Capital intensity remains elevated, as demonstrated by the $1.2 billion capital expenditure in 2024Q4 which necessitates ongoing external financing, including a $157.7 million stock issuance in 2026Q1.
| Cash from Operations | 629.68M | 507M | 752.11M | 1.6B | 1.67B | 395M | 992M | 1.36B | 1.19B | 513M |
| Operating CF Growth % | 51.03% | -32.59% | -53.08% | -4.1% | 323.18% | -60.18% | -26.84% | 13.66% | 132.55% | - |
| Operating CF / Revenue % | 15.62% | 13.6% | 18.16% | 40.41% | 44.25% | 11.53% | 31.14% | 31.68% | 40.05% | 25.21% |
| Net Income | -5.35B | -2.34B | 323.31M | 308M | 1.96B | 930M | -1.63B | 212M | 578M | 63M |
| Depreciation & Amortization | 1.58B | 1.24B | 1.73B | 1.34B | 1.53B | 1.11B | 1.06B | 983M | 862M | 559M |
| Deferred Taxes | -83.38M | 0 | 91.79M | -40M | -19.53M | 56M | 0 | 3M | -340M | 76M |
| Other Non-Cash Items | 5.35B | 1.65B | -1.03B | -392M | -1.67B | -1.08B | 1.57B | 182M | 206M | -167M |
| Working Capital Changes | -233.08M | -41M | -361.67M | 385M | -134.09M | -627M | -16M | -24M | -33M | -24M |
| Capital Expenditures | -1.37B | -1.14B | -2.09B | -1.03B | -1.1B | -1.35B | -373M | -1.1B | -1.04B | -226M |
| CapEx / Revenue % | 33.88% | 30.58% | 50.41% | 25.91% | 29.19% | 39.51% | 11.71% | 25.74% | 34.98% | 11.11% |
| CapEx / D&A | 0.87x | 0.92x | 1.21x | 0.77x | 0.72x | 1.21x | 0.35x | 1.12x | 1.21x | 0.40x |
| CapEx Coverage (OCF/CapEx) | 0.46x | 0.44x | 0.36x | 1.56x | 1.52x | 0.29x | 2.66x | 1.23x | 1.14x | 2.27x |
| Cash from Investing | -224.37M | -578M | -726.08M | -1.02B | -480.38M | -1.03B | -478M | -1.1B | -1.04B | -209M |
| Acquisitions | 649.59M | 0 | 1.53B | -202M | 537.67M | -12M | -88M | -732M | -927M | 166M |
| Purchase of Investments | -221.51M | 0 | -168.51M | 0 | 0 | 0 | -17M | 0 | 0 | 0 |
| Sale of Investments | 416.1M | 0 | 0 | 134M | 0 | 0 | 17M | 0 | 0 | 0 |
| Other Investing | 297.73M | 562M | 0 | 78M | 84.62M | 339M | -17M | 36M | 92M | 17M |
| Cash from Financing | -387.95M | 93M | 78.09M | -636M | -1B | 678M | -475M | -288M | -60M | -362M |
| Dividends Paid | -11.99M | -5M | 0 | 0 | -101.54M | 0 | -315.21M | -833.29M | -495M | -269M |
| Dividend Payout Ratio % | - | - | - | - | 6.76% | - | - | 380.61% | 687.5% | - |
| Debt Issuance (Net) | 4M | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Stock Issued | 157.75M | 0 | 0 | 251M | 0 | 0 | 136.81M | 13M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -59.02M | -13M | 0 | 0 |
| Other Financing | -3.44B | -1.53B | -1.02B | -649M | -2.06B | -791M | -205.59M | -38.71M | 370M | -85.21M |
| Net Change in Cash | 36.6M | 58M | -90.8M | -15M | 227.18M | 13M | 51M | -38M | 80M | -58M |
| Exchange Rate Effect | 19.24M | 36M | -194.92M | 36M | 39.72M | -33M | 12M | -4M | -11M | 0 |
| Cash at Beginning | 963.64M | 624M | 1.04B | 642M | 702.31M | 512M | 304M | 342M | 262M | 192M |
| Cash at End | 967.12M | 682M | 953.53M | 627M | 929.5M | 525M | 355M | 304M | 342M | 134M |
| Free Cash Flow | -736.6M | -633M | -1.34B | 575M | 568.91M | -959M | 619M | 254M | 151M | 287M |
| FCF Growth % | 47.41% | 52.61% | -332.3% | 1.07% | 159.32% | -254.93% | 143.7% | 68.21% | -47.39% | - |
| FCF Margin % | -18.27% | -16.98% | -32.25% | 14.49% | 15.06% | -27.98% | 19.43% | 5.93% | 5.07% | 14.1% |
| FCF / Net Income % | 13.77% | 27.01% | -565.98% | -317.68% | 37.85% | -101.37% | -22.61% | 116.01% | 209.72% | -4783.33% |
High project-level financing dependency
As reported in the quarterly cash flow statements, BEPC consistently records significant capital expenditures, such as the $1.2 billion outlay in 2024Q4, which frequently dwarfs operating cash flow and underscores the company's reliance on external funding to sustain its aggressive renewable development pipeline and asset expansion.
The data reveals a persistent pattern where CAPEX-to-OCF ratios often exceed 100%, indicating that the company is in a heavy growth phase that consumes all internally generated cash. This level of investment suggests that management is prioritizing long-term asset base growth over immediate cash flow neutrality, which is typical for the sector but necessitates constant access to capital markets.
Based on the provided financial data, BEPC frequently relies on equity and debt issuance to bridge its free cash flow deficits, including a notable $157.7 million stock issuance in 2026Q1, highlighting the company's structural requirement for external financing to maintain its current development and operational trajectory.
The recurring FCF deficits, such as the $189.3 million shortfall in 2026Q1, suggest that the company's growth strategy is fundamentally dependent on the availability of external capital. Investors should monitor whether the cost of this capital remains accretive to the returns generated by the underlying renewable assets, as rising interest rates could compress the spread between project IRRs and financing costs.
According to the provided cash flow and income statements, BEPC exhibits a stark divergence between GAAP net losses and operating cash flow, with the company generating $78.2 million in OCF during 2026Q1 despite reporting a $3.0 billion net loss, illustrating the heavy impact of non-cash accounting charges.
This disconnect suggests that GAAP net income is an unreliable metric for assessing the company's financial health, as non-cash depreciation and potential impairments significantly distort the bottom line. Analysts should focus on the cash-generative capacity of the hydroelectric and transition assets, which appears more resilient than the headline net income figures would imply.
Financial disclosures indicate that BEPC's reported debt-to-equity ratios may not fully capture the scale of non-recourse project-level debt, as evidenced by the substantial interest payments of $487.0 million in 2025Q2, which warrant further investigation into the true leverage profile of the company's global asset portfolio.
The reliance on non-recourse financing is a standard utility practice, yet it obscures the total debt burden that the parent company may ultimately be responsible for supporting. The significant interest payments relative to operating cash flow suggest that the company's financial flexibility may be more constrained than the corporate-level balance sheet metrics suggest.
Quick answers to the most common questions about buying BEPC stock.
Brookfield Renewable Corporation (BEPC) generated $507.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Renewable Corporation (BEPC) reported negative free cash flow of $633.0M in 2025, indicating capital requirements exceeded cash from operations.
Brookfield Renewable Corporation (BEPC) spent $1.14B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brookfield Renewable Corporation (BEPC) returned $5.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.