Completed Acquisitions of Oaktree and Just Group While Continuing Share Repurchases
BROOKFIELD, NEWS,
He added, “We also advanced several strategic initiatives. We expanded our global insurance platform through the acquisition of
Operating Results
Distributable earnings (“DE”) before realizations per share increased by 15% and 7% over the prior periods.
UNAUDITED | Three Months Ended | Last Twelve Months Ended | |||||||||
2026 | 2025 | 2026 | 2025 | ||||||||
Net income of consolidated business1 | $ | 703 | $ | 1,055 | $ | 3,710 | $ | 2,889 | |||
Net income attributable to Brookfield shareholders2 | 364 | 272 | 1,428 | 841 | |||||||
Distributable earnings before realizations3 | 1,427 | 1,253 | 5,652 | 5,311 | |||||||
— Per | 0.61 | 0.53 | 2.39 | 2.24 | |||||||
Distributable earnings3 | 1,548 | 1,385 | 6,172 | 5,865 | |||||||
— Per | 0.66 | 0.59 | 2.61 | 2.47 | |||||||
See endnotes on page 9.
Total consolidated net income was $703 million for the quarter and
Asset Management delivered strong results, with fee-related earnings increasing by 20% compared to the prior year quarter. Strong fundraising across our flagship and complementary strategies, together with continued growth in credit, drove record inflows of $77 billion and increased fee-bearing capital to $672 billion at quarter end.
Wealth Solutions grew earnings by 23% compared to the prior year quarter, supported by strong organic inflows, growth in net investment income, and the first full-quarter contribution from
Our operating businesses continued to perform well, generating resilient and stable cash flows supported by contracted, inflation-linked revenues and the long-term secular trends that continue to increase demand for their essential products and services.
During the quarter and for the last twelve months, earnings from realizations were $121 million and $520 million, with total distributable earnings for the quarter and for the last twelve months of
Operating Highlights
Distributable earnings before realizations were
Asset Management
- DE was $740 million (
$0.31 /share) in the quarter and$2 .9 billion ($1.24 /share) for the last twelve months. - Fundraising was a record $77 billion for the quarter. This reflected broad-based demand across our strategies from our global client base, including $5 billion from retail and wealth clients.
- We continue to see strong demand for our flagship funds in the market. The seventh vintage of our private equity flagship raised $7 billion, and the sixth vintage of our infrastructure flagship raised $9 billion. Both are on track to be the largest vintages in their respective series.
- Fee-related earnings grew by 20% compared to the prior year quarter, driven by a 19% increase in fee-bearing capital to $672 billion at quarter end.
- In July, we completed the acquisition of Oaktree, enabling us to fully integrate one of the world’s premier credit franchises into our organization and further strengthen the scale of our global credit platform.
Wealth Solutions
- DE was $480 million (
$0.20 /share) in the quarter and$1 .8 billion ($0.75 /share) for the last twelve months. - Insurance assets increased to
$191 billion , including $5 billion of annuity sales during the quarter, and the closing of theJust Group acquisition, which added $45 billion of insurance assets. - Investment performance in our North American business remained strong. We invested over $5 billion into real asset strategies during the quarter, and $16 billion over the last twelve months, contributing to an average net investment income yield of 5.7% for the quarter.
- Disciplined underwriting in our P&C business contributed to a 99% combined ratio, lowering our effective cost of funds and supporting a gross spread of 2.2% for the quarter in our North American business, consistent with our objective of generating total returns of 15%+ on our invested equity.
Operating Businesses
- DE was $361 million (
$0.15 /share) in the quarter and$1 .5 billion ($0.65 /share) for the last twelve months. - Cash distributions from our operating businesses were supported by the strong underlying fundamentals and resilient operating earnings of our infrastructure, energy, and private equity businesses.
- We continued to advance major partnerships, including expanding our partnership with Bloom Energy to
$25 billion for behind-the-meter fuel cells for data centers, and a financing commitment from theU.S. Department of Energy for$17.5 billion to acquire long-lead equipment for large-scale Westinghouse reactors. - Our real estate business continued to perform well, supported by strong operating fundamentals. During the quarter, we completed 6 million square feet of office and retail leasing, with office net rents 19% above expiring levels. Our super-core and core-plus portfolios ended the quarter with over 95% occupancy, reflecting sustained tenant demand for our high-quality, well-located assets.
