NYSE : BIP
Brookfield Infrastructure Partners L.P. — Financial statements
Utilities · Utilities - Diversified · Bermuda
Last price 37.32 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.28B
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Financial statements
Brookfield Infrastructure Partners L.P. (BIP) reported revenue of 25.06B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 25.06B | 23.10B | 21.04B | 17.93B | 14.43B | 11.54B |
| Cost of Revenue | 18.41B | 16.88B | 15.68B | 13.47B | 10.51B | 8.25B |
| Gross Profit | 6.65B | 6.22B | 5.36B | 4.46B | 3.92B | 3.29B |
| Selling, General & Admin | 444.00M | 426.00M | 405.00M | 413.00M | 433.00M | 406.00M |
| Operating Expenses | 444.00M | 426.00M | 405.00M | 413.00M | 433.00M | 406.00M |
| Operating Income | 6.20B | 5.80B | 4.96B | 4.05B | 3.48B | 2.88B |
| Interest Expense | -4.18B | -3.87B | -3.39B | -2.50B | -1.85B | -1.47B |
| Earnings From Equity Investments | 508.00M | 627.00M | 439.00M | 459.00M | 12.00M | 88.00M |
| Currency Exchange Gain (Loss) | -321.00M | -548.00M | -26.00M | -118.00M | 164.00M | -116.00M |
| Other Non Operating Income (Expenses) | 518.00M | 834.00M | -582.00M | 141.00M | 90.00M | -155.00M |
| EBT Excluding Unusual Items | 2.73B | 2.84B | 1.40B | 2.03B | 1.90B | 1.23B |
| Merger & Restructuring Charges | -57.00M | -57.00M | -55.00M | |||
| Gain (Loss) on Sale of Investments | 260.00M | 260.00M | 40.00M | |||
| Gain (Loss) on Sale of Assets | 35.00M | 75.00M | 6.00M | 2.10B | ||
| Other Unusual Items | 600.00M | |||||
| Pretax Income | 2.97B | 3.12B | 1.95B | 2.03B | 1.94B | 3.33B |
| Income Tax Expense | 576.00M | 589.00M | 270.00M | 581.00M | 560.00M | 614.00M |
| Earnings From Continuing Operations | 2.39B | 2.53B | 1.68B | 1.45B | 1.38B | 2.72B |
| Minority Interest in Earnings | -2.07B | -2.08B | -1.63B | -1.35B | -1.27B | -2.16B |
| Net Income | 319.00M | 449.00M | 57.00M | 102.00M | 101.00M | 556.00M |
| Preferred Dividends & Other Adjustments | 33.00M | 34.00M | 40.00M | 38.00M | 38.00M | 41.00M |
| Net Income to Common | 286.00M | 415.00M | 17.00M | 64.00M | 63.00M | 515.00M |
| Shares Outstanding (Basic) | 458.65M | 460.10M | 461.60M | 459.40M | 458.10M | 445.10M |
| Shares Outstanding (Diluted) | 458.65M | 460.10M | 461.60M | 459.40M | 458.10M | 445.10M |
| EPS (Basic) | 0.62 | 0.90 | 0.04 | 0.14 | 0.14 | 1.16 |
| EPS (Diluted) | 0.62 | 0.90 | 0.04 | 0.14 | 0.14 | 1.16 |
| Free Cash Flow | -1.24B | -53.00M | -322.00M | 1.59B | 356.00M | 705.00M |
| Free Cash Flow Per Share | -2.70 | -0.12 | -0.70 | 3.46 | 0.78 | 1.58 |
