BIP BERMUDA HOLDINGS I LIMITED (BIPI) Financials

BIPI

FY2025 annual

Revenue $23.1B +9.8% YoY

Net Income $2.5B +50.4% YoY

Free Cash Flow -$53.0M +83.5% YoY

Operating Cash Flow $6.0B +28.3% YoY

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 10-K 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 BIPI SEC filings page.

BIP BERMUDA HOLDINGS I LIMITED (BIPI) 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 (10-K and 10-Q reports).

Rhea AI BIPI FY2025 2026-08-30

Capital reinvestment is absorbing operating cash, leaving growth dependent on financing and a persistently tight working-capital structure.

By FY2025, operating cash generation reached $6.0B but free cash flow was -$53M, indicating that the cash constraint sits after operations—in capital spending rather than collection or core profitability. Capital expenditures rose from $2.5B in FY2023 to $6.0B in FY2025, coinciding with a much larger asset base; the company is scaling through a capital-hungry balance sheet, not an asset-light model.

The 2025 margin recovery to 11.0% lifted net income to $2.5B, but earnings quality remains mixed: near-zero free cash flow means improved reported profitability has not translated into discretionary cash. This gap widened as reinvestment consumed more of the cash produced by operations.

A sub-one current ratio of 0.8x in FY2025 means current assets remain below current liabilities, while debt leverage is modest at 0.1x debt-to-equity; financing strain is concentrated in short-term obligations rather than traditional debt. The $7.8B financing inflow alongside negative free cash flow indicates that balance-sheet expansion has been supported partly by external funding instead of internally generated cash alone.

Financial Health Signals

Financial health score not available

BIP BERMUDA HOLDINGS I LIMITED does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/7

BIP BERMUDA HOLDINGS I LIMITED 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), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.36x

For every $1 of reported earnings, BIP BERMUDA HOLDINGS I LIMITED 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.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$3.2B

YoY+54.6%

QoQ+36.7%

BIP BERMUDA HOLDINGS I LIMITED held $3.2B in cash against $4.0B in long-term debt as of Q4 2025.

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.

BIPI 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.

BIPI quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
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%	$15.0M+475.0%	-$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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Revenue	N/A	$5.4B+5.7%	N/A	$5.1B+20.7%	N/A	$4.3B+15.6%	N/A	$3.7B+38.2%
Net Income	N/A	$252.0M+37.0%	N/A	$184.0M-76.2%	N/A	$773.0M+81.9%	N/A	$425.0M-67.5%

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

BIPI Balance Sheet

BIPI quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	$4.0B-11.9%	$4.5B+41.0%	$3.2B+5.3%	$3.0B-11.3%	$3.4B-4.8%	$3.6B+124.0%	$1.6B	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	-$6.1B-7.4%	-$5.7B-28.4%	-$4.4B-29.1%	-$3.4B-35.8%	-$2.5B+8.4%	-$2.8B-34.4%	-$2.0B-66.8%	-$1.2B+10.1%	-$1.4B-96.0%	-$697.0M	N/A

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$128.2B+22.5%	$108.7B+7.7%	$104.6B+3.8%	$100.9B+23.5%	$100.8B+38.1%	$81.7B+10.5%	$73.0B-1.3%	$73.9B+22.6%
Current Assets	$12.0B+24.7%	$12.2B+63.2%	$9.6B+20.4%	$7.5B+18.4%	$8.0B+19.3%	$6.3B+8.2%	$6.7B+36.6%	$5.8B-0.9%
Cash & Equivalents	$3.2B+54.6%	$2.3B+76.6%	$2.1B+11.5%	$1.3B-3.9%	$1.9B+45.2%	$1.4B+6.1%	$1.3B-9.0%	$1.3B+2.0%
Inventory	$583.0M+28.4%	$470.0M-1.5%	$454.0M-11.3%	$477.0M+0.4%	$512.0M-3.6%	$475.0M+3.7%	$531.0M+32.8%	$458.0M+60.7%
Accounts Receivable	$5.3B+19.8%	$4.9B+10.0%	$4.5B-4.7%	$4.5B+28.4%	$4.7B+77.9%	$3.5B+50.1%	$2.6B+19.2%	$2.3B+13.5%
Goodwill	$19.2B+36.2%	$14.5B+3.1%	$14.1B-2.7%	$14.1B+13.8%	$14.5B+64.8%	$12.4B+38.4%	$8.8B-2.1%	$9.0B+31.4%
Total Liabilities	$92.6B+23.9%	$79.0B+11.7%	$74.7B+11.9%	$70.8B+33.4%	$66.8B+40.8%	$53.0B+10.8%	$47.4B-0.3%	$47.9B+23.3%
Current Liabilities	$15.3B+40.0%	$13.8B+49.5%	$10.9B-6.9%	$9.2B-5.3%	$11.7B+39.7%	$9.7B+9.3%	$8.4B-3.3%	$8.9B+26.8%
Non-Current Liabilities	$77.3B+21.2%	$65.3B+6.0%	$63.8B+15.9%	$61.6B+42.1%	$55.1B+41.0%	$43.3B+11.2%	$39.0B+0.3%	$39.0B+22.5%
Long-Term Debt	$4.0B-11.9%	$4.5B+13.0%	$4.5B+41.0%	$3.9B+29.0%	$3.2B+5.3%	$3.1B-5.8%	$3.0B-11.3%	$3.2B-1.5%
Total Equity	$35.5B+19.1%	$29.6B-1.5%	$29.9B-12.2%	$30.1B+5.2%	$34.0B+33.1%	$28.6B+9.9%	$25.6B-3.2%	$26.0B+21.4%
Retained Earnings	-$6.1B-7.4%	-$6.3B-24.1%	-$5.7B-28.4%	-$5.1B-35.2%	-$4.4B-29.1%	-$3.7B-30.8%	-$3.4B-35.8%	-$2.9B-12.3%

