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BN
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Current Price
$62.14
Expected Value
$77.36
Implied Move
+24.5%
Current vs low/median/mean/high target prices
Brookfield Corporation's operating risk profile reflects a broad investment platform spanning asset management, wealth solutions, and operating businesses across renewable power and transition, infrastructure, private equity, real estate, and corporate activities. The 2025 annual report states that Part 6 covers risks that could materially affect business, performance, financial condition, results of operations, cash flows, and securities value, and the Annual Information Form incorporates that risk discussion by reference. Operational exposures include executing acquisitions and dispositions, integrating acquired businesses, managing large development and capital projects, maintaining key employees and operating expertise, and operating through business groups and portfolio companies across more than 50 countries. Brookfield also identifies technology change, operational and reputational risk, catastrophic events, health, safety and environmental risks, cyberterrorism, disclosure controls, internal control over financial reporting, and adequate insurance coverage as risk factors. These risks are amplified by Brookfield's scale and diversified structure: failures at portfolio companies, managed entities, service providers, or internal control processes could affect cash flows, reputation, client relationships, and the value of Brookfield's retained capital.
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Options positioning visual unavailable for this report.
Brookfield's financial and liquidity risks include market, credit, refinancing, derivative, valuation, liquidity, and capital-allocation exposures. The 2025 annual report says Brookfield and its operating businesses are exposed to interest-rate-sensitive assets and liabilities, and that higher or sustained elevated interest rates could contribute to economic slowdown, weaker operating results in some businesses, and reduced ability to source investments or secure attractive debt financing. The notes to the financial statements state that Brookfield uses derivatives to manage interest, currency, credit, commodity, equity and other market risks, with notional amounts including foreign exchange, interest rate, equity and commodity instruments. Brookfield also identifies credit risk from counterparties, governmental agencies, portfolio company customers, financial intermediaries, distressed-debt investments, and private-fund investors that may default on capital commitments. Liquidity risk is mitigated by the company's stated substantial liquidity and conservatively capitalized balance sheet in the Q1 2026 transcript, but the same transcript ties flexibility to capital markets remaining constructive. If debt markets tighten, interest rates remain elevated, counterparties default, derivative exposures move adversely, or valuations of Level 2 and Level 3 assets change materially, Brookfield could face lower earnings, reduced investment capacity, refinancing pressure, or lower realized value from capital recycling.
Brookfield Corporation combines asset management, wealth solutions and owned operating businesses. The asset management business manages client capital through long-term private funds, permanent capital vehicles, perpetual strategies and liquid strategies, earning base management fees and carried interest or performance fees. Wealth Solutions is an investment-led insurance business focused on retirement services, wealth protection products and tailored capital solutions, with Brookfield Asset Management acting as investment manager for most of its assets. Operating businesses hold capital in infrastructure, renewable power and transition, private equity and real estate assets, generating cash flows and distributions that Brookfield can allocate to business growth, strategic opportunities and share repurchases.
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals. Its class A limited voting shares are listed on the New York Stock Exchange and Toronto Stock Exchange under BN. Brookfield deploys one of the largest pools of discretionary capital globally across three core businesses: asset management, wealth solutions and operating businesses. Through those businesses, it invests in real assets that form the backbone of the global economy, including infrastructure, renewable power and transition, private equity, real estate and credit-related strategies.
Brookfield's cost structure reflects corporate and asset-level activities. Costs include operating expenses and direct costs in consolidated operating businesses, corporate borrowing and non-recourse borrowing interest, corporate costs, insurance-related costs and liabilities, fair value changes, income taxes, and costs allocated to operating segments such as technology and operations. The Q1 2026 interim report presents consolidated revenues of $18.580 billion, net income of $1.042 billion, and distributable earnings of $1.550 billion, while also disclosing interest expense on corporate borrowings and non-recourse borrowings, corporate costs, fair value changes and income tax expense. Because many underlying assets are long-life real asset businesses, Brookfield emphasizes understanding revenue drivers, cost structure, capital requirements and regulatory frameworks before committing capital.
Barriers to entry include global fundraising relationships, long investment track records, specialized operating expertise, access to large-scale and flexible capital, regulatory and insurance capabilities, asset-level financing relationships, sector-specific development capabilities, data and market intelligence, global sourcing networks, and the ability to manage complex assets across more than 50 countries. Brookfield's filings also identify high barriers to entry and market-leading positions as attributes it seeks in its owned assets and businesses. Substitutes include public markets, traditional asset managers, competing alternative managers, direct ownership by pension funds and sovereign wealth funds, private credit platforms, strategic acquirers, utilities, infrastructure operators, insurers, and other sources of capital competing for the same investors or assets.
Brookfield's stated advantages include global reach, deep operating expertise, large-scale flexible capital, a more than 100-year heritage as an owner and operator, a conservative financing approach, proprietary sourcing networks, and a broad ecosystem across asset management, wealth solutions, and operating businesses. The company focuses on high-quality assets and businesses with stable, largely contracted or inflation-linked revenues, high cash margins, high barriers to entry, market-leading positions, and opportunities to deploy additional capital. Brookfield also invests its own capital alongside clients, which aligns interests, and uses its operating employees, investment professionals, and sector expertise to source, acquire, improve, finance, and monetize assets across cycles.
Brookfield's competitive landscape spans alternative asset managers, public and private capital managers, private credit managers, infrastructure and renewable power investors, real estate investors and operators, private equity sponsors, insurance and reinsurance platforms, pension and sovereign capital platforms, and strategic buyers of operating assets. Brookfield's annual report states that competition from other asset managers for public and private capital is intense, with competition based on investment performance, investor service quality, investment product quality and availability, marketing, investor liquidity and willingness to invest, and reputation. Its operating businesses also compete for assets, development opportunities, operating talent, financing, customers, and exit markets across power, utilities, transport, midstream, data, business services, industrials, and real estate sectors.
Capital structure composition and liquidity ratios
BN ended Q1 2026 with total assets of US$519.613 billion, compared with US$518.971 billion at December 31, 2025. Cash and cash equivalents declined to US$15.030 billion from US$16.242 billion, while equity accounted investments rose to US$82.868 billion from US$79.881 billion and property, plant and equipment increased to US$168.249 billion from US$165.992 billion. Corporate borrowings were broadly stable at US$14.271 billion, while non-recourse borrowings of managed entities increased to US$249.461 billion from US$245.311 billion. Total equity was US$165.642 billion, including US$42.697 billion of common equity.
The balance sheet remains dominated by operating assets and non-recourse financing rather than parent-level debt. BN disclosed Corporation capital of US$61.288 billion at March 31, 2026, comprising US$42.697 billion of common equity, US$4.090 billion of preferred equity, US$230 million of non-controlling interest, and US$14.271 billion of corporate borrowings. Only a small portion of consolidated leverage has recourse to the Corporation, and corporate debt had a weighted-average term of 15 years. Cash flow for the quarter funded investing activity, share repurchases, dividends, and managed-entity financings; common equity decreased by US$1.099 billion after US$102 million of shareholder net income, US$477 million of other comprehensive loss, US$204 million of common and preferred dividends, and US$479 million of net repurchases.
Operating, investing, and financing cash flow by period
BN generated US$225 million of cash from operating activities in Q1 2026, down from US$1.694 billion in Q1 2025, as working-capital movement absorbed US$2.409 billion. Financing activities provided US$4.483 billion, reflecting US$26.324 billion of non-recourse borrowings arranged, partly offset by US$18.867 billion of non-recourse borrowings repaid, US$3.155 billion of distributions to non-controlling interests, US$438 million of common-share repurchases, and US$204 million of common and preferred shareholder distributions. Investing activities used US$5.996 billion, mainly for property, plant and equipment, equity accounted investments, investment properties, and financial assets. Cash and cash equivalents decreased by US$1.288 billion during the quarter.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| IGM | 22.4% | IGM Financial Inc. | 12.9% |
| ONEX | -25.4% | Onex Corporation | -10.4% |
| CM | 46.6% | Canadian Imperial Bank of Commerce | 16.7% |
| BNS | 161.4% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 75,736,000 | 75,100,000 | 86,006,000 | 95,924,000 | 92,769,000 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 518,971,000 | 490,424,000 | 490,095,000 | 441,284,000 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 9,489,000 | 10,958,000 | 7,569,000 | 6,467,000 | 8,751,000 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 11,492,066,972 | 181,405,955 | institutional | Partners Value Investments LP | Mar 2026 | 8.12% |
| 7,207,641,895 | 113,774,934 | institutional | Royal Bank of Canada | Mar 2026 | 5.09% |
| 5,216,281,635 | 82,340,675 | institutional | Capital World Investors |
Brookfield Corporations 2024 Sustainability Report describes Brookfield as a global investment firm with Asset Management, Wealth Solutions and Operating Businesses, including Renewable Power and Transition, Infrastructure, Private Equity and Real Estate. Its environmental sustainability disclosures cover climate-related risk management, climate strategy, metrics and targets, and conservation of nature. Brookfield states that climate-related risks and opportunities are integrated into its overall risk management approach and are managed through its operations-oriented investment strategy, with risk management generally closest to the portfolio company level and monitoring across the organization. The report says Brookfield has a net zero ambition by 2050 or sooner across Operationally Managed investments, provides a Net Zero Playbook to portfolio companies, plotted 100% of Operationally Managed AUM across its Achieving Net Zero Framework, and reported greenhouse gas emissions across nearly 80% of Invested AUM for Scope 1 and Scope 2 emissions of investments. Brookfield also reports more than $37 billion raised in its transition business, including global and catalytic transition funds, and describes sustainability integration through due diligence, investment approval, ongoing management and exit processes.
