Blackstone (BX) Q4 FY2025 earnings: revenue $4.4 billion, up 41.4% on the year

Blackstone Inc. (BX) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.4% on the same quarter a year earlier. Net income was $1.0 billion, up 44.2% on the year, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue

$4.4 billion

+41.4% on the year · +41.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

51.3%

51.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.0 billion

+44.2% on the year · +62.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.30

+41.3% on the year · +62.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 narrowed.

GAAP net income attributable rose: GAAP net income attributable to Blackstone Inc. was $1.0 billion in the quarter, against $704 million a year earlier. Diluted EPS was $1.30 against $0.92; full year $3.0 billion.
DE per share rose 4%: Distributable Earnings were $2.2 billion, or $1.75 per share, in the quarter, against $1.69 a year earlier. Full-year DE was $7.1 billion, or $5.57 per share, up 19%.
FRE fell 16% in quarter: Fee Related Earnings were $1.5 billion, or $1.25 per share, down 16%. Excluding BIP’s prior-year fee related performance revenues, growth was 24%. Full-year FRE rose 9% to $5.7 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,360	3,089	3,083	+41.2%	+41.4%
Operating income	2,235	1,338	1,582	+67.1%	+41.3%
Operating margin	51.3%	43.3%	51.3%
Interest expense	128	126	116	+1.4%	+10.9%
Pre-tax income	2,357	1,447	1,561	+62.9%	+51.0%
Income tax	382	210	232	+82.2%	+64.4%
Effective tax rate	16.2%	14.5%	14.9%
Net income	1,015	625	704	+62.5%	+44.2%
Net margin	23.3%	20.2%	22.8%
Diluted EPS	$1.30	$0.80	$0.92	+62.5%	+41.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,068	1,598	161	-33.2%	+561.6%
Capital expenditure	22.4	23.9	11.9	-6.6%	+88.0%
Free cash flow	1,045	1,574	150	-33.6%	+599.2%
Free cash flow margin	24.0%	51.0%	4.9%
Cash from investing	-22.4	-23.9	-11.9
Cash from financing	-1,020	-1,287	-490
Share-based compensation	359	303	283	+18.2%	+26.9%
Dividends paid	1,598	1,342	1,088	+19.1%	+46.8%
Dividend per share	n/a	$1.03	n/a
Diluted shares, weighted	780m	783m	767m	-0.3%	+1.8%
Shares outstanding at period end	749m	748m	732m	+0.1%	+2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,666	8,393	8,212	+3.3%	+5.5%
Non-controlling interest	11,835	11,493	10,481	+3.0%	+12.9%
Redeemable equity	1,381	1,476	801	-6.5%	+72.3%
Debt	12,577	12,126	11,460	+3.7%	+9.7%
Other liabilities	13,251	13,066	12,515	+1.4%	+5.9%
Total liabilities and equity	47,709	46,554	43,470	+2.5%	+9.8%
Fixed assets	521	525	506	-0.7%	+2.9%
Goodwill	1,890	1,890	1,890	0.0%	0.0%
Intangible assets	131	140	165	-6.5%	-20.5%
Cash and equivalents	2,631	2,431	1,972	+8.3%	+33.4%
Other assets	42,535	41,568	38,936	+2.3%	+9.2%
Total assets	47,709	46,554	43,470	+2.5%	+9.8%

Questions

What was Blackstone's revenue in Q4 FY2025?

Blackstone (BX) reported revenue of $4.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.4% on the same quarter a year earlier.

How much did Blackstone earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.0 billion, up 44.2% on the year, and diluted earnings per share $1.30.

When did Blackstone report Q4 FY2025 results?

Blackstone filed its 10-K for the year that ended with the quarter on 27 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,763	5,126	629	1,058	1,704	1,382	2,815	2,541	1,285	3,688	2,796	3,663	3,083	3,289	3,712	3,089	4,360	3,618	5,044	3,063
Operating income	3,264	2,929	-115	96.8	634	192	1,339	1,166	343	1,897	1,164	1,767	1,582	1,395	1,779	1,338	2,235	1,355	2,668	1,438
Operating margin	57%	57%	-18%	9%	37%	14%	48%	46%	27%	51%	42%	48%	51%	42%	48%	43%	51%	37%	53%	47%
Interest expense	56.5	66.7	69.6	80.5	100	104	108	111	109	108	109	111	116	118	136	126	128	137	145	133
Pre-tax income	3,378	2,981	-219	97.9	602	258	1,427	1,117	155	1,880	1,209	1,810	1,561	1,453	1,916	1,447	2,357	1,455	2,808	1,531
Tax rate	13%	16%	n/a	96%	-23%	18%	16%	18%	30%	15%	22%	14%	15%	17%	15%	14%	16%	14%	16%	17%
Net income	1,398	1,217	-29.4	2.3	558	85.8	601	552	152	847	444	781	704	615	764	625	1,015	650	1,229	662
Net margin	24%	24%	-5%	0%	33%	6%	21%	22%	12%	23%	16%	21%	23%	19%	21%	20%	23%	18%	24%	22%
Diluted EPS	$1.91	$1.66	-$0.04	$0.00	$0.75	$0.11	$0.79	$0.73	$0.20	$1.11	$0.58	$1.02	$0.92	$0.80	$0.98	$0.80	$1.30	$0.83	$1.54	$0.83
Operating cash flow	-814	2,749	1,890	983	715	353	1,726	1,083	896	940	1,159	1,222	161	1,109	889	1,598	1,068	991	1,941	1,963
Capital expenditure	19.9	56.2	45.2	85.4	48.7	69.6	60.7	62.7	31.3	17.8	12.4	19.4	11.9	29.3	40.1	23.9	22.4	33.4	32.0	46.0
Free cash flow	-834	2,692	1,844	898	666	283	1,665	1,020	864	922	1,146	1,202	150	1,080	848	1,574	1,045	958	1,909	1,917
Dividends paid	1,399	1,958	1,664	1,709	1,188	1,137	1,053	1,039	1,039	1,177	1,088	1,071	1,088	1,859	1,215	1,342	1,598	1,918	1,529	1,684
Shares outstanding	704m	707m	706m	709m	710m	713m	714m	718m	719m	722m	723m	731m	732m	738m	739m	748m	749m	752m	753m	760m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 27 February 2026: the filing.