Brookfield Renewable Corporation (BEPC) Cash Flow Statement
Where BEPC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $507.0M −32.6% vs 2024
- Capital expenditures
- $1.14B 30.6% of revenue
- Free cash flow
- −$633.0M −17.0% margin
- Returned to shareholders
- $5.0M
- Change in cash
- $58.0M cash at year-end $682.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BEPC operating cash flow, capex and free cash flow
BEPC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $117.0M2016 | $507.0M2025 | +17.7%/yr | |
| Capital expenditures | $93.0M2016 | $1.14B2025 | +32.1%/yr | |
| Free cash flow | $24.0M2016 | −$633.0M2025 | — | |
| Free cash flow margin | 2.3%2016 | −17.0%2025 | −19.3 pts | |
| Operating cash flow / net income | 8.142017 | 2.332024 | −5.82 | |
| Stock-based compensation | $6.0M2017 | −$2.68B2023 | — | |
| Dividends paid | $269.0M2017 | $5.0M2025 | −39.2%/yr | |
| Share buybacks (net) | $13.0M2019 | $02021 | −100.0% | |
| Capex / revenue | 9.0%2016 | 30.6%2025 | +21.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BEPC cash flow by activity
BEPC 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).
BEPC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.34B | $323.3M | $308.0M | $1.85B | $930.0M | −$2.82B | $212.0M | $578.0M | $63.0M | −$16.0M |
| Depreciation & amortization | $1.24B | $1.26B | $1.34B | $1.18B | $1.11B | $1.06B | $983.0M | $862.0M | $559.0M | $241.0M |
| Stock-based compensation | — | — | −$2.68B | — | −$1.17B | $2.49B | $7.0M | −$80.0M | $6.0M | — |
| Change in working capital | −$41.0M | −$361.7M | $385.0M | −$117.0M | −$627.0M | −$16.0M | −$24.0M | −$33.0M | −$24.0M | −$15.0M |
| Other non-cash items | $1.65B | −$471.5M | $2.25B | −$1.63B | $144.0M | $275.0M | $178.0M | −$134.0M | −$91.0M | −$93.0M |
| Cash from operating activities | $507.0M | $752.1M | $1.60B | $1.28B | $395.0M | $992.0M | $1.36B | $1.19B | $513.0M | $117.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.14B | −$2.09B | −$1.03B | −$847.0M | −$1.35B | −$373.0M | −$406.0M | −$207.0M | −$226.0M | −$93.0M |
| Investments (net) | $314.0M | −$665.0M | −$545.0M | −$738.0M | −$984.0M | −$478.0M | −$138.0M | −$171.0M | −$209.0M | — |
| Acquisitions & other investing | $248.0M | $2.03B | $555.0M | $847.0M | $1.31B | $373.0M | −$558.0M | −$664.0M | $226.0M | −$1.98B |
| Cash from investing activities | −$578.0M | −$726.1M | −$1.02B | −$738.0M | −$1.03B | −$478.0M | −$1.10B | −$1.04B | −$209.0M | −$2.07B |
| Financing activities | ||||||||||
| Dividends paid | −$5.0M | $0 | −$78.0M | −$78.0M | −$78.0M | −$235.0M | −$628.0M | −$495.0M | −$269.0M | — |
| Share repurchases & issuance (net) | — | — | — | — | $0 | −$44.0M | −$13.0M | — | — | — |
| Net borrowing (repayment) | $1.62B | $467.0M | −$238.0M | $647.0M | $1.47B | −$32.0M | $706.0M | $65.0M | $30.0M | $1.19B |
| Shares issued | $0 | $0 | $251.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.53B | −$388.9M | −$571.0M | −$971.0M | −$713.0M | −$164.0M | −$353.0M | $370.0M | −$123.0M | $909.0M |
| Cash from financing activities | $93.0M | $78.1M | −$636.0M | −$402.0M | $678.0M | −$475.0M | −$288.0M | −$60.0M | −$362.0M | $2.10B |
| Summary | ||||||||||
| Net change in cash | $58.0M | −$90.8M | −$15.0M | $117.0M | $13.0M | $51.0M | −$38.0M | $80.0M | −$58.0M | $149.0M |
| Cash at end of period | $682.0M | $953.5M | $627.0M | $642.0M | $525.0M | $355.0M | $304.0M | $342.0M | $134.0M | $153.0M |
| Free cash flow | −$633.0M | −$1.34B | $575.0M | $437.0M | −$959.0M | $619.0M | $950.0M | $986.0M | $287.0M | $24.0M |
| Free cash flow margin | −17.0% | −32.2% | 14.5% | 11.6% | −28.0% | 19.4% | 22.2% | 33.1% | 14.1% | 2.3% |
| Capex / revenue | 30.6% | 50.4% | 25.9% | 22.4% | 39.5% | 11.7% | 9.5% | 6.9% | 11.1% | 9.0% |
| Operating cash flow / net income | — | 2.33 | 5.20 | 0.69 | 0.42 | — | 6.40 | 2.06 | 8.14 | — |
| 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 | −$785.0M | −$3.00B | −$706.0M | −$320.9M | −$1.95B | $7.2M | $1.06B | −$919.3M | −$342.0M | $491.0M | −$1.02B | $1.80B |
