Brookfield Infrastructure Partners L.P. (BIP) Cash Flow Statement
Where BIP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.97B +28.3% vs 2024
- Capital expenditures
- $5.70B 24.7% of revenue
- Free cash flow
- $268.0M 1.2% margin
- Returned to shareholders
- $1.93B 721% of free cash flow
- Change in cash
- $1.13B cash at year-end $3.20B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BIP operating cash flow, capex and free cash flow
BIP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $753.0M2016 | $5.97B2025 | +25.9%/yr | |
| Capital expenditures | $690.0M2016 | $5.70B2025 | +26.4%/yr | |
| Free cash flow | $63.0M2016 | $268.0M2025 | +17.5%/yr | |
| Free cash flow margin | 3.0%2016 | 1.2%2025 | −1.8 pts | |
| Operating cash flow / net income | 1.432016 | 13.302025 | +11.87 | |
| Stock-based compensation | −$155.0M2016 | −$5.48B2023 | — | |
| Dividends paid | $628.0M2016 | $1.74B2025 | +12.0%/yr | |
| Share buybacks (net) | $6.0M2016 | $190.0M2025 | +46.8%/yr | |
| Capex / revenue | 32.6%2016 | 24.7%2025 | −7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BIP cash flow by activity
BIP 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).
BIP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $449.0M | $1.68B | $1.45B | $1.38B | $2.72B | $904.0M | $650.0M | $806.0M | $574.0M | $528.0M |
| Depreciation & amortization | $4.02B | $3.64B | $2.74B | $2.16B | $2.04B | $1.71B | $1.21B | $801.0M | $671.0M | $447.0M |
| Stock-based compensation | — | — | −$5.48B | — | — | — | — | −$477.0M | −$450.0M | −$155.0M |
| Change in working capital | −$408.0M | −$226.0M | −$638.0M | −$904.0M | −$524.0M | −$220.0M | $68.0M | −$124.0M | $131.0M | $45.0M |
| Other non-cash items | $1.91B | −$448.0M | $6.01B | $502.0M | −$1.46B | $141.0M | $211.0M | $356.0M | $555.0M | −$112.0M |
| Cash from operating activities | $5.97B | $4.65B | $4.08B | $3.13B | $2.77B | $2.53B | $2.14B | $1.36B | $1.48B | $753.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$5.70B | −$4.97B | −$2.49B | −$2.73B | −$1.98B | −$1.43B | −$1.14B | −$839.0M | −$714.0M | −$690.0M |
| Investments (net) | −$18.0M | −$6.90B | −$12.36B | −$3.37B | $429.0M | −$606.0M | −$11.37B | −$5.56B | −$5.72B | −$1.06B |
| Acquisitions & other investing | −$6.94B | $4.97B | $1.85B | $2.73B | $380.0M | −$2.58B | $1.14B | $839.0M | $714.0M | $690.0M |
| Cash from investing activities | −$12.66B | −$6.90B | −$12.99B | −$3.37B | −$1.17B | −$4.61B | −$11.37B | −$5.56B | −$5.72B | −$1.06B |
| Financing activities | ||||||||||
| Dividends paid | −$1.74B | −$1.64B | −$1.52B | −$1.42B | −$1.26B | −$1.13B | −$1.03B | −$919.0M | −$794.0M | −$628.0M |
| Share repurchases & issuance (net) | −$190.0M | $11.0M | −$13.0M | −$243.0M | −$12.0M | $9.47B | $13.76B | −$30.0M | $3.83B | −$6.0M |
| Net borrowing (repayment) | $7.69B | $8.16B | $5.37B | $3.38B | $1.55B | $1.51B | $3.87B | $3.96B | $1.38B | $15.0M |
| Shares issued | $0 | $11.0M | $12.0M | $13.0M | $1.07B | $204.0M | $853.0M | $355.0M | $0 | $0 |
| Other financing | $2.06B | −$3.92B | $5.57B | −$1.68B | −$2.35B | −$7.92B | −$7.91B | $1.06B | −$600.0M | $1.52B |
| Cash from financing activities | $7.82B | $2.61B | $9.42B | $56.0M | −$995.0M | $2.13B | $9.54B | $4.42B | $3.81B | $899.0M |
| Summary | ||||||||||
| Net change in cash | $1.13B | $214.0M | $578.0M | −$127.0M | $539.0M | $40.0M | $287.0M | $166.0M | −$412.0M | $587.0M |
| Cash at end of period | $3.20B | $2.07B | $1.86B | $1.28B | $1.41B | $867.0M | $827.0M | $540.0M | $374.0M | $786.0M |
| Free cash flow | $268.0M | −$322.0M | $1.59B | $397.0M | $790.0M | $1.10B | $999.0M | $523.0M | $767.0M | $63.0M |
| Free cash flow margin | 1.2% | −1.5% | 8.9% | 2.8% | 6.8% | 12.4% | 15.1% | 11.2% | 21.7% | 3.0% |
| Capex / revenue | 24.7% | 23.6% | 13.9% | 19.0% | 17.2% | 16.0% | 17.3% | 18.0% | 20.2% | 32.6% |
| Operating cash flow / net income | 13.30 | 2.76 | 2.82 | 2.28 | 1.02 | 2.80 | 3.30 | 1.69 | 2.58 | 1.43 |
| 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 | −$24.0M | −$86.0M | $219.0M | $750.0M | −$6.0M | $526.0M | $451.0M | $234.0M | $184.0M | $814.0M | −$82.0M | $256.0M |
| Depreciation & amortization | $1.09B | $1.07B | $1.07B | $1.05B | $941.0M | $960.0M | $972.0M | $854.0M | $882.0M | $936.0M | $793.0M | $669.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$1.59B | — |
