Brookfield Infrastructure Financials

BIPC

FY2025 annual

Revenue $3.7B +0.1% YoY

Net Income $700.0M +872.2% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $2.0M -99.4% YoY

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

Brookfield Infrastructure (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 2026-08-15

Brookfield Infrastructure's cash engine is strong before reinvestment, but heavy capital spending leaves almost no free cash.

Most recently, operating cash flow of $1.6B fell to just $2M of free cash flow, which means reinvestment consumed almost everything the assets produced. With revenue essentially unchanged, the drop from $340M of free cash flow to $2M shows that capital intensity, not sales growth, is the main driver of cash left over for shareholders.

Short-term liquidity is thin: the current ratio was only 0.4x, so near-term obligations are being carried with a small current-asset buffer rather than a large cash reserve. That matters more because total liabilities of $22.0B sit against only $2.0B of equity, leaving little room for asset-value volatility to be absorbed by book capital.

ROE of 34.9% looks far stronger than ROA of 2.9%, a gap that says returns are being magnified by leverage and a thin equity base. The same structure helps explain why profit can jump without much sales movement: net income returned to $700M from $72M even though revenue barely moved.

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'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, and counted as zero in the overall score.

Growth

Leverage

Liquidity

Cash Flow

Returns

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

Piotroski F-Score Partial

4/6

Brookfield Infrastructure 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 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

Revenue

$3.7B

YoY+0.1%

5Y CAGR+20.7%

Brookfield Infrastructure generated $3.7B in revenue in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Net Income

$700.0M

YoY+872.2%

Brookfield Infrastructure reported $700.0M in net income in fiscal year 2025. This represents an increase of 872.2% from the prior year.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$2.0M

YoY-99.4%

Brookfield Infrastructure generated $2.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.4% from the prior year.

Cash & Debt

$431.0M

YoY-36.1%

5Y CAGR+17.6%

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

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

19.1%

YoY+17.1pp

5Y CAGR+35.3pp

Brookfield Infrastructure's net profit margin was 19.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17.1 percentage points from the prior year.

Return on Equity

34.9%

YoY+31.7pp

Brookfield Infrastructure's ROE was 34.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 31.7 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$1.6B

YoY+14.5%

Brookfield Infrastructure invested $1.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14.5% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 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.

BIPC annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
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
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$866.0M	N/A	$908.0M	N/A	$538.0M	N/A	$479.0M
Net Income	N/A	-$309.0M	N/A	$643.0M	N/A	-$154.0M	N/A	$842.0M

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

BIPC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BIPC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
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
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$24.0B+0.5%	$23.9B+1.4%	$23.6B-0.3%	$23.7B-1.1%	$23.9B+117.9%	$11.0B+7.8%	$10.2B+1.4%	$10.0B
Current Assets	$2.9B-18.6%	$3.6B-24.0%	$4.8B+55.4%	$3.1B+9.3%	$2.8B+62.1%	$1.7B+10.4%	$1.6B-2.7%	$1.6B
Cash & Equivalents	$431.0M-64.6%	$1.2B+80.6%	$674.0M+44.6%	$466.0M-13.5%	$539.0M+51.4%	$356.0M-20.0%	$445.0M-13.1%	$512.0M
Accounts Receivable	$928.0M+6.1%	$875.0M+11.3%	$786.0M-9.9%	$872.0M-7.1%	$939.0M+69.5%	$554.0M+11.0%	$499.0M+2.9%	$485.0M
Goodwill	$1.7B+0.6%	$1.7B+3.8%	$1.6B-3.0%	$1.7B-3.9%	$1.7B+204.9%	$566.0M+9.3%	$518.0M+0.4%	$516.0M
Total Liabilities	$22.0B+1.5%	$21.7B+1.6%	$21.4B+6.2%	$20.1B+1.4%	$19.8B+69.0%	$11.7B+11.4%	$10.5B-5.2%	$11.1B
Current Liabilities	$7.7B+4.9%	$7.3B-4.4%	$7.6B+47.1%	$5.2B-18.2%	$6.4B+23.7%	$5.1B+10.9%	$4.6B-26.6%	$6.3B
Total Equity	$2.0B-9.3%	$2.2B-0.5%	$2.2B-37.1%	$3.5B-13.2%	$4.1B+632.5%	-$764.0M-111.6%	-$361.0M+66.5%	-$1.1B

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

BIPC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BIPC annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
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
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	$478.0M	N/A	$511.0M	N/A	$265.0M	N/A	$232.0M
Capital Expenditures	N/A	$209.0M	N/A	$403.0M	N/A	$135.0M	N/A	N/A
Free Cash Flow	N/A	$269.0M	N/A	$108.0M	N/A	$130.0M	N/A	N/A
Investing Cash Flow	N/A	$195.0M	N/A	-$248.0M	N/A	-$134.0M	N/A	-$140.0M
Financing Cash Flow	N/A	$257.0M	N/A	-$118.0M	N/A	-$101.0M	N/A	-$728.0M

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

BIPC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

BIPC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
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
FCF Margin	0.1%-9.2pp	9.3%-9.3pp	18.6%	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Net Margin	N/A	-35.7%	N/A	70.8%	N/A	-28.6%	N/A	175.8%
Return on Equity	N/A	-14.0%	N/A	18.2%	N/A	N/A	N/A	N/A
Return on Assets	N/A	-1.3%	N/A	2.7%	N/A	-1.4%	N/A	8.4%
Current Ratio	0.38-0.1x	0.49-0.1x	0.620.0x	0.59+0.1x	0.44+0.1x	0.340.0x	0.34+0.1x	0.26
Debt-to-Equity	10.98+1.2x	9.81+0.2x	9.62+3.9x	5.70+0.8x	4.88	N/A	N/A	N/A
FCF Margin	N/A	31.1%	N/A	11.9%	N/A	24.2%	N/A	N/A

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

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Where Brookfield Infrastructure Ranks

Frequently Asked Questions

What is Brookfield Infrastructure's annual revenue?

Brookfield Infrastructure (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's revenue growing?

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

Is Brookfield Infrastructure profitable?

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

What is Brookfield Infrastructure's net profit margin?

Brookfield Infrastructure (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's return on equity (ROE)?

Brookfield Infrastructure (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's free cash flow?

Brookfield Infrastructure (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's operating cash flow?

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

What are Brookfield Infrastructure's total assets?

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

What are Brookfield Infrastructure's capital expenditures?

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

What is Brookfield Infrastructure's current ratio?

Brookfield Infrastructure (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's debt-to-equity ratio?

Brookfield Infrastructure (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's return on assets (ROA)?

Brookfield Infrastructure (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's Piotroski F-Score?

Brookfield Infrastructure (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's earnings high quality?

Brookfield Infrastructure (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?

Brookfield Infrastructure (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.