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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $113.9M, roughly 1.3× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -68.1%, a 66.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
FIP vs ILPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $113.9M |
| Net Profit | $-97.7M | $-1.8M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | -22.1% |
| Net Margin | -68.1% | -1.6% |
| Revenue YoY | 77.7% | 3.1% |
| Net Profit YoY | 21.6% | 92.6% |
| EPS (diluted) | $-1.04 | $-0.02 |
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 | $113.9M | ||
| Q3 25 | $140.6M | $110.9M | ||
| Q2 25 | $122.3M | $112.1M | ||
| Q1 25 | $96.2M | $111.9M | ||
| Q4 24 | $80.8M | $110.5M | ||
| Q3 24 | $83.3M | $108.9M | ||
| Q2 24 | $84.9M | $110.6M | ||
| Q1 24 | $82.5M | $112.2M |
| Q4 25 | $-97.7M | $-1.8M | ||
| Q3 25 | $-104.5M | $-21.6M | ||
| Q2 25 | $-70.0M | $-21.3M | ||
| Q1 25 | $120.2M | $-21.5M | ||
| Q4 24 | $-124.7M | $-24.1M | ||
| Q3 24 | $-43.0M | $-25.0M | ||
| Q2 24 | $-48.1M | $-23.2M | ||
| Q1 24 | $-50.3M | $-23.4M |
| Q4 25 | -45.7% | -22.1% | ||
| Q3 25 | -70.8% | -29.4% | ||
| Q2 25 | -56.4% | -30.8% | ||
| Q1 25 | 81.8% | -26.9% | ||
| Q4 24 | -152.7% | -31.1% | ||
| Q3 24 | -51.7% | -33.5% | ||
| Q2 24 | -56.4% | -32.4% | ||
| Q1 24 | -58.8% | -31.7% |
| Q4 25 | -68.1% | -1.6% | ||
| Q3 25 | -74.4% | -19.4% | ||
| Q2 25 | -57.2% | -19.0% | ||
| Q1 25 | 125.0% | -19.2% | ||
| Q4 24 | -154.4% | -21.8% | ||
| Q3 24 | -51.6% | -22.9% | ||
| Q2 24 | -56.7% | -20.9% | ||
| Q1 24 | -60.9% | -20.9% |
| Q4 25 | $-1.04 | $-0.02 | ||
| Q3 25 | $-1.38 | $-0.33 | ||
| Q2 25 | $-0.73 | $-0.32 | ||
| Q1 25 | $0.89 | $-0.33 | ||
| Q4 24 | $-1.21 | $-0.37 | ||
| Q3 24 | $-0.45 | $-0.38 | ||
| Q2 24 | $-0.52 | $-0.35 | ||
| Q1 24 | $-0.54 | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | $3.8B | $4.2B |
| Stockholders' EquityBook value | $21.3M | $489.7M |
| Total Assets | $5.7B | $5.2B |
| Debt / EquityLower = less leverage | 176.99× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $94.8M | ||
| Q3 25 | $34.7M | $83.2M | ||
| Q2 25 | $33.6M | $58.6M | ||
| Q1 25 | $26.3M | $108.0M | ||
| Q4 24 | $27.8M | $131.7M | ||
| Q3 24 | $20.3M | $153.9M | ||
| Q2 24 | $33.1M | $146.2M | ||
| Q1 24 | $23.0M | $128.4M |
| Q4 25 | $3.8B | $4.2B | ||
| Q3 25 | $3.7B | $4.2B | ||
| Q2 25 | $3.1B | $4.2B | ||
| Q1 25 | $2.8B | $4.3B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.5B | $4.3B | ||
| Q2 24 | $1.6B | $4.3B | ||
| Q1 24 | $1.3B | $4.3B |
| Q4 25 | $21.3M | $489.7M | ||
| Q3 25 | $181.1M | $494.1M | ||
| Q2 25 | $375.5M | $519.1M | ||
| Q1 25 | $476.2M | $539.5M | ||
| Q4 24 | $202.7M | $562.0M | ||
| Q3 24 | $370.8M | $585.9M | ||
| Q2 24 | $394.8M | $618.3M | ||
| Q1 24 | $402.5M | $643.2M |
| Q4 25 | $5.7B | $5.2B | ||
| Q3 25 | $5.5B | $5.2B | ||
| Q2 25 | $4.4B | $5.2B | ||
| Q1 25 | $4.1B | $5.4B | ||
| Q4 24 | $2.4B | $5.4B | ||
| Q3 24 | $2.4B | $5.5B | ||
| Q2 24 | $2.5B | $5.5B | ||
| Q1 24 | $2.3B | $5.5B |
| Q4 25 | 176.99× | 8.56× | ||
| Q3 25 | 20.59× | 8.49× | ||
| Q2 25 | 8.21× | 8.09× | ||
| Q1 25 | 5.79× | 7.96× | ||
| Q4 24 | 7.84× | 7.65× | ||
| Q3 24 | 4.14× | 7.35× | ||
| Q2 24 | 3.94× | 6.96× | ||
| Q1 24 | 3.34× | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $-68.6M | $42.0M |
| FCF MarginFCF / Revenue | -47.8% | 36.9% |
| Capex IntensityCapex / Revenue | 45.9% | 16.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $60.7M | ||
| Q3 25 | $-24.4M | $22.7M | ||
| Q2 25 | $-5.2M | $18.4M | ||
| Q1 25 | $-85.7M | $11.4M | ||
| Q4 24 | $-8.1M | $2.0M | ||
| Q3 24 | $14.2M | $-3.4M | ||
| Q2 24 | $-17.6M | $10.8M | ||
| Q1 24 | $-3.9M | $8.0M |
| Q4 25 | $-68.6M | $42.0M | ||
| Q3 25 | $-90.7M | $17.6M | ||
| Q2 25 | $-87.5M | $15.2M | ||
| Q1 25 | $-151.7M | $5.0M | ||
| Q4 24 | $-34.3M | $-3.7M | ||
| Q3 24 | $-11.7M | $-5.9M | ||
| Q2 24 | $-32.1M | $9.4M | ||
| Q1 24 | $-16.7M | $5.9M |
| Q4 25 | -47.8% | 36.9% | ||
| Q3 25 | -64.5% | 15.9% | ||
| Q2 25 | -71.6% | 13.5% | ||
| Q1 25 | -157.7% | 4.5% | ||
| Q4 24 | -42.4% | -3.4% | ||
| Q3 24 | -14.0% | -5.5% | ||
| Q2 24 | -37.9% | 8.5% | ||
| Q1 24 | -20.3% | 5.2% |
| Q4 25 | 45.9% | 16.4% | ||
| Q3 25 | 47.2% | 4.6% | ||
| Q2 25 | 67.3% | 2.9% | ||
| Q1 25 | 68.6% | 5.7% | ||
| Q4 24 | 32.5% | 5.2% | ||
| Q3 24 | 31.1% | 2.3% | ||
| Q2 24 | 17.2% | 1.3% | ||
| Q1 24 | 15.6% | 1.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ILPT
Segment breakdown not available.
