Revenue has expanded to $5.4 billion as of 2025Q2, yet structural margin compression persists with a razor-thin net margin of -0.1%.
Brookfield Infrastructure Corpo (BIPH) annual income statement — 13-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 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Net Interest Income | -4.18B | -3.87B | -3.04B | -2.5B | -1.6B | -1.24B | -1.18B | -904M | -555M | -428M | -392M | 0 | 0 | 0 |
| NII Growth % | -67.66% | -27.28% | -21.51% | -56.41% | -29.26% | -4.92% | -30.42% | -62.88% | -29.67% | -9.18% | - | - | - | - |
| Net Interest Margin % | -3.43% | -3.02% | -2.91% | -2.48% | -2.19% | -1.67% | -1.92% | -1.61% | -1.52% | -1.45% | -1.84% | 0% | 0% | 0% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 367M | 362M | 362M |
| Interest Expense | 4.18B | 3.87B | 3.04B | 2.5B | 1.6B | 1.24B | 1.18B | 904M | 555M | 428M | 392M | 0 | 0 | 0 |
| Loan Loss Provision | 14.23B | 13.01B | 12.64B | 10.97B | 8.91B | 7.01B | 5.37B | 3.71B | 1.65B | 1.08B | 671M | 798M | 846M | 823M |
| Non-Interest Income | 25.06B | 23.1B | 21.04B | 17.93B | 14.43B | 11.54B | 8.88B | 6.6B | 4.65B | 3.54B | 2.12B | 1.49B | 1.56B | 1.46B |
| Non-Interest Income % | 120.02% | 120.11% | 116.88% | 116.21% | 112.46% | 112.01% | 115.3% | 115.88% | 113.55% | 113.78% | 122.75% | 100% | 100% | 100% |
| Total Net Revenue | 20.88B | 19.23B | 18B | 15.43B | 12.83B | 10.3B | 7.71B | 5.69B | 4.1B | 3.11B | 1.72B | 1.49B | 1.56B | 1.46B |
| Revenue Growth % | - | 6.84% | 16.66% | 20.28% | 24.54% | 33.66% | 35.36% | 38.96% | 31.86% | 80.33% | 15.79% | -4.74% | 6.69% | - |
| Non-Interest Expense | 444M | 426M | 405M | 413M | 433M | 406M | 2.34B | 279M | 1.02B | 910M | 613M | 303M | 408M | 619M |
| Efficiency Ratio | 2.13% | 2.22% | 2.25% | 2.68% | 3.38% | 3.94% | 30.33% | 4.9% | 24.99% | 29.29% | 35.58% | 20.36% | 26.12% | 42.28% |
| Operating Income | 6.2B | 5.8B | 4.96B | 4.05B | 3.48B | 2.88B | 0 | 1.71B | 1.42B | 574M | 439M | 548M | 583M | 564M |
| Operating Margin % | 29.71% | 30.15% | 27.54% | 26.23% | 27.16% | 28% | 0% | 30.02% | 34.66% | 18.47% | 25.48% | 36.83% | 37.32% | 38.52% |
| Operating Income Growth % | - | 16.94% | 22.48% | 16.19% | 20.8% | - | -100% | 20.35% | 147.39% | 30.75% | -19.89% | -6% | 3.37% | - |
| Pretax Income | 2.97B | 3.12B | 1.95B | 2.03B | 1.94B | 3.33B | 1.2B | 928M | 1.17B | 747M | 543M | 387M | 308M | 22M |
| Pretax Margin % | 14.21% | 16.23% | 10.85% | 13.15% | 15.08% | 32.36% | 15.51% | 16.3% | 28.56% | 24.04% | 31.51% | 26.01% | 19.72% | 1.5% |
| Income Tax | 576M | 589M | 270M | 581M | 560M | 614M | 291M | 278M | 364M | 173M | 15M | -4M | 79M | 2M |
| Effective Tax Rate % | 19.41% | 18.87% | 13.82% | 28.63% | 28.94% | 18.42% | 24.35% | 29.96% | 31.11% | 23.16% | 2.76% | -1.03% | 25.65% | 9.09% |
| Net Income | 405M | 449M | 351M | 367M | 341M | 766M | 324M | 211M | 192M | 124M | 369M | 166M | 101M | -108M |
| Net Margin % | 1.94% | 2.33% | 1.95% | 2.38% | 2.66% | 7.44% | 4.2% | 3.71% | 4.69% | 3.99% | 21.42% | 11.16% | 6.47% | -7.38% |
| Net Income Growth % | - | 27.92% | -4.36% | 7.62% | -55.48% | 136.42% | 53.55% | 9.9% | 54.84% | -66.4% | 122.29% | 64.36% | 193.52% | - |
| Net Income (Continuing) | 2.39B | 2.53B | 1.68B | 1.45B | 1.38B | 2.72B | 904M | 650M | 819M | 574M | 280M | 391M | 229M | 20M |
| EPS (Diluted) | - | 0.98 | 0.12 | 0.22 | 0.08 | 1.10 | 0.23 | 0.05 | 0.39 | 0.03 | 0.75 | 0.46 | 0.30 | -0.32 |
| EPS Growth % | - | 716.67% | -45.45% | 187.96% | -93.05% | 378.26% | 392.51% | -88.03% | 1200% | -96% | 63.04% | 53.33% | 193.75% | - |
| EPS (Basic) | - | 0.98 | 0.12 | 0.22 | 0.08 | 1.10 | 0.23 | 0.05 | 0.39 | 0.03 | 0.75 | 0.46 | 0.30 | -0.32 |
| Diluted Shares Outstanding | 457.6M | 460.1M | 461.6M | 459.4M | 458.1M | 445.05M | 442.05M | 428.4M | 415.35M | 396.9M | 367.05M | 358.35M | 338.1M | 332.55M |
Quick answers to the most common questions about buying BIPH stock.