| Depreciation & amortization | $301.0M | $403.3M | $301.0M | $313.0M | $319.0M | $307.0M | $292.0M | $313.0M | $312.0M | $345.0M | $389.0M | $320.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$778.0M | −$16.0M |
| Change in working capital | $21.0M | −$119.3M | −$100.0M | $60.0M | −$73.7M | $25.8M | −$208.1M | $59.5M | −$134.0M | −$79.0M | $371.5M | −$13.6M |
| Other non-cash items | $802.3M | $2.79B | $504.0M | $307.4M | $1.90B | −$182.2M | −$1.35B | $1.11B | $304.0M | −$500.0M | $1.71B | −$1.73B |
| Cash from operating activities | $339.3M | $78.2M | −$1.0M | $359.4M | $193.1M | $157.8M | −$205.7M | $560.9M | $140.0M | $257.0M | $672.5M | $353.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$382.9M | −$267.5M | −$350.0M | −$329.6M | −$419.2M | −$355.8M | −$1.22B | −$382.8M | −$94.0M | −$390.0M | −$707.3M | −$248.9M |
| Investments (net) | $0 | — | $0 | −$344.0M | −$36.0M | −$252.0M | −$125.0M | −$118.0M | −$51.0M | −$371.0M | −$643.0M | −$53.0M |
| Acquisitions & other investing | $383.2M | $341.6M | $404.0M | $289.1M | $487.3M | $391.2M | $1.05B | $363.1M | $137.0M | $472.0M | $333.3M | $234.7M |
| Cash from investing activities | $336,943 | $74.1M | $54.0M | −$384.5M | $32.1M | −$216.7M | −$291.3M | −$137.8M | −$8.0M | −$289.0M | −$1.02B | −$67.2M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | — | $0 | −$7.0M | −$5.0M | — | — | — | $0 | — | — | $0 |
| Net borrowing (repayment) | −$132.0M | $41.0M | $1.32B | $79.0M | $73.0M | $152.0M | $397.0M | −$160.0M | — | — | — | −$196.0M |
| Shares issued | $122.0M | $115.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$175.4M | −$331.6M | −$1.26B | −$12.2M | −$399.2M | −$147.7M | $130.8M | −$219.7M | −$125.0M | $55.0M | $472.3M | −$223.6M |
| Cash from financing activities | −$185.4M | −$175.6M | $59.0M | $59.9M | −$331.2M | $4.3M | $527.8M | −$379.7M | −$125.0M | $55.0M | $472.3M | −$419.6M |
| Summary | ||||||||||||
| Net change in cash | $173.6M | $3.5M | $123.0M | $13.0M | −$102.9M | −$49.7M | $117.3M | $192.2M | −$24.0M | −$376.3M | $289.9M | −$97.8M |
| Cash at end of period | $1.14B | $967.1M | $682.0M | $814.0M | $801.0M | $903.8M | $953.5M | $836.2M | $644.0M | $668.0M | $1.04B | $754.4M |
| Free cash flow | −$43.6M | −$189.3M | −$351.0M | $29.8M | −$226.2M | −$198.0M | −$1.43B | $178.0M | $46.0M | −$133.0M | −$34.8M | $104.6M |
| Free cash flow margin | −4.0% | −15.6% | −37.4% | 3.2% | −23.8% | −21.8% | −144.6% | 17.1% | 4.7% | −11.8% | −3.8% | 10.2% |
| Capex / revenue | 35.6% | 22.1% | 37.3% | 35.4% | 44.0% | 39.2% | 123.7% | 36.8% | 9.5% | 34.7% | 77.0% | 24.2% |
| Operating cash flow / net income | — | — | — | — | — | 22.00 | −0.19 | — | — | 0.52 | — | 0.20 |
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.
BEPC cash generation
In fiscal 2025 (ended December 31, 2025), Brookfield Renewable generated $507.0 million of cash from operations (down 32.6%) and spent $1.1 billion on capital expenditures, leaving free cash flow of -$633.0 million, −17.0% of revenue. It returned $5.0 million to shareholders through dividends ($5.0 million) and net share buybacks ($0). Cash and equivalents rose by $58.0 million over the year.
Related: BEPC income statement, BEPC balance sheet, BEPC dividend history. See the BEPC stock overview for the latest quote and news.
BEPC cash flow FAQ
What is Brookfield Renewable's free cash flow?
Brookfield Renewable's free cash flow was -$633.0 million in fiscal 2025: $507.0 million of operating cash flow minus $1.1 billion of capital expenditures It was -$1.3 billion a year earlier..
How much cash does Brookfield Renewable generate from operations?
Brookfield Renewable generated $507.0 million of cash from operating activities in fiscal 2025.
How much does Brookfield Renewable spend on capital expenditures?
Brookfield Renewable spent $1.1 billion on capital expenditures in fiscal 2025, 30.6% of revenue, compared with $2.1 billion the year before.
How much does Brookfield Renewable pay in dividends?
Brookfield Renewable paid $5.0 million in dividends in fiscal 2025.