v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 700 $ 72 $ 606
Adjusted for the following items:      
Earnings from investments in associates, net of distributions received (4) 0 23
Depreciation and amortization expense 668 775 365
Mark-to-market and other (358) 323 73
Remeasurement of shares classified as financial liability 441 477 (34)
Deferred income tax expense 6 9 20
Changes in non-cash working capital, net 155 87 6
Cash from operating activities 1,608 1,743 1,059
Investing Activities      
Acquisition of subsidiaries, net of cash acquired (98) 0 (3,086)
Disposal of subsidiaries, net of cash disposed 431 0 0
Disposal of investments in associates 426 0 435
Purchase of long-lived assets (1,606) (1,403) (594)
Disposal of long-lived assets 213 315 75
Purchase of financial assets (35) 0 (57)
Sale of financial assets 37 0 53
Other investing activities 20 (22) 0
Cash used by investing activities (612) (1,110) (3,174)
Financing Activities      
Distributions to non-controlling interests (599) (788) (458)
Capital provided (to) by non-controlling interest (488) (1,058) 2,911
Proceeds from non-recourse borrowings 2,887 7,763 1,313
Repayment of non-recourse borrowings (2,869) (5,628) (1,136)
Loans and repayments from Brookfield Infrastructure 266 115 1,057
Loans and repayments to Brookfield Infrastructure (497) (781) (1,472)
Exchangeable shares issued, net of costs 38 0 0
Issuance of class B Shares 0 1 0
Other financing activities (29) (52) (32)
Cash (used by) from financing activities (1,291) (428) 2,183
Cash and cash equivalents      
Change during the year (295) 205 68
Impact of foreign exchange on cash 52 (70) 26
Balance, beginning of year 674 539 445
Balance, end of year $ 431 $ 674 $ 539