Revenue volatility remains a primary concern, with quarterly figures fluctuating between $18.1 billion and $24.5 billion, while net margins have struggled to exceed 3.5% in any period since 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 76.58B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 27.02B | 29.53B | 18.07B | 14.52B | 14.26B | 11.73B | 15.37B | 15.1B | 11.25B | 8.4B | 6.69B | 5.48B | 5.25B | 6.17B | 4.8B | 4.01B | 3.46B | 4.51B | 4.62B | 4.51B | 0 | 2.31B | 1.7B | 1.44B | 1.21B | 381.97M | 408M | 0 | 0 | 0 |
| Gross Margin % | 35.28% | 38.8% | 21.01% | 15.13% | 15.37% | 15.49% | 24.49% | 22.26% | 19.82% | 20.59% | 27.42% | 27.52% | 28.57% | 30.68% | 25.6% | 25.22% | 25.38% | 37.37% | 35.76% | 48.26% | - | 44.18% | 43.65% | 42.58% | 39.63% | 49.48% | 50.31% | - | - | - |
| Gross Profit Growth % | - | 63.44% | 24.49% | 1.8% | 21.54% | -23.66% | 1.78% | 34.18% | 33.98% | 25.47% | 22.13% | 4.46% | -14.91% | 28.3% | 19.68% | 16.14% | -23.43% | -2.19% | 2.37% | - | -100% | 35.49% | 18.61% | 18.5% | 217.04% | -6.38% | - | - | - | - |
| Operating Expenses | 5.33B | 7.76B | 76M | 69M | 122M | 116M | 5.89B | 4.97B | 3.21B | 2.44B | 2.11B | 1.8B | 1.59B | 1.61B | 1.42B | 1.07B | 1.31B | 1.66B | 1.73B | 1.57B | 600M | -2.58B | 460M | 237M | 175M | 31M | 37M | 387.58M | 520.12M | 447.56M |
| OpEx % of Revenue | - | 10.19% | 0.09% | 0.07% | 0.13% | 0.15% | 9.39% | 7.33% | 5.65% | 5.98% | 8.65% | 9.04% | 8.67% | 8% | 7.57% | 6.73% | 9.61% | 13.77% | 13.39% | 16.76% | 8.7% | -49.35% | 11.8% | 7.03% | 5.73% | 4.02% | 4.56% | 39.51% | 49.76% | 37.65% |
| Selling, General & Admin | 60M | 78M | 76M | 69M | 122M | 116M | 101M | 98M | 104M | 95M | 92M | 106M | 123M | 152M | 158M | 481M | 417M | 393M | 406M | 464M | 333M | 287M | 209M | 88M | 56M | 7M | 12M | 0 | 0 | 0 |
| SG&A % of Revenue | - | 0.1% | 0.09% | 0.07% | 0.13% | 0.15% | 0.16% | 0.14% | 0.18% | 0.23% | 0.38% | 0.53% | 0.67% | 0.76% | 0.84% | 3.02% | 3.06% | 3.25% | 3.15% | 4.97% | 4.83% | 5.5% | 5.36% | 2.61% | 1.83% | 0.91% | 1.48% | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 21.69B | 21.78B | 17.99B | 14.45B | 14.14B | 11.62B | 9.47B | 10.12B | 8.05B | 5.96B | 4.58B | 3.68B | 3.65B | 4.56B | 3.38B | 2.94B | 2.15B | 2.85B | 2.89B | 2.94B | 6.3B | 4.85B | 1.24B | 1.2B | 1.04B | 350.97M | 371M | 593.36M | 525.15M | 741.27M |
| Operating Margin % | 28.32% | 28.6% | 20.92% | 15.06% | 15.24% | 15.34% | 15.1% | 14.93% | 14.17% | 14.61% | 18.77% | 18.48% | 19.89% | 22.68% | 18.03% | 18.48% | 15.77% | 23.6% | 22.36% | 31.5% | 91.3% | 92.84% | 31.85% | 35.55% | 33.9% | 45.47% | 45.75% | 60.49% | 50.24% | 62.35% |
| Operating Income Growth % | - | 21.02% | 24.56% | 2.19% | 21.7% | 22.6% | -6.42% | 25.83% | 35.05% | 30.06% | 24.52% | 0.71% | -19.86% | 34.69% | 14.98% | 37.01% | -24.66% | -1.25% | -1.9% | -53.26% | 29.94% | 290.18% | 3.67% | 15.64% | 195.18% | -5.4% | -37.47% | 12.99% | -29.16% | - |
