Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) Financials
Newest figures come from the filing 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 BIPH SEC filings page.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) reported $23.1B in revenue for fiscal year 2025, up 9.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 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.
BIPH is expanding profitably, but rising leverage and heavier reinvestment mean accounting gains are not translating into free cash flow.
Operating cash flow climbed from$4.1B in FY2023 to$6.0B in FY2025, confirming that reported earnings were accompanied by cash generation. Yet free cash flow moved from$1.6B to-$53M as capital expenditures reached$6.0B , showing that expansion is increasingly consuming internally generated cash.
The balance sheet is more liability-financed: liabilities represented
Profitability improved through operations: operating margin reached
Financial Health Signals
We do not publish a peer-relative financial health score for Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 passes 5 of 7 computable financial strength tests (2 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), 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 generates $2.36 in operating cash flow ($6.0B OCF vs $2.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 earns $1.50 in operating income for every $1 of interest expense ($5.8B vs $3.9B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 generated $23.1B in revenue in fiscal year 2025. This represents an increase of 9.8% from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081's EBITDA was $9.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.2% from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 reported $2.5B in net income in fiscal year 2025. This represents an increase of 50.4% from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 earned $0.90 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 recorded an outflow of $53.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 held $3.2B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081's gross margin was 26.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081's operating margin was 25.1% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081's net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081's ROE was 7.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the prior year.
Capital Allocation
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 invested $6.0B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BIPH 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.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.1B+9.8% | $21.0B+17.3% | $17.9B+24.3% | $14.4B+25.0% | $11.5B+29.8% | $8.9B+34.7% | $6.6B+41.8% | $4.7B+31.6% | $3.5B+67.1% | $2.1B+14.0% | $1.9B |
| Cost of Revenue | $16.9B+7.7% | $15.7B+16.4% | $13.5B+28.2% | $10.5B+27.4% | $8.2B+25.9% | $6.5B+42.1% | $4.6B+108.7% | $2.2B+46.3% | $1.5B+42.0% | $1.1B+33.2% | $798.0M |
| Gross Profit | $6.2B+16.1% | $5.4B+20.2% | $4.5B+13.9% | $3.9B+19.1% | $3.3B+40.8% | $2.3B+17.6% | $2.0B-18.7% | $2.4B+20.6% | $2.0B+92.6% | $1.1B-0.5% | $1.1B |
| Operating Income | $5.8B+16.9% | $5.0B+22.5% | $4.0B+16.2% | $3.5B+20.8% | $2.9B+42.4% | $2.0B+18.5% | $1.7B+20.4% | $1.4B+27.2% | $1.1B+154.2% | $439.0M-19.9% | $548.0M |
| EBITDA | $9.8B+14.2% | $8.6B+26.7% | $6.8B+20.3% | $5.6B+14.7% | $4.9B+31.9% | $3.7B+27.6% | $2.9B+31.6% | $2.2B+24.3% | $1.8B+101.7% | $886.0M-4.0% | $923.0M |
| Interest Expense | $3.9B+14.2% | $3.4B+35.4% | $2.5B+34.8% | $1.9B+26.4% | $1.5B+24.5% | $1.2B+30.4% | $904.0M+62.9% | $555.0M+29.7% | $428.0M+9.2% | $392.0M+6.8% | $367.0M |
| Income Tax | $589.0M+118.1% | $270.0M-53.5% | $581.0M+3.8% | $560.0M-8.8% | $614.0M+111.0% | $291.0M+4.7% | $278.0M-23.6% | $364.0M+110.4% | $173.0M+1053.3% | $15.0Mn/m | -$4.0M |
| Net Income | $2.5B+50.4% | $1.7B+16.2% | $1.4B+5.3% | $1.4B-49.4% | $2.7B+200.8% | $904.0M+39.1% | $650.0M-19.4% | $806.0M+40.4% | $574.0M+8.7% | $528.0M+35.0% | $391.0M |
| EPS (Basic) | $0.90 | $0.04 | $0.140.0% | $0.14 | $1.16 | $0.23 | $0.06 | N/A | N/A | N/A | N/A |
| EPS (Diluted) | $0.90 | $0.04 | $0.140.0% | $0.14 | $1.16 | $0.23 | $0.06 | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, Diluted Shares (Avg).
