Brookfield Infrastructure Partners L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Brookfield Infrastructure Partners L.P. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,115	3,535	4,652	6,597	8,885	11,537	14,427	17,931	21,039	23,100
Cost of revenue	1,063	1,509	2,208	4,609	6,548	8,247	10,510	13,470	15,676	16,876
Gross profit	1,052	2,026	2,444	1,988	2,337	3,290	3,917	4,461	5,363	6,224
Selling, general and administrative	166	239	223	279	312	406	433	413	405	426
Operating income	439	1,116	1,420	1,709	2,025	2,884	3,484	4,048	4,958	5,798
Pre-tax income	543	747	1,170	928	1,195	3,333	1,935	2,029	1,953	3,121
Income tax	15	173	364	278	291	614	560	581	270	589
Net income	528	574	806	650	904	2,719	1,375	1,448	1,683	2,532
EBITDA	886	1,787	2,221	2,923	3,730	4,920	5,642	6,787	8,602	9,822
EPS, basic	0.74	-0.03	0.39	0.04	0.23	1.16	0.14	0.14	0.04	0.90
EPS, diluted	0.74	-0.03	0.39	0.04	0.23	1.16	0.14	0.14	0.04	0.90

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	786	374	540	827	867	1,406	1,279	1,857	2,071	3,201
Receivables	504	838	1,171	1,960	1,925	2,204	2,628	4,676	4,455	5,336
Inventory	101	108	141	242	221	400	531	512	454	583
Total current assets	1,632	1,512	2,276	5,841	3,711	4,896	6,686	7,979	9,607	11,978
Property, plant and equipment	8,656	9,937	12,814	23,013	31,584	38,655	37,291	48,546	50,847
Goodwill	502	1,301	3,859	6,553	6,634	8,979	8,789	14,488	14,101	19,210
Intangible assets	4,465	9,894	11,635	14,386	11,767	14,214	11,822	15,845	14,521	15,765
Total assets	21,275	29,477	36,580	56,308	61,331	73,961	72,969	100,784	104,590	128,150
Accounts payable	712	864	1,308	2,410	3,277	4,019	4,478	5,402	5,758	6,893
Total current liabilities	1,515	1,564	2,417	5,439	5,524	8,661	8,377	11,705	10,903	15,260
Lease liabilities			0	1,606	3,597	3,423	3,037	3,197	4,508	3,973
Total liabilities	11,631	16,003	21,912	34,131	39,658	47,570	47,415	66,768	74,737	92,610
Total debt	8,326	10,164
Retained earnings	-697	-1,366	-1,228	-2,048	-2,752	-2,520	-3,422	-4,419	-5,674	-6,094
Minority interests									1,700	1,800
Total equity	9,644	13,474	14,668	22,177	21,673	26,391	25,554	34,016	29,853	35,540
Total liabilities and equity	21,275	29,477	36,580	56,308	61,331	73,961	72,969	100,784	104,590	128,150

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	528	574	806	650	904	2,719	1,375	1,448	1,683	2,532
Depreciation and amortization	447	671	801	1,214	1,705	2,036	2,158	2,739	3,644	4,024
Cash from operations	753	1,481	1,362	2,143	2,530	2,772	3,131	4,078	4,653	5,971
Capital expenditures	-690	-714	-839	-1,182	-1,472	-2,067	-2,775	-2,487	-4,975	-6,024
Cash from investing	-1,058	-5,721	-5,564	-11,372	-4,609	-1,173	-3,365	-12,990	-6,901	-12,661
Debt issued	0	537	377	376	657	244	995	513	448	678
Debt repaid	0	-306	-94	-288	-339	0	0	0	-531	0
Stock issued	755	992	-16	781	9	1,073	13
Share buybacks	-6	0	-30
Dividends paid	-615	-764	-878	-978	-1,083	-1,190	-1,352	-1,453	-1,576	-1,681
Cash from financing	899	3,814	4,418	9,542	2,126	-995	56	9,419	2,612	7,818
Exchange rate effect	-7	14	-50	-13	-7	-65	88	71	-150	47
Free cash flow	63	767	523	961	1,058	705	356	1,591	-322	-53
Interest paid	366	451	507	829	985	1,074	1,638	2,132	3,289	3,561

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $34.84 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	26.9%	Gross profit / revenue.
Operating margin	25.1%	Operating income / revenue.
EBITDA margin	42.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.5%	Pre-tax income / revenue.
Net margin	11.0%	Net income / revenue.
FCF margin	-0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.8%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.2%	Net income / average total assets.
SG&A / revenue	1.8%	Selling, general and administrative expense / revenue.
Capex / revenue	26.1%	Capital expenditures / revenue.
D&A / revenue	17.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	16.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	23.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2,150.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	85.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	31.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.78x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	72.3%	Total liabilities / total assets.
Working capital	-$3.28B	Current assets - current liabilities.
Goodwill and intangibles / assets	27.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Inventory turnover	32.5x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	4.72x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	137 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-48 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-2.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	100.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.90	Net income per basic share, as reported (split-adjusted).
Payout ratio	66.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.95B	Share price x shares outstanding.
Enterprise value	$12.75B	Market cap + total debt - cash - short-term investments.
P/E	6.30x	Market cap / net income. Only when net income is positive.
P/S	0.69x	Market cap / revenue.
P/OCF	2.67x	Market cap / cash from operations, when positive.
EV/Sales	0.55x	Enterprise value / revenue.
EV/EBIT	2.20x	Enterprise value / operating income, when both are positive.
EV/EBITDA	1.30x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.3%	Free cash flow / market cap.
Earnings yield	15.9%	Net income / market cap (the inverse of P/E).
Dividend yield	10.5%	Dividends paid over the period / market cap.
Shareholder yield	10.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Brookfield Infrastructure Partners L.P.'s revenue in fiscal 2025?

Brookfield Infrastructure Partners L.P. reported revenue of $23.10B for fiscal 2025, 9.8% higher than the year before.

Was Brookfield Infrastructure Partners L.P. profitable in fiscal 2025?

Yes. Net income was $2.53B, a net margin of 11%.

How much free cash flow did Brookfield Infrastructure Partners L.P. generate in fiscal 2025?

Cash from operations of $5.97B minus capital expenditures of $6.02B left free cash flow of -$53.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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