Revenue has contracted significantly to $7.2 billion in 2025Q4, yet gross margins have expanded to 20.8%, suggesting a successful shift toward more efficient business units.
| Sales/Revenue | 27.94B | 40.62B | 53.05B | 57.38B | 46.59B | 37.63B | 43.03B | 37.17B | 22.82B | 7.96B | 6.75B | 4.62B | 4.88B |
| Revenue Growth % | -31.22% | -23.44% | -7.55% | 23.18% | 23.79% | -12.54% | 15.78% | 62.85% | 186.72% | 17.87% | 46.11% | -5.36% | - |
| Cost of Goods Sold | 22.54B | 34.88B | 50.94B | 53.11B | 43.15B | 34.63B | 40.13B | 34.13B | 21.88B | 7.39B | 6.13B | 4.1B | 4.44B |
| COGS % of Revenue | 80.68% | 85.88% | 96.01% | 92.55% | 92.62% | 92.02% | 93.26% | 91.84% | 95.85% | 92.79% | 90.8% | 88.68% | 90.91% |
| Gross Profit | 5.4B | 5.74B | 2.12B | 4.28B | 3.44B | 3B | 2.9B | 3.03B | 947M | 574M | 621M | 523M | 444M |
| Gross Margin % | 19.32% | 14.12% | 3.99% | 7.45% | 7.38% | 7.98% | 6.74% | 8.16% | 4.15% | 7.21% | 9.2% | 11.32% | 9.09% |
| Gross Profit Growth % | -5.89% | 171.11% | -50.5% | 24.42% | 14.34% | 3.58% | -4.38% | 220.38% | 64.98% | -7.57% | 18.74% | 17.79% | - |
| Operating Expenses | 1.17B | 1.27B | 1.57B | 1.36B | 1.01B | 968M | 832M | 1.39B | 711M | 555M | 481M | 326M | 324M |
| OpEx % of Revenue | 4.19% | 3.12% | 2.95% | 2.37% | 2.17% | 2.57% | 1.93% | 3.74% | 3.12% | 6.97% | 7.12% | 7.05% | 6.63% |
| Selling, General & Admin | 1.17B | 1.27B | 1.57B | 1.36B | 1.01B | 968M | 832M | 643M | 340M | 269M | 224M | 179M | 199M |
| SG&A % of Revenue | 4.19% | 3.12% | 2.95% | 2.37% | 2.17% | 2.57% | 1.93% | 1.73% | 1.49% | 3.38% | 3.32% | 3.87% | 4.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -136M | -108M | -11M | 70M | 13M | -4M |
| Operating Income | 4.23B | 4.47B | 549.9M | 2.92B | 2.42B | 2.04B | 2.07B | 172M | 152M | 77M | 163M | 47M | 209M |
| Operating Margin % | 15.13% | 11% | 1.04% | 5.08% | 5.2% | 5.41% | 4.81% | 0.46% | 0.67% | 0.97% | 2.41% | 1.02% | 4.28% |
| Operating Income Growth % | -5.42% | 712.87% | -81.14% | 20.26% | 19% | -1.55% | 1102.91% | 13.16% | 97.4% | -52.76% | 246.81% | -77.51% | - |
| EBITDA | 7.31B | 7.67B | 3.33B | 6.14B | 4.71B | 4.2B | 3.87B | 881.85M | 536.34M | 359.56M | 420M | 194M | 334M |
| EBITDA Margin % | 26.17% | 18.89% | 6.28% | 10.7% | 10.1% | 11.17% | 9% | 2.37% | 2.35% | 4.52% | 6.22% | 4.2% | 6.84% |
| EBITDA Growth % | -4.73% | 130.25% | -45.7% | 30.4% | 12.02% | 8.49% | 339.19% | 64.42% | 49.17% | -14.39% | 116.49% | -41.92% | - |
| D&A (Non-Cash Add-back) | 3.08B | 3.2B | 2.78B | 3.22B | 2.28B | 2.17B | 1.8B | 709.85M | 384.34M | 282.56M | 257M | 147M | 125M |
| EBIT | 3.64B | 4.47B | 3.51B | 2.92B | 2.42B | 2.04B | 2.07B | 1.7B | 236M | -193.64M | 388M | 191M | 239M |
| Net Interest Income | -3.19B | -2.95B | -3.6B | 0 | 0 | -1.56B | -1.3B | 0 | -202M | -90M | -65M | -28M | -27M |
| Interest Income | 0 | 0 | 65.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.19B | 2.95B | 3.66B | 0 | 0 | 1.56B | 1.3B | 0 | 202M | 90M | 65M | 28M | 27M |
| Other Income/Expense | -3.74B | -3.88B | 3.17B | -2.99B | -106M | -1.3B | -1.44B | -342M | -13M | -237M | -90M | -34M | -42M |
| Pretax Income | 488.4M | 594M | 3.72B | -79M | 2.32B | 734M | 626M | 1.3B | 223M | -218M | 323M | 163M | 212M |
| Pretax Margin % | 1.75% | 1.46% | 7.02% | -0.14% | 4.98% | 1.95% | 1.45% | 3.5% | 0.98% | -2.74% | 4.78% | 3.53% | 4.34% |
| Income Tax | 94.63M | -301M | -55M | -319M | 165M | 154M | 192M | 98M | 8M | -16M | 54M | 18M | -2M |
| Effective Tax Rate % | 19.37% | -50.67% | -1.48% | 403.8% | 7.12% | 20.98% | 30.67% | 7.53% | 3.59% | 7.34% | 16.72% | 11.04% | -0.94% |
| Net Income | -26.46M | 15M | 482M | 63M | 258M | -91M | 43M | 74M | -58M | 3M | 44M | 1M | 184M |
| Net Margin % | -0.09% | 0.04% | 0.91% | 0.11% | 0.55% | -0.24% | 0.1% | 0.2% | -0.25% | 0.04% | 0.65% | 0.02% | 3.77% |
| Net Income Growth % | -276.37% | -96.89% | 665.08% | -75.58% | 383.52% | -311.63% | -41.89% | 227.59% | -2033.33% | -93.18% | 4300% | -99.46% | - |
| Net Income (Continuing) | 393.77M | 895M | 3.78B | 240M | 2.15B | 580M | 434M | 1.2B | 215M | -202M | 269M | 145M | 214M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.99B | 15.56B | 16.54B | 17.01B | 10.73B | 9.41B | 8.94B | 4.95B | 4.48B | 2.83B | 1.3B | 635M | 580M |
| EPS (Diluted) | -0.31 | -0.50 | 6.47 | 4.71 | 27.50 | 7.23 | 5.90 | 0.57 | -1.04 | 0.06 | 1.00 | 0.03 | 4.18 |
| EPS Growth % | 38% | -107.73% | 37.37% | -82.87% | 280.36% | 22.54% | 935.09% | 154.81% | -1833.33% | -94% | 3233.33% | -99.28% | - |
| EPS (Basic) | -0.31 | -0.50 | 6.47 | 4.71 | 27.50 | 7.23 | 5.90 | 0.57 | -1.05 | 0.06 | 1.00 | 0.03 | 4.18 |
