Brookfield (BN) Q4 2025 earnings summary

Executive summary

• Record 2025 results, including $5.4 billion in Distributable Earnings before realizations, up 11% year-over-year, and a diversified $180 billion capital base.

• Raised $112 billion in capital, financed $175 billion in assets, completed $91 billion in asset sales, and deployed $126 billion.

• Announced plans to merge the corporation with its insurance entity, creating a single listed company.

• Delivered a 21% shareholder return in 2025, extending the 30-year annual compound return to 19%.

Financial highlights

• Total Distributable Earnings were $6.0 billion ($2.54 per share); consolidated net income was $3.2 billion for the year.

• Asset Management generated $2.8 billion in Distributable Earnings; fee-bearing capital rose 12% to $603 billion, and fee-related earnings increased 22% to $3.0 billion.

• Wealth Solutions delivered $1.7 billion in Distributable Earnings, up 24% year-over-year, with $20 billion in annuity sales.

• Operating businesses contributed $1.6 billion in Distributable Earnings; Renewable Power and Infrastructure grew 14%.

• Nearly 17 million sq ft of office leases were signed globally, with net rents averaging 18% above expiring leases.

Outlook and guidance

• Record deployable capital of $188 billion, fundraising visibility, and a pipeline of asset sales support continued growth in 2026.

• Wealth Solutions targets $200 billion in insurance assets and more than $2 billion in Distributable Earnings by year-end 2026.

• Management expects significant carried interest realizations over the next three years, with monetizations and realizations expected to accelerate in the second half of 2026 and beyond.

• Super Core and Core Plus real estate portfolios were over 95% occupied, supporting potential NOI growth.