Brookfield Infrastructure Corporation (BIPC) Financials

BIPC

FY2025 annual

Revenue $3.7B +0.1% YoY

Net Income $700.0M +872.2% YoY

Free Cash Flow $2.0M -99.4% YoY

Operating Cash Flow $1.6B -7.7% YoY

Market Cap $4.5B as of Oct 3, 2026

Price / Sales 1.2x on $3.7B revenue, FY2025

Price / Earnings 6.4x on $700.0M net income, FY2025

Price / Book 2.2x on $2.0B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 17, 2026 Currency USD FYE December

Newest figures come from the 20-F for FY2025, filed Mar 17, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BIPC SEC filings page.

Brookfield Infrastructure Corporation (BIPC) reported $3.7B in revenue for fiscal year 2025, up 0.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BIPC FY2025 2026-10-04

The business converts operating cash into heavy reinvestment, while rising leverage and weak liquidity leave little free cash after capex.

Earnings and cash tell different stories: net income recovered from $72M in FY2024 to $700M in FY2025, yet operating cash flow slipped from $1.743B to $1.608B. That gap suggests the reported profit rebound did not translate into more operating cash, while investment demands remained substantial.

Capital intensity is absorbing the cash engine: FY2025 capital expenditures of $1.606B nearly matched operating cash flow of $1.608B, leaving only $2M of free cash flow. This contrasts with $340M of free cash flow in FY2024 despite lower capital expenditures, showing that reinvestment—not merely profitability—drives the available cash outcome.

The balance sheet is increasingly leveraged and short-term constrained: debt-to-equity rose from 4.9x in FY2023 to 11.0x in FY2025, while the current ratio remained below 1.0x. FY2025 liabilities of $22.0B against assets of $24.0B leave a relatively thin equity cushion, so financing structure matters as much as operating results.

Financial Health Signals

Financial Health Score 32/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Brookfield Infrastructure Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Not available for Brookfield Infrastructure Corporation, and counted as zero in the overall score.

Growth

Brookfield Infrastructure Corporation's revenue grew a modest 0.1% year-over-year to $3.7B. This slow but positive growth earns a score of 95/100.

Leverage

Brookfield Infrastructure Corporation has elevated debt relative to equity (D/E of 10.98), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 4/100, reflecting increased financial risk.

Liquidity

Brookfield Infrastructure Corporation's current ratio of 0.38 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Brookfield Infrastructure Corporation generated $1.6B in operating cash flow, capex of $1.6B consumed most of it, leaving $2.0M in free cash flow. This results in a low score of 85/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Not available for Brookfield Infrastructure Corporation, and counted as zero in the overall score.

Piotroski F-Score Partial

4/6

Brookfield Infrastructure Corporation passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.30x

For every $1 of reported earnings, Brookfield Infrastructure Corporation generates $2.30 in operating cash flow ($1.6B OCF vs $700.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$431.0M

YoY-36.1%

QoQ-64.6%

Brookfield Infrastructure Corporation held $431.0M in cash as of Q4 2025; long-term debt is not reported for that period.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

BIPC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BIPC quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Revenue	$3.7B+0.1%	$3.7B+46.5%	$2.5B+32.7%	$1.9B+14.8%	$1.6B+14.9%	$1.4B-11.7%	$1.6B+3.7%	$1.6B
Interest Expense	$1.2B+8.5%	$1.1B+52.8%	$697.0M+28.1%	$544.0M+85.0%	$294.0M+37.4%	$214.0M+37.2%	$156.0M+22.8%	$127.0M
Income Tax	$385.0M+5.5%	$365.0M-0.8%	$368.0M+40.5%	$262.0M-35.3%	$405.0M+50.6%	$269.0M-1.1%	$272.0M+16.2%	$234.0M
Net Income	$700.0M+872.2%	$72.0M-88.1%	$606.0M-62.6%	$1.6B+5896.3%	$27.0M+111.6%	-$232.0M-140.7%	$570.0M-1.9%	$581.0M