| EBITDA | 32.2B | 32.15B | 27.73B | 23.52B | 21.82B | 18.05B | 15.27B | 15B | 11.15B | 8.3B | 6.6B | 5.37B | 5.12B | 6.01B | 4.65B | 3.85B | 2.94B | 4.13B | 4.22B | 3.98B | 6.9B | 5.22B | 1.49B | 1.35B | 1.16B | 374.97M | 396M | 593.36M | 525.15M | 741.27M |
| EBITDA Margin % | 42.05% | 42.23% | 32.24% | 24.52% | 23.52% | 23.84% | 24.33% | 22.12% | 19.64% | 20.36% | 27.04% | 26.99% | 27.9% | 29.93% | 24.76% | 24.16% | 21.6% | 34.15% | 32.67% | 42.57% | 100% | 100% | 38.29% | 39.97% | 37.79% | 48.58% | 48.83% | 60.49% | 50.24% | 62.35% |
| EBITDA Growth % | 13.61% | 15.92% | 17.9% | 7.8% | 20.87% | 18.26% | 1.77% | 34.55% | 34.26% | 25.78% | 22.83% | 4.9% | -14.8% | 29.4% | 20.8% | 30.72% | -28.67% | -2.16% | 6.03% | -42.34% | 32.13% | 249.63% | 10.84% | 16.62% | 208.03% | -5.31% | -33.26% | 12.99% | -29.16% | - |
| D&A (Non-Cash Add-back) | 10.51B | 10.37B | 9.74B | 9.07B | 7.68B | 6.44B | 5.79B | 4.88B | 3.1B | 2.35B | 2.02B | 1.7B | 1.47B | 1.46B | 1.26B | 904M | 795M | 1.27B | 1.33B | 1.03B | 600M | 374M | 251M | 149M | 119M | 24M | 25M | 0 | 0 | 0 |
| EBIT | 23.16B | 22.39B | 19.45B | 21.62B | 17.37B | 22.32B | 8.76B | 13.08B | 12.09B | 8.77B | 6.23B | 7.68B | 9.11B | 7.24B | 5.77B | 6.53B | 5.07B | 3.78B | 4.34B | 3.66B | 6.3B | 4.85B | 1.24B | 1.2B | 1.04B | 350.97M | 371M | 593.36M | 525.15M | 741.27M |
| Net Interest Income | -16.51B | -17.1B | -16.61B | -15.5B | -10.7B | -7.6B | -7.21B | -7.23B | -4.85B | -3.61B | -3.23B | -2.82B | -2.58B | -2.55B | -2.5B | -2.35B | -1.83B | -1.78B | -1.98B | -1.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 717M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.23B | 17.1B | 16.61B | 15.5B | 10.7B | 7.6B | 7.21B | 7.23B | 4.85B | 3.61B | 3.23B | 2.82B | 2.58B | 2.55B | 2.5B | 2.35B | 1.83B | 1.78B | 1.98B | 1.79B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 5.19B | 4.37B | 2.83B | 6.12B | 6.66B | 14.71B | 1.54B | 5.85B | 7.24B | 5.16B | 2.99B | 4.87B | 6.53B | 4.69B | 3.27B | 4.18B | 3.24B | 2B | 2.36B | 1.87B | 1.51B | 2.09B | 901M | 573M | 187M | 190.98M | 269M | 321.65M | 285.71M | 478.53M |
| Pretax Margin % | 6.78% | 5.74% | 3.3% | 6.38% | 7.18% | 19.43% | 2.46% | 8.62% | 12.75% | 12.66% | 12.26% | 24.43% | 35.57% | 23.34% | 17.45% | 26.27% | 23.77% | 16.51% | 18.26% | 20.05% | 21.97% | 40.02% | 23.11% | 17% | 6.12% | 24.74% | 33.17% | 32.79% | 27.33% | 40.25% |
| Income Tax | 1.14B | 1.14B | 982M | 1.01B | 1.47B | 2.32B | 837M | 495M | -248M | 613M | -345M | 196M | 1.32B | 845M | 519M | 508M | 43M | -24M | 461M | -88M | 345M | 427M | 346M | 165M | 104M | -4M | 10M | 29.97M | 16.1M | 44.96M |
| Effective Tax Rate % | 22.04% | 25.97% | 34.64% | 16.53% | 22.04% | 15.8% | 54.21% | 8.46% | -3.43% | 11.87% | -11.53% | 4.03% | 20.25% | 18.02% | 15.85% | 12.15% | 1.33% | -1.2% | 19.56% | -4.7% | 22.77% | 20.44% | 38.4% | 28.8% | 55.61% | -2.09% | 3.72% | 9.32% | 5.63% | 9.39% |
| Net Income | 1.33B | 1.31B | 641M | 1.13B | 2.06B | 3.97B | -134M | 2.81B | 3.58B | 1.46B | 1.65B | 2.34B | 3.11B | 2.12B | 1.38B | 1.96B | 1.45B | 454M | 649M | 787M | 1.17B | 1.66B | 555M | 408M | 83M | 194.98M | 432M | 291.68M | 269.62M | 433.57M |
