v3.26.1
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue [abstract]  
REVENUES REVENUES
a)Revenues by service line
Substantially all of these revenues are recognized over time as services are rendered. The following table disaggregates revenues by service line:
For the year ended December 31,
US$ MILLIONS202520242023
Gas Transmission$1,430 $1,357 $1,483 
Distribution592 512 397 
Leasing1,374 1,568 385 
Connections244 192 200 
Other28 37 38 
Total$3,668 $3,666 $2,503 
During the year ended December 31, 2025, revenues benefited from the inflationary tariff increases and capital commissioned into rate base, which was offset by the partial disposition of stabilized assets at our global intermodal logistics operation.
b)Revenues from external customers
The following table disaggregates revenues by geographical region:
For the year ended December 31,
US$ MILLIONS202520242023
Brazil$1,433 $1,359 $1,483 
United Kingdom868 746 635 
United States40 41 12 
France263 307 70 
Switzerland294 311 71 
Singapore287 318 54 
China109 124 51 
Denmark157 179 40 
Hong Kong68 88 17 
Germany37 46 12 
Other112 147 58 
$3,668 $3,666 $2,503 
Our company’s customer base is comprised predominantly of investment grade companies, with only one customer that makes up greater than 10% of our company’s consolidated revenues. For the year ended December 31, 2025, revenue generated from this customer was $1,273 million (2024: $1,287 million, 2023: $1,449 million). Our company has completed a review of the credit risk of key counterparties. Based on their liquidity position, business performance, and aging of our accounts receivable, we do not have any significant changes in expected credit losses at this time.
c)Non-Current Assets
As of
US$ MILLIONSDec. 31, 2025Dec. 31, 2024
United Kingdom$7,080 $5,916 
Brazil 3,170 2,950 
Switzerland2,144 1,897 
France1,962 1,881 
Singapore2,124 2,092 
China1,339 1,041 
Denmark1,177 1,097 
United States337 295 
Other Asia872 814 
Other Europe19 17 
Other855 823 
$21,079 $18,823