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Side-by-side financial comparison of Brookfield Infrastructure Corp (BIPC) and Moderna (MRNA). Click either name above to swap in a different company.
Moderna is the larger business by last-quarter revenue ($1.0B vs $866.0M, roughly 1.2× Brookfield Infrastructure Corp). Moderna runs the higher net margin — -19.7% vs -35.7%, a 16.0% gap on every dollar of revenue. On growth, Brookfield Infrastructure Corp posted the faster year-over-year revenue change (-4.6% vs -45.4%).
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.
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
BIPC vs MRNA — Head-to-Head
Income Statement — Q2 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $866.0M | $1.0B |
| Net Profit | $-309.0M | $-200.0M |
| Gross Margin | 65.0% | 79.6% |
| Operating Margin | 62.7% | -25.6% |
| Net Margin | -35.7% | -19.7% |
| Revenue YoY | -4.6% | -45.4% |
| Net Profit YoY | -148.1% | -1638.5% |
| EPS (diluted) | — | $-0.51 |
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.
| Q3 25 | — | $1.0B | ||
| Q2 25 | $866.0M | — | ||
| Q4 24 | — | $966.0M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | $908.0M | — | ||
| Q4 23 | — | $2.8B | ||
| Q3 23 | — | $1.8B | ||
| Q2 23 | $538.0M | — |
| Q3 25 | — | $-200.0M | ||
| Q2 25 | $-309.0M | — | ||
| Q4 24 | — | $-1.1B | ||
| Q3 24 | — | $13.0M | ||
| Q2 24 | $643.0M | — | ||
| Q4 23 | — | $217.0M | ||
| Q3 23 | — | $-3.6B | ||
| Q2 23 | $-154.0M | — |
| Q3 25 | — | 79.6% | ||
| Q2 25 | 65.0% | — | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | 63.8% | — | ||
| Q4 23 | — | 67.0% | ||
| Q3 23 | — | -22.4% | ||
| Q2 23 | 72.3% | — |
| Q3 25 | — | -25.6% | ||
| Q2 25 | 62.7% | — | ||
| Q4 24 | — | -129.0% | ||
| Q3 24 | — | -3.8% | ||
| Q2 24 | 61.9% | — | ||
| Q4 23 | — | 0.2% | ||
| Q3 23 | — | -109.9% | ||
| Q2 23 | 69.1% | — |
| Q3 25 | — | -19.7% | ||
| Q2 25 | -35.7% | — | ||
| Q4 24 | — | -115.9% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | 70.8% | — | ||
| Q4 23 | — | 7.7% | ||
| Q3 23 | — | -198.3% | ||
| Q2 23 | -28.6% | — |
| Q3 25 | — | $-0.51 | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $-2.91 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | — | ||
| Q4 23 | — | $0.63 | ||
| Q3 23 | — | $-9.53 | ||
| Q2 23 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.2B | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $9.3B |
| Total Assets | $23.9B | $12.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $1.1B | ||
| Q2 25 | $1.2B | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $466.0M | — | ||
| Q4 23 | — | $2.9B | ||
| Q3 23 | — | $2.9B | ||
| Q2 23 | $356.0M | — |
| Q3 25 | — | $9.3B | ||
| Q2 25 | $2.2B | — | ||
| Q4 24 | — | $10.9B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | $3.5B | — | ||
| Q4 23 | — | $13.9B | ||
| Q3 23 | — | $13.5B | ||
| Q2 23 | $-764.0M | — |
| Q3 25 | — | $12.1B | ||
| Q2 25 | $23.9B | — | ||
| Q4 24 | — | $14.1B | ||
| Q3 24 | — | $15.8B | ||
| Q2 24 | $23.7B | — | ||
| Q4 23 | — | $18.4B | ||
| Q3 23 | — | $19.4B | ||
| Q2 23 | $11.0B | — |
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 | $478.0M | $-847.0M |
| Free Cash FlowOCF − Capex | — | $-880.0M |
| FCF MarginFCF / Revenue | — | -86.6% |
| Capex IntensityCapex / Revenue | — | 3.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $-847.0M | ||
| Q2 25 | $478.0M | — | ||
| Q4 24 | — | $825.0M | ||
| Q3 24 | — | $-1.6B | ||
| Q2 24 | $511.0M | — | ||
| Q4 23 | — | $622.0M | ||
| Q3 23 | — | $-1.6B | ||
| Q2 23 | $265.0M | — |
| Q3 25 | — | $-880.0M | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $303.0M | ||
| Q3 24 | — | $-1.7B | ||
| Q2 24 | — | — | ||
| Q4 23 | — | $402.0M | ||
| Q3 23 | — | $-1.7B | ||
| Q2 23 | — | — |
| Q3 25 | — | -86.6% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 31.4% | ||
| Q3 24 | — | -92.2% | ||
| Q2 24 | — | — | ||
| Q4 23 | — | 14.3% | ||
| Q3 23 | — | -95.0% | ||
| Q2 23 | — | — |
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 54.0% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | — | ||
| Q4 23 | — | 7.8% | ||
| Q3 23 | — | 7.6% | ||
| Q2 23 | — | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -120.46× | ||
| Q2 24 | 0.79× | — | ||
| Q4 23 | — | 2.87× | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIPC
Segment breakdown not available.
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
