While 2026Q1 operating cash flow reached $180.5M, the company's reliance on external financing is highlighted by a $137.1M net stock issuance to support ongoing capital expenditure requirements.
| Cash from Operations | 1.55B | 1.64B | 1.74B | 1.06B | 893M | 839M | 730M | 1.08B | 1.06B | 1.03B |
| Operating CF Growth % | -44.76% | -6.13% | 64.59% | 18.59% | 6.44% | 14.93% | -32.59% | 1.69% | 3.3% | - |
| Operating CF / Revenue % | 42.8% | 43.84% | 49.94% | 41.55% | 49.3% | 51.52% | 48.49% | 65.37% | 71.89% | 75.22% |
| Net Income | -753.14M | -245.22M | -608M | 606M | 1.62B | 27M | -232M | 570M | 581M | 577M |
| Depreciation & Amortization | 632.15M | 679.69M | 775M | 365M | 211M | 236M | 283M | 308M | 319M | 263M |
| Deferred Taxes | 41M | 6.11M | 9M | 20.37M | -79M | 171M | 102M | 97M | 100M | 101M |
| Other Non-Cash Items | 1.1B | 1.04B | 1.48B | 61.52M | -1.03B | 370M | 621M | 35M | 429M | 392M |
| Working Capital Changes | 122.98M | 157.71M | 87M | 6.11M | 173M | 35M | -44M | 73M | 15M | 68M |
| Capital Expenditures | -2.11B | -1.42B | -1.09B | -3.17B | -1.05B | -415M | -399M | -465.58M | -443M | -4.51B |
| CapEx / Revenue % | 56.83% | 37.98% | 31.17% | 124.52% | 57.8% | 25.48% | 26.5% | 28.1% | 29.9% | 329.28% |
| CapEx / D&A | 3.26x | 2.09x | 1.40x | 8.70x | 4.96x | 1.76x | 1.41x | 1.51x | 1.39x | 17.16x |
| CapEx Coverage (OCF/CapEx) | 0.75x | 1.15x | 1.60x | 0.33x | 0.85x | 2.02x | 1.83x | 2.33x | 2.40x | 0.23x |
| Cash from Investing | -1.57B | -1.73B | -1.11B | -3.17B | -1.05B | 326M | -399M | -441M | -435M | -4.51B |
| Acquisitions | -681.05M | -767.2M | 0 | -3.09B | -455M | 817M | 17.9M | 14.33M | -824.68M | -4.15B |
| Purchase of Investments | -35M | 0 | 0 | -57M | -71M | -76M | 0 | 0 | 0 | 0 |
| Sale of Investments | -245.96K | 433.46M | 0 | 53M | 68.19M | 75.33M | 0 | 0 | 0 | 0 |
| Other Investing | 491.33M | 22.39M | -22M | 510M | -68.19M | -75.33M | -17.9M | 10.25M | 8M | -367M |
| Cash from Financing | 301.06M | -207.57M | -428M | 2.18B | -4M | -868M | -317M | -514M | -568M | 3.55B |
| Dividends Paid | -435M | 0 | 0 | 0 | 0 | 0 | -493.78M | -255.81M | -677M | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | 126.9% | 353.16% | - |
| Debt Issuance (Net) | 0 | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 140.07M | 0 | 1M | 0 | 0 | 128M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2B | 9.16M | -1.9B | 2.42B | -911.56M | -708M | 5.78M | -525M | -1.44B | 3.2B |
| Net Change in Cash | 317.31M | -243.38M | 135M | 94M | -24M | 277M | -12M | 105M | 21M | 68M |
| Exchange Rate Effect | 30.94M | 56.78M | -70M | 26M | 134M | -20M | -26M | -23M | -41M | -3M |
| Cash at Beginning | 430.22M | 673.6M | 539M | 445M | 469M | 192M | 204M | 99M | 78M | 10M |
| Cash at End | 590.94M | 430.22M | 674M | 539M | 445M | 469M | 192M | 204M | 99M | 78M |
| Free Cash Flow | -555.81M | 218.76M | 655M | -2.12B | -154M | 424M | 331M | 617.42M | 622M | -3.48B |
| FCF Growth % | -153.24% | -66.6% | 130.97% | -1273.38% | -136.32% | 28.1% | -46.39% | -0.74% | 117.86% | - |
| FCF Margin % | -15.31% | 5.86% | 18.77% | -82.98% | -8.5% | 26.04% | 21.99% | 37.27% | 41.99% | -254.05% |
| FCF / Net Income % | 73.8% | -89.21% | -113.16% | -1871.09% | -14.66% | -116.24% | -56.96% | 306.29% | 324.47% | -1623.73% |
High interest rate sensitivity
According to quarterly financial data, BIPC generated $180.5M in operating cash flow during 2026Q1, demonstrating the inherent stability of its regulated utility assets despite the broader net income volatility observed in recent periods, which suggests that core operational cash generation remains resilient against non-cash accounting distortions.
The consistency of operating cash flow suggests that the underlying regulated distribution and transmission assets continue to perform as expected under their respective regulatory frameworks. Investors should monitor whether this cash flow stability can be maintained if regulatory rate resets in the UK or Brazil fail to keep pace with inflationary pressures.
As reported in the company's cash flow statements, BIPC's capital expenditure reached a peak of $1.0B in 2025Q3, representing a significant investment phase that underscores the company's reliance on continuous infrastructure development to expand its regulated rate base and secure future long-term revenue streams.
The high CapEx-to-OCF ratio, which spiked to 141% in 2025Q4, is characteristic of a utility in a heavy growth cycle rather than a mature, cash-cow utility. This level of investment appears necessary to maintain the competitive moat, though it necessitates a disciplined approach to capital allocation to ensure that these projects eventually yield the expected regulatory returns.
Based on the provided financial figures, BIPC utilized a $137.1M net stock issuance in 2026Q1 to supplement its cash position, highlighting a reliance on external capital markets to bridge the funding gap created by aggressive capital expenditure programs and the absence of consistent internal free cash flow.
The company's ability to tap equity markets suggests that investors remain willing to fund its growth, yet the reliance on external financing warrants caution given the high debt-to-equity ratio. Analysts should monitor whether the cost of this capital remains accretive to the overall return on invested capital as interest rates fluctuate.
As indicated by the 2025Q1 data, the OCF-to-dividend coverage ratio stood at 2.0, suggesting that while the dividend is currently supported by operating cash flow, the significant capital expenditure requirements may periodically constrain the company's ability to maintain these payouts without relying on external financing or asset recycling.
The intermittent nature of dividend payments, as seen in the zero-dividend quarters, implies a flexible capital allocation policy that prioritizes growth investment over a fixed payout schedule. This approach appears prudent for a utility with high leverage, as it preserves liquidity during periods of intense capital deployment.
Quick answers to the most common questions about buying BIPC stock.
Brookfield Infrastructure Corporation (BIPC) generated $1.64B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Infrastructure Corporation (BIPC) generated $218.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Brookfield Infrastructure Corporation (BIPC) spent $1.42B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.