Revenue and EPS declines are notable but largely explained by structural changes (healthcare deconsolidation, prior-year disposition gain). The flat Adjusted EBITDA and strong cash position ($4.5B) suggest underlying operations are stable. Watch for closing of the Australian asset manager stake sale (H2 2026) and integration of Fosber/DeployCo investments, which could shift the portfolio mix toward higher-growth AI services.
Price Chart
Executive Summary
Brookfield Business Corp (BBUC) reported Q1 2026 results with revenue declining 4.6% YoY to $6.436B and net income attributable to Class A shareholders falling 50% to $40M ($0.19 per share vs $0.38). The revenue decline was driven by the deconsolidation of healthcare services and prior-year disposition gains, partially offset by growth in industrials. Adjusted EBITDA was essentially flat at $582M. The filing also discloses post-quarter-end acquisitions (Fosber for ~$950M, DeployCo AI investment of ~$150M) and an agreement to sell a 27% stake in its Australian asset manager.
Key Facts
- Q1 2026 revenue of $6,436M, down 4.6% from $6,749M in Q1 2025
- Net income attributable to Class A shareholders of $40M, down 50% from $80M in Q1 2025
- EPS of $0.19, down from $0.38 in Q1 2025
- Adjusted EBITDA of $582M, essentially flat vs $591M in Q1 2025
- Adjusted EFO of $279M, down from $345M in Q1 2025, primarily due to prior-year $114M disposition gain
- Cash and cash equivalents of $4,524M, up from $3,546M at year-end 2025
- Net debt-to-capitalization ratio of 72%, unchanged from year-end 2025
- Post-quarter: completed Fosber acquisition for ~$950M (37% economic interest)
- Post-quarter: agreed to sell 27% interest in Australian asset manager and lender
- Post-quarter: agreed to invest ~$150M in OpenAI Deployment Company (DeployCo)
- Advanced energy storage operation received $1,044M cash tax refund in March 2026
- Quarterly dividend of $0.0625 per share declared, payable June 30, 2026
Financial Impact
Revenue declined $313M YoY (-4.6%), net income attributable to shareholders halved to $40M. Adjusted EBITDA flat at $582M. Post-quarter capital deployment of ~$1.12B (Fosber $173M equity, DeployCo ~$150M, plus debt-funded portions).
Risk Factors
- Continued revenue pressure from portfolio simplification (healthcare deconsolidation, partial stake sales to evergreen fund)
- Execution risk on Fosber integration and DeployCo AI investment ramp-up
- Modular building leasing segment continues to face challenged end-market conditions
- 72% net debt-to-capitalization ratio limits financial flexibility at the corporate level
- Incentive dividend threshold ($33.81/share) barely exceeded by Q1 VWAP ($33.80), creating potential dilution if triggered
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-033635 |
| Document: bbucq120266kcoverpage.htm | 0001628280-26-033635 |
| Document: bbucq12026ex992.htm | 0001628280-26-033635 |
| Document: bbucq12026ex993.htm | 0001628280-26-033635 |
| Document: 0001628280-26-033635-index-headers.html | 0001628280-26-033635 |
| Document: 0001628280-26-033635-index.html | 0001628280-26-033635 |
| Document: 0001628280-26-033635.txt | 0001628280-26-033635 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $28.95 $25.61 | ▼ −11.54% | ▼ −9.56% | $25.57 (−11.68%) |
Aug 14, 2026 7w ago | 6-K | $29.37 $25.87 | ▼ −11.92% | ▼ −9.93% | $25.57 (−12.94%) |
Jul 31, 2026 9w ago | 6-K | $29.63 $27.97 | ▼ −5.60% | ▼ −8.59% | $25.57 (−13.70%) |
May 11, 2026 20w ago | 6-K | $32.72 $32.04 | ▼ −2.08% | ▼ −0.35% | $25.57 (−21.85%) |
May 8, 2026 21w ago | 6-K | $30.85 $32.89 | ▲ +6.61% | ▲ +6.59% | $25.57 (−17.12%) |
May 8, 2026 21w ago | Press Release | $30.85 $32.89 | ▲ +6.61% | ▲ +6.59% | $25.57 (−17.12%) |
Apr 13, 2026 24w ago | 15-12G | $34.11 $31.81 | ▼ −6.74% | ▼ −14.47% | $25.57 (−25.04%) |
Apr 1, 2026 26w ago | Press Release | $33.45 $33.39 | ▼ −0.18% | ▼ −9.90% | $25.57 (−23.56%) |
Mar 31, 2026 26w ago | Press Release | $31.64 $33.30 | ▲ +5.25% | ▼ −4.18% | $25.57 (−19.18%) |
Mar 27, 2026 26w ago | 6-K | $31.65 $33.43 | ▲ +5.62% | ▼ −6.97% | $25.57 (−19.21%) |
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