Brookfield Corporation (BN)

Brookfield Corporation reported second-quarter 2026 distributable earnings, its main performance measure, of $1.5 billion, up 12 percent from a year earlier 1.

Net income was $703 million against $1.1 billion a year earlier, mainly because fair value changes swung from a gain of $797 million to a loss of $27 million 1.

The bigger change is structural: shareholders of Brookfield Corporation approved on July 16 a plan to combine it with its insurance arm, Brookfield Wealth Solutions, under a new parent named Brookfield Corporation Ltd. 5.

The company expects the combination to close by year-end, and the new securities are to keep trading as BN on the NYSE and the TSX 51.

In July Brookfield also completed the purchase of the remaining interest in Oaktree, the credit manager it first partnered with in 2019 1.

On July 29 NextEra Energy and Brookfield said they plan a data centre campus costing $100 billion at a former uranium enrichment site in Paducah, Kentucky, subject to definitive documents, Reuters reported 6.

The third-quarter 2026 results are due on November 12, 2026, at about 7:00 in the morning Eastern time, the company said 7.

On September 21 Brookfield priced $600 million of senior notes due 2031 with a 5.650% interest rate, issued by its subsidiary Brookfield Finance Inc. 9. It had announced on September 14 that it and BAM would host their investor day on September 17 11.

Brookfield says it has a heritage of more than 100 years as an owner and operator of real assets, such as power plants, ports and buildings 1. It also says it has delivered 15%+ annualized returns to shareholders for over 30 years 1.

The business grew by raising money for private funds: in 2023 its asset management arm raised $83 billion, and the money it earns fees on rose 9% to $457 billion 2.

That year the insurance arm, Brookfield Wealth Solutions, agreed to buy Argo, a U.S. specialty insurer, for about $1.1 billion, and the deal closed on November 16, 2023 2. It also agreed on July 4, 2023 to buy American Equity Investment Life, which closed on May 2, 2024 2.

Fundraising kept climbing in 2024, at over $135 billion, and fee-bearing capital, the money Brookfield earns fees on, rose 18% to $539 billion 2. The American Equity deal alone added a $49 billion mandate to manage 2.

Revenue peaked at $95.9 billion in 2023 and fell to $86.0 billion in 2024 and $75.1 billion in 2025 3. The 2025 drop of 13% came mainly from private equity businesses sold in the third quarter of 2024, which more than offset growth in infrastructure 3.

Net income was $5.1 billion in 2023, $1.9 billion in 2024 and $3.2 billion in 2025 3. Other income and gains of $2.4 billion in 2025 came mostly from selling an Australian container terminals operator, a U.K. port and a Mexican gas pipeline operation 3.

In 2025 the asset management arm raised over $110 billion, fee-bearing capital grew 12% to $603 billion, and distributable earnings for the whole company were $6.0 billion, against $6.3 billion in 2024 23.

Acquisitions that year included the renewable developer Neoen, bought with partners in April 2025 for about $6.7 billion in total 2. On October 9, 2025 Brookfield split its shares three for two, one extra share for every two held 2.

On October 13, 2025 Brookfield and its asset manager agreed to buy the roughly 26% of Oaktree they did not own, for about $3 billion, with Brookfield paying $1.4 billion of it 2.

Brookfield Business Partners and its Canadian twin merged into one company, Brookfield Business Corporation, in March 2026 1. The Just Group insurance purchase closed and added $45 billion of insurance assets 1.

Asset Management

The core business manages other people's money in funds that invest in infrastructure, energy, private equity, real estate and credit, and Brookfield says it manages over $1 trillion 1. Fee-bearing capital reached $672 billion on June 30, 2026, up $109 billion or 19% from a year earlier 1.

Credit is the largest piece at $325.9 billion of fee-bearing capital, and Asset Management earned $861 million of distributable earnings in the quarter 1. Brookfield and its insurance arm together own 74% of the listed manager Brookfield Asset Management, known as BAM 1.

Wealth Solutions

Brookfield Wealth Solutions sells annuities and personal and commercial property and casualty insurance, and BAM invests most of its assets 1. Insurance assets grew to $191 billion on June 30, 2026, after $5 billion of sales in the quarter 1.

Distributable earnings from the business were $480 million, up from $391 million a year earlier, helped by the first full quarter of Just Group 1.

Infrastructure and Energy

Infrastructure owns utilities, rail, ports, pipelines and data centres through its 26% interest in Brookfield Infrastructure Partners, which paid Brookfield $94 million in the quarter 1. Its funds from operations were $161 million 1.

Energy centres on a 45% interest in Brookfield Renewable Partners, which runs hydroelectric, wind and solar plants that generated 9,378 gigawatt hours in the quarter 1. Its funds from operations were $177 million 1.

Chief executive Bruce Flatt wrote that the company develops approximately 10 gigawatts of new solar and wind each year 1. He also wrote that Westinghouse technology is used by over half of the world's operating nuclear reactors 1.

Private Equity

Private Equity owns businesses in business services, infrastructure services and industrials, held through Brookfield Business Corporation, in which Brookfield and its insurance arm together own 69% 1. The business earned $289 million of funds from operations in the quarter, of which Brookfield's share was $72 million 1.

Real Estate

Real Estate is wholly owned and covers office, retail and residential property, plus a North American land and homebuilding business 1. Net operating income, rent less running costs, was $723 million in the quarter, with occupancy above 95% in its two core groups 1.

People and workforce

Bruce Flatt is chief executive of Brookfield Corporation and chair of BAM, and Connor Teskey became chief executive of BAM on February 4, 2026 2. The annual information form lists the Honourable Frank McKenna as chair of the company 2.

