Revenue growth of 8.5% in Q2 2026 appears driven by regulatory indexation, supporting a robust operating margin of 58.5%, but persistent negative net margins, such as -8.8% in the same period, indicate financing costs are overwhelming operational efficiency.
Brookfield Infrastructure Corporation (BIPC) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Revenue | 3.71B | 3.73B | 3.67B | 2.55B | 1.89B | 1.63B | 1.43B | 1.66B | 1.48B | 1.37B |
| Revenue Growth % | 2.2% | 1.81% | 43.83% | 35.15% | 15.81% | 13.88% | -13.68% | 11.83% | 8.09% | - |
| Cost of Revenue | 1.39B | 1.36B | 1.38B | 792.27M | 542M | 521.37M | 527M | 564.83M | 526.7M | 474.47M |
| Gross Profit | 2.32B | 2.37B | 2.29B | 1.76B | 1.34B | 1.11B | 903M | 1.09B | 954.7M | 896.11M |
| Gross Margin % | 62.44% | 63.63% | 62.41% | 68.92% | 71.26% | 67.99% | 63.15% | 65.9% | 64.45% | 65.38% |
| Gross Profit Growth % | - | 3.8% | 30.25% | 30.7% | 21.39% | 22.61% | -17.29% | 14.36% | 6.54% | - |
| Operating Expenses | 84.32M | 81.4M | 75M | 68.23M | 69M | 48.57M | 903M | 30.7M | 22.78M | 25.9M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 2.87B | 2.97B | 2.99B | 2.05B | 1.49B | 1.29B | 534M | 1.34B | 1.3B | 1.13B |
| EBITDA Margin % | 77.41% | 79.66% | 81.51% | 80.56% | 78.79% | 79.49% | 37.34% | 81.19% | 87.82% | 82.68% |
| EBITDA Growth % | -1.93% | -0.5% | 45.51% | 38.18% | 14.78% | 142.44% | -60.3% | 3.38% | 14.81% | - |
| Depreciation & Amortization | 640M | 679.69M | 775M | 365M | 211M | 236M | 283M | 308M | 319M | 263M |
| D&A / Revenue % | 17.24% | 18.21% | 21.14% | 14.32% | 11.19% | 14.49% | 19.79% | 18.59% | 21.53% | 19.19% |
| Operating Income (EBIT) | 2.23B | 2.29B | 2.21B | 1.69B | 1.27B | 1.06B | 0 | 1.04B | 982M | 870.21M |
| Operating Margin % | 60.17% | 61.45% | 60.37% | 66.24% | 67.6% | 65% | 0% | 62.6% | 66.29% | 63.49% |
| Operating Income Growth % | - | 3.64% | 31.07% | 32.42% | 20.44% | - | -100% | 5.6% | 12.85% | - |
| Interest Expense | 4M | 1.18B | 1.06B | 697M | 544M | 294M | 214M | 156M | 127M | 71M |
| Interest Coverage | - | 1.92x | 1.41x | 2.47x | 4.46x | 2.45x | 1.17x | 6.55x | 7.04x | 12.02x |
| Interest / Revenue % | 0.11% | 31.49% | 29.05% | 27.35% | 28.84% | 18.05% | 14.97% | 9.42% | 8.57% | 5.18% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K |
| Pretax Income | 702.29M | 1.1B | 437M | 991.86M | 1.88B | 428.2M | 37M | 842M | 815M | 780.08M |
| Pretax Margin % | 18.92% | 29.58% | 11.92% | 38.91% | 99.73% | 26.29% | 2.59% | 50.83% | 55.02% | 56.92% |
| Income Tax | 359.41M | 391.74M | 365M | 374.75M | 262M | 401.44M | 269M | 272M | 234M | 182.33M |
| Effective Tax Rate % | 51.18% | 35.48% | 83.52% | 37.78% | 13.93% | 93.75% | 727.03% | 32.3% | 28.71% | 23.37% |
| Net Income | -351.61M | -245.22M | -608M | 113.04M | 1.09B | -364.76M | -552M | 197M | 202M | 214.44M |
| Net Margin % | -9.47% | -6.57% | -16.58% | 4.43% | 58.01% | -22.4% | -38.6% | 11.89% | 13.64% | 15.65% |
| Net Income Growth % | 71.15% | 59.67% | -637.88% | -89.67% | 399.92% | 33.92% | -380.2% | -2.48% | -5.8% | - |
| EPS (Diluted) | -2.86 | -2.06 | -5.11 | 0.78 | 9.89 | -3.31 | -8.18 | 2.82 | 2.90 | 2.97 |
| EPS Growth % | 68.18% | 59.69% | -755.13% | -92.11% | 398.79% | 59.54% | -390.07% | -2.76% | -2.36% | - |
| EPS (Basic) | - | -2.06 | -5.11 | 0.84 | 9.89 | -3.31 | -8.18 | 2.82 | 2.90 | 2.97 |
| Diluted Shares Outstanding | 123.01M | 119.07M | 119.04M | 142.99M | 110.57M | 110.25M | 67.44M | 69.52M | 69.75M | 69.75M |
Quick answers to the most common questions about buying BIPC stock.
