Revenue growth remains inconsistent, evidenced by a 3.9% contraction in 2026Q1, while heavy depreciation charges exceeding $540 million per quarter continue to obscure underlying operational profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Revenue | 6.37B | 6.52B | 5.88B | 5.04B | 4.71B | 4.1B | 3.82B | 3.97B | 3.8B | 2.63B | 2.45B | 1.63B | 1.7B | 1.71B | 1.31B | 1.17B | 1.08B | -71.05M | -30.07M | -42.98M | -33.11M | -30.15M | -29.79M | -20.85M | -16.56M | -6.95M | -5.15M | 4.59M |
| Revenue Growth % | 6.8% | 10.95% | 16.63% | 6.94% | 15.01% | 7.23% | -3.8% | 4.58% | 44.65% | 7.06% | 50.61% | -4.46% | -0.12% | 30.33% | 11.98% | 8.34% | 1618.58% | -136.33% | 30.04% | -29.8% | -9.81% | -1.22% | -42.84% | -25.96% | -138.04% | -34.97% | -212.28% | - |
| Cost of Revenue | 4.18B | 5.42B | 2.58B | 1.93B | 1.43B | 1.36B | 1.27B | 1.26B | 1.27B | 978M | 1.04B | 552M | 524M | 530M | 486M | 407M | 328M | 0 | 0 | 44.82M | 43M | 37.96M | 37.85M | 30.53M | 21.92M | 8.41M | 8.76M | 994.94K |
| Gross Profit | 2.19B | 1.1B | 3.3B | 3.1B | 3.28B | 2.73B | 2.55B | 2.71B | 2.52B | 1.65B | 1.41B | 1.08B | 1.18B | 1.18B | 823M | 762M | 751M | -71.05M | -30.07M | -87.8M | -76.11M | -68.11M | -67.64M | -51.38M | -38.47M | -15.46M | 27.32M | 3.59M |
| Gross Margin % | 34.36% | 16.84% | 56.09% | 61.63% | 69.56% | 66.67% | 66.65% | 68.19% | 66.47% | 62.74% | 57.67% | 66.09% | 69.25% | 68.93% | 62.87% | 65.18% | 69.6% | 100% | 100% | 204.28% | 229.86% | 225.89% | 227.08% | 246.39% | 232.4% | 222.24% | -530.08% | 78.32% |
| Gross Profit Growth % | - | -66.69% | 6.15% | -5.25% | 19.99% | 7.27% | -5.98% | 7.29% | 53.25% | 16.48% | 31.41% | -8.81% | 0.34% | 42.89% | 8.01% | 1.46% | 1156.95% | -136.33% | 65.75% | -15.35% | -11.74% | -0.7% | -31.65% | -33.54% | -148.93% | -156.58% | 659.92% | - |
| Operating Expenses | 1.47B | 226.9M | 2.21B | 2.07B | 1.85B | 1.86B | 235M | 2.71B | 2.52B | 1.65B | 1.41B | 1.08B | 1.18B | 1.18B | 823M | 427M | 446M | -276.33M | -146.85M | -163.99M | -182.76M | -68.11M | -67.64M | -51.38M | -86.51M | -38.38M | -33.2M | 1.48M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.11B | 3.34B | 3.09B | 2.9B | 3.03B | 2.38B | 3.69B | 2.34B | 1.86B | 1.5B | 1.3B | 1.03B | 1.13B | 1.14B | 787M | 803M | 751M | 275M | 115.51M | 109.22M | 69.63M | 52.17M | 65.33M | -22.99M | 60.81M | 29.3M | 24.77M | 2.77M |
| EBITDA Margin % | 48.89% | 51.21% | 52.62% | 57.56% | 64.28% | 58.23% | 96.52% | 58.99% | 48.96% | 57.07% | 52.92% | 63.14% | 66.26% | 66.53% | 60.12% | 68.69% | 69.6% | -387.03% | -384.19% | -254.13% | -210.29% | -173.01% | -219.31% | 110.25% | -367.34% | -421.33% | -480.7% | 60.4% |
| EBITDA Growth % | -0.68% | 7.97% | 6.62% | -4.23% | 26.96% | -35.31% | 57.41% | 26% | 24.1% | 15.43% | 26.24% | -8.95% | -0.53% | 44.22% | -1.99% | 6.92% | 173.09% | 138.07% | 5.76% | 56.86% | 33.47% | -20.15% | 384.15% | -137.8% | 107.54% | 18.3% | 793.65% | - |
| Depreciation & Amortization | 2.39B | 2.47B | 2.01B | 1.86B | 1.6B | 1.51B | 1.38B | 1.27B | 1.15B | 782M | 781M | 616M | 548M | 535M | 483M | 468M | 446M | 69.72M | 27.22M | 32.77M | 26.21M | 23.85M | 22.72M | 18.87M | 12.77M | 6.29M | 5.48M | 653.86K |
| D&A / Revenue % | 37.55% | 37.85% | 34.21% | 36.98% | 33.92% | 36.99% | 36.02% | 32.01% | 30.31% | 29.79% | 31.85% | 37.84% | 32.16% | 31.36% | 36.9% | 40.03% | 41.33% | -98.12% | -90.52% | -76.24% | -79.17% | -79.1% | -76.28% | -90.48% | -77.16% | -90.47% | -106.38% | 14.25% |
| Operating Income (EBIT) | 721.8M | 870.98M | 1.08B | 1.04B | 1.43B | 870M | 2.31B | 1.07B | 708M | 716M | 516.71M | 412M | 581M | 600M | 304M | 335M | 305M | 205.28M | 88.29M | 76.45M | 43.41M | 28.32M | 42.61M | -41.86M | 48.04M | 23.01M | 19.29M | 2.12M |
