Blackstone (BX) FY2014 results: revenue $7.5 billion, up 13.2% on the year
Blackstone Inc. (BX) reported revenue of $7.5 billion for fiscal 2014, the year ended 31 December 2014, up 13.2% on the year before. Net income was $1.6 billion, up 35.3%, and diluted earnings per share $2.58. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$7.5 billion
+13.2% on the year
FY2008FY2014
Operating margin
48.5%
41.5% a year earlier
FY2008FY2014
Net income
$1.6 billion
+35.3% on the year
FY2008FY2014
Diluted EPS
$2.58
+30.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
7,485
6,613
4,019
+13.2%
Operating income
3,629
2,746
759
+32.1%
Operating margin
48.5%
41.5%
18.9%
Interest expense
122
108
72.9
+12.6%
Pre-tax income
3,987
3,149
1,015
+26.6%
Income tax
291
256
185
+13.9%
Effective tax rate
7.3%
8.1%
18.2%
Net income
1,585
1,171
219
+35.3%
Net margin
21.2%
17.7%
5.4%
Diluted EPS
$2.58
$1.98
$0.41
+30.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,655
3,548
583
-53.4%
Capital expenditure
30.3
25.6
37.0
+18.1%
Free cash flow
1,625
3,522
546
-53.9%
Free cash flow margin
21.7%
53.3%
13.6%
Cash from investing
n/a
-166
-223
Cash from financing
n/a
-3,260
-405
Depreciation and amortisation
131
129
173
+1.0%
Share-based compensation
735
855
950
-14.1%
Dividend per share
$1.92
$1.18
$0.52
+62.7%
Diluted shares, weighted
613m
591m
539m
+3.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Redeemable equity
2,442
n/a
n/a
Debt
9,476
10,783
13,194
-12.1%
Total liabilities and equity
31,511
29,679
28,932
+6.2%
Fixed assets
136
137
142
-1.0%
Goodwill
1,787
1,787
1,704
0.0%
Intangible assets
459
561
599
-18.2%
Cash and equivalents
1,412
832
710
+69.8%
Other assets
27,716
26,361
25,778
+5.1%
Total assets
31,511
29,679
28,932
+6.2%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.