Blackstone (BX) FY2018 results: revenue $6.8 billion, down 4.4% on the year
Blackstone Inc. (BX) reported revenue of $6.8 billion for fiscal 2018, the year ended 31 December 2018, down 4.4% on the year before. Net income was $1.5 billion, up 4.8%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$6.8 billion
-4.4% on the year
FY2011FY2018
Operating margin
48.6%
47.5% a year earlier
FY2011FY2018
Net income
$1.5 billion
+4.8% on the year
FY2011FY2018
Diluted EPS
$2.26
+2.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
6,833
7,145
5,146
-4.4%
Operating income
3,321
3,393
2,197
-2.1%
Operating margin
48.6%
47.5%
42.7%
Interest expense
164
197
153
-17.0%
Pre-tax income
3,513
4,117
2,382
-14.7%
Income tax
249
743
132
-66.4%
Effective tax rate
7.1%
18.1%
5.6%
Net income
1,542
1,471
1,039
+4.8%
Net margin
22.6%
20.6%
20.2%
Diluted EPS
$2.26
$2.21
$1.56
+2.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
45.7
-1,626
-88.6
Capital expenditure
18.4
24.3
21.8
-24.5%
Free cash flow
27.4
-1,651
-110
Free cash flow margin
0.4%
-23.1%
-2.1%
Cash from investing
-117
-193
-21.8
Cash from financing
-1,330
2,771
570
Depreciation and amortisation
82.9
72.0
115
+15.2%
Share-based compensation
367
339
324
+8.3%
Dividends paid
3,046
2,843
n/a
+7.2%
Dividend per share
$2.42
$2.32
$1.66
+4.3%
Diluted shares, weighted
1,207m
666m
1,195m
+81.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,379
n/a
n/a
Non-controlling interest
7,233
n/a
n/a
Redeemable equity
142
211
185
-32.8%
Debt
10,395
15,167
8,941
-31.5%
Other liabilities
4,775
n/a
n/a
Total liabilities and equity
28,925
34,429
26,403
-16.0%
Fixed assets
120
127
127
-4.9%
Goodwill
1,870
1,778
1,719
+5.2%
Intangible assets
469
410
263
+14.3%
Cash and equivalents
2,208
1,992
1,837
+10.8%
Other assets
24,258
30,122
22,458
-19.5%
Total assets
28,925
34,429
26,403
-16.0%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.