10-Q · May 8, 2026
Brookfield Asset Management (BAM) reported Q1 2026 results with revenues of $1.338 billion and diluted EPS of $0.38, falling short of consensus estimates. Revenue decreased 10.5% compared to the previous quarter and…
Earnings analysis · 10-Q
BAM earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
BAM delivered strong Q2 operating momentum, with revenue of $1.753 billion, EPS of $0.44, Fee-Related Earnings up 20% to $808 million and Distributable Earnings up 15% to $707 million. Fee-Bearing Capital increased 19%…
Read full summary
BAM delivered strong Q2 operating momentum, with revenue of $1.753 billion, EPS of $0.44, Fee-Related Earnings up 20% to $808 million and Distributable Earnings up 15% to $707 million. Fee-Bearing Capital increased 19% year over year to $672.159 billion, led by credit, private equity and insurance-related inflows, although real estate remained weak. Liquidity was substantial at $3.106 billion, but the $3.0 billion Oaktree transaction introduces material integration and purchase-accounting uncertainty beginning in the third quarter.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.44
What stood out
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Revenue and EPS accelerated
Consolidated revenue was $1.753 billion, up from $1.090 billion in Q2 2025 and $990 million in Q1 2026. Diluted EPS was $0.44 versus $0.38 in both comparison periods.
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Core earnings grew strongly
Distributable Earnings increased to $707 million from $613 million year over year, or 15%, while Fee-Related Earnings rose to $808 million from $676 million, or 20%. Base management fees increased 17% to $1.357 billion.
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Record capital growth
Fee-Bearing Capital reached $672.159 billion, up $69.445 billion, or 12%, from December 31, 2025 and up 19% from $562.735 billion at June 30, 2025. Second-quarter inflows were $68.115 billion, including $44.8 billion of insurance capital inflows from BWS.
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Credit led segment performance
Credit was the strongest segment, with fee revenue of $509 million, up 28%, and segment earnings of $208 million, up 43% year over year. Credit Fee-Bearing Capital increased 17% year to date to $325.877 billion.
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Private equity momentum improved
Private equity fee revenue increased 28% to $145 million and segment earnings increased 46% to $41 million, supported by $5.4 billion of inflows, including $3.1 billion raised for the seventh vintage of the flagship fund.
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Liquidity supports deployment
Corporate liquidity was $3.106 billion, consisting of $1.756 billion of cash and short-term financial assets and $1.350 billion of undrawn facilities. BAM also expects approximately $680 million of incremental fee revenue from currently non-fee-bearing commitments once invested.
What to watch
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Real estate fees and earnings declined
Real estate remained a drag: six-month fee revenue declined 10% to $521 million and segment earnings fell 24% to $246 million. Management attributed the revenue decline principally to $63 million of lower catch-up fees, while earlier-vintage realizations also reduced fees.
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Oaktree integration and accounting risk
BAM completed the acquisition of the remaining 26% of Oaktree on July 31, 2026 for approximately $3.0 billion, including approximately $2.2 billion attributable to BAM. The filing states that valuation and initial purchase-price accounting for certain major asset and liability classes were not yet available, creating integration and accounting uncertainty.
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Market sensitivity and financing costs
A 10% adverse movement in the market capitalization of BEP, BIP and BBUC could reduce base management fees by up to $19 million. The company also had $2.8 billion of fixed-rate senior notes issued or reopened in 2026, including $550 million due 2031 at a 4.832% coupon and $450 million added to bonds due 2036 at a 5.298% coupon.
Management's outlook
No numeric revenue or EPS guidance was provided in the 10-Q. Management stated that long-term cash requirements are expected to be met through operating cash generation, corporate liquidity and, where appropriate, capital-markets access. Approximately $68 billion of uncalled fund commitments are currently non-fee-bearing and are expected to generate approximately $680 million of additional Fee Revenues once invested.
Earlier filings 4
10-K · March 2, 2026
BAM positions itself as a scale-driven global alternative asset manager with over $1 trillion of AUM and Fee-Bearing Capital of $603 billion (87% long-dated/perpetual) focused on infrastructure, renewable power &…
10-Q · August 8, 2025
BAM reported Q2 revenue of $1,090 million (up $174 million or 19.0% vs. Q2 2024) and diluted EPS of $0.38 (flat to consensus; up $0.07 vs. Q2 2024). Fee-based revenues drove the top line (base management fees $815…
10-K · March 17, 2025
BAM positions itself as a leading global alternative asset manager with over $1 trillion of AUM and $539 billion of Fee-Bearing Capital (as of December 31, 2024). The company emphasizes long-dated/perpetual fee-bearing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.