| Dividend Per Share | 1.77 | 1.72 | 1.62 | 1.53 | 1.44 | 1.36 |
| Gross Margin | 26.53% | 26.94% | 25.49% | 24.88% | 27.15% | 28.52% |
| Operating Margin | 24.75% | 25.10% | 23.57% | 22.57% | 24.15% | 25.00% |
| Profit Margin | 1.14% | 1.80% | 0.08% | 0.36% | 0.44% | 4.46% |
| Free Cash Flow Margin | -4.94% | -0.23% | -1.53% | 8.87% | 2.47% | 6.11% |
| EBITDA | 10.50B | 9.82B | 8.60B | 6.79B | 5.64B | 4.92B |
| EBITDA Margin | 41.88% | 42.52% | 40.89% | 37.85% | 39.11% | 42.64% |
| D&A For EBITDA | 4.29B | 4.02B | 3.64B | 2.74B | 2.16B | 2.04B |
| EBIT | 6.20B | 5.80B | 4.96B | 4.05B | 3.48B | 2.88B |
| EBIT Margin | 24.75% | 25.10% | 23.57% | 22.57% | 24.15% | 25.00% |
| Effective Tax Rate | 19.41% | 18.87% | 13.83% | 28.63% | 28.94% | 18.42% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.08B | 3.20B | 2.07B | 1.86B | 1.28B | 1.41B |
| Short-Term Investments | 427.00M | 274.00M | 451.00M | 801.00M | 1.13B | 556.00M |
| Trading Asset Securities | 107.00M | 79.00M | 42.00M | 111.00M | 58.00M | |
| Cash & Short-Term Investments | 3.51B | 3.58B | 2.60B | 2.70B | 2.52B | 2.02B |
| Accounts Receivable | 5.53B | 4.57B | 3.78B | 3.67B | 2.31B | 1.88B |
| Receivables | 5.53B | 4.69B | 3.87B | 3.73B | 2.34B | 1.92B |
| Inventory | 558.00M | 583.00M | 454.00M | 512.00M | 531.00M | 400.00M |
| Prepaid Expenses | 766.00M | 676.00M | 1.01B | 315.00M | 328.00M | |
| Other Current Assets | 1.34B | 2.36B | 2.00B | 23.00M | 980.00M | 225.00M |
| Total Current Assets | 10.93B | 11.98B | 9.61B | 7.98B | 6.69B | 4.90B |
| Property, Plant & Equipment | 63.69B | 66.80B | 50.85B | 48.55B | 37.29B | 38.66B |
| Long-Term Investments | 7.50B | 6.75B | 6.21B | 5.93B | 5.98B | 5.17B |
| Goodwill | 17.63B | 19.21B | 14.10B | 14.49B | 8.79B | 8.98B |
| Other Intangible Assets | 14.69B | 15.77B | 14.52B | 15.85B | 11.82B | 14.21B |
| Long-Term Accounts Receivable | 3.49B | 3.02B | 2.72B | 1.00B | 667.00M | |
| Long-Term Deferred Tax Assets | 121.00M | 208.00M | 120.00M | 107.00M | 111.00M | 160.00M |
| Other Long-Term Assets | 7.37B | 3.84B | 6.01B | 5.09B | 1.26B | 1.15B |
| Total Assets | 121.95B | 128.15B | 104.59B | 100.78B | 72.97B | 73.96B |
| Accounts Payable | 6.16B | 2.51B | 2.15B | 2.25B | 1.87B | 1.88B |
| Accrued Expenses | 2.23B | 1.81B | 1.73B | 1.40B | 1.10B | |
| Short-Term Debt | 467.00M | 735.00M | 850.00M | 989.00M | 464.00M | 431.00M |
| Current Portion of Long-Term Debt | 3.77B | 6.11B | 2.99B | 5.15B | 2.79B | 2.75B |
| Current Portion of Leases | 586.00M | 611.00M | 610.00M | 429.00M | 384.00M | 416.00M |
| Current Unearned Revenue | 680.00M | 581.00M | 490.00M | 460.00M | 338.00M | |
