Brookfield Infrastructure Corporation (BIPC) Cash Flow Statement
Where BIPC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.64B −6.1% vs 2024
- Capital expenditures
- $1.42B 38.0% of revenue
- Free cash flow
- $218.8M 5.9% margin
- Returned to shareholders
- —
- Change in cash
- −$243.4M cash at year-end $430.2M
Cash from operations
$1.64B
Capital expenditures
−$1.42B
Acquisitions & other
−$313.4M
Net borrowing (repayment)
−$213.0M
Shares issued
+$38.0M
Other financing
−$32.6M
Currency & other
+$58.8M
Change in cash
−$243.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BIPC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BIPC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $219.0M2016 | $1.64B2025 | +25.0%/yr | |
| Capital expenditures | $366.0M2016 | $1.42B2025 | +16.2%/yr | |
| Free cash flow | −$147.0M2016 | $218.8M2025 | — | |
| Free cash flow margin | −42.4%2016 | 5.9%2025 | +48.2 pts | |
| Operating cash flow / net income | 4.872016 | 9.542023 | +4.67 | |
| Stock-based compensation | −$370.0M2017 | −$737.3M2023 | — | |
| Dividends paid | $93.0M2016 | $02022 | −100.0% | |
| Capex / revenue | 105.5%2016 | 38.0%2025 | −67.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BIPC cash flow by activity
OperatingInvestingFinancingChange in cash
BIPC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BIPC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$245.2M | −$608.0M | $111.0M | $1.09B | $27.0M | −$232.0M | $570.0M | $202.0M | $207.0M | $45.0M |
| Depreciation & amortization | $679.7M | $775.0M | $365.0M | $211.0M | $236.0M | $283.0M | $308.0M | $319.0M | $263.0M | $104.0M |
| Stock-based compensation | — | — | −$737.3M | — | — | — | — | −$379.0M | −$370.0M | — |
| Change in working capital | $155.0M | $87.0M | $6.0M | $173.0M | $35.0M | −$44.0M | $73.0M | $15.0M | $68.0M | — |
| Other non-cash items | $1.05B | $1.49B | $1.31B | −$585.0M | $541.0M | $723.0M | $132.0M | $908.0M | $863.0M | $70.0M |
| Cash from operating activities | $1.64B | $1.74B | $1.06B | $893.0M | $839.0M | $730.0M | $1.08B | $1.06B | $1.03B | $219.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.42B | −$1.40B | −$594.0M | −$525.0M | −$415.0M | −$399.0M | −$465.6M | −$443.0M | −$417.5M | −$366.0M |
| Investments (net) | $2.0M | −$1.11B | −$3.23B | −$1.05B | $326.0M | −$399.0M | −$441.0M | −$435.0M | −$4.51B | — |
| Acquisitions & other investing | −$313.4M | $345.0M | $3.57B | $525.0M | $415.0M | $399.0M | $465.6M | $443.0M | $417.5M | −$107.0M |
| Cash from investing activities | −$1.73B | −$2.17B | −$263.0M | −$1.05B | $326.0M | −$399.0M | −$441.0M | −$435.0M | −$4.51B | −$473.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | $0 | −$54.0M | −$33.0M | −$250.0M | −$677.0M | −$677.0M | −$93.0M |
| Net borrowing (repayment) | −$213.0M | $1.47B | −$238.0M | $1.55B | −$288.0M | $152.0M | $261.0M | $1.55B | $353.0M | $374.0M |
| Shares issued | $38.0M | $1.0M | $0 | $0 | $128.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$32.6M | −$840.0M | −$490.0M | −$1.55B | −$654.0M | −$436.0M | −$525.0M | −$1.44B | $3.88B | −$25.0M |
| Cash from financing activities | −$207.6M | $630.0M | −$728.0M | −$4.0M | −$868.0M | −$317.0M | −$514.0M | −$568.0M | $3.55B | $256.0M |
| Summary | ||||||||||
| Net change in cash | −$243.4M | $135.0M | $94.0M | −$24.0M | $277.0M | −$12.0M | $105.0M | $21.0M | $68.0M | −$4.0M |
| Cash at end of period | $430.2M | $674.0M | $539.0M | $445.0M | $469.0M | $192.0M | $204.0M | $99.0M | $78.0M | $10.0M |
| Free cash flow | $218.8M | $340.0M | $465.0M | $368.0M | $424.0M | $331.0M | $617.4M | $622.0M | $613.5M | −$147.0M |
| Free cash flow margin | 5.9% | 9.3% | 18.2% | 19.5% | 26.0% | 23.1% | 37.3% | 42.0% | 44.8% | −42.4% |
| Capex / revenue | 38.0% | 38.3% | 23.3% | 27.8% | 25.5% | 27.9% | 28.1% | 29.9% | 30.5% | 105.5% |
| Operating cash flow / net income | — | — | 9.54 | 0.82 | 31.07 | — | 1.90 | 5.27 | 4.98 | 4.87 |
| 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 | $61.0M | $36.0M | −$73.0M | $320.0M | −$309.0M | $387.8M | −$150.0M | −$808.0M | $491.0M | $197.0M | −$54.0M | $1.01B |
