We present results of a study of the equilibrium between coalescence and breakup of bubbles in homogeneous media with isotropic turbulence. The Boltzmann equation for the particle distribution function (pdf) was evaluated in steady state, using a multigroup approach. Binary bubble breakup was assumed. We used uniform function, delta function, and the model proposed by Luo, and Svendsen (1996) for the bubble size distributions resulting from a breakup. The bubble breakup rate was calculated with Luo and Svendsen (1996) and Prince and Blanch (1990) models. Significant differences in bubble breakup rate, and therefore in bubble size distribution, are predicted by both models. The models were compared to the bubble size distributions measured by Boyd and Varley (1998) in air-water flow. The transient response of the bubble size distribution and interfacial area density was also analyzed. This work is of significance in the prediction of reaction rates when they are dependent on bubble size distribution.