Brookfield identifies sustainability-related risks and opportunities across its investment life cycle. In due diligence for investments where it has control or significant influence, Brookfield uses industry guidance to identify sustainability factors most likely to materially affect financial condition or operating performance and its Sustainability Due Diligence Protocol guides investment teams on bribery and corruption, cybersecurity, health and safety, human rights, modern slavery and climate-related risks. Investment teams present material risks, mitigants and improvement opportunities, including sustainability aspects, to the applicable Investment Committee. After acquisition, teams develop customized integration plans that include sustainability-related matters, and portfolio company management teams manage sustainability opportunities and risks during the investment life cycle with support from Brookfield investment teams. ESG risk areas also include climate transition and physical risks, greenhouse gas measurement and decarbonization execution, nature and biodiversity, data privacy and security, cybersecurity, business ethics, responsible product marketing and governance, occupational health and safety, local community relationships, human rights and vendor conduct. Opportunity areas include transition investing, renewable power and transition businesses, operational decarbonization, energy efficiency, electrification and sustainability-themed investing, with Brookfield reporting $1,061 billion of assets under management using ESG integration and $126 billion in sustainability-themed investing.
Brookfield faces competitive and industry-cycle risks across alternative asset management, insurance and retirement services, real assets, infrastructure, renewable power, private equity, real estate, and credit. The Annual Information Form identifies business competition, economic and market factors, financial market behavior, inflation, foreign exchange, interest rates, global equity and debt financing availability, and industry-specific risks as factors that may cause actual results to differ from forward-looking statements. In asset management, Brookfield depends on raising and retaining client capital, earning fee revenues, delivering investment performance, and realizing carried interest; weaker fundraising, lower investment returns, client withdrawals, or competition from other alternative asset managers could reduce fee-related earnings and performance income. In operating businesses, results can be affected by commodity markets, business cycles, weather, seasonality, regulation, contract terms, tariffs, trade barriers, and local labor availability. The Q1 2026 transcript says Brookfield's Wealth Solutions business is expanding in pension risk transfer and insurance markets, including Just Group and Japan reinsurance activity, but those opportunities remain subject to competition, execution, capital, and regulatory conditions. If capital flows, transaction markets, inflation, rates, or sector fundamentals move against Brookfield's businesses, the company could experience slower growth, lower realizations, reduced AUM growth, or weaker distributions from operating investments.
Brookfield operates in heavily regulated sectors and jurisdictions, creating regulatory, legal, tax, and compliance risk across the parent company, asset management activities, insurance operations, and operating businesses. The Annual Information Form lists changes in government regulation and legislation, governmental investigations and sanctions, litigation, changes in tax laws, health, safety and environmental risk, privacy and data security, and risks specific to each business segment among factors that may affect future results. The annual report notes that strategic, reputational, regulatory and compliance risks are coordinated across corporate and business groups, and the sustainability report describes due diligence guidance covering bribery and corruption, cybersecurity, health and safety, human rights, modern slavery, and climate-related risks. Brookfield Wealth Solutions adds insurance-specific regulatory exposure; the Q1 2026 transcript refers to regulatory capital supporting policyholders and expansion through pension risk transfer, reinsurance, annuities, and distribution channels. New rules, regulatory approvals, enforcement actions, sanctions, litigation outcomes, tax changes, disclosure requirements, or failures to meet health, safety, environmental, data privacy, or insurance obligations could increase costs, constrain transactions, delay acquisitions, limit product growth, or damage Brookfield's reputation and access to public and private capital.
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For an investment case based on Brookfield's diversified platform, global real-asset expertise, fee-bearing capital growth, wealth-solutions scaling, and balance-sheet capital allocation, the key source-backed risks are execution, market-cycle, and complexity risks. Brookfield's annual report describes value creation from its asset management business through increased fee-bearing capital, cost discipline, and attractive investment returns, and from wealth solutions through matching insurance liabilities with a portfolio of high-quality investments. Those same sources show the business depends on private and public capital markets, investment performance, realization timing, access to attractive debt financing, acquisitions, dispositions, regulatory approvals, and the ability to manage risks across many jurisdictions and sectors. The Q1 2026 transcript reports significant financing activity and substantial liquidity, while also discussing macro developments such as geopolitics, trade issues, inflation and interest rates. If fundraising momentum slows, investment returns or carried interest realizations disappoint, acquisitions such as wealth-solutions expansion fail to produce expected benefits, capital recycling slows, rates or credit spreads move unfavorably, or the complexity of Brookfield's operating and managed-entity structure creates governance, conflict, control, or information-barrier issues, the company's cash flows, reported value, and shareholder-return profile could fall short of expectations.
Brookfield reaches investors and clients through its global asset management platform, insurance and wealth-solutions channels, listed affiliates and permanent capital vehicles, private funds, perpetual strategies and liquid strategies. Asset management clients include sovereign wealth funds, pension plans, endowments, foundations, financial institutions, insurance companies and individual investors. The platform raises and deploys capital across infrastructure, renewable power and transition, private equity, real estate and credit strategies. Wealth Solutions distributes retirement services, wealth protection products and tailored capital solutions through insurance and reinsurance platforms, while operating businesses access customers through their own sector-specific commercial channels.
Brookfield is globally diversified. Its regional offices and corporate locations span North America, South America, Europe, the Middle East and Asia Pacific, and the Q1 2026 interim report lists offices in locations including Toronto, New York, Los Angeles, Bermuda, Calgary, Chicago, Dallas, Houston, Bogota, London, Dublin, Frankfurt, Luxembourg, Madrid, Paris, Stockholm, Zurich, Dubai, Riyadh, Sydney, Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore and Tokyo. The interim report's revenue-by-location disclosure identifies material revenue exposure to the United States, Canada, the United Kingdom, Brazil, Australia and India, among other jurisdictions.
Key operating levers include fee-bearing capital, fundraising, capital deployment, investment performance, carried interest realization, insurance asset growth, annuity and reinsurance inflows, investment spreads, operating business cash flows, asset dispositions, distributions from affiliates, financing costs, foreign exchange and balance sheet liquidity. In 2025, fee-bearing capital increased to $603 billion and supported $5.5 billion of fee revenues and $3.0 billion of fee-related earnings. In Q1 2026, Brookfield raised $67 billion since the prior quarter, including $23 billion for investment strategies and $44 billion of insurance capital, and reported nearly $200 billion of total deployable capital.
Brookfield's asset management business manages infrastructure, renewable power and transition, private equity, real estate and credit capital in long-term private funds, permanent capital vehicles, perpetual strategies and liquid strategies. Its Wealth Solutions business provides retirement services, wealth protection products and tailored capital solutions through insurance and reinsurance operations. Its operating businesses include investments connected to Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Business Corporation and Brookfield Property Group, spanning infrastructure, energy and transition assets, private equity, real estate, and North American residential development.
Brookfield operates across regulated securities, investment management, insurance, real asset and operating-business environments. Its source documents cite Canadian and U.S. securities filings, SEC and Canadian securities regulation, stock exchange listing requirements, insurance regulatory approvals, and regulation affecting underlying operating assets. Key operating risks include general economic, political and market conditions, interest rates, foreign exchange, inflation, availability of equity and debt financing, acquisitions and dispositions, accounting changes, human capital, competition, operational and reputational risks, technological change, government regulation and legislation, investigations and sanctions, litigation, tax law changes, information security and cyberterrorism, health, safety and environmental risks, insurance coverage, and segment-specific risks in asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities.