| Change in working capital | −$8.0M | −$638.0M | $177.0M | $63.0M | −$75.0M | −$573.0M | $161.0M | $48.0M | −$16.0M | −$419.0M | $123.0M | −$7.0M |
| Other non-cash items | $430.0M | $542.0M | $575.0M | $7.0M | $329.0M | −$45.0M | −$23.0M | $58.0M | $7.0M | −$490.0M | $2.24B | $182.0M |
| Cash from operating activities | $1.49B | $893.0M | $2.04B | $1.87B | $1.19B | $868.0M | $1.56B | $1.19B | $1.06B | $841.0M | $1.49B | $1.10B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.22B | −$2.03B | −$1.71B | −$1.91B | −$1.02B | −$870.0M | −$1.25B | −$1.16B | −$991.0M | −$1.57B | −$796.0M | −$621.0M |
| Investments (net) | −$76.0M | $35.0M | −$8.0M | −$10.14B | −$460.0M | −$104.0M | −$1.25B | −$2.31B | −$1.19B | −$2.16B | −$1.16B | −$6.13B |
| Acquisitions & other investing | −$951.0M | $200.0M | −$4.82B | $1.91B | $1.02B | $870.0M | $1.25B | $1.16B | $991.0M | $1.57B | $920.0M | −$5.07B |
| Cash from investing activities | −$2.25B | −$1.80B | −$6.53B | −$10.14B | −$460.0M | −$104.0M | −$1.25B | −$2.31B | −$1.19B | −$2.16B | −$1.04B | −$11.83B |
| Financing activities | ||||||||||||
| Dividends paid | −$549.0M | −$461.0M | −$678.0M | −$435.0M | −$436.0M | −$437.0M | −$411.0M | −$411.0M | −$411.0M | −$411.0M | −$318.0M | −$377.0M |
| Share repurchases & issuance (net) | $0 | — | −$190.0M | −$111.0M | −$116.0M | $2.0M | $11.0M | $9.0M | $0 | — | −$13.0M | $5.82B |
| Net borrowing (repayment) | $1.51B | $594.0M | $2.05B | $4.51B | $1.62B | −$490.0M | $965.0M | $2.20B | — | — | — | $1.36B |
| Shares issued | $3.0M | $29.0M | $0 | $3.0M | $0 | $2.0M | $2.0M | $3.0M | $3.0M | $3.0M | $0 | $2.0M |
| Other financing | $457.0M | $0 | $3.91B | $4.62B | −$960.0M | −$479.0M | −$306.0M | −$430.0M | $332.0M | $1.47B | $381.0M | −$1.79B |
| Cash from financing activities | $1.43B | $162.0M | $5.10B | $8.59B | $105.0M | −$1.40B | $261.0M | $1.37B | −$76.0M | $1.06B | $50.0M | $5.02B |
| Summary | ||||||||||||
| Net change in cash | $627.0M | −$743.0M | $588.0M | $271.0M | $879.0M | −$608.0M | $469.0M | $276.0M | −$254.0M | −$277.0M | $550.0M | −$73.0M |
| Cash at end of period | $3.08B | $2.46B | $3.20B | $2.61B | $2.34B | $1.46B | $2.07B | $1.60B | $1.33B | $1.58B | $1.86B | $1.31B |
| Free cash flow | $269.0M | −$1.14B | $336.0M | −$42.0M | $169.0M | −$2.0M | $306.0M | $36.0M | $66.0M | −$730.0M | $695.0M | $479.0M |
| Free cash flow margin | 4.1% | −18.1% | 5.3% | −0.7% | 3.1% | −0.0% | 5.6% | 0.7% | 1.3% | −14.1% | 14.0% | 10.7% |
| Capex / revenue | 18.9% | 32.2% | 27.1% | 32.0% | 18.8% | 16.1% | 23.1% | 22.0% | 19.3% | 30.3% | 16.0% | 13.8% |
| Operating cash flow / net income | — | — | 9.33 | 2.49 | — | 1.65 | 3.46 | 5.10 | 5.74 | 1.03 | — | 4.30 |
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.
BIP cash generation
In fiscal 2025 (ended December 31, 2025), Brookfield Infrastructure Partners generated $6.0 billion of cash from operations (up 28.3%) and spent $5.7 billion on capital expenditures, leaving free cash flow of $268.0 million, 1.2% of revenue. It returned $1.9 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($190.0 million). Cash and equivalents rose by $1.1 billion over the year.
Related: BIP income statement, BIP balance sheet, BIP dividend history. See the BIP stock overview for the latest quote and news.
BIP cash flow FAQ
What is Brookfield Infrastructure Partners's free cash flow?
Brookfield Infrastructure Partners's free cash flow was $268.0 million in fiscal 2025: $6.0 billion of operating cash flow minus $5.7 billion of capital expenditures It was -$322.0 million a year earlier..
How much cash does Brookfield Infrastructure Partners generate from operations?
Brookfield Infrastructure Partners generated $6.0 billion of cash from operating activities in fiscal 2025, 13.30 times its net income of $449.0 million.
How much does Brookfield Infrastructure Partners spend on capital expenditures?
Brookfield Infrastructure Partners spent $5.7 billion on capital expenditures in fiscal 2025, 24.7% of revenue, compared with $5.0 billion the year before.
How much stock does Brookfield Infrastructure Partners buy back?
Brookfield Infrastructure Partners spent $190.0 million on net share repurchases in fiscal 2025.
How much does Brookfield Infrastructure Partners pay in dividends?
Brookfield Infrastructure Partners paid $1.7 billion in dividends in fiscal 2025, 650.4% of free cash flow.