Brookfield Infrastructure Corp (BIPC)

Price$37.35Cached quoteAs of 2026-09-05 01:11 UTC

AI: Undervalued

Price checkThe shares look undervalued, with a near five percent yield and a low cash-flow multiple.

At the observed market level, BIPC trades at about 11 times Brookfield Infrastructure’s 2025 funds from operations per unit of $3.32 and about 10 times a simple annualization of second-quarter 2026’s $0.89. Funds from operations is management’s measure of recurring infrastructure cash earnings before some non-cash items. The annual dividend is $1.82, a yield near 5%, meaning roughly five cents of annual income per dollar invested. With this cash measure up 10% year over year, the price appears to require only modest growth, leaving upside if operations stay on plan but little cushion if financing costs remain high.

Big pictureCash generation has grown for years, but heavy investment keeps simple free cash flow thin.

The supplied SEC-derived history shows revenue rising from $1.43 billion in 2020 to $3.67 billion in 2025, while operating cash flow increased from $730 million to $1.61 billion. Conventional free cash flow—cash left after capital spending—was almost zero in 2025 because capital expenditures reached $1.61 billion. Much of that spending funds expansion, but it still makes asset recycling—selling mature assets to fund new investments—and financing important. Net income swung sharply across years, while transport volumes, midstream commodity exposures, and asset-sale timing can add cyclicality even when regulated cash flows are steadier.

Business strengthRegulated and contracted assets support steady cash flow, while leverage leaves less room for mistakes.

The asset base is built around regulated or contracted infrastructure, which supports predictable cash receipts, but the standalone balance sheet is heavily financed. At year-end 2025, BIPC had $24.0 billion of assets and $22.0 billion of liabilities; current assets of $2.95 billion were well below current liabilities of $7.67 billion. Non-recourse borrowings—debt tied mainly to specific assets—were $13.2 billion. Another $5.1 billion represented exchangeable shares classified as liabilities, so negative equity attributable to the partnership is partly an accounting feature rather than a simple distress signal.

What could change the storyFaster data growth and capital recycling could lift value; debt costs or weak asset sales could erase it.

The bull case needs Brookfield to keep converting data demand and asset recycling into per-share cash growth. In second-quarter 2026, data and midstream funds from operations rose 36% and 17%, more than $1.5 billion of projects were commissioned, and year-to-date asset-sale proceeds approached $1.2 billion. BIPC also issued 2.98 million shares for $141 million while Brookfield repurchased an equivalent number of partnership units, aiming to avoid net dilution. About $221 million of issuance capacity remains. Higher borrowing costs, weaker asset-sale pricing, or poor reinvestment returns would pressure the thesis.

AI: News

Corporate simplification planBrookfield plans to merge its partnership and corporate listings into one corporation, ending the separate-share premium question.

On July 21, Brookfield said BIP units and BIPC shares would each convert one-for-one into a new corporation, subject to votes scheduled for October 14 and other approvals, with completion targeted for the fourth quarter. The next trading day, BIPC slipped about 0.6% while BIP rose about 1.7%, sharply narrowing BIPC’s prior premium. That reaction is consistent with investors pricing the two securities toward the same future share, although timing alone does not prove the announcement caused the move.

Strong second-quarter operationsSecond-quarter cash earnings grew 10%, led by data and midstream assets despite ongoing asset sales.

On July 30, Brookfield reported second-quarter funds from operations of $702 million, or $0.89 per unit, up 10% from a year earlier. Data and midstream cash earnings rose 36% and 17%, while more than $1.5 billion of projects entered service. Net income was $44 million versus $69 million a year earlier because depreciation and borrowing costs rose. BIPC closed about 1.5% lower that day, so the immediate market response was mixed and cannot be attributed to the results alone.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$3.67B	$3.67B	$2.50B	$1.89B	$1.64B	$1.43B	$1.62B	$1.56B
Gross profit	$2.33B	$2.29B	$1.73B	$1.34B	$1.12B	$903.0M	$1.07B	$1.32B
Gross margin	63.63%	62.41%	68.92%	71.26%	67.99%	63.15%	65.90%	84.88%
Operating expenses	$1.33B	$1.38B	$778.0M	$542.0M	$526.0M	$527.0M	$552.0M	$343.0M
Operating income	$2.25B	$2.21B	$1.66B	$1.27B	$1.07B	$870.0M	$1.04B	$982.0M
Operating margin	61.45%	60.37%	66.24%	67.60%	65.00%	60.84%	64.05%	62.91%
EBITDA	$2.92B	$2.99B	$2.02B	$1.49B	$1.30B	$1.15B	$1.34B	$1.30B
EBITDA margin	79.66%	81.51%	80.82%	78.79%	79.37%	80.63%	83.08%	83.34%
Net income	$700.0M	$72.0M	$606.0M	$1.62B	$27.0M	−$232.0M	$570.0M	$581.0M
Net profit margin	19.08%	1.96%	24.21%	85.84%	1.64%	−16.22%	35.21%	37.22%
Basic EPSper basic share	-$2.01	-$5.11	$0.84	$9.89	—	—	—	—
Diluted EPSper diluted share	-$2.01	-$5.11	$0.84	$9.89	—	—	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BIPC
Holder	Shares held
BlackRock, Inc.	8.76M
BANK OF MONTREAL /CAN/	5.89M
ROYAL BANK OF CANADA	4.55M
FMR LLC	3.8M
HighTower Advisors, LLC	3.69M
VANGUARD CAPITAL MANAGEMENT LLC	3.58M
BANK OF AMERICA CORP /DE/	3.34M
PRINCIPAL FINANCIAL GROUP INC	3.16M
BROWN ADVISORY INC	3.11M
STATE STREET CORP	2.09M
TD Waterhouse Canada Inc.	2.01M
GEODE CAPITAL MANAGEMENT, LLC	1.88M
Clearbridge Investments, LLC	1.86M
NORGES BANK	1.63M
SCOTIA CAPITAL INC.	1.57M
MORGAN STANLEY	1.48M
CIBC Bancorp USA Inc.	1.32M
CIBC WORLD MARKET INC.	1.19M
NATIONAL BANK OF CANADA /FI/	1.17M
NEUBERGER BERMAN GROUP LLC	1.17M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Brookfield Infrastructure Corp (BIPC)

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