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Side-by-side financial comparison of Brookfield Infrastructure Partners L.P. (BIP) and Warner Bros. Discovery (WBD). Click either name above to swap in a different company.
Warner Bros. Discovery is the larger business by last-quarter revenue ($9.5B vs $5.4B, roughly 1.7× Brookfield Infrastructure Partners L.P.). Brookfield Infrastructure Partners L.P. runs the higher net margin — 4.6% vs -2.7%, a 7.3% gap on every dollar of revenue. On growth, Brookfield Infrastructure Partners L.P. posted the faster year-over-year revenue change (5.7% vs -5.7%).
Brookfield Infrastructure Partners L.P. is a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis.
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
BIP vs WBD — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $9.5B |
| Net Profit | $252.0M | $-252.0M |
| Gross Margin | 26.4% | — |
| Operating Margin | 24.4% | 3.7% |
| Net Margin | 4.6% | -2.7% |
| Revenue YoY | 5.7% | -5.7% |
| Net Profit YoY | 37.0% | 49.0% |
| EPS (diluted) | $-0.03 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $9.5B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | $5.4B | $9.8B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | — | $10.0B | ||
| Q3 24 | — | $9.6B | ||
| Q2 24 | $5.1B | $9.7B | ||
| Q1 24 | — | $10.0B |
| Q4 25 | — | $-252.0M | ||
| Q3 25 | — | $-148.0M | ||
| Q2 25 | $252.0M | $1.6B | ||
| Q1 25 | — | $-453.0M | ||
| Q4 24 | — | $-494.0M | ||
| Q3 24 | — | $135.0M | ||
| Q2 24 | $184.0M | $-10.0B | ||
| Q1 24 | — | $-966.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 24.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | 24.4% | -1.9% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | 22.8% | -105.1% | ||
| Q1 24 | — | -2.7% |
| Q4 25 | — | -2.7% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | 4.6% | 16.1% | ||
| Q1 25 | — | -5.0% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | 3.6% | -102.8% | ||
| Q1 24 | — | -9.7% |
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | $-0.03 | $0.63 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.20 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | $-0.10 | $-4.07 | ||
| Q1 24 | — | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | $4.6B |
| Total DebtLower is stronger | — | $32.4B |
| Stockholders' EquityBook value | $29.6B | $35.9B |
| Total Assets | $108.7B | $100.1B |
| Debt / EquityLower = less leverage | — | 0.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | $2.3B | $4.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | $1.3B | $3.6B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
| Q4 25 | — | $35.9B | ||
| Q3 25 | — | $36.0B | ||
| Q2 25 | $29.6B | $36.0B | ||
| Q1 25 | — | $33.8B | ||
| Q4 24 | — | $34.0B | ||
| Q3 24 | — | $35.1B | ||
| Q2 24 | $30.1B | $34.3B | ||
| Q1 24 | — | $44.2B |
| Q4 25 | — | $100.1B | ||
| Q3 25 | — | $100.5B | ||
| Q2 25 | $108.7B | $101.7B | ||
| Q1 25 | — | $101.7B | ||
| Q4 24 | — | $104.6B | ||
| Q3 24 | — | $106.3B | ||
| Q2 24 | $100.9B | $108.0B | ||
| Q1 24 | — | $119.8B |
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.2B | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.4B |
| FCF MarginFCF / Revenue | — | 14.6% |
| Capex IntensityCapex / Revenue | — | 4.5% |
| Cash ConversionOCF / Net Profit | 4.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $979.0M | ||
| Q2 25 | $1.2B | $983.0M | ||
| Q1 25 | — | $553.0M | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $847.0M | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | — | $585.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $701.0M | ||
| Q2 25 | — | $702.0M | ||
| Q1 25 | — | $302.0M | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $632.0M | ||
| Q2 24 | — | $976.0M | ||
| Q1 24 | — | $390.0M |
| Q4 25 | — | 14.6% | ||
| Q3 25 | — | 7.8% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 10.0% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | — | 4.5% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.72× | 0.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.27× | ||
| Q2 24 | 5.74× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIP
Segment breakdown not available.
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
