Brookfield
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Brookfield (BN) investor relations material

Brookfield Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

Wealth Solutions: US private wealth distribution progress
Carried interest realization pipeline over 3 years
Impact of strategic partnerships on operating businesses
Rationale for repurchasing shares at 50% discount
Strategy for realizing $6B carried interest over 3 years
Detail the expected impact of the AI infrastructure fund
Why merge Brookfield Corp and BNT now?
P&C business growth strategy and capital needs?
Real estate NOI drivers and FFO sensitivity?
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Frequently asked questions

Brookfield Corporation (formerly Brookfield Asset Management Inc.) is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. Brookfield Asset Management is a global alternative asset manager focused on the acquisition, management, and disposal of a leveraged mix of mature and renewable energy, natural resources and infrastructure assets in operation for the long-term. The company provides investors access to these various sectors via a range of structures including closed-end mutual funds and listed units. Using a disciplined bottom up investment research process, Brookfield Asset Management seeks attractive long-term growth opportunities in markets globally.

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