Brookfield's revenue drivers include base management fees, carried interest and performance fees, investment income and distributions from asset management; annuity, insurance and investment spread economics in Wealth Solutions; and operating revenue, equity-accounted income and cash distributions from infrastructure, renewable power and transition, private equity and real estate businesses. Asset management revenue is tied to fee-bearing capital, fundraising, deployment and market value of perpetual affiliates. In 2025, fee-bearing capital rose 12% to $603 billion, 87% of which was long-dated or perpetual, and contributed to $5.5 billion of fee revenues. In Q1 2026, Brookfield reported consolidated revenues of $18.580 billion and noted strong results across operations, capital raised for investment strategies and insurance capital, and solid cash flow growth from operating businesses.
Brookfield Corporation operates in global investment management and real asset ownership. Its three core businesses are Asset Management, Wealth Solutions, and Operating Businesses. The Asset Management business manages long-term private funds, perpetual strategies, and liquid strategies across renewable power and transition, infrastructure, private equity, real estate, and credit. The Wealth Solutions business is an investment-led insurance organization focused on retirement services, wealth protection products, and capital solutions. The Operating Businesses own, operate, and develop real assets and essential-service businesses, including renewable power, infrastructure, private equity, and real estate assets.
The industry's growth is tied to institutional and individual investor allocations to alternatives, fundraising, deployment of uncalled capital, fee-bearing capital growth, monetizations, refinancing activity, insurance asset growth, demand for private credit, demand for AI-related infrastructure, clean energy, decarbonization, digitalization, power generation, data infrastructure, and take-private activity. Brookfield reported more than $110 billion of fundraising in 2025, $603 billion of fee-bearing capital, and $134 billion of uncalled private fund commitments at year-end 2025. Cyclicality comes from financial markets, interest rates, foreign exchange, inflation, capital availability, refinancing conditions, equity and debt market liquidity, transaction markets, asset values, and the timing of realizations and carried interest.
Brookfield is exposed to securities regulation, investment management regulation, insurance and reinsurance regulation, tax rules, financial reporting rules, exchange listing requirements, environmental, health and safety regulation, and country-specific rules affecting power, infrastructure, real estate, credit, private equity, and operating companies. Its filings identify structural risks including general economic, political and market factors, interest-rate and foreign-exchange movements, inflation, global equity and capital market availability, debt financing and refinancing, acquisition and integration execution, accounting changes, human capital management, business competition, operational and reputational risks, technological change, government regulation and legislation, investigations and sanctions, litigation, tax changes, counterparty collections, catastrophic events, international conflicts, cyberterrorism, internal control failures, health, safety and environmental risks, insurance coverage, information barriers within asset management, and segment-specific risks across asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate, and corporate activities.
Brookfield's pricing model is based largely on asset management fees, incentive distributions, performance fees, transaction fees, carried interest, investment spreads in wealth solutions, and operating cash flows from owned assets. Fee-bearing capital is the capital on which the Asset Management business earns fee revenue, and 87% of that capital was long-dated or perpetual at year-end 2025, supporting recurring fee revenue. The annual report also notes that poor investment performance could make it harder for the Asset Management business to compete for capital or force it to reduce management fees, showing that fee levels depend on performance, product quality, reputation, and capital demand. Cost position is supported by scale, high cash margins in many owned businesses, conservative financing, asset-level non-recourse debt, and the use of the Brookfield ecosystem, but is exposed to financing costs, employee and operating costs, taxes, insurance, compliance, development costs, and market-driven transaction expenses.
Brookfield's customers and capital partners include sovereign wealth funds, pension plans, endowments, foundations, financial institutions, insurance companies, individual investors, private wealth channels, retirement and wealth protection customers, and users of the assets operated by its businesses. Supplier and input dynamics include capital commitments, insurance liabilities, debt and equity financing, project development rights, asset sellers, operating partners, employees, third-party service providers, energy, equipment, insurance coverage, and regulatory permissions. The company also depends on capital market access, investor confidence, investment performance, credit and refinancing markets, counterparties, customers of portfolio companies, and operating employees in more than 50 countries.
Normalized cash conversion and accrual quality metrics
Earnings Margin
0.5%
Risk
Earnings Margin
0.5%
Revenue
$18.6M
Net Income
$102K
Operating CF
n/a
BN reports under IFRS and uses non-IFRS measures such as distributable earnings, distributable earnings before realizations, and FFO to describe cash earnings available for reinvestment or distribution. These measures are not standardized under IFRS and should be read against IFRS net income. In Q1 2026, consolidated net income was US$1.042 billion, but only US$102 million was attributable to shareholders because US$940 million was attributable to non-controlling interests. Earnings quality is affected by fair value changes, equity accounted income, depreciation and amortization, deferred taxes, realized carried interest, and gains or losses from asset sales. The Q1 DE reconciliation added back large non-cash items including US$2.631 billion of depreciation and amortization and excluded non-controlling-interest items.
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Earnings history visual unavailable for this report.
Management's source-backed forward items are transaction and reporting related. BN is advancing a plan to combine Brookfield Corporation and Brookfield Wealth Solutions, with board review expected before shareholder approvals are sought at the July 16, 2026 annual meetings. The combined business is expected to trade as BN on the TSX and NYSE, and management expects to adopt U.S. GAAP beginning in Q1 2027 to improve peer comparability. Subsequent to quarter-end, BN announced completion of the Just Group acquisition, adding approximately US$40 billion of insurance assets and increasing total insurance assets to about US$180 billion. The board also declared a US$0.07 quarterly dividend payable June 30, 2026.
BN's 2025 annual results improved at the net-income level despite lower revenue. Revenue was US$75.100 billion in 2025, compared with US$86.006 billion in 2024 and US$95.924 billion in 2023, while net income was US$3.235 billion in 2025 versus US$1.853 billion in 2024 and US$5.105 billion in 2023. Net income attributable to shareholders was US$1.307 billion in 2025, up from US$641 million in 2024. Per-share net income was US$0.49 in 2025, compared with US$0.20 in 2024 and US$0.41 in 2023, while distributable earnings before realizations per share were US$2.27 in 2025, US$2.05 in 2024, and US$1.77 in 2023.
Revenue (USD) and profitability margins (% of revenue)
BN reported Q1 2026 revenue of US$18.580 billion, up from US$17.944 billion in Q1 2025. Direct costs increased to US$14.138 billion from US$13.450 billion, other income and gains declined to US$73 million from US$588 million, and equity accounted income rose to US$1.339 billion from US$519 million. Interest expense was US$4.351 billion, mostly from non-recourse borrowings. Fair value changes were a US$43 million expense, compared with a US$824 million expense in the prior-year quarter. Net income was US$1.042 billion, up from US$215 million, and net income attributable to shareholders was US$102 million, or US$0.03 per diluted share.
BN's Q1 2026 distributable earnings before realizations were US$1.393 billion, or US$0.59 per share, compared with US$1.301 billion, or US$0.55 per share, in Q1 2025. Total distributable earnings were US$1.550 billion, or US$0.66 per share, compared with US$1.549 billion, or US$0.65 per share. Asset Management DE was US$765 million, Wealth Solutions DE was US$430 million, and Operating Businesses DE was US$360 million. Fee-bearing capital increased 12% to US$614 billion, and the company ended the quarter with US$188 billion of deployable capital, including US$74 billion of cash, financial assets, and undrawn credit lines plus US$114 billion of uncalled private fund commitments.