BIPH Balance Sheet
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.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $128.2B+22.5% | $104.6B+3.8% | $100.8B+38.1% | $73.0B-1.3% | $74.0B+20.6% | $61.3B+8.9% | $56.3B+53.9% | $36.6B+24.1% | $29.5B+38.6% | $21.3B+20.0% | $17.7B |
| Current Assets | $12.0B+24.7% | $9.6B+20.4% | $8.0B+19.3% | $6.7B+36.6% | $4.9B+31.9% | $3.7B-36.5% | $5.8B+156.6% | $2.3B+50.5% | $1.5B-7.4% | $1.6B+5.1% | $1.6B |
| Cash & Equivalents | $3.2B+54.6% | $2.1B+11.5% | $1.9B+45.2% | $1.3B-9.0% | $1.4B+62.2% | $867.0M+4.8% | $827.0M+53.1% | $540.0M+44.4% | $374.0M-52.4% | $786.0M+295.0% | $199.0M |
| Inventory | $583.0M+28.4% | $454.0M-11.3% | $512.0M-3.6% | $531.0M+32.8% | $400.0M+81.0% | $221.0M-8.7% | $242.0M+71.6% | $141.0M+30.6% | $108.0M+6.9% | $101.0M | N/A |
| Accounts Receivable | $5.3B+19.8% | $4.5B-4.7% | $4.7B+77.9% | $2.6B+19.2% | $2.2B+14.5% | $1.9B-1.8% | $2.0B+67.4% | $1.2B+39.7% | $838.0M+66.3% | $504.0M | N/A |
| Goodwill | $19.2B+36.2% | $14.1B-2.7% | $14.5B+64.8% | $8.8B-2.1% | $9.0B+35.3% | $6.6B+1.2% | $6.6B+69.8% | $3.9B+196.6% | $1.3B+159.2% | $502.0M | N/A |
| Total Liabilities | $92.6B+23.9% | $74.7B+11.9% | $66.8B+40.8% | $47.4B-0.3% | $47.6B+20.0% | $39.7B+16.2% | $34.1B+55.8% | $21.9B+36.9% | $16.0B+37.6% | $11.6B+10.2% | $10.6B |
| Current Liabilities | $15.3B+40.0% | $10.9B-6.9% | $11.7B+39.7% | $8.4B-3.3% | $8.7B+56.8% | $5.5B+1.6% | $5.4B+125.0% | $2.4B+54.5% | $1.6B+3.2% | $1.5B+25.2% | $1.2B |
| Non-Current Liabilities | $77.3B+21.2% | $63.8B+15.9% | $55.1B+41.0% | $39.0B+0.3% | $38.9B+14.0% | $34.1B+19.0% | $28.7B+47.2% | $19.5B+35.0% | $14.4B+42.7% | $10.1B+8.2% | $9.3B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $10.2B+22.1% | $8.3B | N/A |
| Total Equity | $35.5B+19.1% | $29.9B-12.2% | $34.0B+33.1% | $25.6B-3.2% | $26.4B+21.8% | $21.7B-2.3% | $22.2B+51.2% | $14.7B+8.9% | $13.5B+39.7% | $9.6B+34.4% | $7.2B |
| Retained Earnings | -$6.1Bn/m | -$5.7Bn/m | -$4.4Bn/m | -$3.4Bn/m | -$2.5Bn/m | -$2.8Bn/m | -$2.0Bn/m | -$1.2Bn/m | -$1.4Bn/m | -$697.0M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
BIPH Cash Flow 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.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.0B+28.3% | $4.7B+14.1% | $4.1B+30.2% | $3.1B+13.0% | $2.8B+9.6% | $2.5B+18.1% | $2.1B+57.3% | $1.4B-8.0% | $1.5B+96.7% | $753.0M+19.1% | $632.0M |
| Depreciation & Amortization | $4.0B+10.4% | $3.6B+33.0% | $2.7B+26.9% | $2.2B+6.0% | $2.0B+19.4% | $1.7B+40.4% | $1.2B+51.6% | $801.0M+19.4% | $671.0M+50.1% | $447.0M+19.2% | $375.0M |
| Capital Expenditures | $6.0B+21.1% | $5.0B+100.0% | $2.5B-10.4% | $2.8B+34.3% | $2.1B+40.4% | $1.5B+24.5% | $1.2B+40.9% | $839.0M+17.5% | $714.0M+3.5% | $690.0M+32.7% | $520.0M |
| Free Cash Flow | -$53.0Mn/m | -$322.0M-120.2% | $1.6B+346.9% | $356.0M-49.5% | $705.0M-33.4% | $1.1B+10.1% | $961.0M+83.7% | $523.0M-31.8% | $767.0M+1117.5% | $63.0M-43.8% | $112.0M |
| Investing Cash Flow | -$12.7Bn/m | -$6.9Bn/m | -$13.0Bn/m | -$3.4Bn/m | -$1.2Bn/m | -$4.6Bn/m | -$11.4Bn/m | -$5.6Bn/m | -$5.7Bn/m | -$1.1Bn/m | -$2.3B |
| Financing Cash Flow | $7.8B+199.3% | $2.6B-72.3% | $9.4B+16719.6% | $56.0Mn/m | -$995.0M-146.8% | $2.1B-77.7% | $9.5B+116.0% | $4.4B+15.8% | $3.8B+324.2% | $899.0M-49.0% | $1.8B |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
BIPH 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.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9%+1.4pp | 25.5%+0.6pp | 24.9%-2.3pp | 27.2%-1.4pp | 28.5%+2.2pp | 26.3%-3.8pp | 30.1%-22.4pp | 52.5%-4.8pp | 57.3%+7.6pp | 49.7%-7.2pp | 57.0% |
