Revenue growth accelerated to 11.2% sequentially in Q2 2026, driven by a 20% surge in fee-related earnings to $808 million, while operating margin expanded to 54.2% from 49.4% in Q1.
Brookfield Asset Management Ltd. (BAM) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Net Interest Income | 796.08M | 14M | -136M | -71M | -3M | -171M | -257M |
| NII Growth % | 2061.06% | 110.29% | -91.55% | -2266.67% | 98.25% | 33.46% | - |
| Net Interest Margin % | 0.15% | 0.08% | -3.1% | -2.22% | -0.09% | -0.66% | -1.14% |
| Interest Income | 902.43M | 129M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 106.35M | 115M | 136M | 71M | 3M | 171M | 257M |
| Loan Loss Provision | 965.04M | 1.26B | 1.02B | 977M | 697M | 532M | -257M |
| Non-Interest Income | 4.5B | 4.48B | 3.98B | 4.06B | 3.63B | 2.79B | 2.15B |
| Non-Interest Income % | 84.97% | 99.69% | 103.54% | 101.78% | 100.08% | 106.53% | 113.55% |
| Total Net Revenue | 5.3B | 4.49B | 3.84B | 3.99B | 3.62B | 2.62B | 1.9B |
| Revenue Growth % | 29.88% | 16.88% | -3.68% | 10.13% | 38.48% | 37.95% | - |
| Non-Interest Expense | 1.06B | 201M | 64M | 56M | 81M | 18M | 910M |
| Efficiency Ratio | 19.97% | 4.47% | 1.66% | 1.4% | 2.24% | 0.69% | 47.97% |
| Operating Income | 3.27B | 3.03B | 2.76B | 2.96B | 2.85B | 2.07B | 1.24B |
| Operating Margin % | 61.82% | 67.53% | 71.85% | 74.12% | 78.53% | 78.98% | 65.58% |
| Operating Income Growth % | - | 9.85% | -6.63% | 3.94% | 37.69% | 66.16% | - |
| Pretax Income | 3.7B | 2.92B | 2.55B | 2.55B | 3.49B | 3.35B | 783M |
| Pretax Margin % | 69.93% | 65.1% | 66.23% | 63.99% | 96.36% | 128.01% | 41.28% |
| Income Tax | 647.48M | 527M | 438M | 417M | 627M | 504M | 226M |
| Effective Tax Rate % | 17.48% | 18.02% | 17.2% | 16.33% | 17.96% | 15.04% | 28.86% |
| Net Income | 2.79B | 2.48B | 2.17B | 1.84B | 1.92B | 1.87B | 382M |
| Net Margin % | 52.64% | 55.31% | 56.4% | 46.08% | 52.84% | 71.42% | 20.14% |
| Net Income Growth % | 14.61% | 14.62% | 17.89% | -3.97% | 2.46% | 389.27% | - |
| Net Income (Continuing) | 3.06B | 2.4B | 2.11B | 2.14B | 2.87B | 2.85B | 557M |
| EPS (Diluted) | 1.72 | 1.52 | 1.33 | 1.12 | 4.83 | 4.64 | 0.00 |
| EPS Growth % | 14.67% | 14.29% | 18.75% | -76.81% | 4.09% | - | - |
| EPS (Basic) | - | 1.54 | 1.33 | 1.12 | 4.83 | 4.64 | 0.00 |
| Diluted Shares Outstanding | 1.62B | 1.65B | 1.12B | 388.75M | 396.18M | 402.73M | 0 |
Quick answers to the most common questions about buying BAM stock.
For fiscal year 2025, Brookfield Asset Management Ltd. (BAM) reported total revenue of $4.49B. This represents a 136.8% increase compared to $1.90B in 2020.
Brookfield Asset Management Ltd. (BAM) is profitable, generating $2.48B in net income for the fiscal year ending 2025 with a net profit margin of 55.3%.
Brookfield Asset Management Ltd. (BAM) reported an operating income of $3.03B, resulting in an operating profit margin of 67.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Asset Management Ltd. (BAM) generated $3.23B in gross profit for the year, representing a gross profit margin of 72.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on fee-bearing capital growth
Metrics are mathematically derived from official filings.
Fee Engine Drives Revenue Growth
Fee-related earnings surged 20% to $808 million in Q2 2026, with total revenue up 11.2% sequentially, according to recent financial disclosures.
The sequential jump in net interest income from $92.7 million to $539.0 million appears to reflect a strategic shift toward higher-yielding credit investments, though the absolute level remains modest relative to fee income. This suggests the core earnings power is increasingly derived from asset management fees rather than traditional banking spreads, aligning with the asset-light model.
Asset-Light Model Yields Superior Margins
Operating margin expanded to 54.2% in Q2 2026, up from 49.4% in Q1, as reported in the latest quarterly results.
The efficiency ratio of 38.6% in Q2 2026, though higher than the unusually low prior quarter, remains well below the 50% threshold typical of traditional asset managers. This indicates that the firm's high fixed-cost base is being leveraged effectively as fee-bearing capital grows, with incremental revenue translating disproportionately to operating income.
Provision Volatility Reflects Credit Cycle
Provision for loan losses fell to $127.7 million in Q2 2026 from $187.4 million in Q1, a 32% decline, based on the income statement data.
The reduction in provisioning suggests an improving credit environment, particularly in the real estate and credit segments, which have been under pressure. However, the elevated provisions in 2025 (averaging over $300 million per quarter) indicate that credit costs remain a significant swing factor, warranting close monitoring of write-off trends and portfolio quality.
Recurring Fees Anchor Revenue Stability
Non-interest income accounted for 68.5% of total revenue in Q2 2026, down from 89.5% in Q1, as per the latest financial statements.
The decline in fee percentage is likely due to the surge in net interest income, but the absolute level of fee income remained stable at $1.2 billion. This stability underscores the recurring nature of management fees, which are less sensitive to market cycles than transaction-based fees, providing a predictable revenue base.
Record Fundraising Marks Inflection Point
Record fundraising of $77 billion in Q2 2026, with fee-bearing capital up 19% year-over-year to $672 billion, according to management commentary.
This inflection point suggests that the firm is capturing a disproportionate share of institutional capital flows, likely driven by its energy transition and infrastructure strategies. The sustained double-digit growth in fee-bearing capital, if maintained, should support continued expansion of fee-related earnings and potentially justify a premium valuation relative to peers.
Earnings Quality Under Scrutiny
EPS miss of $0.44 versus $0.46 estimate in Q2 2026, despite strong fee growth, raises questions about earnings mix, as per the latest quarterly report.
The miss suggests that while the core fee engine is scaling, other components—likely investment gains or carried interest—may have underperformed. This could indicate a reliance on volatile, non-recurring items to meet earnings expectations. Investors should monitor the sustainability of the fee growth and the realization of performance fees, as a slowdown in deployment could pressure future earnings.