TSX:BAM Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	3,944	3,381	3,142	2,835	2,423
Other Revenue	873	599	920	792	664
Revenue	4,817	3,980	4,062	3,627	3,087
Revenue Growth (YoY)	21.03%	-2.02%	11.99%	17.49%	43.31%
Cost of Revenue	1,783	1,154	1,048	700	703
Gross Profit	3,034	2,826	3,014	2,927	2,384
Selling, General & Admin	-	64	56	81	132
Other Operating Expenses	-	347	342	236	185
Operating Expenses	-	411	398	317	317
Operating Income	3,034	2,415	2,616	2,610	2,067
Interest Expense	-261	-115	-100	-354	-382
Interest & Investment Income	-	-	-	1,090	-
Earnings From Equity Investments	402	339	167	146	161
Other Non Operating Income (Expenses)	-250	-	-	-	209
EBT Excluding Unusual Items	2,925	2,639	2,683	3,492	2,055
Gain (Loss) on Sale of Investments	-	-93	-99	-	1,300
Asset Writedown	-	-	-30	-	-5
Pretax Income	2,925	2,546	2,554	3,492	3,350
Income Tax Expense	527	438	417	627	504
Earnings From Continuing Operations	2,398	2,108	2,137	2,865	2,846
Minority Interest in Earnings	87	60	-298	-950	-977
Net Income	2,485	2,168	1,839	1,915	1,869
Net Income to Common	2,485	2,168	1,839	1,915	1,869
Net Income Growth	14.62%	17.89%	-3.97%	2.46%	369.60%
Shares Outstanding (Basic)	1,614	1,585	1,635	1,635	-
Shares Outstanding (Diluted)	1,635	1,585	1,635	1,635	-
Shares Change (YoY)	3.15%	-3.08%	0.00%	-	-
EPS (Basic)	1.54	1.37	1.12	1.17	-
EPS (Diluted)	1.52	1.37	1.12	1.17	-
EPS Growth	11.12%	21.64%	-3.97%	-	-
Free Cash Flow	-	1,855	1,422	-387	1,408
Free Cash Flow Per Share	-	1.17	0.87	-0.24	-
Dividend Per Share	1.750	-	-	-	-
Gross Margin	62.98%	71.00%	74.20%	80.70%	77.23%
Operating Margin	62.98%	60.68%	64.40%	71.96%	66.96%
Profit Margin	51.59%	54.47%	45.27%	52.80%	60.54%
Free Cash Flow Margin	-	46.61%	35.01%	-10.67%	45.61%
EBITDA	3,074	2,429	2,630	2,623	2,078
EBITDA Margin	63.82%	61.03%	64.75%	72.32%	67.31%
D&A For EBITDA	40	14	14	13	11
EBIT	3,034	2,415	2,616	2,610	2,067
EBIT Margin	62.98%	60.68%	64.40%	71.96%	66.96%
Effective Tax Rate	18.02%	17.20%	16.33%	17.95%	15.04%
Revenue as Reported	4,817	3,980	4,062	3,627	3,087

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.