FTAI Infrastructure Inc. (FIP) Balance Sheet
FIP balance sheet, 2025
December 31, 2025 · U.S. dollars$5.75B assets = $4.80B liabilities + $944.0M equity
Both columns are drawn to the same scale: what FIP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FIP financial health
Descriptive bands, not a rating. Fiscal 2025.
FIP balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.15B2019 | $5.75B2025 | +30.7%/yr | |
| Total liabilities | $388.3M2019 | $4.80B2025 | +52.1%/yr | |
| Shareholders’ equity | $729.4M2019 | $1.11B2025 | +7.3%/yr | |
| Cash & short-term investments | $6.5M2019 | $325.9M2025 | +91.9%/yr | |
| Total debt | $293.3M2019 | $3.93B2025 | +54.1%/yr | |
| Net cash (debt) | −$286.8M2019 | −$3.60B2025 | −$3.3B | |
| Working capital | −$184.8M2019 | −$1.47B2025 | −$1.3B | |
| Book value per share | $7.352019 | $9.652025 | +4.6%/yr | |
| Current ratio | 0.182019 | 0.252025 | +0.07 | |
| Debt / equity | 0.402019 | 3.532025 | +3.13 | |
| Shares outstanding | 99.2M2019 | 115.2M2025 | +2.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FIP assets
FIP liabilities and equity
FIP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FIP balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $325.9M | $27.8M | $29.4M | $36.5M | $49.9M | $15.7M | $6.5M |
| Cash & equivalents | $325.9M | $27.8M | $29.4M | $36.5M | $49.9M | $15.7M | $6.5M |
| Short-term investments | — | — | −$11.7M | $22.8M | $17.2M | — | — |
| Receivables | $95.4M | $53.4M | $56.0M | $60.8M | $50.3M | $5.0M | $14.9M |
| Inventory | $1.3M | $311,000 | $300,000 | $113.2M | $252.0M | $100,000 | $5.6M |
| Other current assets | $61.4M | $138.4M | $99.8M | $67.4M | $60.8M | $63.8M | $14.0M |
| Total current assets | $484.0M | $219.9M | $185.5M | $277.8M | $413.0M | $84.5M | $41.0M |
| Property, plant & equipment (net) | $4.72B | $1.76B | $1.74B | $1.78B | $1.63B | $1.04B | $800.7M |
| Goodwill & intangible assets | $408.9M | $321.6M | $328.0M | $320.4M | $324.9M | $135.8M | $139.2M |
| Long-term investments | $22.2M | $12.5M | $72.7M | $73.6M | $54.4M | $123.8M | $0 |
| Other non-current assets | $118.3M | $61.6M | $57.3M | $26.8M | $24.9M | $17.0M | $173.4M |
| Total assets | $5.75B | $2.37B | $2.38B | $2.48B | $2.44B | $1.40B | $1.15B |
| Liabilities | |||||||
| Accounts payable | $280.7M | $176.4M | $130.8M | $132.1M | $115.6M | $52.3M | $76.1M |
| Short-term debt | $1.63B | $55.8M | $7.2M | $7.0M | $5.8M | $25.9M | $146.0M |
| Deferred revenue | — | $8.3M | $5.8M | — | — | — | — |
| Total current liabilities | $1.96B | $250.8M | $150.6M | $159.6M | $129.5M | $82.4M | $225.8M |
| Long-term debt | $3.71B | $1.54B | $1.34B | $1.23B | $718.6M | $253.5M | $0 |
| Lease obligations | $80.1M | $68.1M | $69.7M | $70.2M | $70.4M | $60.9M | — |
| Other long-term liabilities | $0 | $128.0M | $150.0M | $299.3M | $132.2M | $67.8M | $162.5M |
| Total liabilities | $4.80B | $1.92B | $1.64B | $1.69B | $980.3M | $403.6M | $388.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1.2M | $1.1M | $1.0M | $994,000 | $1.62B | $999.3M | $729.1M |
| Retained earnings (deficit) | −$513.0M | −$405.8M | −$182.2M | −$60.8M | $0 | — | — |
| Accumulated other comprehensive income | −$90.6M | −$157.1M | −$178.5M | −$300.1M | −$155.5M | −$26.2M | $372,000 |
| Minority interest | −$167.6M | −$127.5M | −$71.4M | −$26.8M | — | — | — |
| Total shareholders' equity | $1.11B | $583.9M | $809.5M | $816.2M | $1.46B | $973.1M | $729.4M |
| Key figures | |||||||
