BAM NYSE Russell 1000 Earnings call
Brookfield Asset Management (BAM) · Q2 2026 results and valuation
Share price: $52.56 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 8 May 2026
Net income up 100.0% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+100.0%
Net income vs Q1 2026
Outlook given
Net income 1.17B vs 586.0M
Revenue +31.0%
Against the same quarter last year (Q2 2025) it is +100.7%, so it is not just seasonal.
2 · How management spoke
Typical
More upbeat than 56% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
Fee-related earnings for the quarter were $808 million, which increased by 20% from the prior year.
Valuation
Is Brookfield Asset Management undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $28.19 a share — the stock trades 86% above it. Today's price assumes 17.6% growth a year.
Current price
$52.56
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.6% for 10 yrs
Fair value / share
$28.19
Buy below
$21.14
Price vs fair value
Overvalued 86%
Price vs buy-below price
Overvalued 149%
Read between the lines
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Key theme
Transaction volumes are expected to continue building through the second half of the year.
Source quote
“Our leadership across the entire AI infrastructure value chain, data centers, power generation and compute gives us a rare and differentiated... And the third area is AI.”
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Key theme
BAM will discuss its AI infrastructure strategy and growing momentum following record fundraising and strategic partnerships aimed at strengthening the company's platform.
Source quote
“Sikander will discuss our AI infrastructure strategy in greater detail, including the differentiated position we've built, our growing momentum and the opportunity... Connor will begin with an overview of the quarter, including our record fundraising and strategic partnerships that continue to strengthen our platform. And Hadley will review our financial and operating results and our balance sheet.”
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Guidance
The company expects 2026 to be a record year for Brookfield and not by a small margin.
Source quote
“Similar to last quarter, we expect 2026 will be a record year for Brookfield and not by a small margin.”
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Guidance
BAM expects transaction volumes to continue building through the second half of the year based on the breadth and depth of activity underway.
Source quote
“Based on the breadth and depth of activity underway, we expect transaction volumes to continue building through the second half of the year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Fundraising momentum remains strong, and we have deep and growing pipeline of high-quality investment opportunities.”
“But more important than the strong downside protection is how we are positioned for the greatest growth opportunities in the market today.”
“Reinforcing this, the second quarter was exceptional by almost any measure, record fundraising with both earnings and fee-bearing capital growing well ahead of our long-term targets.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.75B | 1.34B | +31.0% | 1.09B | +60.8% |
| Operating income | 1.33B | 696.0M | +91.7% | 659.0M | +102.4% |
| Net income | 1.17B | 586.0M | +100.0% | 584.0M | +100.7% |
| P/E today 39.6 | — | — | — | — | — |
Topics
Most discussed now
- New These statements reflect predictions of future events and trends and do not relate to historic events.
- New Growth in DE continues to closely track growth in FRE, underscoring the reoccurring resilient nature of Brookfield Asset Management's…
- Fundraising momentum remains strong, and Brookfield Asset Management has deep and growing pipeline of high-quality investment opportunities.
- Brookfield Asset Management continued to grow the business, delivering strong profitability with margins of 57% for the quarter and 58%…
- Brookfield Asset Management also plans to make the transition to the new partner manager presentation it has previously discussed.
Faded since Q1 2026
- Fading While this combination creates clear operating and financial benefits, its greatest significance and most meaningful impact will be on…
- Fading Strategy, which now has over $20 billion of capital, and $800 million for Brookfield Asset Management's infrastructure private wealth…
- Fading Brookfield Asset Management shares a long-term vision, a deep respect for disciplined capital allocation, and a focus on building client…
- Fading Turning to margins, Brookfield Asset Management has maintained strong levels alongside this growth, with margins at 57% for the quarter and…
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K