| Net Margin % | 1.74% | 1.72% | 0.75% | 1.18% | 2.22% | 5.24% | -0.21% | 4.14% | 6.31% | 3.58% | 6.76% | 11.76% | 16.94% | 10.55% | 7.35% | 12.29% | 10.67% | 3.76% | 5.03% | 8.42% | 16.96% | 31.84% | 14.23% | 12.11% | 2.72% | 25.26% | 53.27% | 29.74% | 25.79% | 36.47% |
| Net Income Growth % | 118.07% | 103.9% | -43.27% | -45.04% | -48.16% | 3059.7% | -104.77% | -21.68% | 145.14% | -11.45% | -29.47% | -24.73% | 46.7% | 53.62% | -29.48% | 34.59% | 220.26% | -30.05% | -17.53% | -32.73% | -29.6% | 199.46% | 36.03% | 391.57% | -57.43% | -54.86% | 48.11% | 8.18% | -37.81% | - |
| Net Income (Continuing) | 4.05B | 3.23B | 1.85B | 5.11B | 5.2B | 12.39B | 707M | 5.35B | 7.49B | 4.55B | 3.34B | 4.67B | 5.21B | 3.84B | 2.75B | 3.67B | 3.19B | 2.02B | 1.9B | 1.96B | 1.17B | 1.66B | 555M | 408M | 83M | 194.98M | 259M | 291.68M | 269.62M | 433.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 119.25B | 118.31B | 119.41B | 122.47B | 98.14B | 88.39B | 86.8B | 81.83B | 67.33B | 51.63B | 43.23B | 31.92B | 29.55B | 26.65B | 23.19B | 18.52B | 14.74B | 0 | 0 | 4.77B | 3.73B | 1.71B | 1.78B | 1.52B | 1.46B | 1.71B | 705M | 1.1B | 1.02B | 0 |
| EPS (Diluted) | 0.56 | 0.50 | 0.21 | 0.41 | 0.79 | 1.59 | -0.09 | 1.15 | 1.51 | 0.59 | 0.69 | 1.01 | 1.39 | 0.93 | 0.59 | 0.85 | 0.69 | 0.21 | 0.30 | 0.37 | 0.56 | 0.81 | 0.27 | 0.17 | 0.04 | 0.09 | 0.21 | 0.13 | 0.12 | 0.21 |
| EPS Growth % | 162.09% | 141.94% | -49.18% | -48.74% | -50.21% | 1938.46% | -107.51% | -23.79% | 155.06% | -13.59% | -31.79% | -27.4% | 49.64% | 57.95% | -31.25% | 23.08% | 225% | -28.89% | -18.18% | -34.52% | -30.58% | 202.5% | 53.85% | 332.61% | -53.77% | -59.38% | 60% | 11.11% | -41.94% | - |
| EPS (Basic) | - | 0.52 | 0.21 | 0.41 | 0.81 | 1.65 | -0.08 | 1.18 | 1.54 | 0.61 | 0.70 | 1.03 | 1.42 | 0.95 | 0.60 | 0.89 | 0.71 | 0.21 | 0.31 | 0.37 | 0.58 | 0.83 | 0.27 | 0.17 | 0.04 | 0.09 | 0.21 | 0.13 | 0.12 | 0.21 |
| Diluted Shares Outstanding | 2.37B | 2.37B | 2.38B | 2.38B | 2.41B | 2.38B | 2.31B | 2.23B | 2.2B | 2.21B | 2.2B | 2.33B | 2.14B | 2.29B | 2.36B | 2.29B | 2.05B | 1.96B | 2B | 2.02B | 2.08B | 2.06B | 2.09B | 2.07B | 2.07B | 2B | 1.93B | 2.02B | 2.03B | 2.01B |
| Basic Shares Outstanding | 2.5B | 2.5B | 2.27B | 2.34B | 2.35B | 2.3B | 2.27B | 2.18B | 2.15B | 2.16B | 2.16B | 2.27B | 2.08B | 2.23B | 2.31B | 2.2B | 1.94B | 1.93B | 1.96B | 1.97B | 2.02B | 2.01B | 2.05B | 1.96B | 1.96B | 1.98B | 1.93B | 2.02B | 2.03B | 2.01B |
| Dividend Payout Ratio | - | - | 77.22% | 38.58% | 42.75% | 33.74% | - | 27.5% | 20.26% | 46.85% | 38.34% | 24.95% | 17.43% | 25.52% | 33.99% | 21.72% | 56.19% | 75.11% | 52.7% | 40.15% | 22.05% | - | 60.9% | 45.1% | 187.95% | 70.77% | 33.8% | 51.37% | 51.49% | 28.11% |
High financial leverage sensitivity
As indicated by the provided quarterly data, revenue has fluctuated significantly between $18.1 billion and $24.5 billion over the last ten quarters, suggesting that the firm's top-line performance is heavily influenced by the timing of asset dispositions rather than consistent, organic growth in recurring management fee streams.
