Brookfield Business Partners (NYSE: BBU) reported net income of $387 million for the full year ended December 31, 2025, marking a significant improvement compared to the prior year. Units of the partnership closed at $35.39 on the New York Stock Exchange, up from a closing price of $23.57 at the end of the previous fiscal year. Brookfield Business Partners operates as the flagship listed vehicle for the private equity group of Brookfield Asset Management.
Market Capitalization
As of December 31, 2025, the total market capitalization of the partnership and its corporation was $7,409 million, equivalent to approximately ₹622.36 billion. This valuation comprised $4,930 million attributed to partnership units and $2,479 million related to exchangeable shares.
Latest Quarterly Results
For the three months ended December 31, 2025, consolidated revenue totaled $7,094 million, compared with $7,427 million in the same period last year. Net income for the quarter was $118 million, compared to a net loss of $1,108 million in the fourth quarter of the prior year.
Adjusted EBITDA by segment for the quarter was as follows:
- Industrials: $354 million
- Business Services: $217 million
- Infrastructure Services: $119 million
- Corporate: $(38) million
Total Adjusted EBITDA for the fourth quarter amounted to $652 million.
Full-Year Results Context
For the full year 2025, consolidated revenue was $27,457 million, compared to $40,620 million in the prior year. Net income attributable to unitholders was $43 million, equivalent to a loss of $0.30 per limited partnership unit, compared with a net loss of $109 million, or $0.50 per unit, in 2024.
Adjusted EBITDA for the year ended December 31, 2025, totaled $2,409 million, compared to $2,565 million in the prior year.
Full-year Adjusted EBITDA by segment was:
- Industrials: $1,281 million
- Business Services: $823 million
- Infrastructure Services: $436 million
- Corporate: $(131) million
Business and Operations Update
During 2025, Brookfield Business Partners generated over $2,000 million from capital recycling initiatives and invested $700 million in four growth acquisitions. The partnership also repurchased 8.8 million units and shares under its normal course issuer bid for a total of $235 million during the year.
M&A and Strategic Actions
In December 2025, the company reached an agreement to acquire Fosber, a global provider of machinery, parts, and services for the corrugated packaging industry. The transaction is expected to be funded with approximately $480 million of equity, of which Brookfield Business Partners’ share is expected to be $170 million for a 35% interest. Earlier in the year, the company completed the disposition of its offshore oil services shuttle tanker operation and sold a partial interest in its dealer software and technology business.
Guidance and Outlook
Brookfield Business Partners expects to complete its previously announced corporate reorganization by the end of the first quarter of 2026, subject to final regulatory approvals. Following completion, the company expects to pay an annual dividend of $0.25 per share, consistent with the current distribution and dividend paid on partnership units and exchangeable shares.
Performance Summary
Performance during the year was led by the Industrials segment, which generated $1,281 million of Adjusted EBITDA. Net income attributable to unitholders improved to $43 million, reflecting a meaningful recovery compared to the prior year.