BN's quarter included several items that limit straight-line extrapolation. Other income and gains fell by US$515 million year over year because prior-period disposition gains did not repeat, partly offset by a current-period gain at a Brazilian electricity transmission operation. Recent acquisitions contributed US$1.132 billion of revenue and US$355 million of net income, while dispositions reduced revenue by US$1.171 billion and net income by US$304 million. Fair value changes were still negative but improved by US$781 million versus the prior-year quarter. Management also notes that quarterly revenue and net income can move with acquisitions, dispositions, fair value changes, deferred taxes, seasonality, cyclical influences, and foreign currency.
| The Bank of Nova Scotia |
| 23.5% |
| BMO | 19.8% | Bank of Montreal | 10.0% |
| MFC | 161.6% | Manulife Financial Corporation | 12.1% |
| NA | 10.8% | National Bank of Canada | 24.6% |
| TD | 51.3% | The Toronto-Dominion Bank | 21.1% |
| GWO | 42.4% | Great-West Lifeco Inc. | 7.0% |
| SLF | -48.4% | Sun Life Financial Inc. | 0.2% |
| 158.8% | Subject (BN) | 7.9% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 5.5% | 13.6% | IGM | 25.9% | IGM Financial Inc. | 41.5% | 36.8% |
| 3.2% | 6.4% | ONEX | 68.2% | Onex Corporation | 80.2% | 75.1% |
| 0.8% | 14.7% | CM | 33.5% | Canadian Imperial Bank of Commerce | 0.0% | 44.7% |
| 0.6% | 10.3% | BNS | 26.9% | The Bank of Nova Scotia | 0.0% | 37.5% |
| 0.6% | 10.5% | BMO | 27.1% | Bank of Montreal | 0.0% | 39.9% |
| 0.6% | 12.6% | MFC | 20.0% | Manulife Financial Corporation | 50.3% | 19.0% |
| 0.8% | 14.3% | NA | 31.8% | National Bank of Canada | 0.0% | 44.9% |
| 1.0% | 17.8% | TD | 33.0% | The Toronto-Dominion Bank | 0.0% | 35.9% |
| 0.7% | 13.8% | GWO | 12.4% | Great-West Lifeco Inc. | 47.9% | 20.5% |
| 0.8% | 12.0% | SLF | 8.8% | Sun Life Financial Inc. | 40.1% | 8.5% |
| 2.6% | 2.5% | 1.7% | Subject (BN) | 32.3% | 28.9% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.04 | 16.14 | 4.11 | IGM | 10.61x | 4.43x | $18.2bn | 13.90 | IGM Financial Inc. | $19.7bn |
| 0.61 | 9.25 | 9.52 | ONEX | 12.80x | 9.40x | $8.1bn | 5.30 | Onex Corporation | $8.0bn |
| 2.30 | 16.57 | 5.25 | CM | 5.15x | $146.4bn | 14.42 | Canadian Imperial Bank of Commerce | $143.7bn | |
| 1.55 | 16.36 | 4.08 | BNS | -1.15x | $135.8bn | 12.04 | The Bank of Nova Scotia | $-38.1bn | |
| 1.87 | 18.55 | 4.68 | BMO | 1.24x | $156.8bn | 13.84 | Bank of Montreal | $41.5bn | |
| 1.82 | 15.36 | 2.78 | MFC | 8.61x | 2.72x | $89.0bn | 10.80 | Manulife Financial Corporation | $87.1bn |
| 2.60 | 20.38 | 6.13 | NA | -4.71x | $82.5bn | 14.95 | National Bank of Canada | $-63.3bn | |
| 2.11 | 12.53 | 3.93 | TD | 2.10x | $259.5bn | 14.80 | The Toronto-Dominion Bank | $138.7bn | |
| 2.67 | 17.08 | 1.98 | GWO | -11.11x | -2.98x | $71.3bn | 13.14 | Great-West Lifeco Inc. | $-107.3bn |
| 2.42 | 18.72 | 1.60 | SLF | -7.01x | -1.04x | $55.7bn | 11.81 | Sun Life Financial Inc. | $-36.2bn |
| 2.39 | 89.11 | 1.79 | 16.21x | 6.54x | $141.3bn | Subject (BN) | $517.6bn |
| 61,017,000 |
| 60,400,000 |
| 71,315,000 |
| 82,732,000 |
| 81,436,000 |
Cost of Revenue | 57,661,000 | 56,973,000 | 67,936,000 | 81,409,000 | 78,511,000 |
Gross Profit | 18,075,000 | 18,127,000 | 18,070,000 | 14,515,000 | 14,258,000 |
•Operating Expense | 80,000 | 78,000 | 76,000 | 69,000 | 122,000 |
•Selling General and Administrative | -- | -- | 76,000 | 69,000 | 122,000 |
•General & Administrative Expense | -- | -- | 76,000 | 69,000 | 122,000 |
Other G and A | -- | -- | 76,000 | 69,000 | 122,000 |
Other Operating Expenses | 80,000 | 78,000 | 76,000 | 69,000 | 122,000 |
Operating Income | 17,995,000 | 18,049,000 | 17,994,000 | 14,446,000 | 14,136,000 |
•Net Non Operating Interest Income Expense | -17,290,000 | -17,100,000 | -16,615,000 | -15,503,000 | -10,702,000 |
Interest Expense Non Operating | 17,290,000 | 17,100,000 | 16,615,000 | 15,503,000 | 10,702,000 |
•Other Income Expense | 4,507,000 | 3,421,000 | 1,456,000 | 7,173,000 | 3,230,000 |
Gain on Sale of Security | 1,802,000 | 1,394,000 | 1,413,000 | 232,000 | 466,000 |
Earnings from Equity Interest | 3,377,000 | 2,557,000 | 2,729,000 | 2,068,000 | 2,613,000 |
•Special Income Charges | -1,489,000 | -1,712,000 | -2,404,000 | -1,276,000 | -293,000 |
Write Off | 1,489,000 | 1,712,000 | 2,404,000 | 1,276,000 | 293,000 |
Other Non Operating Income Expenses | 817,000 | 1,182,000 | -282,000 | 6,149,000 | 444,000 |
Pretax Income | 5,212,000 | 4,370,000 | 2,835,000 | 6,116,000 | 6,664,000 |
Tax Provision | 1,150,000 | 1,135,000 | 982,000 | 1,011,000 | 1,469,000 |
•Net Income Common Stockholders | 1,165,000 | 1,140,000 | 473,000 | 964,000 | 1,906,000 |
•Net Income | 1,336,000 | 1,307,000 | 641,000 | 1,130,000 | 2,056,000 |
•Net Income Including Non-Controlling Interests | 4,062,000 | 3,235,000 | 1,853,000 | 5,105,000 | 5,195,000 |
Net Income Continuous Operations | 4,062,000 | 3,235,000 | 1,853,000 | 5,105,000 | 5,195,000 |
Minority Interests | -2,726,000 | -1,928,000 | -1,212,000 | -3,975,000 | -3,139,000 |
Preferred Stock Dividends | 171,000 | 167,000 | 168,000 | 166,000 | 150,000 |
Average Dilution Earnings | 12,000 | 12,000 | 12,000 | 5,000 | 5,000 |
Diluted NI Available to Com Stockholders | 1,177,000 | 1,152,000 | 485,000 | 969,000 | 1,911,000 |
Basic EPS | 0.53 | 0.51 | 0.21 | 0.62 | 1.22 |
Diluted EPS | 0.51 | 0.49 | 0.21 | 0.61 | 1.19 |
Basic Average Shares | 2,243,775 | 2,247,400 | 2,267,250 | 1,558,500 | 1,567,500 |
Diluted Average Shares | 2,364,775 | 2,367,800 | 2,376,900 | 1,588,200 | 1,608,200 |
Total Expenses | 57,741,000 | 57,051,000 | 68,012,000 | 81,478,000 | 78,633,000 |
Net Income from Continuing & Discontinued Operation | 1,336,000 | 1,307,000 | 641,000 | 1,130,000 | 2,056,000 |
Normalized Income | 1,092,061.78 | 1,542,320 | 1,288,732.98 | 2,001,422.50 | 1,921,060 |
Interest Expense | 17,290,000 | 17,100,000 | 16,615,000 | 15,503,000 | 10,702,000 |
Net Interest Income | -17,290,000 | -17,100,000 | -16,615,000 | -15,503,000 | -10,702,000 |
EBIT | 22,502,000 | 21,470,000 | 19,450,000 | 21,619,000 | 17,366,000 |
EBITDA | 33,057,000 | 31,849,000 | 29,187,000 | 30,694,000 | 25,049,000 |
Reconciled Cost of Revenue | 57,661,000 | 56,973,000 | 67,936,000 | 81,409,000 | 78,511,000 |
Reconciled Depreciation | 10,555,000 | 10,379,000 | 9,737,000 | 9,075,000 | 7,683,000 |