| Total debt | $3.93B | $1.66B | $1.41B | $1.30B | $789.0M | $339.4M | $293.3M |
| Net cash (debt) | −$3.60B | −$1.63B | −$1.38B | −$1.26B | −$739.2M | −$323.7M | −$286.8M |
| Working capital | −$1.47B | −$30.9M | $34.9M | $118.2M | $283.5M | $2.2M | −$184.8M |
| Tangible book value | $702.7M | $262.3M | $481.5M | $495.8M | $1.14B | $837.3M | $590.2M |
| Book value per share | $9.65 | $5.40 | $7.86 | $8.21 | $14.74 | $9.81 | $7.35 |
| Shares outstanding | 115.2M | 108.2M | 103.0M | 99.4M | 99.2M | 99.2M | 99.2M |
| Current ratio | 0.25 | 0.88 | 1.23 | 1.74 | 3.19 | 1.03 | 0.18 |
| Quick ratio | 0.22 | 0.32 | 0.57 | 0.61 | 0.77 | 0.25 | 0.10 |
| Debt / equity | 3.53 | 2.84 | 1.74 | 1.59 | 0.54 | 0.35 | 0.40 |
| Equity / assets | 19.3% | 24.6% | 34.0% | 32.9% | 59.9% | 69.6% | 63.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $172.6M | $227.4M | $325.9M | $34.7M | $448.3M | $26.3M | $27.8M | $20.3M | $33.1M | $23.0M | $29.4M | $24.4M |
| Cash & equivalents | $172.6M | $227.4M | $325.9M | $34.7M | $448.3M | $26.3M | $27.8M | $20.3M | $33.1M | $23.0M | $29.4M | $24.4M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $1.9M |
| Receivables | $89.8M | $97.4M | $95.4M | $65.6M | $70.9M | $66.6M | $53.4M | $55.2M | $52.2M | $53.9M | $56.0M | $64.7M |
| Inventory | $909,000 | $958,000 | $1.3M | $0 | $0 | $377,000 | $311,000 | $0 | $0 | $1 | $300,000 | $53.5M |
| Other current assets | $104.5M | $71.8M | $61.4M | $342.5M | $19.9M | $225.4M | $138.4M | $171.6M | $203.9M | $87.6M | $99.8M | $37.3M |
| Total current assets | $367.8M | $397.6M | $484.0M | $442.8M | $539.0M | $318.7M | $219.9M | $247.1M | $289.2M | $164.5M | $185.5M | $180.0M |
| Property, plant & equipment (net) | $3.29B | $4.76B | $4.72B | $3.36B | $3.30B | $3.29B | $1.76B | $1.69B | $1.71B | $1.72B | $1.74B | $1.77B |
| Goodwill & intangible assets | $331.3M | $407.9M | $408.9M | $445.4M | $446.5M | $449.7M | $321.6M | $322.6M | $324.2M | $326.1M | $328.0M | $329.9M |
| Long-term investments | $21.2M | $21.7M | $22.2M | $1.13B | $17.7M | $14.1M | $12.5M | $54.1M | $63.5M | $68.1M | $72.7M | $70.1M |
| Other non-current assets | $1.74B | $99.4M | $118.3M | $70.6M | $104.3M | $67.5M | $61.6M | $119.9M | $65.3M | $70.7M | $57.3M | $38.4M |
| Total assets | $5.75B | $5.69B | $5.75B | $5.45B | $4.41B | $4.14B | $2.37B | $2.44B | $2.45B | $2.34B | $2.38B | $2.39B |
| Liabilities | ||||||||||||
| Accounts payable | $236.8M | $251.9M | $280.7M | $203.4M | $223.5M | $209.8M | $176.4M | $153.0M | $111.6M | $139.7M | $130.8M | $135.8M |
| Short-term debt | $487.8M | $36.5M | $1.63B | $1.52B | $97.3M | $98.5M | $55.8M | $7.3M | $7.2M | $84.9M | $7.2M | $6.9M |
| Deferred revenue | — | $11.3M | — | — | — | — | $8.3M | −$153.0M | — | — | $5.8M | −$135.8M |
| Total current liabilities | $1.33B | $361.7M | $1.96B | $1.77B | $362.8M | $371.1M | $250.8M | $173.7M | $137.6M | $239.8M | $150.6M | $162.4M |
| Long-term debt | $2.29B | $3.79B | $3.71B | $2.21B | $3.00B | $2.66B | $1.54B | $1.54B | $1.55B | $1.27B | $1.34B | $1.32B |
| Lease obligations | $102.5M | $96.6M | $80.1M | $68.8M | $66.9M | $67.4M | $68.1M | $68.9M | $68.3M | $68.8M | $69.7M | $68.2M |
| Other long-term liabilities | $1.49B | $719.0M | $0 | $1.29B | $266.7M | $240.7M | $128.0M | $108.0M | $114.2M | $175.7M | $150.0M | $123.4M |
| Total liabilities | $5.11B | $4.87B | $4.80B | $5.28B | $3.63B | $3.28B | $1.92B | $1.82B | $1.81B | $1.68B | $1.64B | $1.60B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M | $1.0M | $1.0M | $1.0M | $994,000 |