| Other Current Liabilities | 1.32B | 2.39B | 1.91B | 665.00M | 1.02B | 1.74B |
| Total Current Liabilities | 12.30B | 15.26B | 10.90B | 11.71B | 8.38B | 8.66B |
| Long-Term Debt | 58.24B | 58.09B | 47.60B | 40.18B | 27.27B | 26.33B |
| Long-Term Leases | 3.72B | 3.97B | 4.51B | 3.20B | 3.04B | 3.42B |
| Long-Term Unearned Revenue | 435.00M | 425.00M | 462.00M | 254.00M | 366.00M | |
| Pension & Post-Retirement Benefits | 55.00M | 26.00M | 36.00M | 8.00M | 172.00M | |
| Long-Term Deferred Tax Liabilities | 9.73B | 9.80B | 7.67B | 7.90B | 5.97B | 6.01B |
| Other Long-Term Liabilities | 5.43B | 5.00B | 3.60B | 3.29B | 2.50B | 2.61B |
| Total Liabilities | 89.42B | 92.61B | 74.74B | 66.77B | 47.41B | 47.57B |
| Common Stock | 6.17B | 6.20B | 6.21B | 6.20B | 6.09B | 6.07B |
| Retained Earnings | -4.86B | -4.23B | -3.98B | -3.25B | -2.66B | -2.12B |
| Comprehensive Income & Other | 3.11B | 2.92B | 2.48B | 2.37B | 1.94B | 1.75B |
| Total Common Equity | 4.41B | 4.89B | 4.70B | 5.32B | 5.37B | 5.70B |
| Minority Interest | 27.38B | 29.92B | 24.23B | 27.78B | 19.26B | 19.55B |
| Shareholders' Equity | 32.52B | 35.54B | 29.85B | 34.02B | 25.55B | 26.39B |
| Total Liabilities & Equity | 121.95B | 128.15B | 104.59B | 100.78B | 72.97B | 73.96B |
| Total Debt | 66.79B | 69.52B | 56.56B | 49.95B | 33.94B | 33.35B |
| Net Cash (Debt) | -63.28B | -65.85B | -53.82B | -47.25B | -31.25B | -31.17B |
| Net Cash Per Share | -137.97 | -143.12 | -116.60 | -102.85 | -68.22 | -70.02 |
| Filing Date Shares Outstanding | 457.71M | 460.49M | 461.86M | 461.34M | 458.38M | 457.90M |
| Total Common Shares Outstanding | 457.71M | 460.49M | 461.86M | 461.34M | 458.38M | 457.90M |
| Working Capital | -1.37B | -3.28B | -1.30B | -3.73B | -1.69B | -3.77B |
| Book Value Per Share | 9.64 | 10.62 | 10.19 | 11.53 | 11.72 | 12.45 |
| Tangible Book Value | -27.91B | -30.09B | -23.92B | -25.01B | -15.24B | -17.49B |
| Tangible Book Value Per Share | -60.98 | -65.33 | -51.79 | -54.22 | -33.25 | -38.20 |
| Machinery | 19.51B | 19.05B | 18.97B | 20.27B | 10.38B | 10.04B |
| Order Backlog | 1.70B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 319.00M | 449.00M | 57.00M | 102.00M | 101.00M | 556.00M |
| Depreciation & Amortization | 4.29B | 4.02B | 3.64B | 2.74B | 2.16B | 2.04B |
| Loss (Gain) on Equity Investments | 458.00M | 485.00M | -156.00M | 323.00M | 563.00M | 69.00M |
| Other Operating Activities | 1.64B | 1.42B | 1.33B | 1.55B | 1.21B | 635.00M |
| Change in Accounts Receivable | -445.00M | -190.00M | ||||
| Change in Accounts Payable | -131.00M | -131.00M | -213.00M | -167.00M | -342.00M | -323.00M |
