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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and CVR PARTNERS, LP (UAN). Click either name above to swap in a different company.
CVR PARTNERS, LP is the larger business by last-quarter revenue ($180.0M vs $143.5M, roughly 1.3× FTAI Infrastructure Inc.). CVR PARTNERS, LP runs the higher net margin — 27.7% vs -68.1%, a 95.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 26.0%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 16.4%).
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.
CVR Partners, LP is a leading North American producer of nitrogen-based fertilizer products, primarily urea ammonium nitrate (UAN) and ammonia. It serves agricultural, industrial and commercial markets across the U.S. and Canada, delivering cost-effective, high-quality nutrient solutions for crop production and diverse industrial use cases.
FIP vs UAN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $180.0M |
| Net Profit | $-97.7M | $49.9M |
| Gross Margin | — | 37.5% |
| Operating Margin | -45.7% | 32.0% |
| Net Margin | -68.1% | 27.7% |
| Revenue YoY | 77.7% | 26.0% |
| Net Profit YoY | 21.6% | 84.3% |
| EPS (diluted) | $-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 | — | $180.0M | ||
| Q4 25 | $143.5M | $131.1M | ||
| Q3 25 | $140.6M | $163.5M | ||
| Q2 25 | $122.3M | $168.6M | ||
| Q1 25 | $96.2M | $142.9M | ||
| Q4 24 | $80.8M | $139.6M | ||
| Q3 24 | $83.3M | $125.2M | ||
| Q2 24 | $84.9M | $132.9M |
| Q1 26 | — | $49.9M | ||
| Q4 25 | $-97.7M | $-10.3M | ||
| Q3 25 | $-104.5M | $43.1M | ||
| Q2 25 | $-70.0M | $38.8M | ||
| Q1 25 | $120.2M | $27.1M | ||
| Q4 24 | $-124.7M | $18.3M | ||
| Q3 24 | $-43.0M | $3.8M | ||
| Q2 24 | $-48.1M | $26.2M |
| Q1 26 | — | 37.5% | ||
| Q4 25 | — | 4.4% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.4% | ||
| Q1 25 | — | 29.7% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 14.7% | ||
| Q2 24 | — | 30.0% |
| Q1 26 | — | 32.0% | ||
| Q4 25 | -45.7% | -2.2% | ||
| Q3 25 | -70.8% | 31.0% | ||
| Q2 25 | -56.4% | 27.5% | ||
| Q1 25 | 81.8% | 24.2% | ||
| Q4 24 | -152.7% | 18.4% | ||
| Q3 24 | -51.7% | 8.8% | ||
| Q2 24 | -56.4% | 25.3% |
| Q1 26 | — | 27.7% | ||
| Q4 25 | -68.1% | -7.8% | ||
| Q3 25 | -74.4% | 26.3% | ||
| Q2 25 | -57.2% | 23.0% | ||
| Q1 25 | 125.0% | 19.0% | ||
| Q4 24 | -154.4% | 13.1% | ||
| Q3 24 | -51.6% | 3.0% | ||
| Q2 24 | -56.7% | 19.7% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.04 | $-0.98 | ||
| Q3 25 | $-1.38 | $4.08 | ||
| Q2 25 | $-0.73 | $3.67 | ||
| Q1 25 | $0.89 | $2.56 | ||
| Q4 24 | $-1.21 | $1.73 | ||
| Q3 24 | $-0.45 | $0.36 | ||
| Q2 24 | $-0.52 | $2.48 |
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 | $128.1M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | — |
| Total Assets | $5.7B | $1.0B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.1M | ||
| Q4 25 | $57.4M | $69.2M | ||
| Q3 25 | $34.7M | $156.2M | ||
| Q2 25 | $33.6M | $114.4M | ||
| Q1 25 | $26.3M | $121.8M | ||
| Q4 24 | $27.8M | $90.9M | ||
| Q3 24 | $20.3M | $110.5M | ||
| Q2 24 | $33.1M | $47.5M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $569.1M | ||
| Q3 25 | $3.7B | $569.1M | ||
| Q2 25 | $3.1B | $569.2M | ||
| Q1 25 | $2.8B | $569.3M | ||
| Q4 24 | $1.6B | $568.0M | ||
| Q3 24 | $1.5B | $547.7M | ||
| Q2 24 | $1.6B | $547.6M |
| Q1 26 | — | — | ||
| Q4 25 | $21.3M | — | ||
| Q3 25 | $181.1M | — | ||
| Q2 25 | $375.5M | — | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | — | ||
| Q3 24 | $370.8M | — | ||
| Q2 24 | $394.8M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $5.7B | $969.5M | ||
| Q3 25 | $5.5B | $1.0B | ||
| Q2 25 | $4.4B | $998.0M | ||
| Q1 25 | $4.1B | $1.0B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.4B | $986.6M | ||
| Q2 24 | $2.5B | $959.4M |
| Q1 26 | — | — | ||
| 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× | — |
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% | 7.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $-21.6M | ||
| Q3 25 | $-24.4M | $91.7M | ||
| Q2 25 | $-5.2M | $24.1M | ||
| Q1 25 | $-85.7M | $55.4M | ||
| Q4 24 | $-8.1M | $12.8M | ||
| Q3 24 | $14.2M | $86.7M | ||
| Q2 24 | $-17.6M | $8.6M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $-45.2M | ||
| Q3 25 | $-90.7M | $80.1M | ||
| Q2 25 | $-87.5M | $18.4M | ||
| Q1 25 | $-151.7M | $45.5M | ||
| Q4 24 | $-34.3M | $-5.6M | ||
| Q3 24 | $-11.7M | $82.3M | ||
| Q2 24 | $-32.1M | $2.4M |
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | -34.5% | ||
| Q3 25 | -64.5% | 49.0% | ||
| Q2 25 | -71.6% | 10.9% | ||
| Q1 25 | -157.7% | 31.9% | ||
| Q4 24 | -42.4% | -4.0% | ||
| Q3 24 | -14.0% | 65.7% | ||
| Q2 24 | -37.9% | 1.8% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 45.9% | 18.0% | ||
| Q3 25 | 47.2% | 7.1% | ||
| Q2 25 | 67.3% | 3.4% | ||
| Q1 25 | 68.6% | 6.9% | ||
| Q4 24 | 32.5% | 13.1% | ||
| Q3 24 | 31.1% | 3.6% | ||
| Q2 24 | 17.2% | 4.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | -0.71× | 2.04× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 22.78× | ||
| Q2 24 | — | 0.33× |
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% |
UAN
| Fertilizer sales | $166.1M | 92% |
| Other | $14.0M | 8% |
