Capital intensity remains elevated, as evidenced by a 31.7% CapEx-to-revenue ratio in 2026Q1, which has contributed to persistent free cash flow deficits and a negative 30.4% FCF margin.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 5.26B | 0 | 7.21B | 6.59B | 8.4B | 7.8B | 8.78B | 6.48B | 4.9B | 4.15B | 3.05B | 2.57B | 2.45B | 2.21B | 1.5B | 656.84M | 1.47B | 1.28B | 1.35B | 3.57B | 756.3M | 1.05B | 988.38M | 742M | 323M | 268.98M | 203M | 275.7M | 262.58M | 275.73M |
| Operating CF Margin % | - | - | 8.38% | 6.87% | 9.06% | 10.31% | 13.99% | 9.55% | 8.62% | 10.17% | 12.48% | 12.9% | 13.37% | 10.99% | 8.01% | 4.13% | 10.81% | 10.58% | 10.49% | 38.23% | 10.97% | 20.13% | 25.35% | 22.02% | 10.57% | 34.84% | 25.03% | 28.11% | 25.12% | 23.19% |
| Operating CF Growth % | -4.15% | -100% | 9.41% | -21.64% | 7.68% | -11.12% | 35.62% | 32.26% | 18% | 36.22% | 18.62% | 4.62% | 11.1% | 46.99% | 128.81% | -55.38% | 15.16% | -5.63% | -62.07% | 372.25% | -28.02% | 6.31% | 33.2% | 129.72% | 20.08% | 32.5% | -26.37% | 5% | -4.77% | - |
| Net Income | 1.33B | 1.33B | 610.22M | 1.15B | 1.97B | 3.93B | -141.08M | 2.87B | 3.4B | 1.51B | 1.63B | 2.16B | 2.97B | 2.06B | 1.39B | 1.9B | 1.51B | 493.9M | 561.02M | 855.93M | 1.14B | 323.63M | 747.26M | 408M | 83M | 194.98M | 432M | 291.68M | 269.62M | 433.57M |
| Depreciation & Amortization | 10.56B | 10.56B | 9.27B | 9.24B | 7.38B | 6.38B | 6.1B | 4.99B | 2.94B | 2.43B | 2B | 1.56B | 1.4B | 1.41B | 1.27B | 878.37M | 824.1M | 1.39B | 1.15B | 1.12B | 584.77M | 387.95M | 272.62M | 0 | 0 | 0 | 31M | 0 | 0 | 0 |
| Stock-Based Compensation | 55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.64B | -11.89B | 1.33B | -2.36B | 2.15B | 649.24M | 3.11B | -363.25M | -190.75M | 1.4B | -82.99M | -1.16B | -1.35B | -735.09M | -1.14B | -1.85B | -669.65M | -38.08M | -114.97M | -9.79M | -561.38M | 230.28M | -324.75M | 166M | 354M | 25M | -261M | -15.98M | -7.04M | -157.84M |
| Working Capital Changes | -3.06B | 0 | -4B | -1.45B | -3.1B | -3.16B | -288.47M | -1.02B | -1.26B | -1.2B | -497.94M | 12.89M | -559.74M | -522.71M | -15.06M | -271.09M | -189.7M | -564.61M | -241.18M | 1.6B | -407.39M | 108.92M | 293.25M | 168M | -114M | 49M | 1M | 0 | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -122M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.76B | 0 | -20.09B | -2.59B | -27.57B | -18.62B | -1.19B | -20.51B | -12.5B | -4.37B | -8.45B | -10.19B | -9.15B | -3.92B | -4.58B | -2.89B | -1.97B | -2.6B | -661.29M | -8.05B | -8.99B | -1.53B | -2.8B | -874M | -863M | -182.99M | 223M | -164.82M | -474.85M | 68.93M |
| Capital Expenditures | -12.53B | 0 | -10.64B | -8.22B | -6.95B | -6.82B | -4.22B | -3.12B | -1.86B | -1.75B | -1.45B | -1.03B | -1.07B | -1.57B | -3.58B | -2B | -1.21B | -2.09B | -1.26B | -8.86B | -8.8B | -2.59B | -1.81B | -459M | -876M | -323.97M | -305M | -78.91M | -31.19M | -72.93M |
| CapEx % of Revenue | 16.36% | - | 12.37% | 8.57% | 7.49% | 9.01% | 6.73% | 4.61% | 3.28% | 4.29% | 5.96% | 5.15% | 5.84% | 7.81% | 19.07% | 12.58% | 8.88% | 17.29% | 9.76% | 94.86% | 127.62% | 49.68% | 46.46% | 13.62% | 28.66% | 41.97% | 37.61% | 8.04% | 2.98% | 6.13% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 198.82B | 109.91B | 94.2B | 87.45B | 73.99B | 62.65B | 59.06B | 53.17B | 39.87B | 36.79B | 29.68B | 29.37B | 21.2B | 18.22B | 14.73B | 13.17B | 17.68B | 4.3B | 2.96B | 2.88B | 1.71B | 2.29B | 1.94B | 2B | 580M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 2.59B | 0 | -3.24B | -1.85B | -3.71B | 353.86M | -3.11B | 13.3M | -726.94M | -20.72M | -132.39M | 1.61B | -1.69B | -9.7M | -13.05M | 348.82M | -543.18M | -212.14M | 108.92M | 0 | -701.72M | -231.32M | 0 | 0 | 193M | 194.98M | 435.99M | -53.94M | -569.42M | 512.5M |
