v3.26.1
SEGMENTED INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Disclosure of operating segments [abstract]  
Disclosure of entity's operating segments Reportable Segment Measures
AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2026
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Infrastructure4
Energy4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$2,277 n/a$6,721 $2,049 $7,026 $1,202 $131 $19,406 
Revenues earned for management of affiliated assets and other1
1,248 n/a— — (12)23 (12)1,247 i
Segmented revenues3,525 n/a6,721 2,049 7,014 1,225 119 20,653 
DE1
861 480 n/an/an/an/an/an/aii
FFOn/an/a161 177 83 n/a(140)n/aii
NOIn/an/an/an/an/a723 n/an/aii
Common Equity6
14,968 13,139 2,097 4,729 1,016 26,706 (20,172)42,483 
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2026, $298 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated revenues.
3.Included in the determination of DE for our Asset Management segment are direct costs of $2.2 billion and interest expense of $1.3 billion. For the three months ended June 30, 2026, $253 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $3.5 billion, $885 million, $4.8 billion, and $52 million, and interest expense of $1.1 billion, $560 million, $812 million, and $189 million of our Infrastructure, Energy, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $959 million.
6.In the second quarter of 2026, we transferred a 16% direct interest in BBUC, with a fair value of $1.1 billion, to our wealth solutions business in exchange for additional BWS Class C shares of $1.1 billion.

AS AT DEC. 31, 2025
AND FOR THE THREE MONTHS ENDED JUN. 30, 2025
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Infrastructure4
Energy4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$2,429 n/a$5,737 $1,853 $6,964 $1,007 $93 $18,083 
Revenues earned for management of affiliated assets and other1
1,305 n/a1 — 10 22 40 1,378 i
Segmented revenues3,734 n/a5,738 1,853 6,974 1,029 133 19,461 
DE1
782 391 n/an/an/an/an/an/aii
FFOn/an/a188 155 99 n/a(121)n/aii
NOI
n/an/an/an/an/a716 n/an/aii
Common Equity6
15,511 12,742 2,311 4,860 1,890 25,141 (18,659)43,796 
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2025, $383 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated revenues.
3.Included in the determination of DE for our Asset Management segment are direct costs of $2.0 billion and interest expense of $1.1 billion. For the three months ended June 30, 2025, $309 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $2.6 billion, $580 million, $5.0 billion, and $39 million, other income and gains of $38 million, $nil, $8 million expense, and $nil, and interest expense of $865 million, $531 million, $861 million, and $188 million of our Infrastructure, Energy, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $759 million.
6.In the second quarter of 2025, we transferred a 4% direct interest in BAM, with a fair value of $3.5 billion, to our Wealth Solutions business in exchange for non-cash consideration, including additional BWS Class C shares of $2.2 billion and a note. On a combined basis with BWS, we hold a 73% ownership interest in BAM.
FOR THE SIX MONTHS ENDED JUN. 30, 2026
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Infrastructure4
Energy4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$4,371 n/a$13,297 $3,902 $13,837 $2,374 $205 $37,986 
Revenues earned for management of affiliated assets and other1
2,701 n/a— 1 13 32 19 2,766 i
Segmented revenues7,072 n/a13,297 3,903 13,850 2,406 224 40,752 
DE1
1,783 910 n/an/an/an/an/an/aii
FFOn/an/a324 347 202 n/a(286)n/aii
NOI
n/an/an/an/an/a1,444 n/an/aii
Common Equity6
14,968 13,139 2,097 4,729 1,016 26,706 (20,172)42,483 
1.We equity account for our investment in Oaktree and include our share of the DE at 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2026, $1.0 billion of Oaktree’s revenue was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated revenues.
3.Included in the determination of DE for our Asset Management segment are direct costs of $4.2 billion, other income and gains of $30 million, and interest expense of $2.3 billion. For the six months ended June 30, 2026, $693 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $6.8 billion, $1.8 billion, $9.4 billion, and $93 million, and interest expense of $2.1 billion, $1.1 billion, $1.6 billion, and $372 million of our Infrastructure, Energy, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $1.9 billion.
6.In the second quarter of 2026, we transferred a 16% direct interest in BBUC, with a fair value of $1.1 billion, to our wealth solutions business in exchange for additional BWS Class C shares of $1.1 billion.

