3 25 | — | -64.5% | ||
| Q2 25 | — | -71.6% | ||
| Q1 25 | — | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | — | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 67.3% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 31.1% | ||
| Q2 24 | — | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | 5.60× | — | ||
| Q3 25 | 1.51× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.38× | -0.71× | ||
| Q4 24 | 5.57× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
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% |
