Brookfield Renewable Partners L.P. (BEP) Cash Flow Statement
Where BEP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.52B +25.2% vs 2024
- Capital expenditures
- $6.70B 102.8% of revenue
- Free cash flow
- −$5.18B −79.5% margin
- Returned to shareholders
- $1.19B
- Change in cash
- −$1.33B cash at year-end $2.09B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BEP operating cash flow, capex and free cash flow
BEP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $624.4M2016 | $1.52B2025 | +10.4%/yr | |
| Capital expenditures | $364.6M2016 | $6.70B2025 | +38.2%/yr | |
| Free cash flow | $259.8M2016 | −$5.18B2025 | — | |
| Free cash flow margin | 10.6%2016 | −79.5%2025 | −90.1 pts | |
| Operating cash flow / net income | 17.792018 | 12.412022 | −5.38 | |
| Stock-based compensation | $10.0M2016 | −$3.77B2023 | — | |
| Dividends paid | $552.3M2016 | $1.16B2025 | +8.6%/yr | |
| Share buybacks (net) | $02016 | $34.0M2025 | — | |
| Capex / revenue | 14.9%2016 | 102.8%2025 | +87.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BEP cash flow by activity
BEP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BEP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$19.3M | −$207.5M | −$50.9M | $138.0M | −$66.0M | −$45.0M | $80.0M | $58.8M | −$4.1M | −$20.7M |
| Depreciation & amortization | $2.47B | $2.01B | $1.85B | $1.58B | $1.50B | $1.37B | $1.27B | $1.15B | $782.0M | $781.0M |
| Stock-based compensation | — | — | −$3.77B | — | $178.0M | −$161.0M | $19.0M | $257,000 | $62.0M | $10.0M |
| Change in working capital | −$270.7M | −$274.2M | $483.7M | −$123.0M | −$716.0M | −$40.0M | −$53.0M | −$61.7M | −$20.7M | −$124.5M |
| Other non-cash items | −$659.3M | −$315.5M | $3.39B | $114.0M | −$163.0M | $175.0M | $237.0M | −$101.7M | $142.2M | −$21.4M |
| Cash from operating activities | $1.52B | $1.21B | $1.90B | $1.71B | $734.0M | $1.30B | $1.55B | $1.05B | $961.4M | $624.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$6.70B | −$3.55B | −$2.86B | −$2.19B | −$1.97B | −$447.0M | −$460.0M | −$223.0M | −$367.8M | −$364.6M |
| Investments (net) | $101.0M | −$6.80B | −$4.36B | −$5.07B | −$2.50B | −$211.0M | −$251.0M | −$624.0M | −$328.0M | −$3.19B |
| Acquisitions & other investing | −$3.42B | $5.81B | $5.17B | $2.19B | $1.97B | $232.0M | −$500.0M | $531.9M | $356.0M | $402.9M |
| Cash from investing activities | −$10.02B | −$4.54B | −$2.05B | −$5.07B | −$2.50B | −$426.0M | −$1.21B | −$315.1M | −$339.8M | −$3.15B |
| Financing activities | ||||||||||
| Dividends paid | −$1.16B | −$1.01B | −$1.01B | −$915.0M | −$854.0M | −$769.0M | −$753.0M | −$645.3M | −$665.1M | −$552.3M |
| Share repurchases & issuance (net) | −$34.0M | −$173.3M | −$43.8M | −$252.0M | −$153.0M | $509.0M | −$1.0M | −$48.4M | $1.87B | $3.48B |
| Net borrowing (repayment) | $5.45B | $3.06B | $2.51B | $4.12B | $2.77B | $87.0M | $478.0M | $12.0M | $218.0M | $1.50B |
| Shares issued | $632.0M | $145.0M | $630.0M | $115.0M | $592.0M | $195.0M | $126.0M | $196.0M | $0 | $0 |
| Other financing | $2.52B | $3.33B | −$1.83B | $415.0M | −$211.0M | −$814.0M | −$252.0M | −$823.9M | −$1.45B | −$1.75B |
| Cash from financing activities | $7.40B | $5.35B | $255.6M | $3.49B | $2.14B | −$792.0M | −$402.0M | −$1.31B | −$28.0M | $2.68B |
| Summary | ||||||||||
| Net change in cash | −$1.33B | $1.98B | $307.1M | $98.0M | $333.0M | $79.0M | −$70.0M | −$662.0M | $640.0M | $73.0M |
| Cash at end of period | $2.09B | $3.42B | $1.44B | $998.0M | $764.0M | $431.0M | $352.0M | $309.0M | $971.0M | $331.0M |
| Free cash flow | −$5.18B | −$2.34B | −$961.3M | −$478.0M | −$1.23B | $849.0M | $1.09B | $823.7M | $593.6M | $259.8M |
| Free cash flow margin | −79.5% | −39.8% | −19.1% | −10.1% | −30.1% | 22.2% | 27.5% | 21.7% | 22.6% | 10.6% |
| Capex / revenue | 102.8% | 60.5% | 56.8% | 46.5% | 48.0% | 11.7% | 11.6% | 5.9% | 14.0% | 14.9% |
| Operating cash flow / net income | — | — | — | 12.41 | — | — | 19.43 | 17.79 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$101.4M | −$113.4M | $416.3M | −$56.4M | −$54.9M | −$92.7M | −$8.7M | −$83.7M | −$70.0M | −$55.7M | $14.4M | $24.0M |
| Depreciation & amortization | $543.8M | $540.4M | $631.6M | $611.0M | $609.0M | $583.0M | $477.0M | $514.0M | $517.0M | $502.0M | $517.0M | $448.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$1.06B | −$131.0M |
