Capital expenditure peaked at $10.1 billion in 2025Q3, forcing a reliance on external capital markets as free cash flow reached a deficit of $8.3 billion in the same period.
| 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 |
|---|
| Cash from Operations | 6B | 5.97B | 4.65B | 4.08B | 3.13B | 2.77B | 2.53B | 2.14B | 1.36B | 1.48B | 753M | 634M | 683M | 694M | 635M | 352M | 78M | 8.1M | 5.8M | 49.7M |
| Operating CF Growth % | 102.93% | 28.33% | 14.1% | 30.25% | 12.95% | 9.57% | 18.06% | 57.34% | -8.04% | 96.68% | 18.77% | -7.17% | -1.58% | 9.29% | 80.4% | 351.28% | 862.96% | 39.66% | -88.33% | - |
| Operating CF / Revenue % | 24.97% | 25.85% | 22.12% | 22.74% | 21.7% | 24.03% | 28.47% | 32.48% | 29.28% | 41.9% | 35.6% | 34.18% | 35.5% | 38.01% | 41.67% | 21.52% | 12.3% | 27.18% | 17.63% | - |
| Net Income | 417M | 449M | 1.68B | 1.45B | 1.38B | 2.72B | 904M | 650M | 806M | 574M | 528M | 391M | 229M | 65M | 291M | 440M | 473M | -59M | 28M | 1.1M |
| Depreciation & Amortization | 4.14B | 4.02B | 3.64B | 2.74B | 2.16B | 2.04B | 1.71B | 1.21B | 801M | 671M | 447M | 375M | 380M | 329M | 232M | 127M | 29M | 7.5M | 7.7M | 49.7M |
| Deferred Taxes | -169M | -156M | -324M | 5M | 86M | 240M | 54M | 28M | 46M | 67M | -18M | -26M | 49M | 12M | 30M | 154M | -21M | 0 | 0 | -8.4M |
| Other Non-Cash Items | 1.62B | 2.06B | -124M | 524M | 416M | -1.7B | 87M | 183M | -167M | 38M | -249M | -26M | -21M | 307M | -74M | -362M | -365M | 37M | 3.5M | 7.3M |
| Working Capital Changes | -473M | -408M | -226M | -638M | -904M | -524M | -220M | 68M | -124M | 131M | 45M | -80M | 46M | -19M | 156M | -18M | -38M | 23.7M | -6.6M | 28.8M |
| Capital Expenditures | -19.72B | -12.66B | -4.97B | -12.99B | -2.77B | -2.07B | -4.61B | -11.37B | -5.56B | -5.72B | -1.06B | -2.35B | -1.07B | -425M | -1.76B | -763M | 72M | -661M | -348.3M | 0 |
| CapEx / Revenue % | 82.14% | 54.81% | 23.65% | 72.44% | 19.23% | 17.92% | 51.87% | 172.38% | 119.6% | 161.84% | 50.02% | 126.47% | 55.77% | 23.27% | 115.75% | 46.64% | 11.36% | 2218.12% | 1058.66% | - |
| CapEx / D&A | 4.76x | 3.15x | 1.37x | 4.74x | 1.29x | 1.02x | 2.70x | 9.37x | 6.95x | 8.53x | 2.37x | 6.26x | 2.82x | 1.29x | 7.60x | 6.01x | 2.48x | 88.13x | 45.23x | 0.00x |
| CapEx Coverage (OCF/CapEx) | 0.30x | 0.47x | 0.94x | 0.31x | 1.13x | 1.34x | 0.55x | 0.19x | 0.24x | 0.26x | 0.71x | 0.27x | 0.64x | 1.63x | 0.36x | 0.46x | 1.08x | 0.01x | 0.02x | - |
| Cash from Investing | -18.93B | -12.66B | -6.9B | -12.99B | -3.37B | -1.17B | -4.61B | -11.37B | -5.56B | -5.72B | -1.06B | -2.35B | -1.07B | -162M | -1.76B | -763M | 72M | -661M | -348.3M | 0 |
| Acquisitions | -7.48B | 0 | -2.8B | -10.14B | -870M | 773M | -3.03B | -10.4B | -4.6B | -4.84B | -1.05B | -707M | -536M | 505M | -1.14B | -196M | 142M | -676M | -116.4M | 0 |
| Purchase of Investments | -269M | 0 | -677M | -524M | -659M | -1.32B | -1.17B | -176M | -255M | -469M | -191M | -1.72B | -177M | -357M | 0 | -60M | -33M | -929.5M | -227.7M | 0 |
| Sale of Investments | -1.12B | 534M | 1.06B | 715M | 898M | 1.36B | 1.02B | 351M | 104M | 258M | 870M | 595M | 79M | 110M | 10M | 0 | 0 | 24M | 0 | 0 |
| Other Investing | -3.19B | -7.49B | 483M | -558M | 41M | 85M | 46M | 38M | 23M | 47M | 7M | 10M | 15M | 5M | 17M | 1M | 0 | 926.5M | 4M | 0 |
| Cash from Financing | 13.96B | 7.82B | 2.61B | 9.42B | 56M | -995M | 2.13B | 9.54B | 4.42B | 3.81B | 899M | 1.76B | 42M | -232M | 1.24B | 411M | -103M | 731M | 103.6M | 217.9M |
| Dividends Paid | -2.01B | -1.74B | -1.64B | -1.52B | -1.42B | -1.26B | -1.13B | -1.03B | -919M | -794M | -628M | -546M | -448M | -388M | -304M | -222M | -117M | -59M | -33.9M | 0 |
| Dividend Payout Ratio % | - | 388.2% | 468.38% | 413.08% | 415.84% | 164.1% | 350% | 486.73% | 478.65% | 640.32% | 170.19% | 323.08% | 308.97% | - | 380% | 163.24% | 38.74% | 236% | 121.07% | - |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 0 |
| Stock Issued | 6M | 0 | 11M | 0 | 13M | 1.07B | 204M | 853M | 325M | 1.21B | 755M | 932M | 2M | 338M | 500M | 658M | 5M | 929M | 0 | 20M |
| Share Repurchases | -190M | -190M | 0 | -13M | -243M | -12M | 0 | 0 | 0 | 0 | -6M | -67M | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 |
| Other Financing | 15.65B | 1.56B | -3.91B | 5.58B | -1.68B | -2.08B | 1.55B | 5.85B | 716M | 1.8B | 577M | 304M | -314M | -156M | -94M | -142M | 0 | 0 | 0 | 197.9M |
| Net Change in Cash | 995M | 1.13B | 214M | 578M | -127M | 539M | 40M | 287M | 166M | -412M | 587M | 10M | -349M | 275M | 110M | -1M | 47M | 49.1M | -212.1M | 188.1M |
| Exchange Rate Effect | -29M | 2M | -150M | 71M | 51M | -65M | -7M | -26M | -50M | 14M | -7M | -40M | -9M | 84M | 1M | 11M | 107M | 0 | -217.9M | 0 |