| Change in Other Net Operating Assets | -275.00M | -277.00M | -13.00M | -471.00M | -117.00M | -11.00M |
| Operating Cash Flow | 6.30B | 5.97B | 4.65B | 4.08B | 3.13B | 2.77B |
| Capital Expenditures | -7.54B | -6.02B | -4.97B | -2.49B | -2.77B | -2.07B |
| Sale of Property, Plant & Equipment | 337.00M | 321.00M | 609.00M | 162.00M | 41.00M | 85.00M |
| Cash Acquisitions | -9.86B | -10.03B | -2.52B | -10.75B | -479.00M | -2.92B |
| Divestitures | 4.47B | 2.76B | 77.00M | 602.00M | 198.00M | 3.28B |
| Investment in Securities | -606.00M | 534.00M | 200.00M | -528.00M | 429.00M | |
| Other Investing Activities | -386.00M | -221.00M | -89.00M | -720.00M | 178.00M | 19.00M |
| Investing Cash Flow | -13.58B | -12.66B | -6.90B | -12.99B | -3.37B | -1.17B |
| Short-Term Debt Issued | 525.00M | 33.00M | 431.00M | |||
| Long-Term Debt Issued | 19.37B | 27.61B | 20.54B | 13.11B | 22.68B | |
| Total Debt Issued | 20.98B | 19.37B | 27.61B | 21.06B | 13.14B | 23.11B |
| Short-Term Debt Repaid | -115.00M | -139.00M | ||||
| Long-Term Debt Repaid | -11.57B | -19.32B | -15.69B | -9.75B | -21.83B | |
| Lease Payments | -503.00M | -499.00M | -415.00M | -283.00M | -233.00M | -272.00M |
| Total Debt Repaid | -12.29B | -11.68B | -19.46B | -15.69B | -9.75B | -21.83B |
| Net Debt Issued (Repaid) | 8.68B | 7.69B | 8.16B | 5.37B | 3.38B | 1.28B |
| Issuance of Common Stock | 11.00M | 13.00M | 1.07B | |||
| Repurchase of Common Stock | -9.00M | -9.00M | -13.00M | |||
| Preferred Dividends Paid | -45.00M | -46.00M | -52.00M | -47.00M | -38.00M | -41.00M |
| Common Dividends Paid | -813.00M | -793.00M | -748.00M | -701.00M | -660.00M | -608.00M |
| Dividends Paid | -858.00M | -839.00M | -800.00M | -748.00M | -698.00M | -649.00M |
| Other Financing Activities | 417.00M | 1.16B | -4.75B | 4.81B | -2.41B | -2.70B |
| Financing Cash Flow | 8.14B | 7.82B | 2.61B | 9.42B | 56.00M | -995.00M |
| Foreign Exchange Rate Adjustments | -89.00M | 47.00M | -150.00M | 71.00M | 88.00M | -65.00M |
| Miscellaneous Cash Flow Adjustments | -105.00M | -45.00M | -37.00M | |||
| Net Cash Flow | 663.00M | 1.13B | 214.00M | 578.00M | -127.00M | 539.00M |
| Free Cash Flow | -1.24B | -53.00M | -322.00M | 1.59B | 356.00M | 705.00M |
| Free Cash Flow Margin | -4.94% | -0.23% | -1.53% | 8.87% | 2.47% | 6.11% |
| Free Cash Flow Per Share | -2.70 | -0.12 | -0.70 | 3.46 | 0.78 | 1.58 |
| Levered Free Cash Flow | -844.00M | -830.75M | -755.12M | 498.88M | -1.21B | 1.77B |
| Unlevered Free Cash Flow | 1.77B | 1.59B | 1.36B | 2.06B | -47.50M | 2.69B |