Net Income from Continuing Operation Net Minority Interest | 1,336,000 | 1,307,000 | 641,000 | 1,130,000 | 2,056,000 |
Total Unusual Items Excluding Goodwill | 313,000 | -318,000 | -991,000 | -1,044,000 | 173,000 |
Total Unusual Items | 313,000 | -318,000 | -991,000 | -1,044,000 | 173,000 |
Normalized EBITDA | 32,744,000 | 32,167,000 | 30,178,000 | 31,738,000 | 24,876,000 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 69,061.78 | -82,680 | -343,267.02 | -172,577.50 | 38,060 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 75,736,000 | 18,580,000 | 20,156,000 | 18,917,000 | 18,083,000 | 17,944,000 |
Operating Revenue | 61,017,000 | 15,160,000 | 15,668,000 | 15,589,000 | 18,083,000 | 14,543,000 |
Cost of Revenue | 57,661,000 | 14,138,000 | 14,976,000 | 14,632,000 | 13,915,000 | 13,450,000 |
Gross Profit | 18,075,000 | 4,442,000 | 5,180,000 | 4,285,000 | 4,168,000 | 4,494,000 |
•Operating Expense | 80,000 | 20,000 | 22,000 | 18,000 | 20,000 | 18,000 |
•Selling General and Administrative | -- | -- | -- | -- | 20,000 | 18,000 |
•General & Administrative Expense | -- | -- | -- | -- | 20,000 | 18,000 |
Other G and A | -- | -- | -- | -- | 20,000 | 18,000 |
•Depreciation Amortization Depletion | -- | 2,631,000 | -- | 2,691,000 | 2,534,000 | 2,455,000 |
Depreciation & amortization | -- | 2,631,000 | -- | 2,691,000 | 2,534,000 | 2,455,000 |
Other Operating Expenses | 80,000 | 20,000 | 22,000 | 18,000 | 20,000 | 18,000 |
Operating Income | 17,995,000 | 4,422,000 | 5,158,000 | 4,267,000 | 4,148,000 | 4,476,000 |
•Net Non Operating Interest Income Expense | -17,290,000 | -4,351,000 | -4,372,000 | -4,314,000 | -4,253,000 | -4,161,000 |
Interest Income Non Operating | -- | 63,000 | -- | 421,000 | 296,000 | 0 |
Interest Expense Non Operating | 17,290,000 | 4,351,000 | 4,372,000 | 4,314,000 | 4,253,000 | 4,161,000 |
•Other Income Expense | 4,507,000 | 1,369,000 | 1,009,000 | 835,000 | 1,294,000 | 283,000 |
Gain on Sale of Security | 1,802,000 | 383,000 | 1,371,000 | -496,000 | 544,000 | -25,000 |
Earnings from Equity Interest | 3,377,000 | 1,339,000 | 1,028,000 | 543,000 | 467,000 | 519,000 |
•Special Income Charges | -1,489,000 | -123,000 | -1,122,000 | -126,000 | -118,000 | -346,000 |
Write Off | 1,489,000 | 123,000 | 1,122,000 | 126,000 | 118,000 | 346,000 |
Other Non Operating Income Expenses | 817,000 | -230,000 | -268,000 | 914,000 | 401,000 | 135,000 |
Pretax Income | 5,212,000 | 1,440,000 | 1,795,000 | 788,000 | 1,189,000 | 598,000 |
Tax Provision | 1,150,000 | 398,000 | 114,000 | 504,000 | 134,000 | 383,000 |
•Net Income Common Stockholders | 1,165,000 | 58,000 | 700,000 | 177,000 | 230,000 | 33,000 |
•Net Income | 1,336,000 | 102,000 | 743,000 | 219,000 | 272,000 | 73,000 |
•Net Income Including Non-Controlling Interests | 4,062,000 | 1,042,000 | 1,681,000 | 284,000 | 1,055,000 | 215,000 |
Net Income Continuous Operations | 4,062,000 | 1,042,000 | 1,681,000 | 284,000 | 1,055,000 | 215,000 |
Minority Interests | -2,726,000 | -940,000 | -938,000 | -65,000 | -783,000 | -142,000 |
Preferred Stock Dividends | 171,000 | 44,000 | 43,000 | 42,000 | 42,000 | 40,000 |
Average Dilution Earnings | 12,000 | 0 | 3,000 | 3,000 | 3,000 | 0 |
Diluted NI Available to Com Stockholders | 1,177,000 | 58,000 | 703,000 | 180,000 | 233,000 | 33,000 |
Basic EPS | 0.53 | 0.03 | 0.31 | 0.08 | 0.15 | 0.01 |
Diluted EPS | 0.51 | 0.03 | 0.30 | 0.08 | 0.15 | 0.01 |
Basic Average Shares | 2,243,775 | 2,241,500 | 2,244,500 | 2,244,000 | 1,496,200 | 1,504,000 |
Diluted Average Shares | 2,364,775 | 2,303,200 | 2,367,000 | 2,367,800 | 1,572,700 | 2,315,300 |
Total Expenses | 57,741,000 | 14,158,000 | 14,998,000 | 14,650,000 | 13,935,000 | 13,468,000 |
Net Income from Continuing & Discontinued Operation | 1,336,000 | 102,000 | 743,000 | 219,000 | 272,000 | 73,000 |
Normalized Income | 1,092,061.78 | -85,200 | 509,813.93 | 747,700 | -105,989.91 | 388,350 |
Interest Income | -- | 63,000 | -- | 421,000 | 296,000 | 0 |
Interest Expense | 17,290,000 | 4,351,000 | 4,372,000 | 4,314,000 | 4,253,000 | 4,161,000 |
Net Interest Income | -17,290,000 | -4,351,000 | -4,372,000 | -4,314,000 | -4,253,000 | -4,161,000 |
EBIT | 22,502,000 | 5,791,000 | 6,167,000 | 5,102,000 | 5,442,000 | 4,759,000 |
EBITDA | 33,057,000 | 8,422,000 | 8,866,000 | 7,793,000 | 7,976,000 | 7,214,000 |
Reconciled Cost of Revenue | 57,661,000 | 14,138,000 | 14,976,000 | 14,632,000 | 13,915,000 | 13,450,000 |
Reconciled Depreciation | 10,555,000 | 2,631,000 | 2,699,000 | 2,691,000 | 2,534,000 | 2,455,000 |
Net Income from Continuing Operation Net Minority Interest | 1,336,000 | 102,000 | 743,000 | 219,000 | 272,000 | 73,000 |
Total Unusual Items Excluding Goodwill | 313,000 | 260,000 | 249,000 | -622,000 | 426,000 | -371,000 |
Total Unusual Items | 313,000 | 260,000 | 249,000 | -622,000 | 426,000 | -371,000 |
Normalized EBITDA | 32,744,000 | 8,162,000 | 8,617,000 | 8,415,000 | 7,550,000 | 7,585,000 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 69,061.78 | 72,800 | 15,813.93 | -93,300 | 48,010.09 | -55,650 |
| 65,079,000 |
| 56,175,000 |
| 46,704,000 |
| 53,388,000 |
•Cash, Cash Equivalents & Short Term Investments | 23,604,000 | 20,183,000 | 16,892,000 | 21,961,000 |
Cash And Cash Equivalents | 16,242,000 | 15,051,000 | 11,222,000 | 14,396,000 |
Other Short Term Investments | 7,362,000 | 5,132,000 | 5,670,000 | 7,565,000 |
•Receivables | 22,772,000 | 20,283,000 | 20,263,000 | 19,489,000 |
Accounts receivable | 22,772,000 | 20,283,000 | 20,263,000 | 19,489,000 |
Inventory | 5,923,000 | 5,418,000 | 7,060,000 | 9,108,000 |
Assets Held for Sale Current | 12,780,000 | 10,291,000 | 2,489,000 | 2,830,000 |
•Total non-current assets | 453,892,000 | 434,249,000 | 443,391,000 | 387,896,000 |
•Net PPE | 165,992,000 | 153,019,000 | 147,617,000 | 124,268,000 |
Gross PPE | 200,547,000 | 182,685,000 | 175,534,000 | 147,244,000 |
Accumulated Depreciation | -34,555,000 | -29,666,000 | -27,917,000 | -22,976,000 |
•Goodwill And Other Intangible Assets | 81,851,000 | 71,802,000 | 73,905,000 | 67,073,000 |
Goodwill | 43,355,000 | 35,730,000 | 34,911,000 | 28,662,000 |
Other Intangible Assets | 38,496,000 | 36,072,000 | 38,994,000 | 38,411,000 |
Investment Properties | 85,613,000 | 103,665,000 | 124,152,000 | 115,100,000 |
