Brookfield (BN) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with distributable earnings reaching $6.0 billion, up 11% per share year-over-year, and strong momentum across all core businesses.

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

• Record deployable capital of $188 billion and strong fundraising inflows, including $24 billion from retail and wealth clients.

• Announced plans to merge the corporation with its insurance entity, streamlining structure and enhancing capital efficiency.

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

Financial highlights

• Distributable Earnings before realizations reached $5.4 billion (up 11% year-over-year), total Distributable Earnings $6.0 billion, and net income $3.2 billion.

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

• Wealth Solutions delivered $1.7 billion in Distributable Earnings (up 24% year-over-year), with insurance assets growing to $143 billion and $20 billion in annuity sales.

• Operating businesses contributed $1.6 billion in Distributable Earnings, with strong performance in renewable power, infrastructure, and real estate.

• Net income attributable to shareholders was $1.3 billion for the year, up from $641 million in the prior year.

Outlook and guidance

• Expect continued robust growth in 2026, with strong fundraising visibility, new flagship fund launches, and a pipeline of asset sales.

• Wealth Solutions targets $200 billion in insurance assets and over $2 billion in Distributable Earnings by end of 2026.

• Real estate portfolio poised for NOI growth, with Super Core and Core Plus portfolios over 95% occupied.

• Monetizations and carried interest realizations expected to accelerate in the second half of 2026 and beyond.

• Targeting 15%+ annualized returns to shareholders and ongoing expansion of core businesses.