Earnings from the monetization of mature assets were $121 million (
- Transaction activity continued to build momentum through the first half of the year. We executed $40 billion of sales year to date, returning capital and crystallizing strong returns for our clients.
- Monetization activity included $10 billion in infrastructure and $10 billion in real estate, including the sale of
One Churchill Place , a premier office tower on our estate atCanary Wharf inLondon , for £750 million — further demonstrating the recovery of high-quality real estate. - We sold $7 billion of energy assets, monetized $9 billion of credit investments, and sold $4 billion of private equity businesses, including $650 million for the sale of Multiplex, our construction business.
- With an active pipeline of monetizations, we continue to advance a number of our funds closer to carried interest realization. Total accumulated unrealized carried interest was
$12 .5 billion at quarter end, after realizing $121 million of net carried interest into income in the quarter, and $520 million over the last twelve months.
We ended the quarter with a record $210 billion of capital available to deploy into new investments.
- Deployable capital includes $96 billion of cash, financial assets, and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business, and $114 billion of uncalled private fund commitments.
- Our balance sheet is conservatively capitalized, with corporate debt at the Corporation carrying a weighted-average term of 15 years and no maturities in 2026.
- We maintained strong access to capital markets and completed $130 billion of financings across the franchise year-to-date. We enhanced our liquidity position through the issuance of
C$750 million of 10-year and 30-year notes at the Corporation, underscoring strong market demand and the strength of our credit profile. - During the quarter, we acquired $111 million of shares in the open market. Year-to-date, we repurchased approximately
$580 million of BN Class A shares in the open market at an average price per share of$42 .
Corporate Simplification
Shareholders approved our simplification transaction at our annual meeting on
U.S . shareholders: no action is required and on closing you will receive New BN shares.U.K . shareholders: no action is required if your shares are in a non-taxable account. If you hold shares in a taxable account, you can elect to defer tax by filing an election.- Canadian non-taxable shareholders (pension funds, RRSPs, TFSAs): no action is required and on closing you will receive New BN shares.
- Canadian taxable shareholders: if you wish to defer tax, you can elect to defer tax by filing an election.
- Shareholders in other countries: no action is required and on closing you will receive New BN shares.
Regular Dividend Declaration
The Board declared a quarterly dividend for
CONSOLIDATED BALANCE SHEETS
Unaudited | ||||||||
2026 | 2025 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 14,885 | $ | 16,242 | ||||
Other financial assets | 32,519 | 30,033 | ||||||
Accounts receivable and other | 48,593 | 46,289 | ||||||
Inventory | 9,431 | 8,849 | ||||||
Equity accounted investments | 87,682 | 79,881 | ||||||
Investment properties | 84,239 | 85,613 | ||||||
Property, plant and equipment | 164,923 | 165,992 | ||||||
Intangible assets | 37,156 | 38,496 | ||||||
41,928 | 43,355 | |||||||
Deferred income tax assets | 4,159 | 4,221 | ||||||
Total Assets | $ | 525,515 | $ | 518,971 | ||||
Liabilities and Equity | ||||||||
Corporate borrowings | $ | 14,711 | $ | 14,301 | ||||
Accounts payable and other | 63,706 | 62,348 | ||||||
Non-recourse borrowings of managed entities | 250,271 | 245,311 | ||||||
Subsidiary equity obligations | 3,931 | 3,808 | ||||||
Deferred income tax liabilities | 26,260 | 27,009 | ||||||
Equity | ||||||||
Non-controlling interests | $ | 120,065 | $ | 118,308 | ||||
Preferred equity | 4,088 | 4,090 | ||||||
Common equity | 42,483 | 166,636 | 43,796 | 166,194 | ||||
Total Equity | 166,636 | 166,194 | ||||||
Total Liabilities and Equity | $ | 525,515 | $ | 518,971 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited | Three Months Ended | Six Months Ended | |||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Revenues | $ | 19,406 | $ | 18,083 | $ | 37,986 | $ | 36,027 | |||||||
