Blackstone (BX) FY2019 results: revenue $7.3 billion, up 7.4% on the year
Blackstone Inc. (BX) reported revenue of $7.3 billion for fiscal 2019, the year ended 31 December 2019, up 7.4% on the year before. Net income was $2.0 billion, up 32.9%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$7.3 billion
+7.4% on the year
FY2012FY2019
Operating margin
46.0%
48.6% a year earlier
FY2012FY2019
Net income
$2.0 billion
+32.9% on the year
FY2012FY2019
Diluted EPS
$3.03
+34.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,338
6,833
7,145
+7.4%
Operating income
3,374
3,321
3,393
+1.6%
Operating margin
46.0%
48.6%
47.5%
Interest expense
200
164
197
+21.7%
Pre-tax income
3,818
3,513
4,117
+8.7%
Income tax
-48.0
249
743
Effective tax rate
-1.3%
7.1%
18.1%
Net income
2,050
1,542
1,471
+32.9%
Net margin
27.9%
22.6%
20.6%
Diluted EPS
$3.03
$2.26
$2.21
+34.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,963
45.7
-1,626
+4,191.7%
Capital expenditure
60.3
18.4
24.3
+228.0%
Free cash flow
1,903
27.4
-1,651
+6,853.5%
Free cash flow margin
25.9%
0.4%
-23.1%
Cash from investing
-60.3
-117
-193
Cash from financing
-1,921
-1,330
2,771
Depreciation and amortisation
97.3
82.9
72.0
+17.3%
Share-based compensation
417
367
339
+13.7%
Dividends paid
2,397
3,046
2,843
-21.3%
Dividend per share
$1.92
$2.42
$2.32
-20.7%
Diluted shares, weighted
676m
1,207m
666m
-44.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,010
6,379
n/a
+9.9%
Non-controlling interest
8,006
7,233
n/a
+10.7%
Redeemable equity
87.7
142
211
-38.2%
Debt
11,542
10,395
15,167
+11.0%
Other liabilities
5,941
4,775
n/a
+24.4%
Total liabilities and equity
32,586
28,925
34,429
+12.7%
Fixed assets
154
120
127
+28.3%
Goodwill
1,870
1,870
1,778
0.0%
Intangible assets
398
469
410
-15.2%
Cash and equivalents
2,172
2,208
1,992
-1.6%
Other assets
27,991
24,258
30,122
+15.4%
Total assets
32,586
28,925
34,429
+12.7%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.