The lack of a clear upward trajectory in revenue suggests that the company's reliance on transactional carried interest and asset sales introduces substantial lumpiness into the income statement. Investors should monitor whether the recent revenue stabilization near $18-19 billion represents a new baseline or a cyclical trough in capital recycling activity.
Based on the reported financial figures, gross margins have exhibited extreme volatility, ranging from a low of 16.0% in 2023Q4 to a peak of 42.0% in 2025Q4, highlighting the inherent difficulty in maintaining consistent profitability across a diverse, capital-intensive portfolio of global infrastructure and real estate assets.
The wide variance in gross margins suggests that the company's operating groups are highly sensitive to market-driven valuation adjustments and project-specific costs. The persistent gap between gross and net margins, which frequently dips below 1%, implies that heavy depreciation and interest expenses continue to exert significant pressure on bottom-line profitability.
According to the income statement history, net income has remained consistently thin, with quarterly figures as low as $43 million, which appears to be a direct consequence of non-cash depreciation charges that may not accurately reflect the underlying cash-generating capacity of the firm's permanent capital assets.
The discrepancy between operating income and net income suggests that investors should exercise caution when relying on GAAP earnings to assess performance. The volatility in EPS, which swung from $0.00 to $0.30 over the observed period, warrants further investigation into how much of this variance is driven by non-operating fair value adjustments.
As reported in recent financial statements, the company's thin net margins and reliance on debt-heavy financing vehicles suggest that any sustained increase in interest rates could disproportionately impact equity value, potentially challenging the sustainability of the firm's aggressive capital-intensive expansion strategy in the current macro environment.
Short-sellers may focus on the potential for 'double leverage' within the complex corporate structure, where debt is layered across multiple subsidiaries. The market's current valuation may be underestimating the risk that high interest expenses could permanently impair the firm's ability to recycle capital effectively if asset yields fail to outpace borrowing costs.
Quick answers to the most common questions about buying BNJ stock.
Brookfield Finance Inc. 4.50% P (BNJ) is profitable, generating $1.31B in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
Brookfield Finance Inc. 4.50% P (BNJ) reported an operating income of $21.78B, resulting in an operating profit margin of 28.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Finance Inc. 4.50% P (BNJ) generated $29.53B in gross profit for the year, representing a gross profit margin of 38.8%. This demonstrates the company's core pricing power and production efficiency.