v3.26.1
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue [abstract]  
Schedule of segment revenues by type
The tables below summarize the Corporation’s segment revenues by type of revenue for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Revenues by type
Revenues from contracts with customers$1,661 $495 $3,619 $5,775 
Other revenues455 267 — 722 
Total revenues$2,116 $762 $3,619 $6,497 
Six Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Revenues by type
Revenues from contracts with customers$3,241 $986 $7,254 $11,481 
Other revenues921 531 — 1,452 
Total revenues$4,162 $1,517 $7,254 $12,933 
Three Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Revenues by type
Revenues from contracts with customers$1,974 $485 $3,548 $6,007 
Other revenues405 279 4 688 
Total revenues$2,379 $764 $3,552 $6,695 
Six Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Revenues by type
Revenues from contracts with customers$4,039 $955 $7,070 $12,064 
Other revenues832 540 8 1,380 
Total revenues$4,871 $1,495 $7,078 $13,444 
The tables below reconcile the Corporation’s economic ownership interest in its consolidated results to the Corporation’s unaudited interim condensed consolidated statements of operating results.
Three Months Ended June 30, 2026
Total attributable to Shareholders Attributable to non-controlling interestsAs per Financials
(US$ MILLIONS)Business
services		Infrastructure servicesIndustrialsCorporate
Total (1)
Revenues$1,252 $234 $953 $— $2,439 $4,058 $6,497 
Direct operating costs (2)
(1,056)(148)(640)(2)(1,846)(2,603)(4,449)
General and administrative expenses(26)(21)(26)(34)(107)(182)(289)
Gain (loss) on dispositions, net1 (1)— — — — — 
Gain (loss) on dispositions, net recorded in equity
9 — 32 (1)40 — 40 
Other income (expense), net (3)
(2)— (3)— (5)(11)(16)
Interest income (expense), net(57)(47)(91)(25)(220)(519)(739)
Current income tax (expense) recovery (19)(4)(20)(4)(47)(100)(147)
Preferred equity distributions— — — (13)(13)13 — 
Equity accounted Adjusted EFO (4)
16 15 17 — 48 37 85 
Adjusted EFO118 28 222 (79)289 
Depreciation and amortization expense (2) (5)
(219)(556)(775)
Gain (loss) on dispositions, net1 — 1 
Gain (loss) on dispositions, net recorded in equity
(40)— (40)
Other income (expense), net (3)
30 (184)(154)
Deferred income tax (expense) recovery38 132 170 
Non-cash items attributable to equity accounted
investments (4)
(62)(29)(91)
Net income (loss)$37 $56 $93 
____________________________________
(1)Adjusted EFO and net income (loss) attributable to Shareholders include Adjusted EFO and net income (loss) attributable to Class A shareholders, Class B shareholders and Special shareholder.
(2)The sum of these amounts equates to direct operating costs of $5,224 million as per the unaudited interim condensed consolidated statements of operating results.
(3)The sum of these amounts equates to other income (expense), net of $(170) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the Corporation’s economic ownership interest of $(5) million is included in Adjusted EFO. Other income (expense), net at the Corporation’s economic ownership interest that is excluded from Adjusted EFO of $30 million includes $70 million of unrealized net revaluation gains, $25 million of expenses related to expected employee incentive payments linked to the eventual realization of value at the Corporation’s operations, $8 million of business separation expenses, stand-up costs and restructuring charges, $11 million of net gains on debt modification and extinguishment, $9 million of transaction costs, and $9 million of other expenses.
(4)The sum of these amounts equates to equity accounted income (loss), net of $(6) million as per the unaudited interim condensed consolidated statements of operating results.
(5)For the three months ended June 30, 2026, depreciation and amortization expense by segment is as follows: business services $198 million, infrastructure services $180 million, industrials $397 million and corporate $nil.