Brookfield reports over 5,800 investment and asset management professionals and employees, about 1,500 fully dedicated operating employees and about 250,000 operating employees in over 50 countries 2.

Problems and risks the company names

The chief executive's letter addresses worries about private credit lending to private-equity-backed borrowers and software companies, and says Brookfield's credit business has limited exposure to them 1. Redemption requests at Oaktree Strategic Credit Fund fell below 5% in the quarter 1.

Only 6% of the total leverage in its consolidated statements has recourse to the corporation, meaning most debt sits on individual assets 1. Interest expense was $4.5 billion in the quarter, up $224 million 1.

The umbrella, in words

Its principal subsidiaries are Brookfield Asset Management (73% of votes, 69% of equity), Brookfield Business Partners, Infrastructure Partners (26%), Renewable Partners (45%) and Property Partners (100%) 2.

Brookfield Wealth Solutions is a paired entity, and the two companies jointly agreed how its stakes in BAM and the other affiliates are voted 2. The Oaktree credit manager is now fully owned after the July purchase 1.

Control sits in the Class B Shares: 85,120 shares held by a trust, the BAM Partnership, which elect half the board 2. Beneficial interests are split one-third to Bruce Flatt, one-third to Jack Cockwell and one-third among five other executives 2.

Directors and executive officers together own or control about 285.4 million Class A Shares, about 11.5% of the class, partly through Partners Value Investments L.P. 2. Brookfield also owns the general partner interests of its listed affiliates and their units 2.

The next report comes on November 12, 2026, when Brookfield said it will release third-quarter results and hold a conference call at 10:00 in the morning Eastern time 7.

Brookfield expects the combination with Brookfield Wealth Solutions to close by year-end 5. After it, Brookfield Corporation Ltd. is expected to pay a quarterly distribution equal to what the two companies pay now 4.

Chief executive Bruce Flatt wrote that the combined company's simpler structure should strengthen its eligibility for inclusion in major U.S. and global equity indices 1. The letter says the company expects to complete the combination this year 1.

The Paducah campus is scheduled to begin operations in 2028 and reach full development four years later, the companies said, and the project depends on definitive documents 6. Brookfield would own and operate a 1.8 gigawatt campus 6.

Flatt wrote that Brookfield increased its framework with Bloom Energy fivefold, to invest up to $25 billion in fuel cell projects for data centers 1. He also wrote that the U.S. Department of Energy announced a $17.5 billion commitment to finance long-lead equipment for ten new large reactors 1.

The company says it has about $68 billion of uncalled fund commitments that will generate approximately $680 million in annual fees once deployed 1. It also says no debt maturities fall due until 2027, when C$500 million is due in March 1.

Brookfield renewed its bid to repurchase preferred shares for the period August 24, 2026 to August 23, 2027 12. It also announced that it intends to redeem its Series 51 and Series 52 preferred shares on November 1, 2026 10.

On October 15 it agreed to issue 6,000,000 Class A Preference Shares, Series 56, for C$150 million, with a dividend yielding 5.65% annually for the initial period ending December 31, 2031 8. The offering was expected to close on or about October 22 8.

Past

Brookfield Corporation's revenue grew from $24 billion in fiscal 2016 to $75 billion in fiscal 2025, an increase of 13.3% a year Revenue rose in 6 of 9 years, and the company was profitable in 10 of 10 filed years The deepest fall from a revenue peak was 22% from fiscal 2023 to fiscal 2025 1

The company's net worth has moved about 10.1% a year up since fiscal 2016 Over the 3 fiscal years to 2025-12-31, the diluted share count shrank about 0.6% a year Dividends and buybacks returned about 0% of its operating cash flow over 3 years 21

Brookfield Corporation's filings since 2017 show no warning events: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice 1

Present

For the fiscal year ended 2025-12-31, Brookfield Corporation reported revenue of $75 billion and a profit of $3.2 billion Shareholders' equity, or net worth on its own books, was $166.19 billion as of 2025-12-31 32

The company earned about 2 cents of profit for every dollar of shareholders' money, its products earned about 9 cents per dollar of everything it owns, it owed about 68 cents per dollar of assets, and its share count shrank 0.4% over the year Its revenue of $75 billion ranks in the top 4% by size among 15 graded names in its industry family, a net margin of 4.3% ranks in the top 50%, and revenue growth of -6.8% a year over the last 3 filed years ranks in the bottom 11% 1

Brookfield Corporation files no Form 8-K as a foreign issuer, reporting instead on Form 6-K, and no officer or director has filed a Form 3, 4 or 5 in the last fifteen months, so the desk estimates leadership at 4.2 of 10 with a confidence of 20 of 100, based on the median of its industry family 1

Future

An annual report, Form 40-F, for the fiscal year ending 2026-12-31 is due by 2027-04-30 4

Revenue grew -6.8% a year over the last three filed years against 13.3% over all 10 years, slowing; the newest year grew -12.7%; capital spending grew 26.8% a year Revenue of $75 billion in fiscal 2025 came in 9.3% below the $83 billion the prior three years' pace pointed to, net income of $3.2 billion came against a prior three-year average of $4.1 billion, and net margin of 4.3% came against 4.4% before 1

Cash of $16 billion against debt of $14 billion leaves 0.4% of its assets as net cash in the top 23% of its family; cash from operations less capital spending is -5.1% of revenue in the bottom 39%; a gross margin of 62.2% ranks in the top 25% 1

How the company operates

Brookfield Corporation is a property business, classed by the SEC under Operators of Nonresidential Buildings Brookfield Corporation tags no split of its revenue by line in the annual report on file, so growth by line cannot be read 31

New moves

On 2026-10-15 and 2026-10-09, Brookfield Corporation filed Forms 6-K, interim reports for a foreign filer 5