Metric	Q4'2520-F	Q2'2510-Q	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Revenue	N/A	$866.0M-4.6%	N/A	$908.0M+68.8%	N/A	$538.0M+12.3%	N/A	$479.0M+15.1%
Interest Expense	N/A	$267.0M+3.1%	N/A	$259.0M+60.9%	N/A	$161.0M+12.6%	N/A	$143.0M+110.3%
Net Income	N/A	-$309.0M-148.1%	N/A	$643.0M+517.5%	N/A	-$154.0M-118.3%	N/A	$842.0M+1195.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BIPC Balance Sheet

BIPC quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Total Assets	$24.0B+1.9%	$23.6B-1.3%	$23.9B+134.9%	$10.2B+0.9%	$10.1B+7.9%	$9.3B-5.2%	$9.9B	N/A
Current Assets	$2.9B-38.2%	$4.8B+69.9%	$2.8B+78.9%	$1.6B-22.0%	$2.0B+243.0%	$586.0M-1.3%	$594.0M	N/A
Cash & Equivalents	$431.0M-36.1%	$674.0M+25.0%	$539.0M+21.1%	$445.0M-5.1%	$469.0M+144.3%	$192.0M-5.9%	$204.0M+106.1%	$99.0M
Accounts Receivable	$928.0M+18.1%	$786.0M-16.3%	$939.0M+88.2%	$499.0M+11.4%	$448.0M+13.7%	$394.0M+1.0%	$390.0M	N/A
Goodwill	$1.7B+4.4%	$1.6B-6.8%	$1.7B+233.2%	$518.0M+5.9%	$489.0M-7.4%	$528.0M-20.8%	$667.0M	N/A
Total Liabilities	$22.0B+3.1%	$21.4B+7.7%	$19.8B+88.3%	$10.5B-8.4%	$11.5B+16.1%	$9.9B+50.8%	$6.6B	N/A
Current Liabilities	$7.7B+0.3%	$7.6B+20.3%	$6.4B+37.3%	$4.6B-25.2%	$6.2B+124.5%	$2.8B+459.8%	$493.0M	N/A
Non-Current Liabilities	$14.4B+4.6%	$13.7B+1.7%	$13.5B+128.3%	$5.9B+11.2%	$5.3B-25.8%	$7.2B+17.6%	$6.1B	N/A
Total Equity	$2.0B-9.8%	$2.2B-45.4%	$4.1B+1226.9%	-$361.0M+74.6%	-$1.4B-149.0%	-$572.0M-117.5%	$3.3B+0.9%	$3.2B

Metric	Q4'2520-F	Q2'2510-Q	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$24.0B+1.9%	$23.9B+1.1%	$23.6B-1.3%	$23.7B+115.6%	$23.9B+134.9%	$11.0B+9.4%	$10.2B+0.9%	$10.0B+9.4%
Current Assets	$2.9B-38.2%	$3.6B+18.1%	$4.8B+69.9%	$3.1B+77.2%	$2.8B+78.9%	$1.7B+7.5%	$1.6B-22.0%	$1.6B+78.7%
Cash & Equivalents	$431.0M-36.1%	$1.2B+161.2%	$674.0M+25.0%	$466.0M+30.9%	$539.0M+21.1%	$356.0M-30.5%	$445.0M-5.1%	$512.0M+38.4%
Accounts Receivable	$928.0M+18.1%	$875.0M+0.3%	$786.0M-16.3%	$872.0M+57.4%	$939.0M+88.2%	$554.0M+14.2%	$499.0M+11.4%	$485.0M-8.7%
Goodwill	$1.7B+4.4%	$1.7B+0.7%	$1.6B-6.8%	$1.7B+192.9%	$1.7B+233.2%	$566.0M+9.7%	$518.0M+5.9%	$516.0M-4.8%
Total Liabilities	$22.0B+3.1%	$21.7B+7.8%	$21.4B+7.7%	$20.1B+71.5%	$19.8B+88.3%	$11.7B+5.6%	$10.5B-8.4%	$11.1B+7.6%
Current Liabilities	$7.7B+0.3%	$7.3B+40.6%	$7.6B+20.3%	$5.2B+1.2%	$6.4B+37.3%	$5.1B-18.5%	$4.6B-25.2%	$6.3B+58.2%
Non-Current Liabilities	$14.4B+4.6%	$14.4B-3.6%	$13.7B+1.7%	$14.9B+126.3%	$13.5B+128.3%	$6.6B+37.3%	$5.9B+11.2%	$4.8B-24.2%
Total Equity	$2.0B-9.8%	$2.2B-37.4%	$2.2B-45.4%	$3.5B+562.0%	$4.1B+1226.9%	-$764.0M+29.1%	-$361.0M+74.6%	-$1.1B+6.1%

Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Long-Term Debt, Retained Earnings.