| Diluted Shares Outstanding | 86.5M | 74.3M | 74.5M | 75.3M | 78.3M | 80.2M | 73.6M | 129.3M | 55.77M | 50M | 59M | 44M | 44M |
| Basic Shares Outstanding | 86.5M | 74.3M | 74.5M | 75.3M | 78.3M | 80.2M | 73.6M | 129.28M | 55.5M | 50M | 59M | 44M | 44M |
| Dividend Payout Ratio | - | 342.72% | 4.36% | 79.37% | 14.34% | - | 83.29% | 43.24% | - | 566.67% | 1045.45% | 19700% | 77.72% |
Portfolio Consolidation Revenue Volatility
As reported in recent financial statements, BBU's quarterly revenue has experienced a sustained decline, dropping from $14.4 billion in 2023Q3 to $7.2 billion by 2025Q4, reflecting the impact of asset divestitures and the inherent volatility of consolidating diverse industrial holdings within a permanent capital structure.
The consistent year-over-year revenue contraction suggests that the firm is actively pruning its portfolio, likely prioritizing the monetization of mature assets over top-line growth. Investors should monitor whether this trend represents a strategic shift toward higher-margin business services or a broader struggle to maintain scale in a high-interest-rate environment.
Based on reported figures, gross margins have shown a notable recovery from the sub-10% levels observed in 2024 to 20.8% in 2025Q4, suggesting that recent portfolio rotations may be successfully shifting the revenue mix toward more efficient, less capital-intensive industrial and service-oriented business units.
The significant improvement in gross margin indicates that the firm's operational turnaround playbook may be gaining traction within its remaining core assets. However, given the historical sensitivity of these margins to raw material costs, it remains unclear if this expansion is sustainable or merely a temporary byproduct of divestiture timing.
According to recent SEC filings, BBU's operating income has fluctuated significantly, reaching $1.2 billion in 2025Q4 despite lower revenue, which implies that management is successfully exercising tighter control over SG&A expenses relative to the gross profit generated by its consolidated industrial and infrastructure service subsidiaries.
The ability to maintain operating income levels while revenue declines suggests a disciplined approach to overhead management during periods of portfolio transition. Analysts should investigate whether this operating leverage is a result of permanent cost-cutting initiatives or if it reflects the temporary deferral of necessary maintenance capital expenditures.
Financial data indicates that BBU's net income remains highly erratic, with a reported loss of $42.6 million in 2025Q4, a figure that likely masks the underlying cash-generating capacity of the portfolio due to non-cash depreciation and amortization charges inherent in their complex consolidation accounting methods.
The disconnect between operating income and net income warrants further investigation into the non-controlling interest allocations and purchase price accounting adjustments that frequently cloud the firm's bottom-line performance. Investors should focus on FFO metrics rather than GAAP net income to better assess the true economic value being created.
As highlighted in recent performance data, the firm's reliance on a consolidated model creates significant earnings sensitivity to individual subsidiary performance, where a single underperforming industrial asset can disproportionately impact the consolidated bottom line, as evidenced by the negative net income reported in multiple recent quarters.
Short-term volatility in earnings may lead to a persistent conglomerate discount, as the market struggles to reconcile the disparate performance of manufacturing assets with the firm's broader service-oriented goals. The reliance on non-recourse debt at the subsidiary level remains a critical risk factor that could limit future capital deployment flexibility.
Quick answers to the most common questions about buying BBU stock.
For fiscal year 2025, Brookfield Business Partners L.P. (BBU) reported total revenue of $27.94B. This represents a 472.0% increase compared to $4.88B in 2013.
Brookfield Business Partners L.P. (BBU) reported a net loss of $26.5M for the fiscal year ending 2025.
Brookfield Business Partners L.P. (BBU) reported an operating income of $4.23B, resulting in an operating profit margin of 15.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Business Partners L.P. (BBU) generated $5.40B in gross profit for the year, representing a gross profit margin of 19.3%. This demonstrates the company's core pricing power and production efficiency.