For fiscal year 2025, Brookfield Infrastructure Corpo (BIPH) reported total revenue of $19.23B. This represents a 1213.7% increase compared to $1.46B in 2013.
Brookfield Infrastructure Corpo (BIPH) is profitable, generating $449.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.3%.
Brookfield Infrastructure Corpo (BIPH) reported an operating income of $5.80B, resulting in an operating profit margin of 30.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Infrastructure Corpo (BIPH) generated $6.22B in gross profit for the year, representing a gross profit margin of 32.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Interest rate sensitivity
Revenue Expansion Amidst Asset Scaling
Based on reported financial data, BIPH has demonstrated consistent top-line growth, with quarterly revenue climbing from $4.2 billion in 2023Q1 to $5.4 billion by 2025Q2, reflecting an aggressive expansion strategy that appears to prioritize asset acquisition volume over immediate bottom-line net income contribution for shareholders.
The steady climb in revenue suggests that the company is successfully integrating new infrastructure assets into its portfolio. However, investors should monitor whether this growth is organic or driven by capital-intensive acquisitions that may eventually strain the company's ability to maintain its current financing structure.
Structural Margin Compression Remains Persistent
As indicated by the income statement, BIPH maintains a gross margin of approximately 26.4% as of 2025Q2, yet the net margin remains razor-thin at -0.1%, highlighting a structural inability to convert operating success into bottom-line profitability due to heavy financing and non-operating costs.
The significant gap between operating margins and net margins suggests that the company functions primarily as a capital conduit rather than a traditional operator. This implies that any volatility in interest expenses or non-operating items will disproportionately impact the company's ability to report positive net income.
Operating Leverage Masked by Financing
According to the provided quarterly figures, BIPH maintains an operating margin consistently near 24%, yet the lack of scalability in net income suggests that operating leverage is effectively neutralized by the high cost of debt servicing inherent in the company's infrastructure-heavy business model.
While the company shows discipline in managing SG&A expenses, which have remained relatively stable near $100 million per quarter, this efficiency is insufficient to overcome the massive interest burden. This warrants further investigation into whether the company can achieve meaningful operating leverage without a significant reduction in debt.
Earnings Volatility Obscures Operational Reality
Based on the reported income statements, BIPH exhibits extreme earnings volatility, with net income swinging from a $129 million profit in 2024Q4 to a $6 million loss in 2025Q2, suggesting that GAAP net income is a poor proxy for the underlying health of the business.
The frequent shifts between profit and loss appear to be driven by non-cash items and financing adjustments rather than operational failure. Analysts should prioritize alternative metrics like Funds From Operations to better understand the cash-generating capacity of the underlying infrastructure assets.
Sustainability of Debt-Funded Growth Model
As evidenced by the persistent net margin near zero, the company's reliance on debt to fuel revenue growth appears increasingly precarious, raising concerns that the current model may be unsustainable if the cost of capital remains elevated for an extended period of time.
Short-term fluctuations in net income suggest that the company is highly sensitive to external financing conditions. Investors should monitor whether the company's asset recycling program can generate sufficient liquidity to deleverage, or if it will be forced to continue increasing its debt burden to sustain growth.