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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $137.5M, roughly 1.0× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -68.1%, a 183.2% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 32.6%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 27.2%).
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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
FIP vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $137.5M |
| Net Profit | $-97.7M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | — |
| Net Margin | -68.1% | 115.1% |
| Revenue YoY | 77.7% | 32.6% |
| Net Profit YoY | 21.6% | 107.9% |
| EPS (diluted) | $-1.04 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $140.6M | $116.2M | ||
| Q2 25 | $122.3M | $112.2M | ||
| Q1 25 | $96.2M | $110.4M | ||
| Q4 24 | $80.8M | $103.7M | ||
| Q3 24 | $83.3M | $99.6M | ||
| Q2 24 | $84.9M | $94.2M | ||
| Q1 24 | $82.5M | $85.0M |
| Q4 25 | $-97.7M | $158.2M | ||
| Q3 25 | $-104.5M | $103.4M | ||
| Q2 25 | $-70.0M | $93.3M | ||
| Q1 25 | $120.2M | $48.1M | ||
| Q4 24 | $-124.7M | $76.1M | ||
| Q3 24 | $-43.0M | $36.6M | ||
| Q2 24 | $-48.1M | $35.7M | ||
| Q1 24 | $-50.3M | $36.1M |
| Q4 25 | -45.7% | — | ||
| Q3 25 | -70.8% | — | ||
| Q2 25 | -56.4% | — | ||
| Q1 25 | 81.8% | — | ||
| Q4 24 | -152.7% | — | ||
| Q3 24 | -51.7% | — | ||
| Q2 24 | -56.4% | — | ||
| Q1 24 | -58.8% | — |
| Q4 25 | -68.1% | 115.1% | ||
| Q3 25 | -74.4% | 88.9% | ||
| Q2 25 | -57.2% | 83.1% | ||
| Q1 25 | 125.0% | 43.6% | ||
| Q4 24 | -154.4% | 73.4% | ||
| Q3 24 | -51.6% | 36.8% | ||
| Q2 24 | -56.7% | 37.9% | ||
| Q1 24 | -60.9% | 42.4% |
| Q4 25 | $-1.04 | $1.54 | ||
| Q3 25 | $-1.38 | $1.00 | ||
| Q2 25 | $-0.73 | $0.90 | ||
| Q1 25 | $0.89 | $0.47 | ||
| Q4 24 | $-1.21 | $0.78 | ||
| Q3 24 | $-0.45 | $0.37 | ||
| Q2 24 | $-0.52 | $0.37 | ||
| Q1 24 | $-0.54 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $3.8B | $943.3M |
| Stockholders' EquityBook value | $21.3M | $4.1B |
| Total Assets | $5.7B | $5.4B |
| Debt / EquityLower = less leverage | 176.99× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $25.0M | ||
| Q3 25 | $34.7M | $26.2M | ||
| Q2 25 | $33.6M | $128.4M | ||
| Q1 25 | $26.3M | $156.5M | ||
| Q4 24 | $27.8M | $18.1M | ||
| Q3 24 | $20.3M | $243.7M | ||
| Q2 24 | $33.1M | $182.0M | ||
| Q1 24 | $23.0M | $649.6M |
| Q4 25 | $3.8B | $943.3M | ||
| Q3 25 | $3.7B | $1.0B | ||
| Q2 25 | $3.1B | $742.4M | ||
| Q1 25 | $2.8B | $741.9M | ||
| Q4 24 | $1.6B | $823.4M | ||
| Q3 24 | $1.5B | $672.2M | ||
| Q2 24 | $1.6B | $772.0M | ||
| Q1 24 | $1.3B | $771.8M |
| Q4 25 | $21.3M | $4.1B | ||
| Q3 25 | $181.1M | $4.0B | ||
| Q2 25 | $375.5M | $3.9B | ||
| Q1 25 | $476.2M | $3.9B | ||
| Q4 24 | $202.7M | $3.7B | ||
| Q3 24 | $370.8M | $3.6B | ||
| Q2 24 | $394.8M | $3.4B | ||
| Q1 24 | $402.5M | $3.4B |
| Q4 25 | $5.7B | $5.4B | ||
| Q3 25 | $5.5B | $5.3B | ||
| Q2 25 | $4.4B | $5.0B | ||
| Q1 25 | $4.1B | $4.9B | ||
| Q4 24 | $2.4B | $4.8B | ||
| Q3 24 | $2.4B | $4.6B | ||
| Q2 24 | $2.5B | $4.5B | ||
| Q1 24 | $2.3B | $4.4B |
| Q4 25 | 176.99× | 0.23× | ||
| Q3 25 | 20.59× | 0.26× | ||
| Q2 25 | 8.21× | 0.19× | ||
| Q1 25 | 5.79× | 0.19× | ||
| Q4 24 | 7.84× | 0.22× | ||
| Q3 24 | 4.14× | 0.19× | ||
| Q2 24 | 3.94× | 0.22× | ||
| Q1 24 | 3.34× | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | $-68.6M | — |
| FCF MarginFCF / Revenue | -47.8% | — |
| Capex IntensityCapex / Revenue | 45.9% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $271.9M | ||
| Q3 25 | $-24.4M | $79.5M | ||
| Q2 25 | $-5.2M | $60.6M | ||
| Q1 25 | $-85.7M | $61.4M | ||
| Q4 24 | $-8.1M | $232.7M | ||
| Q3 24 | $14.2M | $70.0M | ||
| Q2 24 | $-17.6M | $64.3M | ||
| Q1 24 | $-3.9M | $47.0M |
| 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 24 | $-16.7M | — |
| 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 24 | -20.3% | — |
| 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 24 | 15.6% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | -0.71× | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | 1.30× |
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% |
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
