Brookfield Business Partners reported a net loss of $59 million, or $0.28 per unit, for the three months ended September 30, 2025, a reversal from the $301 million net income ($1.39 per unit) recorded in the prior quarter. Revenue reached $6.92 billion, a substantial beat over the $3.15 billion consensus estimate, driven by robust demand in the company’s core industrial and business‑services segments and the impact of recent acquisitions. Adjusted EBITDA fell to $575 million from $844 million, largely because tax recoveries dropped from $296 million to $77 million and net gains on dispositions fell from $16 million to $131 million. The company’s liquidity remained strong, with $2.3 billion in corporate liquidity, $2.2 billion of available credit facility capacity, and a pro‑forma liquidity of $2.9 billion. A quarterly distribution of $0.0625 per unit will be paid on December 31, 2025.
The net loss was driven by a sharp decline in one‑time tax benefits and gains from asset disposals that had buoyed the prior quarter. In Q3, the advanced energy‑storage operation yielded only $77 million in tax recoveries, compared with $296 million in Q2, while the company’s net gain on dispositions rose to $131 million from $16 million. These changes reduced the overall adjusted EBITDA, even though the core operating performance—measured by adjusted EBITDA excluding tax recoveries and disposition effects—rose modestly from $512 million to $512 million, indicating that underlying operations remained resilient. The partial sale of three businesses in Q3 also lowered ownership stakes and contributed to the decline in adjusted EBITDA.
Revenue growth was largely attributable to the Industrials segment, which saw a 17 % increase in adjusted EBITDA excluding tax recoveries, driven by acquisitions and strong performance in energy‑storage projects. Business Services and Infrastructure Services faced headwinds from partial divestitures and market conditions, but the company offset these losses with higher revenue from its newly acquired Canadian residential mortgage lender and the electric heat‑tracing systems manufacturer. The combination of these segment dynamics produced a revenue beat that exceeded analyst expectations by more than double the forecasted amount.
CEO Anuj Ranjan highlighted the company’s strategic progress, noting the completion of the Canadian mortgage‑lender acquisition, $180 million raised through capital‑recycling initiatives, and the simplification of the corporate structure. Ranjan emphasized that the transition to a single listed Canadian corporation is well received by investors and will support continued growth in intrinsic value. He also underscored the company’s focus on operational efficiency and strategic investments in high‑return verticals, signaling confidence in maintaining profitability amid market volatility.
Investors responded positively to the results, citing the strong revenue beat, the company’s strategic acquisitions, robust liquidity position, and the modest improvement in core adjusted EBITDA. The market reaction reflected confidence in Brookfield Business Partners’ ability to navigate short‑term headwinds while pursuing long‑term value creation.
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