Brookfield Corporation (BN) Earnings

metirFinance

Jun 2026upcoming

Next quarter

Reports Aug 13, 2026, before the open.

Consensus is $0.63 EPS for Jun 2026 across 2 estimates, ranging $0.63 to $0.64.

BN Mar 2026

Reported May 14, 2026

: 3.13%
: -4.19%

: $0.64
: $0.66
: —
: —

Highlights

Distributable earnings: Total DE was $1.55 billion, or $0.66 per share, versus $1.549 billion and $0.65 a year earlier; reported DE per share exceeded the $0.64 consensus by 3.1%.
Underlying earnings: DE before realizations rose 7% to $1.393 billion, or $0.59 per share, supported by asset management and lower corporate costs.
Asset management: DE increased 12% to $765 million, while fee-bearing capital grew 12% to $614 billion and fee-related earnings rose 11% year over year.
Fundraising: Year-to-date fundraising reached $67 billion, including $21 billion in the quarter, a $40 billion Just Group mandate and $5 billion from retail and wealth clients.
Insurance and wealth: Wealth Solutions generated $430 million of DE, with $4 billion of annuity sales in the quarter and a 99% P&C combined ratio.
Corporate simplification: Brookfield plans to combine BN with Brookfield Wealth Solutions’ insurance business, BNT, subject to board and shareholder approvals, with a target completion following the July 16, 2026 meetings.
Capital allocation: Brookfield repurchased $470 million of BN shares year to date at an average $41, which management viewed as about a 40% discount to its $66 intrinsic-value estimate; it also repurchased $575 million of BAM shares.
Liquidity and realizations: Capital available for deployment was $188 billion, while asset sales reached $17 billion and realized carried interest contributed $157 million to quarterly DE.

Analysis

Brookfield started 2026 with a modest headline beat and stronger underlying growth. Total distributable earnings were $1.55 billion, or $0.66 per share, versus $1.549 billion and $0.65 in the year-ago quarter, and the per-share result was 3.1% above the $0.64 consensus. DE before realizations rose 7% to $1.393 billion, or $0.59 per share. Consolidated net income increased to $1.042 billion from $215 million, although net income attributable to Brookfield shareholders was only $102 million, up from $73 million. The supplied release does not provide a fourth-quarter comparator, so a sequential earnings comparison is not available.

The print was defined primarily by continued momentum in asset management: fee-bearing capital reached $614 billion, fundraising totaled $21 billion in the quarter and fee-related earnings increased 11%. Wealth Solutions was stable at $430 million of DE but added scale through the Just Group acquisition, completed after quarter end, lifting insurance assets by $40 billion to $180 billion. Operating-business DE declined to $360 million from $426 million, partly reflecting lower BPG earnings and weaker realization contribution. Management emphasized capital flexibility, with $188 billion available to deploy, $17 billion of asset sales and more than $1 billion of BN and BAM repurchases year to date. The proposed BN-BNT combination is the quarter’s principal structural development.

Asset management momentum

Asset management was the clearest operating driver. Quarterly DE rose to $765 million from $684 million, while fee-bearing capital increased 12% year over year to $614 billion and fee-related earnings grew 11%. Fundraising was $21 billion in the quarter and $67 billion year to date, including $40 billion from Just Group, $5 billion from retail and wealth clients, and $6 billion raised in April for the seventh vintage flagship private equity strategy. Management expects a first close for that strategy in the coming months, with demand favoring cash-flowing industrial and essential-services businesses.

Earnings contribution: Asset management represented $0.32 per Brookfield share of quarterly DE and $2.8 billion of DE over the last twelve months.
Fundraising mix: The quarter included strong institutional demand alongside continued expansion in retail and wealth distribution.

Insurance and wealth scale

Wealth Solutions produced $430 million of DE, unchanged from the year-ago quarter, but the platform continued to expand and improve its operating profile. Retail and institutional annuity sales were $4 billion, rising to approximately $5 billion including the Just Group mandate. The property-and-casualty business posted a 99% combined ratio after focusing on a narrower set of specialty lines. Brookfield deployed $4 billion into client-managed strategies at an average target yield of 10%.

Just Group: The acquisition completed after quarter end and increased insurance assets by $40 billion to $180 billion, significantly expanding the U.K. presence.
Insurance economics: Wealth Solutions held $13.2 billion of book equity, generated $2.0 billion of annualized cash flows, and reported a 15% return on equity; Brookfield valued the business at $30 billion.
Portfolio capacity: Management said the planned BN-BNT combination would provide access to approximately $145 billion of additional permanent capital to support insurance growth and capital efficiency.

Operating businesses and realizations

Operating Businesses generated $360 million of DE, down from $426 million a year earlier. Infrastructure and energy distributions remained supportive, but BPG DE fell to $120 million from $215 million. Realization income was also lighter: realized carried interest was $157 million versus $189 million, and there were no disposition gains from principal investments compared with $59 million in the prior-year quarter. Even so, transaction activity remained broad, with $17 billion of asset sales completed across infrastructure, energy, real estate and other assets.

Real estate operations: Super-core assets ended the quarter at 96% occupancy and core-plus assets at 95%; Brookfield completed 5.5 million square feet of office and retail leasing, with office net rents 15% above expiring levels.
Financing example: Two Manhattan West was refinanced with a $1.9 billion, 10-year non-recourse mortgage at a 5.53% coupon, repaying the prior $1.5 billion mortgage and releasing $400 million of net cash.
Future realization pool: Accumulated unrealized carried interest was $11.8 billion after $157 million was realized in the quarter.

Capital deployment and buybacks

Brookfield ended March with $188 billion of capital available for new investments, comprising $74 billion of cash, financial assets and undrawn credit lines plus $114 billion of uncalled private-fund commitments. The franchise advanced $45 billion of financings during the quarter, including $15 billion in real estate. Corporate debt remained conservatively structured, with a weighted-average term of 15 years.

Share repurchases: BN bought back $470 million of Class A shares year to date at an average price of $41, while BAM repurchased $575 million; total shareholder returns during the quarter were $598 million including dividends.
Dividend: The board declared a quarterly BN dividend of $0.07 per share, payable June 30, 2026.

BN-BNT combination

The proposed combination of Brookfield Corporation and BNT would create a fully integrated insurance and investment organization under the BN symbol on the TSX and NYSE. Brookfield expects the transaction to be tax-efficient for most shareholders and says the larger corporate balance sheet should improve capital flexibility as the insurance platform scales. Board review is expected in the coming weeks, followed by shareholder votes targeted for the respective July 16, 2026 annual meetings. From the first quarter of 2027, the combined company plans to adopt U.S. GAAP, improving comparability with U.S. peers.

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