Cash flow generation remains highly volatile, evidenced by a 2025Q2 OCF/NI ratio of -198.17 and capital expenditures consuming 18.8% of quarterly revenue.
Brookfield Infrastructure Corpo (BIPH) cash flow statement — 13-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 6.3B | 5.97B | 4.65B | 4.08B | 3.13B | 2.77B | 2.53B | 2.14B | 1.36B | 1.48B | 753M | 632M | 691M | 694M |
| Operating CF Growth % | 116.01% | 28.33% | 14.1% | 30.25% | 12.95% | 9.57% | 18.06% | 57.34% | -8.04% | 96.68% | 19.15% | -8.54% | -0.43% | - |
| Net Income | 859M | 449M | 1.68B | 1.45B | 1.38B | 2.72B | 904M | 650M | 806M | 574M | 528M | 169M | 101M | -63M |
| Depreciation & Amortization | 4.29B | 4.02B | 3.64B | 2.74B | 2.16B | 2.04B | 1.71B | 1.21B | 801M | 671M | 447M | 375M | 380M | 329M |
| Deferred Taxes | -90M | -156M | -324M | 5M | 86M | 240M | 54M | 28M | 46M | 67M | -18M | 0 | 0 | 0 |
| Other Non-Cash Items | 1.64B | 2.06B | -124M | 524M | 416M | -1.7B | 87M | 183M | -167M | 38M | -249M | 60M | 158M | 402M |
| Working Capital Changes | -406M | -408M | -226M | -638M | -904M | -524M | -220M | 68M | -124M | 131M | 45M | 28M | 52M | 26M |
| Cash from Investing | -20.72B | -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 |
| Purchase of Investments | -310M | 0 | -677M | -524M | -659M | -1.32B | -1.17B | -176M | -255M | -469M | -191M | 0 | 0 | 0 |
| Sale/Maturity of Investments | -1.33B | 534M | 1.06B | 715M | 898M | 1.36B | 1.02B | 351M | 104M | 258M | 870M | 0 | 0 | 0 |
| Net Investment Activity | -1.64B | 534M | 387M | 191M | 239M | 36M | -154M | 175M | -151M | -211M | 679M | 0 | 0 | 0 |
| Acquisitions | -9.75B | 0 | -2.8B | -10.14B | -870M | 773M | -3.03B | -10.4B | -4.6B | -4.84B | -1.05B | -54M | -89M | -56M |
| Other Investing | -2.35B | -7.49B | 483M | -558M | 41M | 85M | 46M | 38M | 23M | 47M | 7M | -1.77B | -530M | 319M |
| Cash from Financing | 15.28B | 7.82B | 2.61B | 9.42B | 56M | -995M | 2.13B | 9.54B | 4.42B | 3.81B | 899M | 1.76B | 42M | -232M |
| Dividends Paid | -2.12B | -1.74B | -1.64B | -1.52B | -1.42B | -1.26B | -1.13B | -1.03B | -919M | -794M | -628M | -342M | -288M | -255M |
| Share Repurchases | -190M | -190M | 0 | -13M | -243M | -12M | 0 | 0 | 0 | 0 | -6M | -67M | 0 | 0 |
| Stock Issued | 35M | 0 | 11M | 0 | 13M | 1.07B | 204M | 853M | 325M | 1.21B | 755M | 0 | 0 | 0 |
| Net Stock Activity | -155M | -190M | 11M | -13M | -230M | 1.06B | 204M | 853M | 325M | 1.21B | 749M | -67M | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Other Financing | 19.71B | 1.56B | -3.91B | 5.58B | -1.68B | -2.08B | 1.55B | 5.85B | 716M | 1.8B | 577M | 1.22B | -472M | 49M |
| Net Change in Cash | 743M | 1.13B | 214M | 578M | -127M | 539M | 40M | 287M | 166M | -412M | 587M | 10M | -349M | 275M |
| Exchange Rate Effect | -114M | 2M | -150M | 71M | 51M | -65M | -7M | -26M | -50M | 14M | -7M | -32M | -9M | -25M |
| Cash at Beginning | 2.46B | 2.07B | 1.86B | 1.28B | 1.41B | 867M | 827M | 540M | 374M | 786M | 199M | 189M | 538M | 263M |
| Cash at End | 3.08B | 3.2B | 2.07B | 1.86B | 1.28B | 1.41B | 867M | 827M | 540M | 374M | 786M | 199M | 189M | 538M |
| Interest Paid | 0 | 0 | 3.29B | 2.13B | 1.64B | 1.07B | 985M | 829M | 507M | 451M | 366M | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -576M | 268M | -322M | 1.59B | 356M | 705M | 1.06B | 961M | 523M | 767M | 63M | 112M | 237M | 269M |
| FCF Growth % | - | 183.23% | -120.24% | 346.91% | -49.5% | -33.36% | 10.09% | 83.75% | -31.81% | 1117.46% | -43.75% | -52.74% | -11.9% | - |
Quick answers to the most common questions about buying BIPH stock.
