Brookfield (BN) Q1 2026 earnings summary

Executive summary

• Distributable earnings reached $1.6 billion for Q1 2026 and $6 billion over the last 12 months, up 7% year-over-year, with strong performance across all business lines and stable cash flows from operating businesses.

• Fee-bearing capital rose 12% year-over-year to $614 billion, supporting robust fundraising and earnings growth.

• Acquisition of Just Group closed, increasing insurance assets to $180 billion and expanding U.K. operations.

• Over $1 billion in shares repurchased year-to-date, with ongoing plans to combine the corporation and Wealth Solutions business for greater capital efficiency.

• The company remains focused on long-term value creation through disciplined capital allocation and resilience across market cycles.

Financial highlights

• Q1 2026 distributable earnings before realizations were $1.4 billion ($0.59/share); total DE including realizations was $1.6 billion ($0.66/share); LTM DE was $6.0 billion ($2.54/share).

• Net income for Q1 was $1.0 billion, with $102 million attributable to shareholders; LTM net income reached $4.1 billion.

• Asset Management DE: $765 million for Q1; Wealth Solutions DE: $430 million for Q1; Operating Businesses DE: $360 million for Q1.

• $17 billion in asset sales executed in Q1, with most sales at or above carrying value.

• Fee-bearing capital in Asset Management rose to $614 billion; carry eligible capital increased to $272.7 billion.

Outlook and guidance

• Management targets 15%+ annualized returns to shareholders and aims to grow distributable earnings by 15% or more each year.

• Wealth Solutions targets writing $25 billion of new policies in 2026, maintaining disciplined growth and mid-teens return targets.

• Expectation to finalize the first close of the seventh vintage flagship private equity strategy in the coming months.

• The combination of the corporation and Wealth Solutions is expected to enhance capital efficiency and support future growth.

• Real estate fundamentals remain strong, with limited new supply and rising rents in core markets.