Revenue volatility remains high, with a 33.5% growth spike in 2026Q1 failing to offset a $3.0 billion net loss driven by $403.3 million in non-cash depreciation charges.
| Revenue | 4.03B | 3.73B | 4.14B | 3.97B | 3.78B | 3.43B | 3.19B | 4.28B | 2.98B | 2.04B |
| Revenue Growth % | 2.76% | -10% | 4.41% | 5% | 10.24% | 7.56% | -25.57% | 43.69% | 46.39% | - |
| Cost of Revenue | 2.1B | 1.5B | 1.77B | 1.47B | 1.17B | 1.19B | 1.06B | 2.5B | 1.05B | 832M |
| Gross Profit | 1.93B | 2.23B | 2.38B | 2.5B | 2.6B | 2.24B | 2.13B | 1.78B | 1.93B | 1.2B |
| Gross Margin % | 47.93% | 59.9% | 57.34% | 63.05% | 68.93% | 65.42% | 66.7% | 41.69% | 64.65% | 59.12% |
| Gross Profit Growth % | - | -5.98% | -5.04% | -3.96% | 16.15% | 5.51% | 19.07% | -7.34% | 60.1% | - |
| Operating Expenses | -156.9M | 110M | 1.37B | 1.44B | 1.36B | 175M | 152M | 350.3M | 933M | 619M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 3.43B | 3.36B | 2.27B | 2.41B | 2.44B | 3.18B | 3.04B | 2.74B | 1.12B | 1.35B |
| EBITDA Margin % | 84.96% | 90.21% | 54.78% | 60.83% | 64.45% | 92.85% | 95.35% | 63.98% | 37.54% | 66.32% |
| EBITDA Growth % | 58.24% | 48.22% | -5.97% | -0.9% | -23.48% | 4.74% | 10.93% | 144.91% | -17.14% | - |
| Depreciation & Amortization | 1.34B | 1.24B | 1.26B | 1.35B | 1.19B | 1.11B | 1.06B | 1.3B | 688.25M | 725.59M |
| D&A / Revenue % | 33.14% | 33.26% | 30.47% | 34.11% | 31.47% | 32.54% | 33.43% | 30.47% | 23.1% | 35.66% |
| Operating Income (EBIT) | 2.09B | 2.12B | 1.01B | 1.06B | 1.25B | 2.07B | 1.97B | 1.43B | 430M | 624M |
| Operating Margin % | 51.82% | 56.95% | 24.31% | 26.72% | 32.98% | 60.32% | 61.93% | 33.51% | 14.43% | 30.66% |
| Operating Income Growth % | - | 110.82% | -5% | -14.93% | -39.72% | 4.76% | 37.55% | 233.58% | -31.09% | - |
| Interest Expense | 4M | 1.67B | 1.67B | 1.26B | 1.03B | 900M | 816M | 701M | 670M | 438M |
| Interest Coverage | - | -0.41x | 1.36x | 1.30x | 2.91x | 1.06x | 1.11x | 1.83x | 1.40x | 1.82x |
| Interest / Revenue % | 0.1% | 44.85% | 40.25% | 31.71% | 27.32% | 26.26% | 25.61% | 16.38% | 22.49% | 21.52% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | -5.54B | -2.36B | 600M | 381M | 1.97B | 1.02B | -2.75B | 370.2M | 266M | 177M |
| Pretax Margin % | -137.5% | -63.2% | 14.49% | 9.6% | 52.09% | 29.68% | -86.19% | 8.65% | 8.93% | 8.7% |
| Income Tax | -48.81M | -13M | 167M | 73M | 118M | 87M | 73M | 88.9M | -312M | 114M |
| Effective Tax Rate % | 0.88% | 0.55% | 27.83% | 19.16% | 6% | 8.55% | -2.66% | 24.01% | -117.29% | 64.41% |
| Net Income | -5.35B | -2.34B | 236M | -181M | 1.5B | 946M | -2.74B | 218.94M | 72M | -6M |
| Net Margin % | -132.62% | -62.88% | 5.7% | -4.56% | 39.78% | 27.6% | -85.94% | 5.11% | 2.42% | -0.29% |
| Net Income Growth % | -2039.02% | -1093.22% | 230.39% | -112.04% | 58.88% | 134.55% | -1350.58% | 204.08% | 1300% | - |
| EPS (Diluted) | -29.31 | -13.05 | 1.63 | -1.01 | 8.73 | 5.49 | -15.90 | 0.54 | 0.24 | -0.02 |
| EPS Growth % | -2265.82% | -900.61% | 261.39% | -111.57% | 59.02% | 134.53% | -3044.44% | 125% | 1324.49% | - |
| EPS (Basic) | - | -13.05 | 1.63 | -1.01 | 8.73 | 5.49 | -15.90 | 0.54 | 0.24 | -0.02 |
| Diluted Shares Outstanding | 182.43M | 179.65M | 144.92M | 179.65M | 172.22M | 172.2M | 172.18M | 306.3M | 306.3M | 306.3M |
High volatility in net income and interest coverage ratios suggests significant exposure to non-cash accounting distortions and potential financing headwinds.
According to the provided financial data, BEPC experienced a 33.5% revenue surge in 2026Q1, yet this follows a period of inconsistent performance where quarterly revenue growth fluctuated significantly, suggesting that top-line expansion remains highly sensitive to hydrological conditions and the timing of project-level asset commissioning.
The revenue trajectory appears heavily influenced by seasonal generation variability rather than steady rate base expansion. Investors should monitor whether the recent revenue spike represents a durable shift in capacity or merely a favorable hydrological quarter that may revert in subsequent periods.
As reported in the income statement, BEPC recorded a net loss of $3.0 billion in 2026Q1, a figure that appears fundamentally disconnected from operational reality due to heavy non-cash depreciation charges totaling $403.3 million, which obscure the company's actual ability to generate sustainable cash flow.
The persistent gap between operating income and net income suggests that GAAP earnings are an unreliable metric for assessing the company's health. Analysts should focus on FFO and CAFD to determine if the underlying renewable assets are truly covering their capital costs.
Based on the reported figures, BEPC maintains a high fixed-cost structure where depreciation and interest expenses frequently overwhelm operating income, as evidenced by the 2026Q1 interest coverage ratio of -5.23, indicating that the current cost of capital may be outpacing the returns on existing assets.
The reliance on non-recourse project debt creates a structural vulnerability where rising interest rates directly compress the net margin. The company's ability to maintain profitability depends on its capacity to recycle capital into higher-yielding projects before financing costs erode the equity value.
Financial statements provided for BEPC suggest a deceptively low debt-to-equity ratio of 1.69%, which likely masks the substantial non-recourse project-level debt that is central to the Brookfield model and essential for understanding the true financial risk profile of the company's global renewable portfolio.
The income statement fails to capture the full extent of the leverage embedded within joint ventures and project-level entities. Investors should remain skeptical of headline leverage metrics and investigate the proportionate share of debt that could impact future dividend sustainability.
Quick answers to the most common questions about buying BEPC stock.
For fiscal year 2025, Brookfield Renewable Corporation (BEPC) reported total revenue of $3.73B. This represents a 83.2% increase compared to $2.04B in 2017.
Brookfield Renewable Corporation (BEPC) reported a net loss of $2.34B for the fiscal year ending 2025.
Brookfield Renewable Corporation (BEPC) reported an operating income of $2.12B, resulting in an operating profit margin of 56.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Renewable Corporation (BEPC) generated $2.23B in gross profit for the year, representing a gross profit margin of 59.9%. This demonstrates the company's core pricing power and production efficiency.