BIPC Cash Flow Statement

BIPC quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Operating Cash Flow	$1.6B-7.7%	$1.7B+64.6%	$1.1B+18.6%	$893.0M+6.4%	$839.0M+14.9%	$730.0M-32.6%	$1.1B+1.7%	$1.1B
Depreciation & Amortization	$668.0M-13.8%	$775.0M+112.3%	$365.0M+73.0%	$211.0M-10.6%	$236.0M-16.6%	$283.0M-8.1%	$308.0M-3.4%	$319.0M
Capital Expenditures	$1.6B+14.5%	$1.4B+136.2%	$594.0M	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$2.0M-99.4%	$340.0M-26.9%	$465.0M	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$612.0M+44.9%	-$1.1B+65.0%	-$3.2B-203.2%	-$1.0B-421.2%	$326.0M+181.7%	-$399.0M+9.5%	-$441.0M-1.4%	-$435.0M
Financing Cash Flow	-$1.3B-201.6%	-$428.0M-119.6%	$2.2B+54675.0%	-$4.0M+99.5%	-$868.0M-173.8%	-$317.0M+38.3%	-$514.0M+9.5%	-$568.0M

Metric	Q4'2520-F	Q2'2510-Q	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Operating Cash Flow	N/A	$478.0M-6.5%	N/A	$511.0M+92.8%	N/A	$265.0M+14.2%	N/A	$232.0M-1.3%
Depreciation & Amortization	N/A	$153.0M-19.9%	N/A	$191.0M+235.1%	N/A	$57.0M+5.6%	N/A	$54.0M-22.9%
Capital Expenditures	N/A	$209.0M-48.1%	N/A	$403.0M+198.5%	N/A	$135.0M	N/A	N/A
Free Cash Flow	N/A	$269.0M+149.1%	N/A	$108.0M-16.9%	N/A	$130.0M	N/A	N/A
Investing Cash Flow	N/A	$195.0M+178.6%	N/A	-$248.0M-85.1%	N/A	-$134.0M+4.3%	N/A	-$140.0M-121.9%
Financing Cash Flow	N/A	$257.0M+317.8%	N/A	-$118.0M-16.8%	N/A	-$101.0M+86.1%	N/A	-$728.0M-10.3%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

BIPC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BIPC quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K
Net Margin	19.1%+17.1pp	2.0%-22.3pp	24.2%-61.6pp	85.8%+84.2pp	1.6%+17.9pp	-16.2%-51.4pp	35.2%-2.0pp	37.2%
Return on Equity	34.9%+31.7pp	3.2%-11.7pp	14.9%	N/A	N/A	N/A	17.4%-0.5pp	17.9%
Return on Assets	2.9%+2.6pp	0.3%-2.2pp	2.5%-13.4pp	15.9%+15.6pp	0.3%+2.8pp	-2.5%-8.3pp	5.8%	N/A
Current Ratio	0.38-0.2x	0.62+0.2x	0.44+0.1x	0.340.0x	0.32+0.1x	0.21-1.0x	1.20	N/A
Debt-to-Equity	10.98+1.4x	9.62+4.7x	4.88	N/A	N/A	N/A	2.01	N/A
Asset Turnover	0.150.0x	0.16+0.1x	0.10-0.1x	0.190.0x	0.160.0x	0.150.0x	0.16	N/A
FCF Margin	0.1%-9.2pp	9.3%-9.3pp	18.6%	N/A	N/A	N/A	N/A	N/A