Six Months Ended June 30, 2026
Total attributable to Shareholders (1)
Attributable to non-controlling interestsAs per Financials
(US$ MILLIONS)Business
services		Infrastructure servicesIndustrialsCorporate
Total (2)
Revenues$2,424 $466 $1,911 $— $4,801 $8,132 $12,933 
Direct operating costs (3)
(2,027)(295)(1,278)(4)(3,604)(5,211)(8,815)
General and administrative expenses(52)(44)(52)(68)(216)(369)(585)
Gain (loss) on dispositions, net1 (2)— — (1)— (1)
Gain (loss) on dispositions, net in equity18 — 41 (2)57 — 57 
Other income (expense), net (4)
(4)— (3)— (7)(14)(21)
Interest income (expense), net(116)(95)(188)(49)(448)(1,057)(1,505)
Current income tax (expense) recovery (33)(8)(34)(4)(79)(178)(257)
Preferred equity distributions— — — (26)(26)26 — 
Equity accounted Adjusted EFO (5)
32 28 31 — 91 82 173 
Adjusted EFO243 50 428 (153)568 
Depreciation and amortization expense (3) (6)
(435)(1,100)(1,535)
Impairment reversal (expense), net2 3 5 
Gain (loss) on dispositions, net2 — 2 
Gain (loss) on dispositions, net in equity(57)— (57)
Other income (expense), net (4)
51 (176)(125)
Deferred income tax (expense) recovery54 154 208 
Non-cash items attributable to equity accounted investments (5)
(108)(60)(168)
Net income (loss)$77 $232 $309 
____________________________________
(1)For the periods prior to the completion of the Arrangement on March 27, 2026, reflects amounts previously attributable to LP Units, Redemption-Exchange Units and BBHC exchangeable shares, which were exchanged for Class A Shares on a one-for-one basis, amounts previously attributable to GP Units, which were exchanged for Class B Shares, and amounts previously attributable to Special LP Units, which were exchanged for Special Shares on a one-for-one basis. See Note 2(b) for additional information.
(2)Adjusted EFO and net income (loss) attributable to Shareholders include Adjusted EFO and net income (loss) attributable to Class A shareholders, Class B shareholders and Special shareholder.
(3)The sum of these amounts equates to direct operating costs of $10,350 million as per the unaudited interim condensed consolidated statements of operating results.
(4)The sum of these amounts equates to other income (expense), net of $(146) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the Corporation’s economic ownership interest of $(7) million is included in Adjusted EFO. Other income (expense), net at the Corporation’s economic ownership interest that is excluded from Adjusted EFO of $51 million includes $115 million of unrealized net revaluation gains, $27 million of net gains on debt modification and extinguishment, $22 million of business separation expenses, stand-up costs and restructuring charges, $25 million of expenses related to expected employee incentive payments linked to the eventual realization of value at the Corporation’s operations, $13 million of transaction costs and $31 million of other expenses.
(5)The sum of these amounts equates to equity accounted income (loss), net of $5 million as per the unaudited interim condensed consolidated statements of operating results.
(6)For the six months ended June 30, 2026, depreciation and amortization expense by segment is as follows: business services $390 million, infrastructure services $358 million, industrials $787 million, and corporate $nil.
Three Months Ended June 30, 2025
Total attributable to Shareholders (1)
Attributable to non-controlling interestsAs per Financials
(US$ MILLIONS)Business
services		Infrastructure servicesIndustrialsCorporate
Total (2)
Revenues$1,372 $238 $1,002 $— $2,612 $4,083 $6,695 
Direct operating costs (3)
(1,164)(151)(688)(2)(2,005)(2,693)(4,698)
General and administrative expenses(31)(18)(27)(28)(104)(167)(271)
Gain (loss) on dispositions,
net		2 — — — 2 4 6 
Gain (loss) on dispositions, net recorded in equity(4)— — — (4)(14)(18)
Other income (expense), net (4)
— 1 (15)— (14)(41)(55)
Interest income (expense), net(71)(44)(111)(20)(246)(555)(801)
Current income tax (expense) recovery (13)(7)(19)— (39)(80)(119)
Preferred equity distributions— — — (13)(13)13 — 
Equity accounted Adjusted EFO (5)
14 19 12 — 45 36 81 
Adjusted EFO105 38 154 (63)234 
Depreciation and amortization expense (3) (6)
(231)(536)(767)
Impairment reversal (expense), net(3)(11)(14)
Gain (loss) on dispositions, net recorded in equity4 14 18 
Other income (expense), net (4)
(3)(45)(48)
Deferred income tax (expense) recovery68 116 184 
Non-cash items attributable to equity accounted
investments (5)
(43)(15)(58)
Net income (loss)$26 $109 $135 
____________________________________
(1)For the periods prior to the completion of the Arrangement on March 27, 2026, reflects amounts previously attributable to LP Units, Redemption-Exchange Units and BBHC exchangeable shares, which were exchanged for Class A Shares on a one-for-one basis, amounts previously attributable to GP Units, which were exchanged for Class B Shares, and amounts previously attributable to Special LP Units, which were exchanged for Special Shares on a one-for-one basis. See Note 2(b) for additional information.
