Brookfield Corporation
BN · NYSE
Next quarter
Expected to report Nov 12, 2026 — estimated from last year’s reporting date.
Consensus is $0.75 EPS for Sep 2026 across 2 estimates, ranging $0.69 to $0.81.
BN Jun 2026
- 3.13%
- $0.64
- $0.66
- —
- —
Highlights
- Earnings: Distributable earnings rose 12% year over year to $1.548 billion, or $0.66 per share, versus consensus of $0.64; DE before realizations increased 15% to $1.427 billion, or $0.61 per share.
- Asset management: Fee-related earnings grew 20% year over year, while record quarterly fundraising of $77 billion lifted fee-bearing capital 19% to $672 billion.
- Wealth solutions: Distributable earnings increased 23% to $480 million, supported by organic inflows, higher net investment income and the first full-quarter contribution from Just Group.
- Capital formation: Brookfield raised $98 billion and deployed $100 billion during the first half, ending June with a record $210 billion of deployable capital.
- Realizations: The company monetized $40 billion of assets year to date, including $10 billion each of infrastructure and real estate, but realized carried interest contributed $121 million in the quarter versus $129 million a year ago.
- Operating businesses: Distributable earnings increased to $361 million from $350 million, with new initiatives including a planned expansion of the Bloom Energy partnership to $25 billion and a $17.5 billion U.S. Department of Energy financing commitment for Westinghouse reactor equipment.
- Shareholder actions: Brookfield repurchased $111 million of shares in the quarter and approximately $580 million year to date at an average price of $42 per share; shareholders also approved the corporate simplification transaction in July.
Analysis
Brookfield’s second quarter was primarily a recurring-earnings and capital-formation print. Distributable earnings of $0.66 per share beat the $0.64 consensus by 3.1% and rose from $0.59 a year earlier. DE before realizations increased 15% year over year to $1.427 billion, or $0.61 per share. The release does not provide a comparable Q1 2026 per-share figure, so a precise quarter-on-quarter comparison is not available in the supplied material. IFRS net income was weaker at $703 million versus $1.055 billion a year earlier, although net income attributable to Brookfield shareholders increased to $364 million from $272 million as last year’s results benefited from larger fair-value gains.
The defining feature was the continued scaling of the fee-generating platform. Asset management produced $740 million of DE, with $77 billion of fundraising and fee-bearing capital reaching $672 billion. Wealth Solutions added $480 million, up 23%, with Just Group contributing for a full quarter and insurance assets reaching $191 billion. Brookfield also emphasized balance-sheet capacity: $210 billion was available for deployment after $100 billion of first-half investments, while $40 billion of assets were monetized. Strategic execution was another theme, with the Just Group and Oaktree acquisitions completed and the simplification transaction approved, alongside $111 million of quarterly share repurchases.
Recurring earnings growth
Brookfield’s preferred operating measure continued to compound ahead of reported IFRS earnings. DE before realizations rose 15% year over year to $1.427 billion, or $0.61 per share, while total DE rose 12% to $1.548 billion, or $0.66 per share. The latter included $121 million of realized carried interest and no disposition gains from principal investments, compared with $129 million and $3 million, respectively, in the prior-year quarter. IFRS net income fell to $703 million from $1.055 billion, reflecting much less favorable fair-value changes, but net income attributable to Brookfield shareholders rose to $364 million from $272 million.
- Per-share result: Total DE of $0.66 exceeded the $0.64 consensus estimate by 3.1%; diluted IFRS EPS was $0.14 versus $0.10 a year ago.
- Business mix: Asset management generated $740 million of DE, wealth solutions $480 million and operating businesses $361 million, partly offset by $154 million of corporate costs and other items.
- Trailing performance: Last-twelve-month DE increased to $6.172 billion, or $2.61 per share, from $5.865 billion, or $2.47 per share.
Asset management scale
Asset management was the largest and most important growth engine. Fee-related earnings increased 20% year over year, driven by a 19% increase in fee-bearing capital to $672 billion. Record quarterly inflows of $77 billion were broad based, including $5 billion from retail and wealth clients. Brookfield said its seventh private-equity flagship vintage raised $7 billion and its sixth infrastructure vintage raised $9 billion, with both on track to be the largest vintages in their respective series. Oaktree was acquired in July, after quarter end, and is intended to deepen Brookfield’s global credit platform.
- Fundraising: Quarterly inflows reached a record $77 billion, supporting continued growth in fee-bearing capital and future management fees.
- Fund vintages: The private-equity flagship raised $7 billion and the infrastructure flagship raised $9 billion.
- Realization backdrop: Accumulated unrealized carried interest was $12.5 billion at quarter end, although only $121 million was realized into current-quarter income.
Wealth solutions expansion
Wealth Solutions DE grew 23% to $480 million. Growth came from organic inflows, increased net investment income and the first full-quarter contribution from Just Group. Insurance assets reached $191 billion, including the $45 billion added through the Just Group acquisition and $5 billion of annuity sales during the quarter. In North America, Brookfield invested more than $5 billion into real-asset strategies during the quarter, helping produce a 5.7% average net investment income yield. A 99% property-and-casualty combined ratio supported a 2.2% gross spread and lower effective funding costs.
- Insurance assets: Total assets increased to $191 billion, with Just Group contributing $45 billion.
- Investment income: More than $5 billion was invested in real-asset strategies in the quarter, contributing to a 5.7% average net investment income yield.
- Underwriting: The 99% combined ratio supported a 2.2% gross spread in the North American business.
Capital deployment capacity
Brookfield framed the quarter around the ability to continue investing at scale. It raised $98 billion and deployed $100 billion during the first six months of 2026, while completing $40 billion of asset sales. Deployable capital reached a record $210 billion, comprising $96 billion of cash, financial assets and undrawn credit lines and $114 billion of uncalled private-fund commitments. Corporate borrowings were $14.7 billion at June 30, with a weighted-average term of 15 years and no 2026 maturities. The company also completed $130 billion of financings across the franchise year to date.
- Liquidity: Total deployable capital rose to $210 billion, giving Brookfield capacity to pursue large-scale investments.
- Monetizations: Year-to-date sales included $10 billion of infrastructure, $10 billion of real estate, $7 billion of energy assets, $9 billion of credit investments and $4 billion of private-equity businesses.
- Repurchases: Brookfield bought back $111 million of shares in the quarter and approximately $580 million year to date, at an average year-to-date price of $42.
Operating platforms and strategy
Operating businesses produced $361 million of DE, up from $350 million, as infrastructure, energy and private-equity cash distributions remained resilient. Brookfield highlighted partnerships aimed at the data-center and power-demand opportunity, including expanding its Bloom Energy partnership to $25 billion for behind-the-meter fuel cells and a $17.5 billion U.S. Department of Energy financing commitment to acquire long-lead equipment for Westinghouse reactors. Real estate also showed operating resilience: the company completed 6 million square feet of office and retail leasing, with office net rents 19% above expiring levels, while super-core and core-plus portfolios were more than 95% occupied. The board declared a quarterly dividend of $0.07 per share, and shareholders approved the simplification transaction on July 16.
- Real estate: Six million square feet was leased during the quarter, with office net rents 19% above expiring rents and occupancy above 95% in super-core and core-plus portfolios.
- Energy infrastructure: The Bloom Energy partnership was expanded to $25 billion, while Westinghouse received a $17.5 billion financing commitment from the U.S. Department of Energy.
- Corporate structure: The simplification transaction was approved by shareholders in July, following the Just Group acquisition and the July completion of Oaktree.
