Filing Flows › Brookfield Asset Management (BAM) › Q4 2025
Brookfield Asset Management (BAM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Brookfield Asset Management (BAM) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +11% from the quarter before. Operating margin was 64.8%, net earnings $615M (44.1% of revenue).
Brookfield Asset Management, Q4 2025: revenue $1.4B (+31% year over year), operating margin 64.8%, net earnings $615M, operating cash flow $706M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +11% | +31% |
| Operating profit | $904M | +19% | +41% |
| Net earnings | $615M | -11% | -10% |
| Operating cash flow | $706M | -5% | +419% |
| Free cash flow | $704M | -5% | +429% |
What changed
Revenue was $1.4B in Q4 2025, up 31% year over year and up 11% from the previous quarter. Infrastructure was the largest line at 24% of revenue.
Operating profit was $0.90B, a 64.8% margin (up 4.6 points year over year). Of the extra revenue versus Q4 2024, 80% reached operating profit, above the 60% margin then. Total costs grew 16% against revenue growth of 31%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $0.61B, down 10% year over year. The effective tax rate was 32.7%.
Operating cash flow was $0.71B (up 419% year over year), 115% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $2.0M left free cash flow of $0.70B.
Questions
What was Brookfield Asset Management's revenue in the fourth quarter 2025?
Brookfield Asset Management (BAM) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +31% from a year earlier and +11% from the quarter before.
Was Brookfield Asset Management profitable in the fourth quarter 2025?
Operating profit was $904M (64.8% of revenue) and net earnings $615M.