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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Brookfield Infrastructure reported revenue of $3.7B in the fiscal year ended Dec 2025, up 0.1% from the year before. Operating income was $2.3B, an operating margin of 61.5%, and net income was $700M. Operating cash flow of $1.6B less capital expenditure of $1.6B left free cash flow of $2M.
Ranks among the 16 utilities - regulated gas 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 | 1,643 | 1,886 | 2,503 | 3,666 | 3,668 |
| Cost of revenue | 526 | 542 | 778 | 1,378 | 1,334 |
| Gross profit | 1,117 | 1,344 | 1,725 | 2,288 | 2,334 |
| Selling, general & admin | 49.0 | 69.0 | 67.0 | 75.0 | 80.0 |
| Operating income | 1,068 | 1,275 | 1,658 | 2,213 | 2,254 |
| Interest expense | 294 | 544 | 697 | 1,065 | 1,155 |
| Pre-tax income | 432 | 1,881 | 974 | 437 | 1,085 |
| Income tax | 405 | 262 | 368 | 365 | 385 |
| Net income | 27.0 | 1,619 | 606 | 72.0 | 700 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 469 | 445 | 539 | 674 | 431 |
| Receivables | 448 | 499 | 939 | 786 | 928 |
| Current assets | 2,010 | 1,567 | 2,804 | 4,764 | 2,946 |
| Net PP&E | 4,803 | 4,718 | 14,151 | 12,572 | 14,198 |
| Goodwill | 489 | 518 | 1,726 | 1,609 | 1,680 |
| Total assets | 10,086 | 10,178 | 23,909 | 23,587 | 24,025 |
| Payables | 605 | 781 | 1,099 | 994 | 1,208 |
| Current liabilities | 6,197 | 4,633 | 6,359 | 7,648 | 7,668 |
| Total liabilities | 11,510 | 10,539 | 19,841 | 21,365 | 22,020 |
| Shareholders' equity | −2,127 | −1,119 | −399 | −1,253 | −1,299 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 839 | 893 | 1,059 | 1,743 | 1,608 |
| Capital expenditure | – | – | 594 | 1,403 | 1,606 |
| Free cash flow | – | – | 465 | 340 | 2.0 |
| Depreciation & amortisation | 236 | 211 | 365 | 775 | 668 |
| Acquisitions | 0.0 | 0.0 | 3,086 | 0.0 | 98.0 |
| Dividends paid | 115 | 158 | 178 | 213 | 228 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.8% | 32.7% | 46.5% | 0.1% |
| Operating income growth (YoY) | – | 19.4% | 30.0% | 33.5% | 1.9% |
| Gross margin | 68.0% | 71.3% | 68.9% | 62.4% | 63.6% |
| Operating margin | 65.0% | 67.6% | 66.2% | 60.4% | 61.5% |
| Net margin | 1.6% | 85.8% | 24.2% | 2.0% | 19.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.5% | 23.0% | 9.4% | 13.9% | 13.8% |
| Free cash flow margin | – | – | 18.6% | 9.3% | 0.1% |
| Cash conversion (CFO ÷ net income) | 31.1x | 0.55x | 1.75x | 24.2x | 2.30x |
| Receivable days | 100 | 97 | 137 | 78 | 92 |
| Payable days | 420 | 526 | 516 | 263 | 331 |
| Interest cover | 3.63x | 2.34x | 2.38x | 2.08x | 1.95x |
| Current ratio | 0.32x | 0.34x | 0.44x | 0.62x | 0.38x |
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.