 AS AT DEC. 31, 2025
AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Infrastructure4
Energy4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$4,413 n/a$11,362 $3,699 $13,941 $2,471 $141 $36,027 
Revenues earned for management of affiliated assets and other1
2,693 n/a1 3 23 40 — 2,760 i
Segmented revenues7,106 n/a11,363 3,702 13,964 2,511 141 38,787 
DE1
1,662 821 n/an/an/an/an/an/aii
FFOn/an/a371 296 241 n/a(291)n/aii
NOI
n/an/an/an/an/a1,508 n/an/aii
Common Equity6
15,511 12,742 2,311 4,860 1,890 25,141 (18,659)43,796 
1.We equity account for our investment in Oaktree and include our share of the DE at 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2025, $1.1 billion of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated revenues.
3.Included in the determination of DE for our Asset Management segment are direct costs of $3.9 billion and interest expense of $2.2 billion. For the six months ended June 30, 2025, $745 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $5.7 billion, $1.4 billion, $9.9 billion, and $68 million, other income and gains of $416 million, $5 million expense, $206 million income, and $nil, and interest expense of $1.8 billion, $1.0 billion, $1.7 billion, and $367 million of our Infrastructure, Energy, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $1.9 billion.
6.In the second quarter of 2025, we transferred a 4% direct interest in BAM, with a fair value of $3.5 billion, to our Wealth Solutions business in exchange for non-cash consideration, including additional BWS Class C shares of $2.2 billion and a note. On a combined basis with BWS, we hold a 73% ownership interest in BAM.
Summary of reconciliation of FFO to net income
The following table reconciles net income to the total of the segments’ measures of profit or loss.
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Three Months EndedSix Months Ended
Note2026
20253
2026
20253
Net income$703 $1,055 $1,745 $1,270 
Add/(Deduct):
Equity accounted fair value changes and other non-FFO items1,029 1,321 1,987 2,273 
Fair value changes27 (797)70 27 
Depreciation and amortization2,711 2,534 5,342 4,989 
Deferred income taxes55 (262)58 (421)
Realized disposition gains (losses) in fair value changes or equityiii(415)(256)(442)(166)
Non-controlling interests on above items(3,149)(2,595)(6,482)(5,476)
Real Estate segment disposition gains426 253 460 273 
Real Estate segment adjustments and other, net1
958 957 1,986 1,839 
Total segments’ measures of profit or loss2
$2,345 $2,210 $4,724 $4,608 
1.Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Energy segment.
2.Comprised of DE from our Asset Management and Wealth Solutions segments, FFO from our Infrastructure, Energy, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment.
3.Prior period amounts have been revised to reflect a refinement to FFO for direct investments. Prior to Q1 2026, FFO was calculated as net income attributable to shareholders prior to fair value changes, depreciation and amortization, deferred income taxes, and disposition gains that were not recorded in net income as determined under IFRS. Beginning Q1 2026, FFO for direct investments is calculated as return on capital from cash distributions received as this better reflects the economic return as a limited partner in these funds.
Summary of financial information by geographic regions
The company’s revenues by location are as follows:
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Three Months EndedSix Months Ended
2026202520262025
U.S.$7,415 $6,532 $14,510 $12,874 
Canada2,172 2,007 4,203 3,973 
U.K.1,577 1,614 3,174 3,314 
Brazil1,470 1,315 2,882 2,492 
Australia1,113 1,458 2,138 3,027 
India931 1,084 1,953 2,228 
Colombia794 602 1,443 1,277 
Germany565 538 1,145 1,076 
Other Europe1,744 1,678 3,419 3,306 
Other Asia689 636 1,381 1,290 
Other936 619 1,738 1,170 
$19,406 $18,083 $37,986 $36,027 
The company’s consolidated assets by location are as follows:
AS AT JUN. 30, 2026 AND DEC. 31, 2025
(MILLIONS)
20262025
U.S.$235,418 $236,037 
Canada53,440 54,503 
U.K.38,919 37,734 
Brazil26,615 26,082 
Australia26,217 22,722 
India18,884 19,454 
Colombia20,733 18,964 
Germany11,530 11,875 
Other Europe46,021 43,048 
Other Asia21,953 21,821 
Other25,785 26,731 
$525,515 $518,971