TSX:BAM Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Operating Revenue	3,760	3,381	3,142	2,835	2,423	1,892
Other Revenue	726	599	920	792	664	262
Revenue	4,486	3,980	4,062	3,627	3,087	2,154
Revenue Growth (YoY)	10.85%	-2.02%	11.99%	17.49%	43.31%	-0.87%
Cost of Revenue	1,318	1,154	1,048	700	703	519
Gross Profit	3,168	2,826	3,014	2,927	2,384	1,635
Selling, General & Admin	69	64	56	81	132	114
Other Operating Expenses	356	347	342	236	185	157
Operating Expenses	425	411	398	317	317	271
Operating Income	2,743	2,415	2,616	2,610	2,067	1,364
Interest Expense	-234	-115	-100	-354	-382	-377
Interest & Investment Income	-	-	-	1,090	-	-
Earnings From Equity Investments	494	339	167	146	161	38
Other Non Operating Income (Expenses)	-18	-	-	-	209	-180
EBT Excluding Unusual Items	2,985	2,639	2,683	3,492	2,055	845
Gain (Loss) on Sale of Investments	-165	-93	-99	-	1,300	-
Asset Writedown	-	-	-30	-	-5	-46
Pretax Income	2,820	2,546	2,554	3,492	3,350	799
Income Tax Expense	357	438	417	627	504	226
Earnings From Continuing Operations	2,463	2,108	2,137	2,865	2,846	573
Minority Interest in Earnings	150	60	-298	-950	-977	-175
Net Income	2,613	2,168	1,839	1,915	1,869	398
Net Income to Common	2,613	2,168	1,839	1,915	1,869	398
Net Income Growth	40.94%	17.89%	-3.97%	2.46%	369.60%	-79.20%
Shares Outstanding (Basic)	1,612	1,585	1,635	1,635	-	-
Shares Outstanding (Diluted)	1,612	1,585	1,635	1,635	-	-
Shares Change (YoY)	-1.11%	-3.08%	0.00%	-	-	-
EPS (Basic)	1.62	1.37	1.12	1.17	-	-
EPS (Diluted)	1.62	1.37	1.12	1.17	-	-
EPS Growth	42.52%	21.64%	-3.97%	-	-	-
Free Cash Flow	1,772	1,855	1,422	-387	1,408	1,766
Free Cash Flow Per Share	1.10	1.17	0.87	-0.24	-	-
Gross Margin	70.62%	71.00%	74.20%	80.70%	77.23%	75.91%
Operating Margin	61.15%	60.68%	64.40%	71.96%	66.96%	63.32%
Profit Margin	58.25%	54.47%	45.27%	52.80%	60.54%	18.48%
Free Cash Flow Margin	39.50%	46.61%	35.01%	-10.67%	45.61%	81.99%
EBITDA	2,776	2,429	2,630	2,623	2,078	1,371
EBITDA Margin	61.88%	61.03%	64.75%	72.32%	67.31%	63.65%
D&A For EBITDA	33	14	14	13	11	7
EBIT	2,743	2,415	2,616	2,610	2,067	1,364
EBIT Margin	61.15%	60.68%	64.40%	71.96%	66.96%	63.32%
Effective Tax Rate	12.66%	17.20%	16.33%	17.95%	15.04%	28.29%
Revenue as Reported	4,486	3,980	4,062	3,627	3,087	2,154

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.