REVENUES
We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 606, Revenue from Contracts with Customers, unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues.
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| Year Ended December 31, 2025 |
| | | Ports and Terminals | | | | | | | | |
| Railroad | | Jefferson Terminal | | Repauno | | Power and Gas | | | | Corporate and Other | | Total |
| Lease income | $ | 1,821 | | | $ | 3,268 | | | $ | — | | | $ | — | | | | | $ | — | | | $ | 5,089 | |
| Rail revenues | 171,076 | | | — | | | — | | | — | | | | | 1,406 | | | 172,482 | |
| Terminal services revenues | — | | | 82,390 | | | 10,710 | | | 1,954 | | | | | — | | | 95,054 | |
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| Power revenues | — | | | — | | | — | | | 156,183 | | | | | — | | | 156,183 | |
| Gas revenues | — | | | — | | | — | | | 21,194 | | | | | — | | | 21,194 | |
| Roadside services revenues | — | | | — | | | — | | | — | | | | | 52,194 | | | 52,194 | |
| Other revenue | 43 | | | — | | | 281 | | | — | | | | | — | | | 324 | |
| Total revenues | $ | 172,940 | | | $ | 85,658 | | | $ | 10,991 | | | $ | 179,331 | | | | | $ | 53,600 | | | $ | 502,520 | |
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| Year Ended December 31, 2024 |
| | | Ports and Terminals | | | | | | | | |
| Railroad | | Jefferson Terminal | | Repauno | | | | | | Corporate and Other | | Total |
| Lease income | $ | 1,784 | | | $ | 3,179 | | | $ | — | | | | | | | $ | — | | | $ | 4,963 | |
| Rail revenues | 178,243 | | | — | | | — | | | | | | | — | | | 178,243 | |
| Terminal services revenues | — | | | 77,467 | | | 15,792 | | | | | | | — | | | 93,259 | |
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| Roadside services revenues | — | | | — | | | — | | | | | | | 55,000 | | | 55,000 | |
| Other revenue | — | | | — | | | 32 | | | | | | | — | | | 32 | |
| Total revenues | $ | 180,027 | | | $ | 80,646 | | | $ | 15,824 | | | | | | | $ | 55,000 | | | $ | 331,497 | |
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| Year Ended December 31, 2023 |
| | | Ports and Terminals | | | | | | | | |
| Railroad | | Jefferson Terminal | | Repauno | | | | | | Corporate and Other | | Total |
| Lease income | $ | 1,652 | | | $ | 1,437 | | | $ | — | | | | | | | $ | — | | | $ | 3,089 | |
| Rail revenues | 167,793 | | | — | | | — | | | | | | | — | | | 167,793 | |
| Terminal services revenues | — | | | 70,709 | | | 12,641 | | | | | | | — | | | 83,350 | |
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| Roadside services revenues | — | | | — | | | — | | | | | | | 68,190 | | | 68,190 | |
| Other revenue | — | | | — | | | (1,950) | | | | | | | — | | | (1,950) | |
| Total revenues | $ | 169,445 | | | $ | 72,146 | | | $ | 10,691 | | | | | | | $ | 68,190 | | | $ | 320,472 | |
As of December 31, 2025 and 2024, we recorded capitalized contract cost of $18.6 million and $23.5 million, respectively, of which $4.9 million and $4.9 million, respectively, is included in Other current assets and $13.7 million and $18.6 million is included in Other assets on the Consolidated Balance Sheets. Capitalized contract cost is amortized using the straight-line method, over the expected contract term. We recorded $4.9 million of amortization which is included in Operating expenses in the Consolidated Statements of Operations during the year ended December 31, 2025.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.