(2)Adjusted EFO and net income (loss) attributable to Shareholders include Adjusted EFO and net income (loss) attributable to Class A shareholders, Class B shareholders and Special shareholder.
(3)The sum of these amounts equates to direct operating costs of $5,465 million as per the unaudited interim condensed consolidated statements of operating results.
(4)The sum of these amounts equates to other income (expense), net of $(103) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the Corporation’s economic ownership interest that is included in Adjusted EFO of $(14) million primarily related to $16 million of expenses related to employee incentive payments linked to the realization of value at the Corporation’s operations. Other income (expense), net at the Corporation’s economic ownership interest that is excluded from Adjusted EFO of $(3) million includes $76 million of net gain recognized upon deconsolidation of the Corporation’s healthcare services operations, $38 million of expenses related to expected employee incentive payments linked to the eventual realization of value at the Corporation’s operations, $20 million of net revaluation losses, $16 million of business separation expenses, stand-up costs and restructuring charges, $4 million of net loss on debt modification and extinguishment, and $1 million of transaction costs.
(5)The sum of these amounts equates to equity accounted income (loss), net of $23 million as per the unaudited interim condensed consolidated statements of operating results.
(6)For the three months ended June 30, 2025, depreciation and amortization expense by segment is as follows: business services $208 million, infrastructure services $175 million, industrials $384 million and corporate $nil.
Six Months Ended June 30, 2025
Total attributable to Shareholders (1)
Attributable to non-controlling interestsAs per Financials
(US$ MILLIONS)Business
services		Infrastructure servicesIndustrialsCorporate
and other
Total (2)
Revenues$2,773 $472 $1,985 $— $5,230 $8,214 $13,444 
Direct operating costs (3)
(2,345)(293)(1,350)(5)(3,993)(5,377)(9,370)
General and administrative expenses(62)(39)(59)(55)(215)(367)(582)
Gain (loss) on dispositions, net (4)
2 114 — — 116 104 220 
Gain (loss) on dispositions, net recorded in equity(4)— — — (4)(14)(18)
Other income (expense), net (5)
2 21 (19)— 4 (40)(36)
Interest income (expense), net(138)(91)(218)(45)(492)(1,079)(1,571)
Current income tax (expense) recovery (31)(13)(77)— (121)(195)(316)
Preferred equity distributions— — — (26)(26)26 — 
Equity accounted Adjusted EFO (6)
25 33 22 — 80 74 154 
Adjusted EFO222 204 284 (131)579 
Depreciation and amortization expense (3) (7)
(451)(1,046)(1,497)
Gain (loss) on dispositions, net recorded in equity4 14 18 
Impairment reversal (expense), net(3)(11)(14)
Other income (expense), net (5)
(16)(134)(150)
Deferred income tax (expense) recovery 90 158 248 
Non-cash items attributable to equity accounted investments (6)
(97)(42)(139)
Net income (loss)$106 $285 $391 
____________________________________
(1)For the periods prior to the completion of the Arrangement on March 27, 2026, reflects amounts previously attributable to LP Units, Redemption-Exchange Units and BBHC exchangeable shares, which were exchanged for Class A Shares on a one-for-one basis, amounts previously attributable to GP Units, which were exchanged for Class B Shares, and amounts previously attributable to Special LP Units, which were exchanged for Special Shares on a one-for-one basis. See Note 2(b) for additional information.
(2)Adjusted EFO and net income (loss) attributable to Shareholders include Adjusted EFO and net income (loss) attributable to Class A shareholders, Class B shareholders and Special shareholder.
(3)The sum of these amounts equates to direct operating costs of $10,867 million as per the unaudited interim condensed consolidated statements of operating results.
(4)Gain (loss) on dispositions, net recorded in Adjusted EFO of $116 million primarily represents the Corporation’s economic interest in gains of $114 million related to the disposition of the Corporation’s offshore oil services' shuttle tanker operation.
(5)The sum of these amounts equates to other income (expense), net of $(186) million as per the unaudited interim condensed consolidated statements of operating results. Other income (expense), net at the Corporation’s economic ownership interest that is included in Adjusted EFO of $4 million includes $19 million of realized gain relating to upgrades completed for customers on certain vessels at the Corporation’s offshore oil services, $16 million of expenses related to employee incentive payments linked to the realization of value at the Corporation’s operations, $5 million of net revaluation gains and $4 million of other expenses. Other income (expense), net at the Corporation’s economic ownership interest that is excluded from Adjusted EFO of $(16) million includes $76 million of net gain recognized upon deconsolidation of the Corporation’s healthcare services operation, $48 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at the Corporation’s offshore oil services, $40 million of net revaluation losses, $38 million of business separation expenses, stand-up costs and restructuring charges, $40 million of expenses related to expected employee incentive payments linked to the eventual realization of value at the Corporation’s operations, $11 million of transaction costs, $5 million of net loss on debt modification and extinguishment and $6 million of other expenses.