•Investments And Advances | 102,552,000 | 89,065,000 | 81,778,000 | 66,428,000 |
Long Term Equity Investment | 79,881,000 | 68,310,000 | 59,124,000 | 47,094,000 |
•Investment in Financial Assets | 22,671,000 | 20,755,000 | 22,654,000 | 19,334,000 |
Available for Sale Securities | 22,671,000 | 20,755,000 | 22,654,000 | 19,334,000 |
Non Current Accounts Receivable | 10,737,000 | 9,935,000 | 8,249,000 | 7,889,000 |
•Non Current Deferred Assets | 4,221,000 | 3,723,000 | 3,338,000 | 3,403,000 |
Non Current Deferred Taxes Assets | 4,221,000 | 3,723,000 | 3,338,000 | 3,403,000 |
Other Non Current Assets | 2,926,000 | 3,040,000 | 4,352,000 | 3,735,000 |
•Total Liabilities Net Minority Interest | 352,777,000 | 325,041,000 | 321,853,000 | 299,393,000 |
•Current Liabilities | 76,993,000 | 72,309,000 | 91,134,000 | 77,747,000 |
•Payables And Accrued Expenses | 32,288,000 | 30,125,000 | 33,414,000 | 33,574,000 |
•Payables | 32,288,000 | 30,125,000 | 33,414,000 | 33,574,000 |
Accounts Payable | 32,288,000 | 30,125,000 | 33,414,000 | 33,574,000 |
•Current Debt And Capital Lease Obligation | 38,814,000 | 37,463,000 | 57,602,000 | 43,297,000 |
•Current Debt | 38,814,000 | 37,463,000 | 57,602,000 | 43,297,000 |
Line of Credit | 0 | 767,000 | 31,000 | 0 |
Other Current Borrowings | 38,814,000 | 36,696,000 | 57,571,000 | 43,297,000 |
Other Current Liabilities | 5,891,000 | 4,721,000 | 118,000 | 876,000 |
•Total Non Current Liabilities Net Minority Interest | 275,784,000 | 252,732,000 | 230,719,000 | 221,646,000 |
•Long Term Debt And Capital Lease Obligation | 220,798,000 | 197,329,000 | 176,108,000 | 170,777,000 |
Long Term Debt | 220,798,000 | 197,329,000 | 176,108,000 | 170,777,000 |
•Non Current Deferred Liabilities | 27,009,000 | 25,267,000 | 24,987,000 | 23,190,000 |
Non Current Deferred Taxes Liabilities | 27,009,000 | 25,267,000 | 24,987,000 | 23,190,000 |
Tradeand Other Payables Non Current | 24,169,000 | 25,377,000 | 25,479,000 | 23,491,000 |
Preferred Securities Outside Stock Equity | 3,808,000 | 4,620,000 | 3,882,000 | 3,074,000 |
Other Non Current Liabilities | -- | 139,000 | 263,000 | 1,114,000 |
•Total Equity Gross Minority Interest | 166,194,000 | 165,383,000 | 168,242,000 | 141,891,000 |
•Stockholders' Equity | 47,886,000 | 45,977,000 | 45,777,000 | 43,753,000 |
•Capital Stock | 14,929,000 | 14,909,000 | 14,982,000 | 15,046,000 |
Preferred Stock | 4,090,000 | 4,103,000 | 4,103,000 | 4,145,000 |
Common Stock | 10,839,000 | 10,806,000 | 10,879,000 | 10,901,000 |
Additional Paid in Capital | 148,000 | 114,000 | 112,000 | 148,000 |
Retained Earnings | 16,665,000 | 17,066,000 | 18,006,000 | 18,006,000 |
•Gains Losses Not Affecting Retained Earnings | 10,674,000 | 8,843,000 | 8,167,000 | 7,594,000 |
Foreign Currency Translation Adjustments | -2,516,000 | -3,251,000 | -2,477,000 | -2,826,000 |
Fixed Assets Revaluation Reserve | 10,553,000 | 9,584,000 | 8,958,000 | 9,522,000 |
Other Equity Adjustments | 2,637,000 | 2,510,000 | 1,686,000 | 898,000 |
Other Equity Interest | 5,470,000 | 5,045,000 | 4,510,000 | 2,959,000 |
Minority Interest | 118,308,000 | 119,406,000 | 122,465,000 | 98,138,000 |
Total Capitalization | 268,684,000 | 243,306,000 | 221,885,000 | 214,530,000 |
Preferred Stock Equity | 4,090,000 | 4,103,000 | 4,103,000 | 4,145,000 |
Common Stock Equity | 43,796,000 | 41,874,000 | 41,674,000 | 39,608,000 |
Net Tangible Assets | -33,965,000 | -25,825,000 | -28,128,000 | -23,320,000 |
Working Capital | -11,914,000 | -16,134,000 | -44,430,000 | -24,359,000 |
Invested Capital | 303,408,000 | 276,666,000 | 275,384,000 | 253,682,000 |
Tangible Book Value | -38,055,000 | -29,928,000 | -32,231,000 | -27,465,000 |
Total Debt | 259,612,000 | 234,792,000 | 233,710,000 | 214,074,000 |
Net Debt | 243,370,000 | 219,741,000 | 222,488,000 | 199,678,000 |
Share Issued | 2,428,208.59 | 1,611,336.24 | 1,605,307.26 | 1,638,997.92 |
Ordinary Shares Number | 2,244,618.52 | 1,506,550.09 | 1,523,457.46 | 1,576,097.92 |
Preferred Shares Number | 163,291.50 | 185,022.22 | 185,009.40 | 185,009.40 |
Treasury Shares Number | 183,590.07 | 104,786.16 | 81,849.81 | 62,900 |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 519,613,000 | 518,971,000 | 514,586,000 | 506,068,000 | 491,577,000 |
•Current Assets | 59,465,000 | 65,079,000 | 67,507,000 | 70,648,000 | 65,213,000 |
•Cash, Cash Equivalents & Short Term Investments | 19,690,000 | 23,604,000 | 25,391,000 | 22,853,000 | 12,437,000 |
Cash And Cash Equivalents | 15,030,000 | 16,242,000 | 16,682,000 | 13,703,000 | 12,437,000 |
Other Short Term Investments | 4,660,000 | 7,362,000 | 8,709,000 | 9,150,000 | -- |
•Receivables | 23,174,000 | 22,772,000 | 22,171,000 | 22,065,000 | 30,503,000 |
Accounts receivable | 23,174,000 | 22,772,000 | 22,171,000 | 22,065,000 | 30,503,000 |
Inventory | 6,520,000 | 5,923,000 | 6,049,000 | 6,014,000 | 8,706,000 |
Assets Held for Sale Current | 10,081,000 | 12,780,000 | 13,896,000 | 19,716,000 | 13,567,000 |
•Total non-current assets | 460,148,000 | 453,892,000 | 447,079,000 | 435,420,000 | 426,364,000 |
•Net PPE | 168,249,000 | 165,992,000 | 161,630,000 | 155,640,000 | 152,908,000 |
•Gross PPE | -- | 200,547,000 | 161,630,000 | 155,640,000 | 152,908,000 |
Properties | -- | -- | -- | 10,912,000 | 10,589,000 |
Other Properties | -- | -- | 161,630,000 | 155,640,000 | 142,319,000 |
Accumulated Depreciation | -- | -34,555,000 | -- | -- | -- |
•Goodwill And Other Intangible Assets | 81,146,000 | 81,851,000 | 83,981,000 | 78,610,000 | 74,243,000 |
Goodwill | 43,102,000 | 43,355,000 | 42,830,000 | 38,664,000 | 37,024,000 |
Other Intangible Assets | 38,044,000 | 38,496,000 | 41,151,000 | 39,946,000 | 37,219,000 |
Investment Properties | 85,743,000 | 85,613,000 | 87,985,000 | 90,910,000 | 95,960,000 |
•Investments And Advances | 107,770,000 | 102,552,000 | 95,928,000 | 92,997,000 | 99,401,000 |
Long Term Equity Investment | 82,868,000 | 79,881,000 | 75,355,000 | 72,179,000 | 69,405,000 |
•Investment in Financial Assets | 24,902,000 | 22,671,000 | 20,573,000 | 20,818,000 | 29,996,000 |
Available for Sale Securities | 24,902,000 | 22,671,000 | 20,573,000 | 20,818,000 | 29,996,000 |
Non Current Accounts Receivable | 10,590,000 | 10,737,000 | 10,163,000 | 9,864,000 | -- |
•Non Current Deferred Assets | 4,170,000 | 4,221,000 | 4,280,000 | 4,154,000 | 3,852,000 |