| Cash from Financing | 8.49B | 0 | 16.97B | -7.43B | 20.82B | 13.67B | -4.23B | 12.39B | 10.89B | 1.03B | 6.91B | 7.57B | 6.32B | 2.63B | 3.94B | 2.57B | 885.26M | 1.46B | -969.03M | 4.86B | 8.48B | 1.05B | 1.84B | 182M | 487M | 76.99M | -262M | -144.84M | 148.89M | -480.53M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -751.86M | 0 | -934.85M | -607.95M | -645.37M | -341.96M | -423.24M | -276.28M | -374.86M | 129.5M | 78.05M | 1.02B | 716.12M | -108.62M | 687.72M | 1.45B | 1.39B | 2.88B | -106.33M | -288.21M | 1.29B | -419.07M | 219M | 309M | -133M | 95.99M | -92M | 998.91K | 34.21M | 7.99M |
| Dividends Paid | -562.04M | 0 | -663M | -602M | -1.03B | -1.49B | -912.8M | -772M | -726M | -685M | -633M | -584M | -542M | -541M | -469M | -425M | -817M | -341M | -342M | -316M | -258M | 0 | -338M | -184M | -156M | -137.99M | -146M | -149.84M | -138.83M | -121.88M |
| Share Repurchases | -760.92M | 0 | -952.94M | -657.85M | -658.82M | -364.76M | -441.13M | -289.58M | -385.3M | -135.71M | -152.15M | -390.51M | -60.07M | -376.27M | -106.42M | 0 | 0 | -4.35M | -229.94M | -485.06M | 0 | -440.85M | -45M | -224M | -452M | -172.99M | -92M | 0 | 0 | 0 |
| Other Financing | -7.52B | 0 | -8.5B | -15.66B | -11.58B | -9.84B | -7.47B | -9.2B | -6.37B | -5.08B | 5.42B | 802.2M | 1.43B | 1.27B | 2.3B | 532.47M | 800.26M | 0 | 460.74M | 291.47M | 2.21B | 547.69M | 110.78M | 182M | 206M | 29M | 30M | -75.92M | -72.43M | 66.93M |
| Net Change in Cash | 2.64B | 1.17B | 3.88B | -3.22B | 1.71B | 2.74B | 3.15B | -927M | 3.2B | 659M | 1.07B | 124M | -478M | 1.03B | 1.38B | -68M | -1.29B | 227M | -336M | 24M | 562M | 1.6B | 0 | 50M | -52M | 162.99M | 164M | -34.96M | -63.38M | -135.87M |
| Free Cash Flow | -7.27B | 0 | -3.43B | -1.63B | 1.45B | 984.26M | 4.56B | 3.35B | 3.03B | 2.4B | 1.59B | 1.54B | 1.38B | 639.08M | -2.08B | -1.35B | 262.26M | -603.77M | 293.04M | -5.25B | -8.04B | -1.38B | -823.28M | 283M | -553M | -55M | -102M | 196.79M | 231.39M | 202.8M |
| FCF Margin % | -9.49% | - | -3.99% | -1.7% | 1.57% | 1.3% | 7.26% | 4.94% | 5.34% | 5.88% | 6.52% | 7.74% | 7.52% | 3.18% | -11.06% | -8.45% | 1.93% | -5% | 2.27% | -56.15% | -116.59% | -26.37% | -21.12% | 8.4% | -18.1% | -7.12% | -12.58% | 20.06% | 22.14% | 17.06% |
| FCF Growth % | -234.96% | 100% | -110.25% | -212.12% | 47.82% | -78.4% | 36% | 10.45% | 26.51% | 50.68% | 3.23% | 11.59% | 116.2% | 130.78% | -54.28% | -613.13% | 143.44% | -306.03% | 105.59% | 34.76% | -484.21% | -67.19% | -390.91% | 151.18% | -905.54% | 46.08% | -151.83% | -14.95% | 14.1% | - |
| FCF per Share | -3.07 | - | -1.44 | -0.68 | 0.60 | 0.41 | 1.97 | 1.50 | 1.38 | 1.09 | 0.72 | 0.66 | 0.65 | 0.28 | -0.88 | -0.59 | 0.13 | -0.31 | 0.15 | -2.59 | -3.87 | -0.67 | -0.39 | 0.14 | -0.27 | -0.03 | -0.05 | 0.10 | 0.11 | 0.10 |
| FCF Conversion (FCF/Net Income) | -5.45x | - | 11.24x | 5.83x | 4.09x | 1.97x | -65.53x | 2.31x | 1.37x | 2.84x | 1.84x | 1.10x | 0.79x | 1.04x | 1.09x | 0.34x | 1.01x | 2.82x | 2.09x | 4.54x | 0.65x | 0.63x | 1.78x | 1.82x | 3.89x | 1.38x | 0.47x | 0.95x | 0.97x | 0.64x |
| Interest Paid | 6.26B | 0 | 14.29B | 13.9B | 9.01B | 7B | 6.58B | 6.32B | 4.71B | 3.37B | 3.06B | 2.93B | 2.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.08B | 0 | 2.67B | 1.68B | 1.08B | 1.12B | 1.1B | 504M | 980M | 402M | 371M | 226M | 185M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High financial leverage sensitivity