| Depreciation & amortization | $161.0M | $159.0M | $153.0M | $167.0M | $153.0M | $194.4M | $195.0M | $194.0M | $191.0M | $195.0M | $194.0M | $59.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | −$152.0M | −$254.4M | — |
| Change in working capital | $157.0M | −$162.0M | $101.0M | $46.0M | $134.0M | −$125.6M | $13.4M | $56.2M | $135.9M | −$120.0M | $142.0M | −$20.0M |
| Other non-cash items | $104.0M | $150.0M | $317.0M | −$144.0M | $500.0M | −$214.4M | $399.3M | $1.02B | −$312.5M | $158.0M | $582.4M | −$854.0M |
| Cash from operating activities | $483.0M | $183.0M | $498.0M | $389.0M | $478.0M | $242.3M | $457.8M | $464.0M | $505.4M | $278.0M | $610.0M | $194.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$302.0M | −$201.0M | −$208.0M | −$1.06B | −$209.0M | −$134.6M | −$376.0M | −$425.0M | −$225.2M | −$173.0M | −$213.0M | −$123.0M |
| Investments (net) | −$48.0M | $35.0M | $37.0M | $0 | $195.0M | −$104.0M | −$461.0M | −$335.0M | −$248.0M | −$2.16B | −$85.0M | −$2.83B |
| Acquisitions & other investing | $15.0M | $33.0M | $269.0M | $182.5M | $209.0M | $201.7M | $563.4M | $425.0M | −$95.7M | $2.27B | $213.0M | $123.0M |
| Cash from investing activities | −$335.0M | −$133.0M | $98.0M | −$873.0M | $195.0M | −$36.9M | −$273.7M | −$335.0M | −$568.9M | −$66.0M | −$85.0M | −$2.83B |
| Financing activities | ||||||||||||
| Dividends paid | — | −$461.0M | — | −$435.0M | — | −$437.0M | — | −$411.0M | — | −$411.0M | −$411.0M | — |
| Share repurchases & issuance (net) | — | — | — | $0 | — | — | — | $0 | — | — | — | — |
| Net borrowing (repayment) | $194.0M | $594.0M | −$272.0M | −$75.0M | $604.0M | −$470.0M | $523.0M | −$70.0M | — | — | — | −$118.0M |
| Shares issued | $0 | $139.0M | $0 | $3.0M | $0 | $2.0M | $0 | $3.0M | $0 | $3.0M | $0 | $0 |
| Other financing | −$236.0M | −$186.0M | −$264.0M | $152.0M | −$347.0M | $255.0M | −$253.9M | $127.0M | $208.7M | $20.0M | $172.0M | $2.65B |
| Cash from financing activities | −$42.0M | $86.0M | −$536.0M | −$355.0M | $257.0M | −$650.0M | $269.1M | −$351.0M | $208.7M | −$388.0M | −$239.0M | $2.53B |
| Summary | ||||||||||||
| Net change in cash | $101.0M | $158.0M | $51.0M | −$837.0M | $943.0M | −$399.6M | $429.0M | −$221.3M | $111.0M | −$184.0M | $298.0M | −$115.0M |
| Cash at end of period | $690.0M | $589.0M | $431.0M | $380.0M | $1.22B | $274.0M | $674.0M | $245.0M | $466.0M | $355.0M | $539.0M | $241.0M |
| Free cash flow | $181.0M | −$18.0M | $290.0M | −$666.5M | $269.0M | $107.7M | $81.7M | $39.0M | $280.3M | $105.0M | $397.0M | $71.0M |
| Free cash flow margin | 19.3% | −2.0% | 29.9% | −72.7% | 31.1% | 11.6% | 8.9% | 4.2% | 30.9% | 11.7% | 42.1% | 13.1% |
| Capex / revenue | 32.1% | 22.7% | 21.4% | 115.1% | 24.1% | 14.5% | 41.0% | 46.2% | 24.8% | 19.3% | 22.6% | 22.6% |
| Operating cash flow / net income | 7.92 | 5.08 | — | 1.22 | — | 0.62 | — | — | 1.03 | 1.41 | — | 0.19 |
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.
BIPC cash generation
In fiscal 2025 (ended December 31, 2025), Brookfield Infrastructure generated $1.6 billion of cash from operations (down 6.1%) and spent $1.4 billion on capital expenditures, leaving free cash flow of $218.8 million, 5.9% of revenue. Cash and equivalents fell by $243.4 million over the year.
Related: BIPC income statement, BIPC balance sheet, BIPC dividend history. See the BIPC stock overview for the latest quote and news.
BIPC cash flow FAQ
What is Brookfield Infrastructure's free cash flow?
Brookfield Infrastructure's free cash flow was $218.8 million in fiscal 2025: $1.6 billion of operating cash flow minus $1.4 billion of capital expenditures It was $340.0 million a year earlier..
How much cash does Brookfield Infrastructure generate from operations?
Brookfield Infrastructure generated $1.6 billion of cash from operating activities in fiscal 2025.
How much does Brookfield Infrastructure spend on capital expenditures?
Brookfield Infrastructure spent $1.4 billion on capital expenditures in fiscal 2025, 38.0% of revenue, compared with $1.4 billion the year before.