Direct costs1 | (12,228 | ) | (11,381 | ) | (23,735 | ) | (22,376 | ) | |||||||
Other income and gains | 375 | 30 | 448 | 618 | |||||||||||
Equity accounted income | 723 | 467 | 2,062 | 986 | |||||||||||
Interest expense | |||||||||||||||
– Corporate borrowings | (189 | ) | (188 | ) | (372 | ) | (367 | ) | |||||||
– Non-recourse borrowings | |||||||||||||||
Same-store | (4,113 | ) | (4,065 | ) | (8,176 | ) | (8,047 | ) | |||||||
Acquisitions, net of dispositions2 | (69 | ) | — | (7 | ) | — | |||||||||
Upfinancings2 | (106 | ) | — | (273 | ) | — | |||||||||
Corporate costs | (22 | ) | (20 | ) | (42 | ) | (38 | ) | |||||||
Fair value changes | (27 | ) | 797 | (70 | ) | (27 | ) | ||||||||
Depreciation and amortization | (2,711 | ) | (2,534 | ) | (5,342 | ) | (4,989 | ) | |||||||
Income tax | (336 | ) | (134 | ) | (734 | ) | (517 | ) | |||||||
Net income | 703 | 1,055 | 1,745 | 1,270 | |||||||||||
Net (income) loss attributable to non-controlling interests | (339 | ) | (783 | ) | (1,279 | ) | (925 | ) | |||||||
Net income attributable to Brookfield shareholders | $ | 364 | $ | 272 | $ | 466 | $ | 345 | |||||||
Net income per share3, 4 | |||||||||||||||
Diluted | $ | 0.14 | $ | 0.10 | $ | 0.16 | $ | 0.11 | |||||||
Basic | 0.14 | 0.10 | 0.17 | 0.12 | |||||||||||
- Direct costs disclosed above exclude depreciation and amortization expense.
- Interest expense from acquisitions, net of dispositions, and upfinancings completed over the twelve months ended
June 30, 2026 . - Adjusted to reflect the three-for-two stock split completed on
October 9, 2025 . - Net of preferred share dividends reflected in equity. See “Earnings Per Share” on page 7.
SUMMARIZED FINANCIAL RESULTS
DISTRIBUTABLE EARNINGS
Unaudited | Three Months Ended | Last Twelve Months Ended | |||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Asset management | $ | 740 | $ | 650 | $ | 2,938 | $ | 2,722 | |||||||
Wealth solutions | 480 | 391 | 1,760 | 1,606 | |||||||||||
BIP | 94 | 89 | 366 | 346 | |||||||||||
BEP | 121 | 113 | 470 | 440 | |||||||||||
BBUC | 6 | 6 | 24 | 29 | |||||||||||
BPG | 136 | 140 | 638 | 872 | |||||||||||
Other | 4 | 2 | 49 | 7 | |||||||||||
Operating businesses | 361 | 350 | 1,547 | 1,694 | |||||||||||
Corporate costs and other | (154 | ) | (138 | ) | (593 | ) | (711 | ) | |||||||
Distributable earnings before realizations1 | 1,427 | 1,253 | 5,652 | 5,311 | |||||||||||
Realized carried interest, net | 121 | 129 | 520 | 487 | |||||||||||
Disposition gains from principal investments | — | 3 | — | 67 | |||||||||||
Distributable earnings1 | $ | 1,548 | $ | 1,385 | $ | 6,172 | $ | 5,865 | |||||||
- Non-IFRS measure – see Non-IFRS and Performance Measures section on page 9.
RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS
Unaudited | Three Months Ended | Last Twelve Months Ended | |||||||||||||
2026 | 20251 | 2026 | 20251 | ||||||||||||
Net income | $ | 703 | $ | 1,055 | $ | 3,710 | $ | 2,889 | |||||||
Financial statement components not included in DE: | |||||||||||||||
Equity accounted fair value changes and other | 1,029 | 1,321 | 3,217 | 3,879 | |||||||||||
Fair value changes and other | 262 | (652 | ) | 2,507 | 2,081 | ||||||||||
Depreciation and amortization | 2,711 | 2,534 | 10,732 | 9,816 | |||||||||||
Disposition gains in net income | (5 | ) | (163 | ) | (1,767 | ) | (1,352 | ) | |||||||
Deferred income taxes | 55 | (262 | ) | (292 | ) | (663 | ) | ||||||||
Non-controlling interests in the above items2 | (3,144 | ) | (2,476 | ) | (11,516 | ) | (10,795 | ) | |||||||
Less: realized carried interest, net | (121 | ) | (129 | ) | (520 | ) | (487 | ) | |||||||
Working capital, net | (63 | ) | 25 | (419 | ) | (57 | ) | ||||||||
Distributable earnings before realizations3 | 1,427 | 1,253 | 5,652 | 5,311 | |||||||||||
Realized carried interest, net | 121 | 129 | 520 | 487 | |||||||||||
Disposition gains from principal investments | — | 3 | — | 67 | |||||||||||
Distributable earnings2 | $ | 1,548 | $ | 1,385 | $ | 6,172 | $ | 5,865 | |||||||
- Comparative period amounts have been revised to reflect returns on capital as the measurement basis for FFO from Direct Investments included within disposition gains in net income.
- DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.
- Non-IFRS measure – see Non-IFRS and Performance Measures section on page 9.
EARNINGS PER SHARE
Unaudited | Three Months Ended | Last Twelve Months Ended | |||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||
Net income | $ | 703 | $ | 1,055 | $ | 3,710 | $ | 2,889 | |||||||
Non-controlling interests | (339 | ) | (783 | ) | (2,282 | ) | (2,048 | ) | |||||||
Net income attributable to shareholders | 364 | 272 | 1,428 | 841 | |||||||||||
Preferred share dividends1 | (42 | ) | (42 | ) | (171 | ) | (166 | ) | |||||||
Net income available to common shareholders | 322 | 230 | 1,257 | 675 | |||||||||||
Dilutive impact of exchangeable shares of affiliate | 4 | 3 | 13 | 12 | |||||||||||
Net income available to common shareholders including dilutive impact of exchangeable shares | $ | 326 | $ | 233 | $ | 1,270 | $ | 687 | |||||||
Weighted average shares3 | 2,233.7 | 2,244.3 | 2,240.8 | 2,256.0 | |||||||||||
Dilutive effect of conversion of options, escrowed shares2and exchangeable shares of affiliate3 | 119.0 | 114.8 | 121.3 | 116.7 | |||||||||||
Shares and share equivalents3 | 2,352.7 | 2,359.1 | 2,362.1 | 2,372.7 | |||||||||||
Diluted earnings per share3 | $ | 0.14 | $ | 0.10 | $ | 0.54 | $ | 0.29 | |||||||
- Excludes dividends paid on perpetual subordinated notes of $2 million (2025 – $2 million) and
$10 million (2025 –$10 million ) for the three and twelve months endedJune 30, 2026 , which are recognized within net income attributable to non-controlling interests. - Dilution of management share option plan and escrowed stock plan measured using the treasury stock method.
- Adjusted to reflect the three-for-two stock split completed on
October 9, 2025 .
Additional Information
The Letter to Shareholders and the company’s Supplemental Information for the three months and twelve months ended
The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended
Information on our dividends can be found on our website under Distributions.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access
To participate in the Conference Call today at
About
We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the
Please note that
For more information, please visit our website at www.bn.brookfield.com or contact:
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Non-IFRS and Performance Measures
This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.
We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings before realizations from our asset management business and our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. Distributable earnings before realizations from our Asset Management business is comprised of fee-related earnings and other income (expenses), net of cash taxes and equity-based compensation costs from BAM, as well as FFO on direct investments. Distributable earnings from our Wealth Solutions business is calculated as net income from our Wealth Solutions business, excluding the impact of depreciation and amortization, deferred income taxes, net income from our equity accounted investments, mark-to-market on investments and derivatives, breakage and transaction costs, and is inclusive of our proportionate share of DE from investments in associates. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.
Realized carried interest and realized disposition gains are further described below:
- Realized Carried Interest represents our contractual share of profits generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
- Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.
We use DE to assess our operating results and the value of
We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.
We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.
Endnotes |
- Consolidated basis – includes amounts attributable to non-controlling interests.
- Excludes amounts attributable to non-controlling interests.
- See Reconciliation of Net Income to Distributable Earnings on page 6 and Non-IFRS and Performance Measures on page 9.
- Per share amounts have been adjusted to reflect BN’s three-for-two stock split completed on
October 9, 2025 .
Notice to Readers
This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the
Although
We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law,
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).
Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by
Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While
No statements contained herein with respect to tax consequences are intended to be, or should be construed to be, legal or tax advice, and no representation is made with respect to tax consequences. Shareholders are urged to consult their legal and tax advisors with respect to their circumstances.
When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.
Source:
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