| Operating Margin | 25.1%+1.5pp | 23.6%+1.0pp | 22.6%-1.6pp | 24.1%-0.9pp | 25.0%+2.2pp | 22.8%-3.1pp | 25.9%-4.6pp | 30.5%-1.0pp | 31.6%+10.8pp | 20.8%-8.8pp | 29.5% |
| Net Margin | 11.0%+3.0pp | 8.0%-0.1pp | 8.1%-1.4pp | 9.5%-14.0pp | 23.6%+13.4pp | 10.2%+0.3pp | 9.8%-7.5pp | 17.3%+1.1pp | 16.2%-8.7pp | 25.0%+3.9pp | 21.1% |
| Return on Equity | 7.1%+1.5pp | 5.6%+1.4pp | 4.3%-1.1pp | 5.4%-4.9pp | 10.3%+6.1pp | 4.2%+1.2pp | 2.9%-2.6pp | 5.5%+1.2pp | 4.3%-1.2pp | 5.5%0.0pp | 5.5% |
| Return on Assets | 2.0%+0.4pp | 1.6%+0.2pp | 1.4%-0.4pp | 1.9%-1.8pp | 3.7%+2.2pp | 1.5%+0.3pp | 1.1%-1.0pp | 2.2%+0.2pp | 1.9%-0.5pp | 2.5%+0.3pp | 2.2% |
| Current Ratio | 0.78-0.1x | 0.88+0.2x | 0.68-0.1x | 0.80+0.2x | 0.57-0.1x | 0.67-0.4x | 1.07+0.1x | 0.940.0x | 0.97-0.1x | 1.08-0.2x | 1.28 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.75-0.1x | 0.86 | N/A |
| Liabilities-to-Equity | 2.61+0.1x | 2.50+0.5x | 1.96+0.1x | 1.86+0.1x | 1.800.0x | 1.83+0.3x | 1.540.0x | 1.49+0.3x | 1.190.0x | 1.21-0.3x | 1.47 |
| Asset Turnover | 0.180.0x | 0.200.0x | 0.180.0x | 0.200.0x | 0.160.0x | 0.140.0x | 0.120.0x | 0.130.0x | 0.120.0x | 0.100.0x | 0.10 |
| FCF Margin | -0.2%+1.3pp | -1.5%-10.4pp | 8.9%+6.4pp | 2.5%-3.6pp | 6.1%-5.8pp | 11.9%-2.7pp | 14.6%+3.3pp | 11.2%-10.5pp | 21.7%+18.7pp | 3.0%-3.1pp | 6.0% |
Note: The current ratio is below 1.0 (0.78), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 Ranks
Frequently Asked Questions
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) reported $23.1B in total revenue for fiscal year 2025. This represents a 9.8% 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.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) revenue grew by 9.8% year-over-year, from $21.0B to $23.1B in fiscal year 2025.
Yes, Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) reported a net income of $2.5B in fiscal year 2025, with a net profit margin of 11.0%.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) reported diluted earnings per share of $0.90 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had EBITDA of $9.8B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had a gross margin of 26.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had an operating margin of 25.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) has a return on equity of 7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) recorded an outflow of $53.0M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) generated $6.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had $128.2B in total assets as of fiscal year 2025, including both current and long-term assets.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) invested $6.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had a current ratio of 0.78 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had a liabilities-to-equity ratio of 2.61 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) had a return on assets of 2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) has a Piotroski F-Score of 5 out of 7 computable signals; 2 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.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) has an earnings quality ratio of 2.36x, 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.
Brookfield Infrastructure Finance ULC 5.000% Subordinated Notes due 2081 (BIPH) has an interest coverage ratio of 1.50x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.