| Change in working capital | $76.2M | −$88.8M | −$231.0M | −$24.0M | −$37.7M | $20.9M | −$183.5M | $119.5M | −$147.4M | −$66.7M | $264.2M | $67.0M |
| Other non-cash items | −$7.8M | −$189.3M | −$471.6M | −$149.1M | −$131.5M | −$125.4M | −$66.1M | −$49.7M | −$67.9M | −$57.0M | $735.3M | −$45.0M |
| Cash from operating activities | $510.9M | $148.9M | $345.3M | $381.5M | $385.0M | $385.8M | $218.7M | $500.1M | $231.7M | $322.6M | $468.3M | $363.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.29B | −$1.24B | −$1.84B | −$1.74B | −$1.50B | −$1.54B | −$1.12B | −$921.9M | −$820.2M | −$836.2M | −$1.17B | −$604.0M |
| Investments (net) | −$14.0M | −$19.0M | −$79.0M | −$1.18B | −$3.07B | −$3.79B | −$4.06B | −$1.01B | −$894.0M | −$835.0M | −$2.45B | −$530.0M |
| Acquisitions & other investing | $1.30B | $2.22B | −$1.19B | $1.66B | $2.51B | $1.90B | $2.78B | $1.11B | $967.4M | $965.4M | $1.53B | −$772.0M |
| Cash from investing activities | −$3.5M | $960.5M | −$3.10B | −$1.27B | −$2.06B | −$3.43B | −$2.40B | −$823.5M | −$746.7M | −$705.8M | −$2.09B | −$1.91B |
| Financing activities | ||||||||||||
| Dividends paid | −$298.2M | −$310.6M | −$293.6M | −$283.7M | −$285.5M | −$282.1M | −$256.6M | −$268.1M | −$270.9M | −$258.8M | −$257.2M | −$250.0M |
| Share repurchases & issuance (net) | $84.0M | −$85.8M | $598.0M | $265,887 | −$6.7M | −$26.9M | −$485,430 | −$9,823 | −$154.1M | −$27.9M | −$31.6M | −$12.0M |
| Net borrowing (repayment) | $408.0M | $2.35B | $1.33B | $1.69B | $1.12B | $1.31B | $1.41B | $661.0M | — | — | — | $166.0M |
| Shares issued | $149.0M | $115.0M | $632.0M | $0 | $0 | $0 | $0 | $0 | $0 | $146.0M | $0 | $0 |
| Other financing | −$970.2M | −$3.11B | $734.7M | −$486.2M | $754.5M | $817.6M | $2.90B | −$55.4M | $797.2M | $807.7M | $2.00B | $106.0M |
| Cash from financing activities | −$627.5M | −$1.05B | $3.00B | $922.3M | $1.58B | $1.82B | $4.05B | $337.4M | $372.2M | $667.0M | $1.71B | $10.0M |
| Summary | ||||||||||||
| Net change in cash | −$234.8M | $165.3M | $229,360 | −$124.0M | −$14.2M | −$1.19B | $1.82B | $65.7M | −$153.5M | $241.7M | $271.2M | −$168.0M |
| Cash at end of period | $2.24B | $2.47B | $2.09B | $2.09B | $2.21B | $2.23B | $3.42B | $1.60B | $1.53B | $1.69B | $1.44B | $1.03B |
| Free cash flow | −$780.9M | −$1.09B | −$1.49B | −$1.36B | −$1.12B | −$1.16B | −$901.1M | −$421.8M | −$588.5M | −$513.7M | −$705.2M | −$241.0M |
| Free cash flow margin | −47.0% | −71.9% | −95.5% | −85.0% | −65.9% | −73.1% | −62.9% | −28.7% | −39.7% | −34.4% | −53.3% | −20.4% |
| Capex / revenue | 77.8% | 81.7% | 117.5% | 108.9% | 88.7% | 97.6% | 78.2% | 62.7% | 55.3% | 56.0% | 88.7% | 51.2% |
| Operating cash flow / net income | — | — | 0.83 | — | — | — | — | — | — | — | 32.55 | 15.12 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BEP cash generation
In fiscal 2025 (ended December 31, 2025), Brookfield Renewable Partners generated $1.5 billion of cash from operations (up 25.2%) and spent $6.7 billion on capital expenditures, leaving free cash flow of -$5.2 billion, −79.5% of revenue. It returned $1.2 billion to shareholders through dividends ($1.2 billion) and net share buybacks ($34.0 million). Cash and equivalents fell by $1.3 billion over the year.
Related: BEP income statement, BEP balance sheet, BEP dividend history. See the BEP stock overview for the latest quote and news.
BEP cash flow FAQ
What is Brookfield Renewable Partners's free cash flow?
Brookfield Renewable Partners's free cash flow was -$5.2 billion in fiscal 2025: $1.5 billion of operating cash flow minus $6.7 billion of capital expenditures It was -$2.3 billion a year earlier..
How much cash does Brookfield Renewable Partners generate from operations?
Brookfield Renewable Partners generated $1.5 billion of cash from operating activities in fiscal 2025.
How much does Brookfield Renewable Partners spend on capital expenditures?
Brookfield Renewable Partners spent $6.7 billion on capital expenditures in fiscal 2025, 102.8% of revenue, compared with $3.6 billion the year before.
How much stock does Brookfield Renewable Partners buy back?
Brookfield Renewable Partners spent $34.0 million on net share repurchases in fiscal 2025.
How much does Brookfield Renewable Partners pay in dividends?
Brookfield Renewable Partners paid $1.2 billion in dividends in fiscal 2025.