| Operating Margin % | 11.33% | 13.36% | 18.41% | 20.58% | 30.35% | 21.24% | 60.5% | 26.98% | 18.65% | 27.28% | 21.07% | 25.31% | 34.1% | 35.17% | 23.22% | 28.66% | 28.27% | -288.91% | -293.67% | -177.89% | -131.12% | -93.92% | -143.04% | 200.73% | -290.18% | -330.86% | -374.32% | 46.15% |
| Operating Income Growth % | - | -19.5% | 4.34% | -27.48% | 64.37% | -62.35% | 115.71% | 51.32% | -1.12% | 38.57% | 25.41% | -29.09% | -3.17% | 97.37% | -9.25% | 9.84% | 48.58% | 132.5% | 15.49% | 76.1% | 53.31% | -33.54% | 201.79% | -187.13% | 108.77% | 19.3% | 810.72% | - |
| Interest Expense | 4M | 2.5B | 1.99B | 1.63B | 1.22B | 981M | 976M | 1B | 973M | 632M | 606M | 429M | 415M | 410M | 411M | 411M | 95.89M | 71.05M | 32.31M | 42.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.04x | 0.90x | 1.35x | 1.11x | 0.95x | 0.97x | 1.12x | 1.25x | 1.22x | 0.98x | 1.10x | 1.46x | 1.53x | 0.67x | -0.20x | 7.58x | -2.96x | -2.29x | -2.89x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.06% | 38.35% | 33.83% | 32.29% | 25.98% | 23.95% | 25.55% | 25.21% | 25.63% | 24.08% | 24.71% | 26.35% | 24.35% | 24.03% | 31.4% | 35.16% | 8.89% | -100% | -107.46% | -100% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | -1000K | -1000K | 0 | 0 | 0 | -1000K | 0 | -1000K | 1000K | -1000K | -1000K | -1000K | 0 | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 0 |
| Pretax Income | -27.08M | 99.72M | -200M | 568M | 136M | -52M | 102M | 123M | 261.93M | 141.93M | -13M | 43M | 192M | 216M | -135M | -493M | 323M | -281.63M | 89.39M | -954K | 43.41M | 28.32M | 42.61M | 33.44M | 18.71M | 9.77M | 14.14M | 0 |
| Pretax Margin % | -0.43% | 1.53% | -3.4% | 11.27% | 2.89% | -1.27% | 2.67% | 3.1% | 6.9% | 5.41% | -0.53% | 2.64% | 11.27% | 12.66% | -10.31% | -42.17% | 29.94% | 396.37% | -297.33% | 2.22% | -131.12% | -93.92% | -143.04% | -160.35% | -113.02% | -140.52% | -274.32% | 0% |
| Income Tax | -566.59M | -624.75M | -191M | -48M | -2M | 14M | 147M | 43M | -343M | 88M | -53M | -60M | -11M | 1M | -40M | -28M | 29M | 373.02M | 40.8M | -1.67M | 2.35M | 4.15M | 1.08M | 1.56M | -894K | -9.42K | 16.05M | -995K |
| Effective Tax Rate % | 2092.23% | -626.53% | 95.5% | -8.45% | -1.47% | -26.92% | 144.12% | 34.96% | -130.95% | 62% | 407.69% | -139.53% | -5.73% | 0.46% | 29.63% | 5.68% | 8.98% | -132.45% | 45.64% | 174.74% | 5.4% | 14.65% | 2.53% | 4.66% | -4.78% | -0.1% | 113.56% | - |
| Net Income | 191.9M | -19.33M | -218M | -50M | -122M | -136M | -250M | -44M | 61M | -4M | -21M | 3M | 58M | 69M | -35M | -238M | 294M | -167.7M | 48.76M | 712.91K | 41.07M | 24.17M | 41.3M | 31.88M | 19.6M | 9.78M | 14.14M | 2.12M |
| Net Margin % | 3.01% | -0.3% | -3.71% | -0.99% | -2.59% | -3.32% | -6.54% | -1.11% | 1.61% | -0.15% | -0.86% | 0.18% | 3.4% | 4.04% | -2.67% | -20.36% | 27.25% | 236.02% | -162.19% | -1.66% | -124.03% | -80.16% | -138.66% | -152.88% | -118.42% | -140.66% | -274.32% | 46.16% |
| Net Income Growth % | 175.25% | 91.13% | -336% | 59.02% | 10.29% | 45.6% | -468.18% | -172.13% | 1625% | 80.95% | -800% | -94.83% | -15.94% | 297.14% | 85.29% | -180.95% | 275.31% | -443.9% | 6740.11% | -98.26% | 69.92% | -41.48% | 29.56% | 62.61% | 100.4% | -30.8% | 567.33% | - |
| EPS (Diluted) | 0.63 | -0.07 | -0.89 | -0.32 | -0.60 | -0.69 | -0.61 | -0.40 | 0.11 | -0.12 | -0.15 | 0.01 | 0.27 | 0.35 | -0.18 | -1.19 | 1.87 | -1.58 | 0.67 | 0.01 | 0.57 | 0.33 | 0.57 | 0.44 | 0.31 | 0.29 | 0.42 | 0.06 |
| EPS Growth % | 159.43% | 92.43% | -178.13% | 46.67% | 13.04% | -13.11% | -52.5% | -463.64% | 191.67% | 20% | -1262.79% | -95.22% | -22.86% | 294.44% | 84.87% | -163.64% | 218.35% | -335.82% | - | -98.82% | 72.73% | -42.11% | 29.55% | 41.94% | 6.9% | -30.95% | 561.42% | - |