| Free Cash Flow After Leases | -1.74B | -552.00M | -737.00M | 1.31B | 123.00M | 433.00M |
| Cash Interest Paid | 3.56B | 3.56B | 3.29B | 2.13B | 1.64B | 1.07B |
| Cash Income Tax Paid | 664.00M | 664.00M | 597.00M | 524.00M | 364.00M | 262.00M |
| Change in Working Capital | -406.00M | -408.00M | -226.00M | -638.00M | -904.00M | -524.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.28B | 16.02B | 14.68B | 14.55B | 14.20B | 18.56B |
| Enterprise Value | 80.56B | 109.33B | 95.37B | 88.64B | 64.45B | 69.82B |
| Last Close Price | 37.32 | 33.55 | 29.13 | 27.38 | 25.68 | 32.39 |
| PE Ratio | 59.85 | 38.61 | 863.51 | 227.39 | 225.43 | 36.03 |
| Forward PE | 49.84 | 28.59 | 62.64 | 36.71 | 38.28 | 47.34 |
| PS Ratio | 0.69 | 0.69 | 0.70 | 0.81 | 0.98 | 1.61 |
| PB Ratio | 3.87 | 0.45 | 0.49 | 0.43 | 0.56 | 0.70 |
| P/FCF Ratio | 9.15 | 39.89 | 26.32 | |||
| P/OCF Ratio | 2.74 | 2.68 | 3.15 | 3.57 | 4.54 | 6.70 |
| PEG Ratio | 3.35 | 5.80 | 1.61 | 3.88 | 4.65 | |
| EV/Sales Ratio | 3.21 | 4.73 | 4.53 | 4.94 | 4.47 | 6.05 |
| EV/EBITDA Ratio | 7.67 | 11.13 | 11.09 | 13.06 | 11.42 | 14.19 |
| EV/EBIT Ratio | 12.99 | 18.86 | 19.24 | 21.90 | 18.50 | 24.21 |
| EV/FCF Ratio | 55.71 | 181.05 | 99.04 | |||
| Debt / Equity Ratio | 2.05 | 1.96 | 1.90 | 1.47 | 1.33 | 1.26 |
| Debt / EBITDA Ratio | 6.36 | 7.08 | 6.58 | 7.36 | 6.02 | 6.78 |
| Debt / FCF Ratio | 31.39 | 95.34 | 47.31 | |||
| Net Debt / Equity Ratio | 1.95 | 1.85 | 1.80 | 1.39 | 1.22 | 1.18 |
| Net Debt / EBITDA Ratio | 6.03 | 6.70 | 6.26 | 6.96 | 5.54 | 6.33 |
| Net Debt / FCF Ratio | -51.11 | -1,242.45 | -167.15 | 29.70 | 87.79 | 44.21 |
| Asset Turnover | 0.22 | 0.20 | 0.20 | 0.21 | 0.20 | 0.17 |
| Inventory Turnover | 35.83 | 32.55 | 32.45 | 25.83 | 22.58 | 26.56 |
| Quick Ratio | 0.73 | 0.53 | 0.58 | 0.54 | 0.58 | 0.45 |
| Current Ratio | 0.89 | 0.79 | 0.88 | 0.68 | 0.80 | 0.56 |
| Return on Equity (ROE) | 7.69% | 7.74% | 5.27% | 4.86% | 5.29% | 11.31% |
| Return on Assets (ROA) | 3.36% | 3.11% | 3.02% | 2.91% | 2.96% | 2.67% |
| Return on Invested Capital (ROIC) | 5.10% | 5.08% | 5.18% | 4.18% | 4.32% | 4.46% |
| Return on Capital Employed (ROCE) | 5.70% | 5.10% | 5.30% | 4.50% | 5.40% | 4.40% |
| Earnings Yield | 1.67% | 2.80% | 0.39% | 0.70% | 0.71% | 3.00% |
| FCF Yield | -7.16% | -0.33% | -2.19% | 10.93% | 2.51% | 3.80% |
| Dividend Yield | 4.88% | 4.94% | 5.10% | 4.85% | 4.65% | 3.36% |
| Payout Ratio | 291.87% | 186.86% | 1,403.51% | 733.33% | 691.09% | 116.73% |
| Buyback Yield / Dilution | 0.66% | 0.33% | -0.48% | -0.28% | -2.92% | -0.68% |
| Total Shareholder Return | 5.54% | 5.27% | 4.62% | 4.57% | 1.73% | 2.68% |