According to recent financial filings, the firm consistently reports operating cash flow significantly higher than net income, with OCF/NI ratios frequently exceeding 7.0x, which suggests that non-cash depreciation charges are heavily suppressing reported earnings while masking the underlying cash-generating capacity of the firm's permanent capital assets.
The persistent gap between net income and operating cash flow indicates that GAAP earnings are a poor proxy for the firm's actual liquidity. Investors should monitor whether this divergence reflects genuine asset-level cash generation or merely the accounting treatment of massive, capital-intensive infrastructure holdings.
As reported in quarterly statements, the company has struggled to maintain positive free cash flow, with FCF margins frequently dipping into negative territory, including a notable -30.4% margin in 2026Q1, which highlights the structural difficulty of funding aggressive asset expansion through internal cash generation alone.
The consistent inability to generate positive free cash flow suggests that the firm remains heavily reliant on external financing to sustain its operations and dividend obligations. This trajectory warrants further investigation into whether the current capital-intensive strategy can remain viable if credit markets tighten significantly.
Based on the provided data, capital expenditures remain elevated, with CapEx/Revenue ratios reaching as high as 31.7% in 2026Q1, indicating that the firm is locked into a high-intensity investment cycle that consistently outpaces the cash inflows generated from its existing portfolio of infrastructure and real estate assets.
The scale of these capital outlays suggests that the firm is prioritizing long-term asset growth over immediate cash flow stability. Analysts should consider whether this level of capital intensity is sustainable without further dilutive equity issuance or increased debt leverage.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, including a significant $2.4 billion outflow in 2026Q1, which suggests that the firm's cash position is subject to unpredictable swings driven by the timing of large-scale project settlements and asset-level operational requirements.
These fluctuations in working capital appear to complicate the firm's liquidity management, making it difficult to rely on operating cash flow for consistent debt service. Investors should monitor these swings as a potential indicator of operational friction within the firm's complex, multi-segment organizational structure.
Based on reported figures, the firm continues to prioritize dividend payments and share repurchases despite persistent negative free cash flow, with over $600 million combined in 2026Q1, which may indicate a reliance on debt or asset dispositions to fund shareholder returns rather than organic operational cash.
This pattern of capital deployment appears aggressive given the underlying cash flow deficits, potentially signaling a commitment to shareholder yield that may be at odds with the firm's current liquidity profile. Such a strategy warrants caution regarding the long-term sustainability of these payouts.
Quick answers to the most common questions about buying BNJ stock.
Brookfield Finance Inc. 4.50% P (BNJ) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brookfield Finance Inc. 4.50% P (BNJ) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Brookfield Finance Inc. 4.50% P (BNJ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.