EQUITY ACCOUNTED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments accounted for using equity method [abstract]

Schedule of Disclosure of ownership interest, voting interest, and carrying value of joint ventures

The following table presents the economic interest, voting interest and carrying value of the partnership’s equity accounted investments as at December 31, 2025 and 2024:

(US$ MILLIONS, except as noted)	Economic interest (%)		Voting interest (%)		Carrying value
	2025	2024	2025	2024	2025		2024
Business services	11% - 50%	11% - 50%	11% - 50%	11% - 50%	$	881	$	717
Infrastructure services	13% - 50%	17% - 50%	13% - 50%	17% - 50%	675		969
Industrials	23% - 54%	13% - 54%	23% - 67%	13% - 50%	938		639
Total					$	2,494	$	2,325

Schedule of Disclosure of ownership interest, voting interest, and carrying value of associates

The following table presents the economic interest, voting interest and carrying value of the partnership’s equity accounted investments as at December 31, 2025 and 2024:

(US$ MILLIONS, except as noted)	Economic interest (%)		Voting interest (%)		Carrying value
	2025	2024	2025	2024	2025		2024
Business services	11% - 50%	11% - 50%	11% - 50%	11% - 50%	$	881	$	717
Infrastructure services	13% - 50%	17% - 50%	13% - 50%	17% - 50%	675		969
Industrials	23% - 54%	13% - 54%	23% - 67%	13% - 50%	938		639
Total					$	2,494	$	2,325

Schedule of Disclosure of change in equity investments

The following table presents the change in the equity accounted investments balance for the years ended December 31, 2025 and 2024:

(US$ MILLIONS)	2025		2024
Balance at beginning of year	$	2,325	$	2,154
Additions (cash and non-cash)	653		372
Dispositions	(159)		(29)
Share of net income (loss)	42		90
Share of other comprehensive income (loss)	12		(13)
Distributions received	(409)		(206)
Foreign currency translation and other	30		(43)
Balance at end of year	$	2,494	$	2,325

Schedule ofDisclosure of interests in joint ventures

The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as at December 31, 2025 and 2024:

	Year ended December 31, 2025
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services (1)	$	5,096	$	45,777	$	50,873	$	2,156	$	44,400	$	46,556	$	4,317
Infrastructure services	2,302		7,352		9,654		1,599		4,635		6,234		3,420
Industrials	1,490		4,255		5,745		950		2,025		2,975		2,770
Total	$	8,888	$	57,384	$	66,272	$	4,705	$	51,060	$	55,765	$	10,507

____________________________________

(1)Includes mortgage receivables and debt related to securitized mortgages at the partnership’s Canadian residential and multi-family mortgage lender.

	Year ended December 31, 2024
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services	$	1,629	$	6,977	$	8,606	$	1,853	$	4,580	$	6,433	$	2,173
Infrastructure services	2,350		7,708		10,058		1,452		4,565		6,017		4,041
Industrials	1,257		1,649		2,906		564		1,041		1,605		1,301
Total	$	5,236	$	16,334	$	21,570	$	3,869	$	10,186	$	14,055	$	7,515

The following tables summarize the gross amounts of revenues, net income and other comprehensive income from the partnership’s equity accounted investments for the years ended December 31, 2025, 2024 and 2023:

	Year ended December 31, 2025
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	2,688	$	101	$	(3)	$	98
Infrastructure services	6,618		(77)		89		12
Industrials	3,455		(34)		(7)		(41)
Total	$	12,761	$	(10)	$	79	$	69

	Year ended December 31, 2024
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	1,345	$	(79)	$	(2)	$	(81)
Infrastructure services	6,037		(24)		(77)		(101)
Industrials	2,388		130		1		131
Total	$	9,770	$	27	$	(78)	$	(51)

	Year ended December 31, 2023
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	731	$	115	$	—	$	115
Infrastructure services	6,249		100		6		106
Industrials	2,690		71		(5)		66
Total	$	9,670	$	286	$	1	$	287

Schedule of Disclosure of interests in associates

The following tables present the gross assets and liabilities of the partnership’s equity accounted investments as at December 31, 2025 and 2024:

	Year ended December 31, 2025
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services (1)	$	5,096	$	45,777	$	50,873	$	2,156	$	44,400	$	46,556	$	4,317
Infrastructure services	2,302		7,352		9,654		1,599		4,635		6,234		3,420
Industrials	1,490		4,255		5,745		950		2,025		2,975		2,770
Total	$	8,888	$	57,384	$	66,272	$	4,705	$	51,060	$	55,765	$	10,507

____________________________________

(1)Includes mortgage receivables and debt related to securitized mortgages at the partnership’s Canadian residential and multi-family mortgage lender.

	Year ended December 31, 2024
	Total
(US$ MILLIONS)	Current assets		Non-current assets		Total assets		Current liabilities		Non-current liabilities		Total liabilities		Total net assets
Business services	$	1,629	$	6,977	$	8,606	$	1,853	$	4,580	$	6,433	$	2,173
Infrastructure services	2,350		7,708		10,058		1,452		4,565		6,017		4,041
Industrials	1,257		1,649		2,906		564		1,041		1,605		1,301
Total	$	5,236	$	16,334	$	21,570	$	3,869	$	10,186	$	14,055	$	7,515

The following tables summarize the gross amounts of revenues, net income and other comprehensive income from the partnership’s equity accounted investments for the years ended December 31, 2025, 2024 and 2023:

	Year ended December 31, 2025
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	2,688	$	101	$	(3)	$	98
Infrastructure services	6,618		(77)		89		12
Industrials	3,455		(34)		(7)		(41)
Total	$	12,761	$	(10)	$	79	$	69

	Year ended December 31, 2024
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	1,345	$	(79)	$	(2)	$	(81)
Infrastructure services	6,037		(24)		(77)		(101)
Industrials	2,388		130		1		131
Total	$	9,770	$	27	$	(78)	$	(51)

	Year ended December 31, 2023
	Total
(US$ MILLIONS)	Revenues		Net income		OCI		Total comprehensive income
Business services	$	731	$	115	$	—	$	115
Infrastructure services	6,249		100		6		106
Industrials	2,690		71		(5)		66
Total	$	9,670	$	286	$	1	$	287