(6)The sum of these amounts equates to equity accounted income (loss), net of $15 million as per the unaudited interim condensed consolidated statements of operating results.
(7)For the six months ended June 30, 2025, depreciation and amortization expense by segment is as follows: business services $430 million, infrastructure services $340 million, industrials $727 million, and corporate and other nil.
The following table presents the Corporation’s assets by reportable operating segment as at June 30, 2026 and December 31, 2025:
(US$ MILLIONS)June 30,
2026		December 31,
2025
Business services$31,014 $28,578 
Infrastructure services16,897 16,270 
Industrials30,045 29,914 
Corporate (1)
864 999 
Total$78,820 $75,761 
____________________________________
(1)As at June 30, 2026, corporate segment’s assets included $490 million (December 31, 2025: $584 million) of units in an evergreen private equity fund managed by Brookfield Asset Management. Refer to Note 18(a)(i) for additional information.
Schedule of segment revenues by timing of revenue recognition for revenue from contracts with customers
The tables below summarize the Corporation’s segment revenues by timing of revenue recognition for total revenues from contracts with customers for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Timing of revenue recognition
Goods and services provided at a point in time$166 $190 $3,503 $3,859 
Services transferred over a period of time1,495 305 116 1,916 
Total revenues from contracts with customers$1,661 $495 $3,619 $5,775 
Six Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Timing of revenue recognition
Goods and services provided at a point in time$345 $361 $7,039 $7,745 
Services transferred over a period of time2,896 625 215 3,736 
Total revenues from contracts with customers$3,241 $986 $7,254 $11,481 
Three Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Timing of revenue recognition
Goods and services provided at a point in time$487 $169 $3,436 $4,092 
Services transferred over a period of time1,487 316 112 1,915 
Total revenues from contracts with customers$1,974 $485 $3,548 $6,007 
Six Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
Timing of revenue recognition
Goods and services provided at a point in time$1,089 $332 $6,873 $8,294 
Services transferred over a period of time2,950 623 197 3,770 
Total revenues from contracts with customers$4,039 $955 $7,070 $12,064 
Schedule of segment revenues by geographical areas
The tables below summarize the Corporation’s segment revenues by geography for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
United States$400 $188 $1,524 $2,112 
Europe— 127 815 942 
Australia578 53 27 658 
Brazil276 3 363 642 
United Kingdom289 77 66 432 
Mexico— — 362 362 
Canada115 16 113 244 
Other3 31 349 383 
Total revenues from contracts with customers$1,661 $495 $3,619 $5,775 
Other revenues455 267 — 722 
Total revenues$2,116 $762 $3,619 $6,497 
Six Months Ended June 30, 2026
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
United States809 382 2,986 4,177 
Europe— 254 1,735 1,989 
Australia1,097 102 51 1,250 
Brazil542 9 693 1,244 
United Kingdom$573 $152 $142 $867 
Mexico1 — 677 678 
Canada213 26 253 492 
Other6 61 717 784 
Total revenues from contracts with customers$3,241 $986 $7,254 $11,481 
Other revenues921 531 — 1,452 
Total revenues$4,162 $1,517 $7,254 $12,933 
Three Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
United States$398 $184 $1,526 $2,108 
Europe— 129 838 967 
Australia962 53 31 1,046 
Brazil225 3 303 531 
United Kingdom299 77 77 453 
Mexico— — 299 299 
Canada87 11 129 227 
Other3 28 345 376 
Total revenues from contracts with customers$1,974 $485 $3,548 $6,007 
Other revenues405 279 4 688 
Total revenues$2,379 $764 $3,552 $6,695 
Six Months Ended June 30, 2025
(US$ MILLIONS)Business servicesInfrastructure servicesIndustrialsTotal
United States809 366 3,011 4,186 
Europe— 256 1,706 1,962 
Australia2,007 94 58 2,159 
Brazil433 12 582 1,027 
United Kingdom$611 $150 $151 $912 
Mexico— — 586 586 
Canada166 23 268 457 
Other13 54 708 775 
Total revenues from contracts with customers$4,039 $955 $7,070 $12,064 
Other revenues832 540 8 1,380 
Total revenues$4,871 $1,495 $7,078 $13,444