| EPS (Basic) | - | -0.07 | -0.89 | -0.32 | -0.60 | -0.69 | -0.61 | -0.40 | 0.11 | -0.12 | -0.15 | 0.01 | 0.27 | 0.35 | -0.18 | -1.19 | 1.87 | -1.58 | 0.67 | 0.01 | 0.57 | 0.33 | 0.57 | 0.44 | 0.31 | 0.29 | 0.42 | 0.06 |
| Diluted Shares Outstanding | 303.28M | 286.96M | 285.18M | 282.4M | 275.36M | 275.08M | 274.84M | 220M | 219.05M | 270.58M | 234.78M | 214.91M | 208.2M | 199.35M | 199.2M | 199.2M | 157.08M | 105.9M | 72.41M | 72.41M | 72.41M | 72.41M | 72.41M | 72.41M | 63.47M | 33.95M | 33.44M | 33.44M |
High
According to recent financial disclosures, BEP reported a 3.9% revenue contraction in 2026Q1, marking a sharp reversal from the 9.1% growth observed in 2025Q4, which suggests that the company's revenue trajectory remains highly sensitive to seasonal generation variability rather than consistent rate-based expansion.
The revenue profile appears heavily influenced by hydrology cycles, which can obscure the underlying growth contribution from new project commissioning. Investors should monitor whether the recent decline reflects a structural shift in power demand or merely a temporary, weather-driven reduction in hydroelectric output.
As reported in quarterly filings, depreciation and amortization expenses consistently exceed $500 million per period, which significantly weighs on operating margins and suggests that the company's capital-intensive asset base requires substantial non-cash charges that complicate the assessment of true operational profitability.
The high level of D&A relative to revenue indicates that BEP's reported operating income may not accurately reflect the cash-generating capacity of its renewable fleet. This accounting reality warrants further investigation into whether these charges are purely reflective of asset aging or if they mask underlying maintenance requirements.
Based on the provided income statement data, BEP has recorded net losses in eight of the last ten quarters, with a 2026Q1 net margin of -7.5%, indicating that headline GAAP earnings are currently failing to capture the economic reality of the partnership's cash-generating potential.
The recurring net losses appear to be driven by the interplay between high non-cash depreciation and potentially significant interest costs, which may not be fully captured in the provided interest coverage metrics. Analysts should look past these bottom-line figures to evaluate FFO and CAFD as more reliable indicators of sustainable performance.
Data from recent financial statements indicates a reported Debt/Equity ratio of 1.02%, which appears inconsistent with the capital-intensive nature of renewable infrastructure and suggests that significant project-level, non-recourse debt is likely excluded from the primary corporate balance sheet presentation.
This discrepancy implies that the true leverage profile of the underlying assets may be substantially higher than the headline figures suggest. Investors should exercise caution, as the reliance on project-level financing could create hidden vulnerabilities if interest rates remain elevated or if asset-level cash flows underperform expectations.
Quick answers to the most common questions about buying BEP stock.
For fiscal year 2025, Brookfield Renewable Partners L.P. (BEP) reported total revenue of $6.52B. This represents a 141947.4% increase compared to $4.6M in 1999.
Brookfield Renewable Partners L.P. (BEP) reported a net loss of $19.3M for the fiscal year ending 2025.
Brookfield Renewable Partners L.P. (BEP) reported an operating income of $871.0M, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Renewable Partners L.P. (BEP) generated $1.10B in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.