For fiscal year 2025, Brookfield Infrastructure Corporation (BIPC) reported total revenue of $3.73B. This represents a 172.3% increase compared to $1.37B in 2017.
Brookfield Infrastructure Corporation (BIPC) reported a net loss of $245.2M for the fiscal year ending 2025.
Brookfield Infrastructure Corporation (BIPC) reported an operating income of $2.29B, resulting in an operating profit margin of 61.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Infrastructure Corporation (BIPC) generated $2.37B in gross profit for the year, representing a gross profit margin of 63.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative net income
Stable Revenue Amid Regulatory Indexation
Revenue growth of 8.5% in Q2 2026, as reported in recent financial statements, appears driven by inflation-linked regulatory adjustments in its UK and Australian distribution assets rather than volumetric expansion.
The consistent top-line performance, with revenue generally ranging between $880M and $970M per quarter, suggests the regulated asset base is providing a stable foundation. This growth trajectory is likely underpinned by periodic regulatory resets and inflation pass-throughs, which are characteristic of its utility operations. However, the lack of significant acceleration indicates that organic growth from new connections or capacity expansions may be modest, making the revenue stream highly dependent on the regulatory environment's willingness to grant inflationary increases.
Operating Margin Resilience Masked by Bottom-Line Losses
Operating margin has remained robust, averaging around 60% over the last ten quarters, indicating effective cost recovery mechanisms within its regulated frameworks despite significant bottom-line volatility.
The high and stable operating margin suggests that the company's core infrastructure operations are efficiently managed and that regulatory constructs allow for the recovery of operating costs. This operational profitability is a positive indicator of the health of the underlying assets. However, the stark divergence between this strong operating performance and the frequently negative net margin points to substantial non-operating costs, primarily financing expenses, which are eroding all operational earnings at the consolidated level.
Financing Costs Overwhelm Operational Efficiency
The persistent negative net margin, which reached -8.8% in Q2 2026 according to the income statement data, appears to be primarily driven by interest and financing expenses that are not fully offset by the company's strong operating cash flow generation.
For a regulated utility, fuel and purchased power costs are typically pass-through items, but BIPC's cost structure is dominated by its capital-intensive nature and high leverage. The reported interest expense is substantial, and the debt-to-equity ratio of 6.63x indicates a heavy financing burden. This suggests that while the company can recover its operating costs through regulated rates, the cost of capital itself is a major drag on net profitability, a challenge that is not mitigated by standard regulatory cost-recovery mechanisms.
Reported Earnings Obscured by Non-Cash Volatility
The extreme volatility in quarterly EPS, swinging from $3.27 in Q1 2025 to -$6.83 in Q3 2024, suggests that reported net income is heavily influenced by non-cash items and is not a reliable indicator of sustainable regulated earnings power.
The erratic EPS pattern, with large positive and negative swings, is inconsistent with the stable cash flows expected from regulated utility assets. This volatility likely stems from mark-to-market adjustments, foreign currency translation, or other non-cash accounting entries rather than operational performance. Investors should focus on metrics like Adjusted EBITDA or Funds From Operations to assess the true, recurring earnings power of the infrastructure portfolio, as the GAAP net income figure appears distorted.
Capital Deployment Not Yet Reflected in Net Profitability
Despite a history of significant acquisitions and capital deployment, the company's net income has remained negative for seven of the last ten quarters, indicating that growth investments have not yet translated into consistent bottom-line profitability.
The company's strategy involves acquiring and optimizing large-scale infrastructure assets, which requires substantial upfront capital. The persistent net losses suggest that the returns from these investments, while generating strong operating income, are currently being consumed by the financing costs associated with funding them. This creates a disconnect where the asset base and operating cash flows are growing, but the earnings per share remain depressed until the capital structure is optimized or the assets fully mature within the regulatory framework.
Leverage Threatens Viability of Growth Model
The most significant challenge to the investment thesis is the company's 6.63x debt-to-equity ratio combined with persistent net losses, which suggests the current capital structure may be unsustainable if interest rates remain elevated or regulatory returns are compressed.
While the operating assets are performing well, the consolidated financials reveal a critical vulnerability. The high leverage magnifies the impact of any increase in borrowing costs or any reduction in allowed regulatory returns. If the spread between the return on the regulated asset base and the cost of debt narrows further, the company could face a liquidity crunch, potentially forcing dilutive equity issuances or asset sales at unfavorable valuations. This risk is particularly acute given the absence of formal management guidance, which reduces visibility into the path to consistent profitability.