Brookfield Asset Management (BAM) Q4 2025 earnings summary

Executive summary

• Raised $112B in capital and invested a record $66B in high-quality assets in 2025, with $50B in monetizations at strong returns.

• Fee-bearing capital grew 12% to $603B, with 87% classified as long-term, permanent, or perpetual.

• Achieved record fee-related earnings (FRE) of $867M in Q4 2025, up 28% year-over-year, and $3.0B for FY 2025, up 22% year-over-year.

• Distributable earnings (DE) reached $767M in Q4, up 18% year-over-year, and $2.7B for the year, up 14% year-over-year.

• Leadership transition: Connor Teskey appointed CEO, Bruce Flatt remains Chair and CEO of Brookfield Corporation.

Financial highlights

• Q4 FRE up 28% year-over-year to $867M ($0.53/share); full-year FRE $3.0B, with Q4 margin at 61% and full-year at 58%.

• Q4 DE $767M ($0.47/share), up 18% year-over-year; full-year DE $2.7B.

• Q4 fee revenues were $1.5B, up 22% year-over-year; FY fee revenues were $5.5B, up 17%.

• Record fundraising of $35B in Q4 and $112B for the year.

• Dividend increased 15% to $0.5025/share quarterly ($2.01 annualized), payable March 31, 2026.

Outlook and guidance

• 2026 expected to be another record year for fundraising and earnings, with FRE growth projected in the mid- to high teens, exceeding long-term targets.

• $200M incremental annualized FRE expected from Oaktree, Just Group, and recent credit manager acquisitions.

• Entering 2026 with $134B in dry powder for deployment and nearly 60 funds in market.

• Wealth channel growth exceeded 40% in 2025, with similar momentum expected in 2026.

• Anticipate first closes for new AI infrastructure and private equity funds in the first half of 2026.