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Side-by-side financial comparison of Brookfield Infrastructure Corp (BIPC) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Brookfield Infrastructure Corp is the larger business by last-quarter revenue ($866.0M vs $614.5M, roughly 1.4× Cloudflare, Inc.). Cloudflare, Inc. runs the higher net margin — -2.0% vs -35.7%, a 33.7% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs -4.6%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
BIPC vs NET — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $866.0M | $614.5M |
| Net Profit | $-309.0M | $-12.1M |
| Gross Margin | 65.0% | 73.6% |
| Operating Margin | 62.7% | -8.0% |
| Net Margin | -35.7% | -2.0% |
| Revenue YoY | -4.6% | 33.6% |
| Net Profit YoY | -148.1% | 6.0% |
| EPS (diluted) | — | $-0.03 |
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 | — | $614.5M | ||
| Q3 25 | — | $562.0M | ||
| Q2 25 | $866.0M | $512.3M | ||
| Q1 25 | — | $479.1M | ||
| Q4 24 | — | $459.9M | ||
| Q3 24 | — | $430.1M | ||
| Q2 24 | $908.0M | $401.0M | ||
| Q1 24 | — | $378.6M |
| Q4 25 | — | $-12.1M | ||
| Q3 25 | — | $-1.3M | ||
| Q2 25 | $-309.0M | $-50.4M | ||
| Q1 25 | — | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | — | $-15.3M | ||
| Q2 24 | $643.0M | $-15.1M | ||
| Q1 24 | — | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | 65.0% | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | 63.8% | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | — | -8.0% | ||
| Q3 25 | — | -6.7% | ||
| Q2 25 | 62.7% | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | — | -7.2% | ||
| Q2 24 | 61.9% | -8.7% | ||
| Q1 24 | — | -14.4% |
| Q4 25 | — | -2.0% | ||
| Q3 25 | — | -0.2% | ||
| Q2 25 | -35.7% | -9.8% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | 70.8% | -3.8% | ||
| Q1 24 | — | -9.4% |
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.00 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.2B | $1.5B |
| Total Assets | $23.9B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | $466.0M | $157.0M | ||
| Q1 24 | — | $254.4M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $2.2B | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $973.1M | ||
| Q2 24 | $3.5B | $881.5M | ||
| Q1 24 | — | $797.2M |
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | $23.9B | $5.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | $23.7B | $2.9B | ||
| Q1 24 | — | $2.8B |
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 | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $190.4M | ||
| Q3 25 | — | $167.1M | ||
| Q2 25 | $478.0M | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | — | $104.7M | ||
| Q2 24 | $511.0M | $74.8M | ||
| Q1 24 | — | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BIPC
Segment breakdown not available.
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
