Brookfield (BN) Q1 2025 earnings summary

Executive summary

• Stable, growing cash flows across core businesses despite revenue declining 22% year over year to $17.9B, primarily due to asset dispositions and lower contributions from certain segments.

• Distributable Earnings before realizations rose 30% year over year to $1.3B ($0.82/share); total Distributable Earnings rose 27% to $1.5B ($0.98/share).

• Asset management raised $25B in new capital, while $22B of assets were monetized, mostly at or above carrying values.

• Wealth Solutions delivered $430M in Distributable Earnings and 15%+ ROE, supported by growth in insurance assets.

• Deployable capital reached a record $165B; $850M of shares were repurchased in Q1.

Financial highlights

• Revenue was $17.9B, down 22% year over year; net income was $215M versus $519M in Q1 2024, while net income attributable to shareholders was $73M.

• Distributable Earnings before realizations were $1.3B ($0.82/share) for the quarter and $5.2B ($3.26/share) over the last 12 months.

• Total Distributable Earnings were $1.5B ($0.98/share) for the quarter and $6.6B ($4.17/share) over the last 12 months.

• Asset management distributions were $684M; Fee-Related Earnings grew 26% to a record $698M.

• Quarterly dividend declared at $0.09/share, up from $0.08/share in Q1 2024; payable June 30, 2025.

Outlook and guidance

• Expectation to write $25B of combined retail and institutional annuities in 2025, up from $19B in 2024; Wealth Solutions annualized earnings expected to increase from $1.7B to $2B in the near term.

• Much of the $11.6B accumulated unrealized carried interest is expected to be realized into income over the next five years; carried interest is expected to meaningfully step up next year after a bridge year.

• Continued Distributable Earnings growth expected from fundraising, insurance asset growth, and resilient operating business cash flows.

• Transaction activity in real estate expected to benefit from strong fundamentals and constructive capital markets.