Non Current Deferred Taxes Assets | 4,170,000 | 4,221,000 | 4,280,000 | 4,154,000 | 3,852,000 |
Other Non Current Assets | 2,480,000 | 2,926,000 | 3,112,000 | 3,245,000 | -- |
•Total Liabilities Net Minority Interest | 353,971,000 | 352,777,000 | 351,506,000 | 344,423,000 | 332,647,000 |
•Current Liabilities | 72,217,000 | 76,993,000 | 79,820,000 | 80,851,000 | 58,795,000 |
•Payables And Accrued Expenses | 33,569,000 | 32,288,000 | 30,633,000 | 30,514,000 | 52,802,000 |
•Payables | 33,569,000 | 32,288,000 | 30,633,000 | 30,514,000 | 52,802,000 |
Accounts Payable | 33,569,000 | 32,288,000 | 30,633,000 | 30,514,000 | 52,802,000 |
•Current Debt And Capital Lease Obligation | 34,238,000 | 38,814,000 | 43,703,000 | 40,914,000 | -- |
•Current Debt | 34,238,000 | 38,814,000 | 43,703,000 | 40,914,000 | -- |
Line of Credit | -- | 0 | -- | -- | -- |
Other Current Borrowings | 34,238,000 | 38,814,000 | 43,703,000 | 40,914,000 | -- |
Other Current Liabilities | 4,410,000 | 5,891,000 | 5,484,000 | 9,423,000 | 5,993,000 |
•Total Non Current Liabilities Net Minority Interest | 281,754,000 | 275,784,000 | 271,686,000 | 263,572,000 | 273,852,000 |
•Long Term Debt And Capital Lease Obligation | 229,494,000 | 220,798,000 | 215,506,000 | 209,720,000 | 245,864,000 |
Long Term Debt | 229,494,000 | 220,798,000 | 215,506,000 | 209,720,000 | 245,864,000 |
•Non Current Deferred Liabilities | 26,826,000 | 27,009,000 | 26,286,000 | 24,462,000 | 24,634,000 |
Non Current Deferred Taxes Liabilities | 26,826,000 | 27,009,000 | 26,286,000 | 24,462,000 | 24,634,000 |
Tradeand Other Payables Non Current | 21,699,000 | 24,169,000 | 26,131,000 | 25,995,000 | -- |
Preferred Securities Outside Stock Equity | -- | 3,808,000 | -- | -- | -- |
Other Non Current Liabilities | 3,735,000 | -- | 3,763,000 | 3,395,000 | 3,354,000 |
•Total Equity Gross Minority Interest | 165,642,000 | 166,194,000 | 163,080,000 | 161,645,000 | 158,930,000 |
•Stockholders' Equity | 46,787,000 | 47,886,000 | 46,657,000 | 46,596,000 | 45,263,000 |
•Capital Stock | 14,841,000 | 14,929,000 | 14,923,000 | 14,883,000 | 14,896,000 |
Preferred Stock | 4,090,000 | 4,090,000 | 4,103,000 | 4,103,000 | 4,103,000 |
Common Stock | 10,751,000 | 10,839,000 | 10,820,000 | 10,780,000 | 10,793,000 |
Additional Paid in Capital | 190,000 | 148,000 | 137,000 | 130,000 | 123,000 |
Retained Earnings | 16,161,000 | 16,665,000 | 16,203,000 | 16,248,000 | 16,450,000 |
•Gains Losses Not Affecting Retained Earnings | 10,160,000 | 10,674,000 | 9,739,000 | 9,568,000 | 8,955,000 |
Foreign Currency Translation Adjustments | -2,428,000 | -2,516,000 | -2,530,000 | -2,484,000 | -- |
Fixed Assets Revaluation Reserve | 10,491,000 | 10,553,000 | 9,479,000 | 9,530,000 | -- |
Other Equity Adjustments | 2,097,000 | 2,637,000 | 2,790,000 | 2,522,000 | 8,955,000 |
Other Equity Interest | 5,435,000 | 5,470,000 | 5,655,000 | 5,767,000 | 4,839,000 |
Minority Interest | 118,855,000 | 118,308,000 | 116,423,000 | 115,049,000 | 113,667,000 |
Total Capitalization | 276,281,000 | 268,684,000 | 262,163,000 | 256,316,000 | 291,127,000 |
Preferred Stock Equity | 4,090,000 | 4,090,000 | 4,103,000 | 4,103,000 | 4,103,000 |
Common Stock Equity | 42,697,000 | 43,796,000 | 42,554,000 | 42,493,000 | 41,160,000 |
Net Tangible Assets | -34,359,000 | -33,965,000 | -37,324,000 | -32,014,000 | -28,980,000 |
Working Capital | -12,752,000 | -11,914,000 | -12,313,000 | -10,203,000 | 6,418,000 |
Invested Capital | 306,429,000 | 303,408,000 | 301,763,000 | 293,127,000 | 287,024,000 |
Tangible Book Value | -38,449,000 | -38,055,000 | -41,427,000 | -36,117,000 | -33,083,000 |
Total Debt | 263,732,000 | 259,612,000 | 259,209,000 | 250,634,000 | 245,864,000 |
Net Debt | 248,702,000 | 243,370,000 | 242,527,000 | 236,931,000 | 233,427,000 |
Share Issued | 2,401,360.97 | 2,428,208.59 | 2,426,611.87 | 1,615,849.99 | 1,614,211.50 |
Ordinary Shares Number | 2,234,342.92 | 2,244,618.52 | 2,245,379.62 | 1,495,667.57 | 1,500,059.83 |
Preferred Shares Number | 185,177.47 | 163,291.50 | 185,022.22 | 185,022.22 | 185,022.22 |
Treasury Shares Number | 167,018.06 | 183,590.07 | 181,232.26 | 120,182.42 | 114,151.66 |
| 9,489,000 |
| 10,958,000 |
| 7,569,000 |
| 6,467,000 |
| 8,751,000 |
Net Income from Continuing Operations | 4,062,000 | 3,235,000 | 1,853,000 | 5,105,000 | 5,195,000 |
•Operating Gains Losses | -1,704,000 | 158,000 | -2,054,000 | -673,000 | -821,000 |
Gain Loss On Sale of Business | -- | -- | -- | -- | 533,000 |
Gain Loss On Investment Securities | -2,050,000 | -1,394,000 | -1,413,000 | -232,000 | -466,000 |
Earnings Losses from Equity Investments | 346,000 | 1,552,000 | -641,000 | -441,000 | -355,000 |
•Depreciation Amortization Depletion | 10,555,000 | 10,379,000 | 9,737,000 | 9,075,000 | 7,683,000 |
Depreciation & amortization | 10,555,000 | 10,379,000 | 9,737,000 | 9,075,000 | 7,683,000 |
•Deferred Tax | -609,000 | -771,000 | -341,000 | -897,000 | 191,000 |
Deferred Income Tax | -609,000 | -771,000 | -341,000 | -897,000 | 191,000 |
Asset Impairment Charge | 1,489,000 | 1,712,000 | 2,404,000 | 1,276,000 | 293,000 |
Unrealized Gain Loss On Investment Securities | -- | -- | -- | -256,000 | 617,000 |
Other non-cash items | -714,000 | -618,000 | 174,000 | -5,997,000 | -563,000 |
Change in working capital | -3,590,000 | -3,137,000 | -4,204,000 | -1,422,000 | -3,227,000 |
•Investing Cash Flow | -26,449,000 | -31,777,000 | -29,964,000 | -29,762,000 | -39,650,000 |
•Cash Flow from Continuing Investing Activities | -26,449,000 | -31,777,000 | -29,964,000 | -29,762,000 | -39,650,000 |
•Net PPE Purchase And Sale | -16,096,000 | -12,446,000 | -8,399,000 | -6,894,000 | -6,641,000 |
Purchase of PPE | -17,841,000 | -14,752,000 | -11,172,000 | -8,069,000 | -7,236,000 |
Sale of PPE | 1,745,000 | 2,306,000 | 2,773,000 | 1,175,000 | 595,000 |
•Net Business Purchase And Sale | -11,298,000 | -14,166,000 | -11,391,000 | -14,468,000 | -23,478,000 |
Purchase of Business | -24,609,000 | -27,782,000 | -13,527,000 | -23,414,000 | -31,448,000 |
Sale of Business | 13,311,000 | 13,616,000 | 2,136,000 | 8,946,000 | 7,970,000 |
•Net Investment Properties Purchase And Sale | 1,426,000 | 594,000 | -7,034,000 | -6,640,000 | -5,790,000 |
Purchase of Investment Properties | -5,499,000 | -6,313,000 | -11,141,000 | -8,213,000 | -9,664,000 |
Sale of Investment Properties | 6,925,000 | 6,907,000 | 4,107,000 | 1,573,000 | 3,874,000 |
