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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Gogo Inc. (GOGO). Click either name above to swap in a different company.
Gogo Inc. is the larger business by last-quarter revenue ($230.6M vs $143.5M, roughly 1.6× FTAI Infrastructure Inc.). Gogo Inc. runs the higher net margin — -4.3% vs -68.1%, a 63.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 67.3%). Gogo Inc. produced more free cash flow last quarter ($-25.4M vs $-68.6M). Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% CAGR vs 31.9%).
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.
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
FIP vs GOGO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $230.6M |
| Net Profit | $-97.7M | $-10.0M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 6.2% |
| Net Margin | -68.1% | -4.3% |
| Revenue YoY | 77.7% | 67.3% |
| Net Profit YoY | 21.6% | 64.6% |
| EPS (diluted) | $-1.04 | $-0.08 |
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 | $143.5M | $230.6M | ||
| Q3 25 | $140.6M | $223.6M | ||
| Q2 25 | $122.3M | $226.0M | ||
| Q1 25 | $96.2M | $230.3M | ||
| Q4 24 | $80.8M | $137.8M | ||
| Q3 24 | $83.3M | $100.5M | ||
| Q2 24 | $84.9M | $102.1M | ||
| Q1 24 | $82.5M | $104.3M |
| Q4 25 | $-97.7M | $-10.0M | ||
| Q3 25 | $-104.5M | $-1.9M | ||
| Q2 25 | $-70.0M | $12.8M | ||
| Q1 25 | $120.2M | $12.0M | ||
| Q4 24 | $-124.7M | $-28.2M | ||
| Q3 24 | $-43.0M | $10.6M | ||
| Q2 24 | $-48.1M | $839.0K | ||
| Q1 24 | $-50.3M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 87.8% | ||
| Q1 25 | — | 87.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -45.7% | 6.2% | ||
| Q3 25 | -70.8% | 12.9% | ||
| Q2 25 | -56.4% | 15.9% | ||
| Q1 25 | 81.8% | 15.3% | ||
| Q4 24 | -152.7% | -17.5% | ||
| Q3 24 | -51.7% | 19.0% | ||
| Q2 24 | -56.4% | 21.2% | ||
| Q1 24 | -58.8% | 33.2% |
| Q4 25 | -68.1% | -4.3% | ||
| Q3 25 | -74.4% | -0.9% | ||
| Q2 25 | -57.2% | 5.7% | ||
| Q1 25 | 125.0% | 5.2% | ||
| Q4 24 | -154.4% | -20.5% | ||
| Q3 24 | -51.6% | 10.6% | ||
| Q2 24 | -56.7% | 0.8% | ||
| Q1 24 | -60.9% | 29.2% |
| Q4 25 | $-1.04 | $-0.08 | ||
| Q3 25 | $-1.38 | $-0.01 | ||
| Q2 25 | $-0.73 | $0.09 | ||
| Q1 25 | $0.89 | $0.09 | ||
| Q4 24 | $-1.21 | $-0.22 | ||
| Q3 24 | $-0.45 | $0.08 | ||
| Q2 24 | $-0.52 | $0.01 | ||
| Q1 24 | $-0.54 | $0.23 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $57.4M | $125.2M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $101.1M |
| Total Assets | $5.7B | $1.3B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $125.2M | ||
| Q3 25 | $34.7M | $133.6M | ||
| Q2 25 | $33.6M | $102.1M | ||
| Q1 25 | $26.3M | $70.3M | ||
| Q4 24 | $27.8M | $41.8M | ||
| Q3 24 | $20.3M | $176.7M | ||
| Q2 24 | $33.1M | $161.6M | ||
| Q1 24 | $23.0M | $152.8M |
| 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 | $21.3M | $101.1M | ||
| Q3 25 | $181.1M | $107.0M | ||
| Q2 25 | $375.5M | $102.8M | ||
| Q1 25 | $476.2M | $82.9M | ||
| Q4 24 | $202.7M | $69.3M | ||
| Q3 24 | $370.8M | $52.7M | ||
| Q2 24 | $394.8M | $52.0M | ||
| Q1 24 | $402.5M | $62.4M |
| Q4 25 | $5.7B | $1.3B | ||
| Q3 25 | $5.5B | $1.3B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $4.1B | $1.2B | ||
| Q4 24 | $2.4B | $1.2B | ||
| Q3 24 | $2.4B | $810.7M | ||
| Q2 24 | $2.5B | $802.7M | ||
| Q1 24 | $2.3B | $809.0M |
| 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 | $-2.8M | $8.5M |
| Free Cash FlowOCF − Capex | $-68.6M | $-25.4M |
| FCF MarginFCF / Revenue | -47.8% | -11.0% |
| Capex IntensityCapex / Revenue | 45.9% | 14.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $65.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $8.5M | ||
| Q3 25 | $-24.4M | $46.8M | ||
| Q2 25 | $-5.2M | $36.7M | ||
| Q1 25 | $-85.7M | $32.5M | ||
| Q4 24 | $-8.1M | $-38.3M | ||
| Q3 24 | $14.2M | $25.1M | ||
| Q2 24 | $-17.6M | $24.9M | ||
| Q1 24 | $-3.9M | $29.7M |
| Q4 25 | $-68.6M | $-25.4M | ||
| Q3 25 | $-90.7M | $27.3M | ||
| Q2 25 | $-87.5M | $33.5M | ||
| Q1 25 | $-151.7M | $29.7M | ||
| Q4 24 | $-34.3M | $-42.6M | ||
| Q3 24 | $-11.7M | $20.7M | ||
| Q2 24 | $-32.1M | $21.6M | ||
| Q1 24 | $-16.7M | $28.2M |
| Q4 25 | -47.8% | -11.0% | ||
| Q3 25 | -64.5% | 12.2% | ||
| Q2 25 | -71.6% | 14.8% | ||
| Q1 25 | -157.7% | 12.9% | ||
| Q4 24 | -42.4% | -30.9% | ||
| Q3 24 | -14.0% | 20.6% | ||
| Q2 24 | -37.9% | 21.1% | ||
| Q1 24 | -20.3% | 27.0% |
| Q4 25 | 45.9% | 14.7% | ||
| Q3 25 | 47.2% | 8.7% | ||
| Q2 25 | 67.3% | 1.4% | ||
| Q1 25 | 68.6% | 1.2% | ||
| Q4 24 | 32.5% | 3.1% | ||
| Q3 24 | 31.1% | 4.4% | ||
| Q2 24 | 17.2% | 3.3% | ||
| Q1 24 | 15.6% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | -0.71× | 2.70× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 29.74× | ||
| Q1 24 | — | 0.97× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