| Retained earnings (deficit) | −$754.0M | −$625.9M | −$513.0M | −$438.6M | −$333.1M | −$274.3M | −$405.8M | −$291.5M | −$258.5M | −$221.8M | −$182.2M | −$150.6M |
| Accumulated other comprehensive income | −$130.5M | −$87.3M | −$90.6M | −$56.3M | −$17.1M | $943,000 | −$157.1M | −$124.6M | −$151.3M | −$199.6M | −$178.5M | −$179.2M |
| Minority interest | −$188.9M | −$180.6M | −$167.6M | −$161.0M | −$149.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $826.1M | $999.5M | $1.11B | $333.7M | $925.8M | $1.01B | $583.9M | $737.7M | $754.6M | $744.8M | $809.5M | $844.3M |
| Key figures | ||||||||||||
| Total debt | $2.87B | $3.91B | $3.93B | $3.80B | $3.15B | $2.82B | $1.66B | $1.60B | $1.62B | $1.41B | $1.41B | $1.39B |
| Net cash (debt) | −$2.69B | −$3.68B | −$3.60B | −$3.76B | −$2.70B | −$2.80B | −$1.63B | −$1.58B | −$1.59B | −$1.39B | −$1.38B | −$1.36B |
| Working capital | −$966.2M | $35.9M | −$1.47B | −$1.33B | $176.3M | −$52.4M | −$30.9M | $73.4M | $151.6M | −$75.2M | $34.9M | $17.5M |
| Tangible book value | $494.7M | $591.6M | $702.7M | −$111.7M | $479.3M | $555.9M | $262.3M | $415.1M | $430.4M | $418.7M | $481.5M | $514.4M |
| Book value per share | $6.99 | $8.57 | $9.56 | $2.89 | $8.06 | $8.19 | $5.40 | $6.72 | $7.18 | $7.15 | $7.83 | $8.21 |
| Shares outstanding | 118.2M | 116.7M | 116.3M | 115.6M | 114.9M | 122.8M | 108.2M | 109.7M | 105.0M | 104.2M | 103.4M | 102.8M |
| Current ratio | 0.28 | 1.10 | 0.25 | 0.25 | 1.49 | 0.86 | 0.88 | 1.42 | 2.10 | 0.69 | 1.23 | 1.11 |
| Quick ratio | 0.20 | 0.90 | 0.22 | 0.06 | 1.43 | 0.25 | 0.32 | 0.43 | 0.62 | 0.32 | 0.57 | 0.55 |
| Debt / equity | 3.47 | 3.91 | 3.53 | 11.38 | 3.40 | 2.81 | 2.84 | 2.18 | 2.15 | 1.90 | 1.74 | 1.64 |
| Equity / assets | 14.4% | 17.6% | 19.3% | 6.1% | 21.0% | 24.3% | 24.6% | 30.3% | 30.8% | 31.8% | 34.0% | 35.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
FIP financial position
At the end of fiscal 2025 (December 31, 2025), FTAI Infrastructure had total assets of $5.7 billion (up 142.1% from a year earlier), total liabilities of $4.8 billion and shareholders' equity of $1.1 billion. It held $325.9 million in cash and short-term investments against $3.9 billion of debt, net debt of $3.6 billion. Its current ratio was 0.25. In the latest quarter (ended June 30, 2026) total assets were $5.7 billion and equity $826.1 million.
Related: FIP income statement, FIP cash flow statement, FIP key metrics. See the FIP stock overview for the latest quote and news.
FIP balance sheet FAQ
What are FTAI Infrastructure's total assets?
FTAI Infrastructure reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.4 billion a year earlier.
How much debt does FTAI Infrastructure have?
FTAI Infrastructure had $3.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.53.
How much cash does FTAI Infrastructure have?
FTAI Infrastructure held $325.9 million in cash and short-term investments at the end of fiscal 2025; with $3.9 billion of debt that is net debt of $3.6 billion.
What is FTAI Infrastructure's book value?
FTAI Infrastructure's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $9.65 per share.
What is FTAI Infrastructure's current ratio?
FTAI Infrastructure had current assets of $484.0 million and current liabilities of $2.0 billion, a current ratio of 0.25 (current liabilities exceed current assets).
How much goodwill does FTAI Infrastructure have?
FTAI Infrastructure carried $408.9 million of goodwill and intangible assets, 7.1% of total assets, at the end of fiscal 2025.