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Side-by-side financial comparison of Fat Brands, Inc (FAT) and XPLR Infrastructure, LP (XIFR). Click either name above to swap in a different company.
XPLR Infrastructure, LP is the larger business by last-quarter revenue ($249.0M vs $140.0M, roughly 1.8× Fat Brands, Inc). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs -41.6%, a 52.8% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -15.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-88.0M). Over the past eight quarters, XPLR Infrastructure, LP's revenue compounded faster (-1.6% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
FAT vs XIFR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $249.0M |
| Net Profit | $-58.2M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -19.3% |
| Net Margin | -41.6% | 11.2% |
| Revenue YoY | -2.3% | -15.3% |
| Net Profit YoY | -30.1% | 124.3% |
| EPS (diluted) | $-3.39 | — |
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 | — | $249.0M | ||
| Q3 25 | $140.0M | $315.0M | ||
| Q2 25 | $146.8M | $342.0M | ||
| Q1 25 | $142.0M | $282.0M | ||
| Q4 24 | $145.3M | $294.0M | ||
| Q3 24 | $143.4M | $319.0M | ||
| Q2 24 | $152.0M | $360.0M | ||
| Q1 24 | $152.0M | $257.0M |
| Q4 25 | — | $28.0M | ||
| Q3 25 | $-58.2M | $-37.0M | ||
| Q2 25 | $-54.2M | $79.0M | ||
| Q1 25 | $-46.0M | $-98.0M | ||
| Q4 24 | $-67.4M | $-115.0M | ||
| Q3 24 | $-44.8M | $-40.0M | ||
| Q2 24 | $-39.4M | $62.0M | ||
| Q1 24 | $-38.3M | $70.0M |
| Q4 25 | — | -19.3% | ||
| Q3 25 | -12.4% | 1.6% | ||
| Q2 25 | -10.6% | 26.3% | ||
| Q1 25 | -6.0% | -82.6% | ||
| Q4 24 | -27.1% | -188.1% | ||
| Q3 24 | -6.2% | 15.4% | ||
| Q2 24 | -1.8% | 18.3% | ||
| Q1 24 | -0.9% | -8.2% |
| Q4 25 | — | 11.2% | ||
| Q3 25 | -41.6% | -11.7% | ||
| Q2 25 | -36.9% | 23.1% | ||
| Q1 25 | -32.4% | -34.8% | ||
| Q4 24 | -46.4% | -39.1% | ||
| Q3 24 | -31.2% | -12.5% | ||
| Q2 24 | -25.9% | 17.2% | ||
| Q1 24 | -25.2% | 27.2% |
| Q4 25 | — | — | ||
| Q3 25 | $-3.39 | $-0.40 | ||
| Q2 25 | $-3.17 | $0.84 | ||
| Q1 25 | $-2.73 | $-1.05 | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | $-0.43 | ||
| Q2 24 | $-2.43 | $0.66 | ||
| Q1 24 | $-2.37 | $0.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $960.0M |
| Total DebtLower is stronger | $1.3B | $6.2B |
| Stockholders' EquityBook value | $-585.8M | $10.9B |
| Total Assets | $1.2B | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $960.0M | ||
| Q3 25 | — | $711.0M | ||
| Q2 25 | — | $880.0M | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $283.0M | ||
| Q3 24 | — | $290.0M | ||
| Q2 24 | — | $281.0M | ||
| Q1 24 | — | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $5.3B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $10.9B | ||
| Q3 25 | $-585.8M | $11.0B | ||
| Q2 25 | $-536.5M | $11.3B | ||
| Q1 25 | $-493.9M | $12.6B | ||
| Q4 24 | $-455.7M | $12.9B | ||
| Q3 24 | $-386.1M | $13.6B | ||
| Q2 24 | $-338.6M | $13.9B | ||
| Q1 24 | $-296.8M | $14.0B |
| Q4 25 | — | $19.6B | ||
| Q3 25 | $1.2B | $19.1B | ||
| Q2 25 | $1.2B | $20.5B | ||
| Q1 25 | $1.3B | $21.4B | ||
| Q4 24 | $1.3B | $20.3B | ||
| Q3 24 | $1.3B | $20.9B | ||
| Q2 24 | $1.4B | $21.7B | ||
| Q1 24 | $1.4B | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-14.5M | $186.0M |
| Free Cash FlowOCF − Capex | $-16.9M | $-88.0M |
| FCF MarginFCF / Revenue | -12.1% | -35.3% |
| Capex IntensityCapex / Revenue | 1.7% | 110.0% |
| Cash ConversionOCF / Net Profit | — | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $186.0M | ||
| Q3 25 | $-14.5M | $231.0M | ||
| Q2 25 | $-26.9M | $232.0M | ||
| Q1 25 | $-13.2M | $90.0M | ||
| Q4 24 | $-10.4M | $283.0M | ||
| Q3 24 | $-3.2M | $208.0M | ||
| Q2 24 | $-14.2M | $231.0M | ||
| Q1 24 | $-28.4M | $78.0M |
| Q4 25 | — | $-88.0M | ||
| Q3 25 | $-16.9M | $-283.0M | ||
| Q2 25 | $-29.3M | $151.0M | ||
| Q1 25 | $-17.8M | $1.0M | ||
| Q4 24 | $-11.0M | $231.0M | ||
| Q3 24 | $-11.1M | $152.0M | ||
| Q2 24 | $-24.4M | $162.0M | ||
| Q1 24 | $-32.5M | $14.0M |
| Q4 25 | — | -35.3% | ||
| Q3 25 | -12.1% | -89.8% | ||
| Q2 25 | -20.0% | 44.2% | ||
| Q1 25 | -12.5% | 0.4% | ||
| Q4 24 | -7.6% | 78.6% | ||
| Q3 24 | -7.7% | 47.6% | ||
| Q2 24 | -16.1% | 45.0% | ||
| Q1 24 | -21.4% | 5.4% |
| Q4 25 | — | 110.0% | ||
| Q3 25 | 1.7% | 163.2% | ||
| Q2 25 | 1.6% | 23.7% | ||
| Q1 25 | 3.2% | 31.6% | ||
| Q4 24 | 0.4% | 17.7% | ||
| Q3 24 | 5.5% | 17.6% | ||
| Q2 24 | 6.7% | 19.2% | ||
| Q1 24 | 2.7% | 24.9% |
| Q4 25 | — | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.73× | ||
| Q1 24 | — | 1.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