Metric	Q4'2520-F	Q2'2510-Q	Q4'2420-F	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Net Margin	N/A	-35.7%-106.5pp	N/A	70.8%+99.4pp	N/A	-28.6%	N/A	175.8%
Return on Equity	N/A	-14.0%-32.2pp	N/A	18.2%	N/A	N/A	N/A	N/A
Return on Assets	N/A	-1.3%-4.0pp	N/A	2.7%+4.1pp	N/A	-1.4%-9.8pp	N/A	8.4%+7.7pp
Current Ratio	0.38-0.2x	0.49-0.1x	0.62+0.2x	0.59+0.3x	0.44+0.1x	0.34+0.1x	0.340.0x	0.260.0x
Debt-to-Equity	10.98+1.4x	9.81+4.1x	9.62+4.7x	5.70	4.88	N/A	N/A	N/A
Asset Turnover	N/A	0.040.0x	N/A	0.040.0x	N/A	0.050.0x	N/A	0.050.0x
FCF Margin	N/A	31.1%+19.2pp	N/A	11.9%-12.3pp	N/A	24.2%	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Note: The current ratio is below 1.0 (0.38), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Brookfield Infrastructure Corporation BIPC	FY2025	$3.7B	$700.0M	19.1%	$4.5B	32/100
ONE GAS, INC. OGS	FY2025	N/A	$264.2M	N/A	$4.6B	—
New Jersey Resources Corp NJR	FY2025	$1.4B	$335.6M	24.8%	$5.2B	59/100
Spire Inc. SR	FY2025	$2.5B	$271.7M	11.0%	$4.6B	43/100
Southwest Gas Holdings, Inc. SWX	FY2025	N/A	$439.8M	N/A	$6.0B	—
Black Hills Corporation BKH	FY2025	$2.3B	$291.6M	12.6%	$5.4B	58/100

Where Brookfield Infrastructure Corporation Ranks

Frequently Asked Questions

What is Brookfield Infrastructure Corporation's annual revenue?

Brookfield Infrastructure Corporation (BIPC) reported $3.7B in total revenue for fiscal year 2025. This represents a 0.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Brookfield Infrastructure Corporation's revenue growing?

Brookfield Infrastructure Corporation (BIPC) revenue grew by 0.1% year-over-year, from $3.7B to $3.7B in fiscal year 2025.

Is Brookfield Infrastructure Corporation profitable?

Yes, Brookfield Infrastructure Corporation (BIPC) reported a net income of $700.0M in fiscal year 2025, with a net profit margin of 19.1%.

What is Brookfield Infrastructure Corporation's net profit margin?

Brookfield Infrastructure Corporation (BIPC) had a net profit margin of 19.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Brookfield Infrastructure Corporation's return on equity (ROE)?

Brookfield Infrastructure Corporation (BIPC) has a return on equity of 34.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Brookfield Infrastructure Corporation's free cash flow?

Brookfield Infrastructure Corporation (BIPC) generated $2.0M in free cash flow during fiscal year 2025. This represents a -99.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Brookfield Infrastructure Corporation's operating cash flow?

Brookfield Infrastructure Corporation (BIPC) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Brookfield Infrastructure Corporation's total assets?

Brookfield Infrastructure Corporation (BIPC) had $24.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Brookfield Infrastructure Corporation's capital expenditures?

Brookfield Infrastructure Corporation (BIPC) invested $1.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Brookfield Infrastructure Corporation's current ratio?

Brookfield Infrastructure Corporation (BIPC) had a current ratio of 0.38 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Brookfield Infrastructure Corporation's debt-to-equity ratio?

Brookfield Infrastructure Corporation (BIPC) had a debt-to-equity ratio of 10.98 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Brookfield Infrastructure Corporation's return on assets (ROA)?

Brookfield Infrastructure Corporation (BIPC) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Brookfield Infrastructure Corporation's P/E ratio?

Brookfield Infrastructure Corporation (BIPC) trades at 6.4x earnings, its market capitalization divided by net income of $700.0M net income, FY2025. The market capitalization is $4.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Brookfield Infrastructure Corporation's price-to-sales ratio?

Brookfield Infrastructure Corporation (BIPC) trades at 1.2x sales, its market capitalization divided by revenue of $3.7B revenue, FY2025. The market capitalization is $4.5B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Brookfield Infrastructure Corporation's Piotroski F-Score?

Brookfield Infrastructure Corporation (BIPC) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Brookfield Infrastructure Corporation's earnings high quality?

Brookfield Infrastructure Corporation (BIPC) has an earnings quality ratio of 2.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Brookfield Infrastructure Corporation?

Brookfield Infrastructure Corporation (BIPC) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.