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

BIPI Cash Flow Statement

BIPI quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	-$53.0M+83.5%	-$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	-$12.7B-83.5%	-$6.9B+46.9%	-$13.0B-286.0%	-$3.4B-186.9%	-$1.2B+74.5%	-$4.6B+59.5%	-$11.4B-104.4%	-$5.6B+2.7%	-$5.7B-440.7%	-$1.1B+54.9%	-$2.3B
Financing Cash Flow	$7.8B+199.3%	$2.6B-72.3%	$9.4B+16719.6%	$56.0M+105.6%	-$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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Operating Cash Flow	N/A	$1.2B+12.5%	N/A	$1.1B+9.0%	N/A	$970.0M+32.2%	N/A	$734.0M+30.1%
Depreciation & Amortization	N/A	$941.0M+6.7%	N/A	$882.0M+39.6%	N/A	$632.0M+14.5%	N/A	$552.0M+12.2%
Capital Expenditures	N/A	$1.0B+2.9%	N/A	$991.0M+73.3%	N/A	$572.0M-22.2%	N/A	$735.0M+77.5%
Free Cash Flow	N/A	$169.0M+156.1%	N/A	$66.0M-83.4%	N/A	$398.0M+39900.0%	N/A	-$1.0M-100.7%
Investing Cash Flow	N/A	-$460.0M+61.2%	N/A	-$1.2B-256.2%	N/A	$760.0M+230.1%	N/A	-$584.0M-128.9%
Financing Cash Flow	N/A	$105.0M+238.2%	N/A	-$76.0M+96.0%	N/A	-$1.9B-177.5%	N/A	-$690.0M+72.1%

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

BIPI 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.

BIPI quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	0.110.0x	0.15+0.1x	0.090.0x	0.120.0x	0.130.0x	0.17+0.1x	0.07-1.4x	1.49+0.7x	0.75-0.1x	0.86-0.6x	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%

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Net Margin	N/A	4.6%+1.1pp	N/A	3.6%-14.6pp	N/A	18.2%+6.6pp	N/A	11.6%-37.5pp
Return on Equity	N/A	0.9%+0.2pp	N/A	0.6%-2.1pp	N/A	2.7%+1.1pp	N/A	1.6%-4.5pp
Return on Assets	N/A	0.2%+0.1pp	N/A	0.2%-0.8pp	N/A	0.9%+0.4pp	N/A	0.6%-1.6pp
Current Ratio	0.78-0.1x	0.88+0.1x	0.88+0.2x	0.81+0.2x	0.68-0.1x	0.650.0x	0.80+0.2x	0.65-0.2x
Debt-to-Equity	0.110.0x	0.150.0x	0.15+0.1x	0.130.0x	0.090.0x	0.110.0x	0.120.0x	0.120.0x
Asset Turnover	N/A	0.050.0x	N/A	0.050.0x	N/A	0.050.0x	N/A	0.050.0x
FCF Margin	N/A	3.1%+1.8pp	N/A	1.3%-8.1pp	N/A	9.3%+9.4pp	N/A	0.0%-5.7pp

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

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 BIP BERMUDA HOLDINGS I LIMITED Ranks

Frequently Asked Questions

What is BIP BERMUDA HOLDINGS I LIMITED's annual revenue?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) 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.

How fast is BIP BERMUDA HOLDINGS I LIMITED's revenue growing?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) revenue grew by 9.8% year-over-year, from $21.0B to $23.1B in fiscal year 2025.

Is BIP BERMUDA HOLDINGS I LIMITED profitable?

Yes, BIP BERMUDA HOLDINGS I LIMITED (BIPI) reported a net income of $2.5B in fiscal year 2025, with a net profit margin of 11.0%.

How much debt does BIP BERMUDA HOLDINGS I LIMITED have?

As of fiscal year 2025, BIP BERMUDA HOLDINGS I LIMITED (BIPI) had $3.2B in cash and equivalents against $4.0B in long-term debt.

What is BIP BERMUDA HOLDINGS I LIMITED's net profit margin?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is BIP BERMUDA HOLDINGS I LIMITED's return on equity (ROE)?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) has a return on equity of 7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is BIP BERMUDA HOLDINGS I LIMITED's free cash flow?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) recorded an outflow of $53.0M in free cash flow during fiscal year 2025. This represents a 83.5% 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 BIP BERMUDA HOLDINGS I LIMITED's operating cash flow?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) generated $6.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are BIP BERMUDA HOLDINGS I LIMITED's total assets?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) had $128.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are BIP BERMUDA HOLDINGS I LIMITED's capital expenditures?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) invested $6.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is BIP BERMUDA HOLDINGS I LIMITED's current ratio?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) had a current ratio of 0.78 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is BIP BERMUDA HOLDINGS I LIMITED's debt-to-equity ratio?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is BIP BERMUDA HOLDINGS I LIMITED's return on assets (ROA)?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) had a return on assets of 2.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is BIP BERMUDA HOLDINGS I LIMITED's Piotroski F-Score?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) 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.

Are BIP BERMUDA HOLDINGS I LIMITED's earnings high quality?

BIP BERMUDA HOLDINGS I LIMITED (BIPI) 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.