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Marine shipping · Industrials · Fiscal year ends Dec 31
Brookfield Infrastructure Partners reported revenue of $23.1B in the fiscal year ended Dec 2025, up 9.8% from the year before. Operating income was $5.8B, an operating margin of 25.1%, and net income was $2.5B. Operating cash flow of $6B less capital expenditure of $6B left free cash flow of −$53M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 11,537 | 14,427 | 17,931 | 21,039 | 23,100 |
| Cost of revenue | 8,247 | 10,510 | 13,470 | 15,676 | 16,876 |
| Gross profit | 3,290 | 3,917 | 4,461 | 5,363 | 6,224 |
| Selling, general & admin | 406 | 433 | 413 | 405 | 426 |
| Operating income | 2,884 | 3,484 | 4,048 | 4,958 | 5,798 |
| Interest expense | 1,468 | 1,855 | 2,501 | 3,387 | 3,868 |
| Pre-tax income | 3,333 | 1,935 | 2,029 | 1,953 | 3,121 |
| Income tax | 614 | 560 | 581 | 270 | 589 |
| Net income | 2,719 | 1,375 | 1,448 | 1,683 | 2,532 |
| Diluted EPS | 1.16 | 0.14 | 0.14 | 0.04 | 0.90 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,406 | 1,279 | 1,857 | 2,071 | 3,201 |
| Receivables | 2,204 | 2,628 | 4,676 | 4,455 | 5,336 |
| Inventory | 400 | 531 | 512 | 454 | 583 |
| Current assets | 4,896 | 6,686 | 7,979 | 9,607 | 11,978 |
| Net PP&E | 38,655 | 37,291 | 48,546 | 50,847 | – |
| Goodwill | 8,979 | 8,789 | 14,488 | 14,101 | 19,210 |
| Total assets | 73,961 | 72,969 | 100,784 | 104,590 | 128,150 |
| Payables | 4,019 | 4,478 | 5,402 | 5,758 | 6,893 |
| Current liabilities | 8,661 | 8,377 | 11,705 | 10,903 | 15,260 |
| Short-term debt | 431 | 464 | 1,517 | 850 | – |
| Total liabilities | 47,570 | 47,415 | 66,768 | 74,737 | 92,610 |
| Shareholders' equity | 26,391 | 25,554 | 34,016 | 29,853 | 35,540 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,772 | 3,131 | 4,078 | 4,653 | 5,971 |
| Capital expenditure | 2,067 | 2,775 | 2,487 | 4,975 | 6,024 |
| Free cash flow | 705 | 356 | 1,591 | −322 | −53.0 |
| Depreciation & amortisation | 2,036 | 2,158 | 2,739 | 3,644 | 4,024 |
| Acquisitions | 2,923 | 479 | 10,747 | 2,523 | 10,032 |
| Dividends paid | 1,190 | 1,352 | 1,453 | 1,576 | 1,681 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.0% | 24.3% | 17.3% | 9.8% |
| Operating income growth (YoY) | – | 20.8% | 16.2% | 22.5% | 16.9% |
| EPS growth (YoY) | – | −87.9% | 0.0% | −71.4% | 2150.0% |
| Gross margin | 28.5% | 27.2% | 24.9% | 25.5% | 26.9% |
| Operating margin | 25.0% | 24.1% | 22.6% | 23.6% | 25.1% |
| Net margin | 23.6% | 9.5% | 8.1% | 8.0% | 11.0% |
| Return on equityBlank when equity is negative | 10.3% | 5.4% | 4.3% | 5.6% | 7.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.4% | 5.4% | 4.5% | 5.3% | 5.1% |
| Free cash flow margin | 6.1% | 2.5% | 8.9% | −1.5% | −0.2% |
| Cash conversion (CFO ÷ net income) | 1.02x | 2.28x | 2.82x | 2.76x | 2.36x |
| Receivable days | 70 | 66 | 95 | 77 | 84 |
| Inventory days | 18 | 18 | 14 | 11 | 13 |
| Payable days | 178 | 156 | 146 | 134 | 149 |
| Interest cover | 1.96x | 1.88x | 1.62x | 1.46x | 1.50x |
| Current ratio | 0.57x | 0.80x | 0.68x | 0.88x | 0.78x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.