Brookfield Infrastructure Corpo (BIPH) generated $5.97B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Infrastructure Corpo (BIPH) generated $268.0M 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 Corpo (BIPH) spent $5.70B 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 Corpo (BIPH) 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.
Key Metrics
Top Statement Risk
High debt service burden
Earnings Quality and Cash Divergence
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently reaching extreme negative values, such as -198.17 in 2025Q2, indicating that GAAP net income provides almost no utility for assessing the company's actual cash-generating capacity.
The massive disconnect between net income and operating cash flow suggests that non-cash charges, particularly depreciation, are the primary drivers of the reported accounting losses. Investors should interpret this as a sign that the business is a capital-intensive financing vehicle rather than a traditional earnings-growth entity.
Volatile Free Cash Flow Generation
As reported in financial statements, BIPH's free cash flow trajectory is highly inconsistent, swinging from a peak of $695 million in 2023Q4 to a deficit of $730 million in 2024Q1, which highlights the inherent instability of cash generation in a debt-heavy infrastructure conglomerate model.
The frequent shifts between positive and negative free cash flow suggest that the company's ability to retain cash is entirely dependent on the timing of large-scale capital expenditures and asset acquisitions. This volatility warrants further investigation into whether the company can sustain its dividend distributions without relying on external financing.
Capital Intensity and Asset Replacement
Based on BIPH's reported figures, capital expenditures as a percentage of revenue have fluctuated significantly, peaking at 56.8% in 2024Q4, which suggests that the company is in a constant state of heavy reinvestment to maintain its global infrastructure footprint and support its aggressive growth strategy.
The high ratio of CapEx to revenue indicates that a substantial portion of operating cash flow is immediately consumed by the need to replace or expand physical assets. This capital intensity appears to be a structural requirement of the business, limiting the amount of cash available for debt reduction or shareholder returns.
Working Capital Efficiency and Liquidity
Data from recent filings reveals that working capital changes are frequently negative, including a significant $573 million outflow in 2025Q1, which suggests that the company's operational cash cycle is often strained by the timing of payments and the complexities of managing diverse global infrastructure assets.
These periodic working capital drains may indicate that the company is struggling to optimize its cash conversion cycle, potentially due to the long-term nature of its infrastructure contracts. Investors should monitor whether these outflows are temporary timing issues or a sign of structural inefficiencies in managing receivables and payables.
Capital Deployment and Financing Reliance
Based on the provided cash flow statements, BIPH consistently utilizes significant cash for dividends and acquisitions, with net acquisition outflows reaching $6 billion in 2023Q3, demonstrating a reliance on external capital markets to fund its growth while simultaneously attempting to maintain dividend payments to shareholders.
The aggressive acquisition strategy, coupled with consistent dividend payouts, appears to place immense pressure on the company's liquidity position. This approach suggests that the company may be prioritizing growth and yield over balance sheet deleveraging, which could increase vulnerability if market conditions for refinancing deteriorate.