XPLR Infrastructure, LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data XPLR Infrastructure, LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	772	807	771	855	917	722	969	1,078	1,230	1,188
Operating expenses	470	495	481	622	662	653	961	1,106	1,702	1,383
Operating income	302	312	443	233	253	64	44	-28	-459	-186
Interest expense	152	199	248	702	620
Other non-operating income	138	-31	-170	-663	-510	239	1,086	-251	5	-291
Pre-tax income	440	281	273	-430	-257	303	1,130	-279	-454	-477
Income tax	57	167	6	-26	-19	37	161	-25	-42	-78
Income from continuing operations						266	969	-254	-412	-399
Net income to minority interests	300	175	75	-333	-188	287
Net income	83	-64	167	-88	-55	137	477	200	-23	-28
EBITDA	515	516	642	469	500	306	422	476	72	358
EPS, basic	1.90	-1.18	3.05	-1.51	-0.81	1.77	5.62	2.18	-0.25	-0.30
EPS, diluted	1.90	-1.18	2.91	-1.51	-0.81	1.77	5.62	2.18	-0.25	-0.30
Shares, basic (weighted)	43.8	54.2	54.9	58.8	68.4	77.2	84.9	91.6	93.5	93.9
Shares, diluted (weighted)	43.8	54.2	74.6	58.8	68.4	77.4	84.9	91.6	93.5	93.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	150	154	147	128	108	147	226	274	283	960
Receivables	87	85	63	79	83	112	117	114	105	102
Inventory				20	24	41	49	82	108	103
Other current assets	30	46	45	16	16	25	207	107	130	121
Total current assets	367	398	340	433	414	1,410	1,862	2,216	860	1,422
Property, plant and equipment	6,298	6,197	6,770	6,970	7,163	11,417	14,191	14,837	14,555	15,366
Lease right-of-use assets		30	24	43	42	44	24	27	27	7
Goodwill	628	628	584	609	609	891	812	833	253	0
Intangible assets										1,648
Other non-current assets	94	124	128	137	131	265	894	785	1,023	534
Total assets	8,661	8,425	9,405	12,256	12,562	18,976	23,052	22,511	20,292	19,595
Accounts payable	331	26	10	122	143	982	867	72	65	58
Short-term debt	78	99	707	12	12	33	38	1,348	705	762
Total current liabilities	818	276	859	301	350	1,261	1,326	1,671	1,087	1,568
Long-term debt	3,508	4,218	2,728	4,132	3,376	5,294	5,250	4,941	4,609	5,440
Other non-current liabilities	69	100	47	167	170	204	195	248	200	188
Total liabilities	6,095	6,201	3,867	5,190	4,855	7,817	8,280	8,454	7,426	8,696
Total debt	3,586	4,317	3,435	4,144	3,388	5,327	5,288	6,289	5,314	6,202
Other comprehensive income	-3	1	-6	-8	-8	-8	-7	-7	-6	-5
Minority interests	614	20	3,192	4,883	5,353	7,861	11,346	10,488	9,651	7,709
Total equity	2,577	2,224	5,538	7,066	7,707	10,838	14,671	14,057	12,866	10,899
Total liabilities and equity	8,661	8,425	9,405	12,256	12,562	18,976	23,052	22,511	20,292	19,595

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	383	114	267	-404	-238	424	1,121	218	-411	-436
Depreciation and amortization	213	204	199	236	247	242	378	504	531	544
Deferred income tax	56	162	23	-26	-26	46	171	34	1	-42
Change in receivables	-14	1	-18
Change in payables	3	6	-11
Cash from operations	415	413	362	346	665	677	776	731	800	739
Capital expenditures	-861	-349	-25	-93	-334	-113	-1,351	-1,269	-241	-958
Cash from investing	-1,716	-1,368	-763	-2,349	-681	-2,301	-1,194	-194	1,236	630
Debt issued	771	1,880	750	3,380	695	2,880	1,505	2,362	354	3,448
Stock issued							147	315	3	4
Cash from financing	1,302	959	371	1,969	-4	1,663	551	-527	-2,002	-674
Exchange rate effect	4	3	-2	0	0
Net change in cash	5	7	-32	-34	-20	39	133	10	34	695
Free cash flow	-446	64	337	253	331	564	-575	-538	559	-219
Interest paid	170	163	171	162	163	126	154	250	193	167
Income taxes paid	0	0	5	1	6	2	0	1	47	45

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $10.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	2.5%	Operating income / revenue.
Pre-tax margin	-20.7%	Pre-tax income / revenue.
Net margin	8.7%	Net income / revenue.
FCF margin	-21.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	54.5%	Cash from operations / revenue.
Return on assets (ROA)	0.5%	Net income / average total assets.
Capex / revenue	75.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	397.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-5.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-6.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-139.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-3.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.67x	(Cash + short-term investments) / current liabilities.
Debt / assets	32.4%	Total debt / total assets.
Liabilities / assets	45.0%	Total liabilities / total assets.
Net debt	$5.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$28.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.06x	Revenue / average total assets.
Fixed asset turnover	0.08x	Revenue / average property, plant and equipment.
Receivables turnover	9.08x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
FCF conversion	-242.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	138.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.55	Revenue / diluted weighted shares.
FCF per share	-$2.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.84	Cash from operations / diluted weighted shares.
Cash per share	$10.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$994.6M	Share price x shares outstanding.
Enterprise value	$6.38B	Market cap + total debt - cash - short-term investments.
P/E	9.66x	Market cap / net income. Only when net income is positive.
P/S	0.84x	Market cap / revenue.
P/OCF	1.54x	Market cap / cash from operations, when positive.
EV/Sales	5.40x	Enterprise value / revenue.
EV/EBIT	213x	Enterprise value / operating income, when both are positive.
FCF yield	-25.1%	Free cash flow / market cap.
Earnings yield	10.4%	Net income / market cap (the inverse of P/E).

What was XPLR Infrastructure, LP's revenue in fiscal 2025?

XPLR Infrastructure, LP reported revenue of $1.19B for fiscal 2025, 3.4% lower than the year before.

Was XPLR Infrastructure, LP profitable in fiscal 2025?

No. It reported a net loss of $28.0M.

How much free cash flow did XPLR Infrastructure, LP generate in fiscal 2025?

Cash from operations of $739.0M minus capital expenditures of $958.0M left free cash flow of -$219.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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