•Net Investment Purchase And Sale | 693,000 | -4,838,000 | -3,189,000 | -1,801,000 | -4,021,000 |
Purchase of Investment | -11,831,000 | -16,907,000 | -11,405,000 | -51,887,000 | -67,974,000 |
Sale of Investment | 12,524,000 | 12,069,000 | 8,216,000 | 50,086,000 | 63,953,000 |
Net Other Investing Changes | -1,174,000 | -921,000 | 49,000 | 41,000 | 280,000 |
•Financing Cash Flow | 19,398,000 | 21,687,000 | 26,900,000 | 19,927,000 | 32,460,000 |
•Cash Flow from Continuing Financing Activities | 19,398,000 | 21,687,000 | 26,900,000 | 19,927,000 | 32,460,000 |
•Net Issuance Payments of Debt | 22,897,000 | 27,095,000 | 26,215,000 | 8,492,000 | 35,143,000 |
•Net Long Term Debt Issuance | 21,775,000 | 25,593,000 | 25,503,000 | 12,019,000 | 29,186,000 |
Long Term Debt Issuance | 116,062,000 | 122,307,000 | 111,926,000 | 84,866,000 | 91,026,000 |
Long Term Debt Payments | -94,287,000 | -96,714,000 | -86,423,000 | -72,847,000 | -61,840,000 |
Net Short Term Debt Issuance | 1,122,000 | 1,502,000 | 712,000 | -3,527,000 | 5,957,000 |
•Net Common Stock Issuance | -869,000 | -1,000,000 | -982,000 | -575,000 | -672,000 |
Common Stock Issuance | 9,000 | 9,000 | 19,000 | 49,000 | 14,000 |
Common Stock Payments | -878,000 | -1,009,000 | -1,001,000 | -624,000 | -686,000 |
•Net Preferred Stock Issuance | -- | -4,000 | 0 | -22,000 | 0 |
Preferred Stock Issuance | -- | 175,000 | 0 | -- | -- |
Preferred Stock Payments | -- | -179,000 | 0 | -22,000 | 0 |
•Cash Dividends Paid | -745,000 | -719,000 | -663,000 | -602,000 | -1,029,000 |
Common Stock Dividend Paid | -- | -552,000 | -495,000 | -436,000 | -879,000 |
Preferred Stock Dividend Paid | -- | -167,000 | -168,000 | -166,000 | -150,000 |
Net Other Financing Charges | -1,881,000 | -3,685,000 | 2,330,000 | 12,634,000 | -982,000 |
Cash Flow from Discontinued Operation | 94,000 | 71,000 | -215,000 | -11,000 | 158,000 |
•End Cash Position | 14,969,000 | 16,242,000 | 15,051,000 | 11,222,000 | 14,396,000 |
Changes in Cash | 2,532,000 | 939,000 | 4,290,000 | -3,379,000 | 1,719,000 |
Effect of Exchange Rate Changes | 61,000 | 252,000 | -461,000 | 205,000 | -17,000 |
Beginning Cash Position | 12,437,000 | 15,051,000 | 11,222,000 | 14,396,000 | 12,694,000 |
Income Tax Paid Supplemental Data | 2,137,000 | 2,225,000 | 2,674,000 | 1,677,000 | 1,079,000 |
Interest Paid Supplemental Data | 14,724,000 | 14,516,000 | 14,289,000 | 13,902,000 | 9,009,000 |
Capital Expenditure | -17,841,000 | -14,752,000 | -11,172,000 | -8,069,000 | -7,236,000 |
Issuance of Capital Stock | 184,000 | 184,000 | 19,000 | 49,000 | 14,000 |
Issuance of Debt | 116,062,000 | 122,307,000 | 111,926,000 | 84,866,000 | 91,026,000 |
Repayment of Debt | -94,287,000 | -96,714,000 | -86,423,000 | -72,847,000 | -61,840,000 |
Repurchase of Capital Stock | -1,057,000 | -1,188,000 | -1,001,000 | -646,000 | -686,000 |
Free Cash Flow | -8,352,000 | -3,794,000 | -3,603,000 | -1,602,000 | 1,515,000 |
| Currency (USD) | Mar 2026 | Sep 2023 | Jun 2023 | Mar 2023 |
|---|---|---|---|---|
Net Income | 0 | 0 | 0 | 0 |
| Mar 2026 |
| 3.69% |
| 4,043,206,464 | 63,823,308 | institutional | Principal Financial Group, Inc. | Mar 2026 | 2.86% |
| 3,892,535,524 | 61,444,919 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.75% |
| 3,781,818,035 | 59,697,208 | institutional | Pershing Square Capital Management, L.P. | Mar 2026 | 2.67% |
| 3,749,487,173 | 59,186,855 | institutional | Dodge & Cox Inc. | Mar 2026 | 2.65% |
| 3,470,751,931 | 54,786,930 | institutional | Bank of Montreal /CAN/ | Mar 2026 | 2.45% |
| 2,950,966,017 | 46,581,943 | institutional | Brookfield Corp /ON/ | Mar 2026 | 2.09% |
| 2,720,605,594 | 42,945,630 | institutional | 1832 Asset Management L.P. | Mar 2026 | 1.92% |
| 2,081,866,945 | 32,862,936 | mutual_fund | Principal Funds, Inc-MidCap Fund | Jan 2026 | 1.47% |
| 1,960,100,709 | 30,940,817 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.39% |
| 1,846,847,193 | 29,153,074 | mutual_fund | AMERICAN BALANCED FUND | Mar 2026 | 1.31% |
| 1,356,647,692 | 21,415,118 | mutual_fund | Professionally Managed Portfolios-Akre Focus ETF | Jan 2026 | 0.96% |
| 1,288,060,676 | 20,332,450 | mutual_fund | Dodge & Cox Funds-Dodge & Cox Stock Fund | Dec 2025 | 0.91% |
| 1,265,136,972 | 19,970,592 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.89% |
| 960,214,361 | 15,157,291 | mutual_fund | GROWTH FUND OF AMERICA | Mar 2026 | 0.68% |
| 909,074,822 | 14,350,037 | mutual_fund | EuroPacific Growth Fund-EUPAC Fund | Mar 2026 | 0.64% |
| 907,923,815 | 14,331,868 | mutual_fund | Principal Funds, Inc-Blue Chip Fund | Feb 2026 | 0.64% |
| 805,504,733 | 12,715,150 | mutual_fund | AMERICAN FUNDS FUNDAMENTAL INVESTORS | Mar 2026 | 0.57% |
Brookfield reports that sustainability oversight, including climate, is integrated into its overall governance framework. The Board of Directors oversees the business, reviews major strategic initiatives, receives progress reports on sustainability initiatives during the year, oversees sustainability strategy and climate-related initiatives, and reviews and approves significant sustainability policies and progress toward sustainability goals. The Board has 16 directors, eight of whom are independent, and the Governance and Nominating Committee, Audit Committee, Management Resources and Compensation Committee, and Risk Management Committee consist exclusively of independent directors and oversee delegated areas of operations and initiatives. Brookfield reports that 63% of independent directors and 31% of the full Board are women, and 19% of directors self-identify as ethnically diverse. Executive oversight of sustainability includes business group CEOs and sustainability leads, the Chief Operating Officer, the CEO of Renewable Power and Transition, and the Chief Financial Officer, supported by the Sustainability Management Team, Decarbonization Steering Committee, Risk Management Team, Human Resources Team, Safety Leadership Committee, Investment Committees and sustainability working groups. Governance policies include the Code of Business Conduct and Ethics, Vendor Code of Conduct, anti-bribery and corruption, data protection, enterprise information security, anti-money laundering and trade sanctions, human rights and anti-modern slavery, and whistleblowing policies.