Brookfield (BN) Q3 2025 earnings summary

Executive summary

• Q3 distributable earnings before realizations were $1.33B, up 6% year-over-year; trailing-12-month earnings reached $5.4B ($2.27/share), up 18%.

• Total distributable earnings were $1.49B for the quarter and $6.0B over the last 12 months; trailing-12-month net income was $1.7B.

• Record deployable capital reached $178B, including $74B in cash, financial assets and undrawn credit lines.

• Asset Management posted record fee-related earnings of $754M, up 17%, and $30B in inflows; the global transition fund raised a record $20B.

• Strategic developments included the agreement to acquire Oaktree’s remaining 26% interest, Just Group approval and an $80B U.S. nuclear plant partnership.

Financial highlights

• Q3 revenue was $18.9B, down 8% year-over-year, primarily due to Private Equity asset dispositions; net income was $284M, including $219M attributable to shareholders ($0.08/share).

• Q3 distributable earnings were $1.49B, up 12% year-over-year; earnings from realizations were $154M for the quarter and $642M over the last 12 months.

• Fee-bearing capital reached $580.7B, increasing $17.9B in the quarter.

• Common equity rose to $42.6B, up $680M since year-end.

• Diluted EPS was $0.08 for the quarter, post-split.

Outlook and guidance

• Targeting 25% annual distributable earnings growth over five years; Asset Management aims to exceed $1T in fee-bearing capital and reach $6B in fee-related earnings.

• Wealth Solutions targets $350B in insurance assets within five years; the Just Group acquisition is expected to close in H1 2026 and increase insurance assets to $180B.

• Continued fundraising and transaction activity expected, with carried interest anticipated to increase over the next three years and step up in 2026 and 2027.