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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Xeris Biopharma Holdings, Inc. (XERS). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($188.4M vs $85.8M, roughly 2.2× Xeris Biopharma Holdings, Inc.). Xeris Biopharma Holdings, Inc. runs the higher net margin — 12.9% vs -79.7%, a 92.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs 42.8%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% CAGR vs 45.3%).
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.
Xeris Biopharma Holdings, Inc. is a specialty biopharmaceutical company that develops and commercializes targeted therapies for rare endocrine, metabolic, and dermatological conditions. It operates across global markets, focusing on delivering accessible, easy-to-administer treatment options for underserved patient segments.
FIP vs XERS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $188.4M | $85.8M |
| Net Profit | $-150.2M | $11.1M |
| Gross Margin | — | — |
| Operating Margin | — | 19.5% |
| Net Margin | -79.7% | 12.9% |
| Revenue YoY | 95.9% | 42.8% |
| Net Profit YoY | -387.6% | 316.7% |
| EPS (diluted) | $-1.32 | $0.07 |
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 | $188.4M | — | ||
| Q4 25 | $143.5M | $85.8M | ||
| Q3 25 | $140.6M | $74.4M | ||
| Q2 25 | $122.3M | $71.5M | ||
| Q1 25 | $96.2M | $60.1M | ||
| Q4 24 | $80.8M | $60.1M | ||
| Q3 24 | $83.3M | $54.3M | ||
| Q2 24 | $84.9M | $48.1M |
| Q1 26 | $-150.2M | — | ||
| Q4 25 | $-97.7M | $11.1M | ||
| Q3 25 | $-104.5M | $621.0K | ||
| Q2 25 | $-70.0M | $-1.9M | ||
| Q1 25 | $120.2M | $-9.2M | ||
| Q4 24 | $-124.7M | $-5.1M | ||
| Q3 24 | $-43.0M | $-15.7M | ||
| Q2 24 | $-48.1M | $-15.0M |
| Q1 26 | — | — | ||
| Q4 25 | -45.7% | 19.5% | ||
| Q3 25 | -70.8% | 9.0% | ||
| Q2 25 | -56.4% | 6.3% | ||
| Q1 25 | 81.8% | -5.1% | ||
| Q4 24 | -152.7% | 2.8% | ||
| Q3 24 | -51.7% | -23.8% | ||
| Q2 24 | -56.4% | -17.0% |
| Q1 26 | -79.7% | — | ||
| Q4 25 | -68.1% | 12.9% | ||
| Q3 25 | -74.4% | 0.8% | ||
| Q2 25 | -57.2% | -2.7% | ||
| Q1 25 | 125.0% | -15.3% | ||
| Q4 24 | -154.4% | -8.5% | ||
| Q3 24 | -51.6% | -29.0% | ||
| Q2 24 | -56.7% | -31.2% |
| Q1 26 | $-1.32 | — | ||
| Q4 25 | $-1.04 | $0.07 | ||
| Q3 25 | $-1.38 | $0.00 | ||
| Q2 25 | $-0.73 | $-0.01 | ||
| Q1 25 | $0.89 | $-0.06 | ||
| Q4 24 | $-1.21 | $-0.02 | ||
| Q3 24 | $-0.45 | $-0.11 | ||
| Q2 24 | $-0.52 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.9M | $111.0M |
| Total DebtLower is stronger | — | $220.3M |
| Stockholders' EquityBook value | $-122.5K | $13.7M |
| Total Assets | $5.7B | $383.5M |
| Debt / EquityLower = less leverage | — | 16.10× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.9M | — | ||
| Q4 25 | $57.4M | $111.0M | ||
| Q3 25 | $34.7M | $91.6M | ||
| Q2 25 | $33.6M | $59.3M | ||
| Q1 25 | $26.3M | $58.4M | ||
| Q4 24 | $27.8M | $71.6M | ||
| Q3 24 | $20.3M | $69.4M | ||
| Q2 24 | $33.1M | $77.6M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $220.3M | ||
| Q3 25 | $3.7B | $219.5M | ||
| Q2 25 | $3.1B | $218.6M | ||
| Q1 25 | $2.8B | $229.8M | ||
| Q4 24 | $1.6B | $232.1M | ||
| Q3 24 | $1.5B | $216.2M | ||
| Q2 24 | $1.6B | $230.5M |
| Q1 26 | $-122.5K | — | ||
| Q4 25 | $21.3M | $13.7M | ||
| Q3 25 | $181.1M | $-861.0K | ||
| Q2 25 | $375.5M | $-19.3M | ||
| Q1 25 | $476.2M | $-35.1M | ||
| Q4 24 | $202.7M | $-29.6M | ||
| Q3 24 | $370.8M | $-28.3M | ||
| Q2 24 | $394.8M | $-19.3M |
| Q1 26 | $5.7B | — | ||
| Q4 25 | $5.7B | $383.5M | ||
| Q3 25 | $5.5B | $370.2M | ||
| Q2 25 | $4.4B | $334.7M | ||
| Q1 25 | $4.1B | $315.5M | ||
| Q4 24 | $2.4B | $323.1M | ||
| Q3 24 | $2.4B | $321.1M | ||
| Q2 24 | $2.5B | $331.7M |
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 16.10× | ||
| 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 | $-69.4M | $20.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.81× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-69.4M | — | ||
| Q4 25 | $-2.8M | $20.0M | ||
| Q3 25 | $-24.4M | $18.4M | ||
| Q2 25 | $-5.2M | $182.0K | ||
| Q1 25 | $-85.7M | $-10.0M | ||
| Q4 24 | $-8.1M | $2.0M | ||
| Q3 24 | $14.2M | $-8.3M | ||
| Q2 24 | $-17.6M | $-10.3M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 29.68× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
Segment breakdown not available.
XERS
| Products | $83.4M | 97% |
| Other | $2.4M | 3% |