| Cash at Beginning | 3.2B | 2.07B | 1.86B | 1.28B | 1.41B | 867M | 827M | 540M | 374M | 786M | 199M | 189M | 538M | 263M | 153M | 154M | 107M | 9.2M | 221.3M | 29.8M |
| Cash at End | 2.46B | 3.2B | 2.07B | 1.86B | 1.28B | 1.41B | 867M | 827M | 540M | 374M | 786M | 199M | 189M | 538M | 263M | 153M | 154M | 58.3M | 9.2M | 217.9M |
| Free Cash Flow | -13.73B | -6.69B | -322M | -8.91B | 356M | 705M | -2.08B | -9.23B | -4.2B | -4.24B | -305M | -1.71B | -390M | 269M | -1.13B | -411M | 150M | -652.9M | -342.5M | 0 |
| FCF Growth % | -1742.42% | -1977.64% | 96.39% | -2603.37% | -49.5% | 133.91% | 77.47% | -119.63% | 0.9% | -1290.16% | 82.18% | -338.97% | -244.98% | 123.83% | -174.7% | -374% | 122.97% | -90.63% | - | - |
| FCF Margin % | -57.17% | -28.96% | -1.53% | -49.7% | 2.47% | 6.11% | -23.4% | -139.9% | -90.33% | -119.94% | -14.42% | -92.29% | -20.27% | 14.73% | -74.08% | -25.12% | 23.66% | -2190.94% | -1041.03% | - |
| FCF / Net Income % | -3291.61% | -1489.98% | -91.74% | -2428.34% | 104.4% | 92.04% | -641.67% | -4373.93% | -2188.54% | -3419.35% | -82.66% | -1013.02% | -268.97% | -840.63% | -1411.25% | -302.21% | 49.67% | -2611.6% | -1223.21% | 0% |
Asset recycling liquidity dependence
As reported in quarterly filings, BIP’s capital expenditure reached a peak of $10.1 billion in 2025Q3, significantly exceeding operating cash flow and highlighting a strategy that relies heavily on external funding to drive the expansion of its regulated utility and data infrastructure asset base.
The data indicates a highly capital-intensive model where CapEx-to-OCF ratios have frequently exceeded 100%, suggesting that organic cash generation is insufficient to fund the company's growth ambitions. This persistent investment cycle appears to prioritize long-term rate base expansion over immediate free cash flow, which is typical for infrastructure but necessitates constant access to capital markets.
Based on the provided cash flow statements, BIP consistently records negative free cash flow, with a deficit reaching $8.3 billion in 2025Q3, necessitating a reliance on debt issuance and asset recycling to maintain liquidity and fund ongoing infrastructure development projects across its global portfolio.
The recurring negative free cash flow underscores the company's dependence on external financing to bridge the gap between operational cash inflows and massive capital outlays. Investors should monitor whether the current pace of debt issuance remains sustainable, particularly if the secondary market for infrastructure assets experiences valuation compression that limits recycling proceeds.
According to financial data, BIP maintains dividend coverage ratios that have fluctuated between 1.9x and 4.7x over the last ten quarters, suggesting that while the payout is currently supported by operating cash flow, the sustainability of these distributions remains tied to the company's ability to recycle capital.
While the OCF-to-dividend coverage appears adequate on a surface level, the underlying cash burn from aggressive CapEx suggests that the dividend is effectively being funded by the broader Brookfield ecosystem's capital recycling strategy. Any disruption in the ability to divest mature assets at a premium could force a re-evaluation of the current distribution policy.
As indicated by the discrepancy between net income and operating cash flow, BIP’s reported earnings of -$86 million in 2026Q1 contrast sharply with $893 million in OCF, highlighting how non-cash charges and fair value adjustments obscure the firm's actual ability to generate distributable cash.
The significant gap between GAAP net income and operating cash flow suggests that traditional earnings metrics are poor indicators of BIP's financial health. Analysts should focus on FFO and cash-based metrics, as the accounting volatility appears to be a structural feature of the company's complex, multi-jurisdictional infrastructure investment model.
Quick answers to the most common questions about buying BIP stock.
Brookfield Infrastructure Partners L.P. (BIP) generated $5.97B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Infrastructure Partners L.P. (BIP) reported negative free cash flow of $6.69B in 2025, indicating capital requirements exceeded cash from operations.
Brookfield Infrastructure Partners L.P. (BIP) spent $12.66B 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 Infrastructure Partners L.P. (BIP) returned $1.74B to shareholders via cash dividends and spent $190.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.