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Blackstone (BX) FY2025 results: revenue $14.5 billion, up 9.2% on the year

Blackstone Inc. (BX) reported revenue of $14.5 billion for fiscal 2025, the year ended 31 December 2025, up 9.2% on the year before. Net income was $3.0 billion, up 8.7%, and diluted earnings per share $3.87. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$14.5 billion
+9.2% on the year
FY2018FY2025
Operating margin
46.7%
48.5% a year earlier
FY2018FY2025
Net income
$3.0 billion
+8.7% on the year
FY2018FY2025
Diluted EPS
$3.87
+6.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Accrued performance revenues rose to $6.7 billion: Net accrued performance revenues were $6.7 billion, or $5.49 per share, up from $6.5 billion, or $5.30 per share, at the third quarter end.
  • Corporate private equity appreciation: Corporate Private Equity funds appreciated 5.0% in the quarter and 13.8% for the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

Blackstone is an alternative asset manager, and the filing describes it as the world's largest. The business is organised into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. Total assets under management were $1,274.9 billion at 31 December 2025 against $1,127.2 billion a year earlier, and that is client money rather than the firm's own. Fee-earning assets under management were $921.7 billion. That is the portion of the total on which Blackstone is entitled to management fees or performance revenues.

Blackstone Inc., the 10-K for 2025

Blackstone is an alternative asset manager, and the filing describes it as the world's largest. The business is organised into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. Total assets under management were $1,274.9 billion at 31 December 2025 against $1,127.2 billion a year earlier, and that is client money rather than the firm's own. Fee-earning assets under management were $921.7 billion. That is the portion of the total on which Blackstone is entitled to management fees or performance revenues.

How it is paid

Fees come from contractual arrangements with the funds, the investors in them and the portfolio companies they own, covering management, transaction and monitoring fees, plus capital markets services. Blackstone also invests in the funds it manages and takes a pro-rata share of a fund's income. Above that, and assuming certain investment returns are achieved, it is entitled to a disproportionate share of the income otherwise allocable to the limited partners, which is carried interest and which the filing calls Performance Allocations. Some fund structures instead pay a contractual incentive fee for achieving certain returns. The mix of these shifts with market conditions and with the cycle of the different business units.

Real Estate

The segment held $319.3 billion of assets under management at 31 December 2025, up from $315.4 billion. Inflows of $25.5 billion and market appreciation of $12.6 billion were offset by realisations of $25.6 billion and outflows of $8.5 billion. The named vehicles behind those flows are BREDS, BREIT, BPP and its co-investment, and BREP.

Private Equity

The segment held $416.4 billion at 31 December 2025, up from $352.2 billion, on inflows of $68.1 billion and market appreciation of $40.9 billion against realisations of $33.9 billion and outflows of $10.9 billion. The strategies named are Secondaries, Corporate Private Equity, Infrastructure, BXPE and Tactical Opportunities.

Credit & Insurance

The segment held $443.0 billion at 31 December 2025, up from $375.5 billion, on inflows of $132.1 billion and market appreciation of $18.1 billion against realisations of $62.4 billion and outflows of $20.4 billion. The strategies named are private corporate credit, infrastructure and asset based credit, liquid corporate credit, and the insurance platform.

Multi-Asset Investing

The segment held $96.2 billion at 31 December 2025, up from $84.2 billion, on inflows of $13.6 billion and market appreciation of $9.5 billion against outflows of $7.3 billion and realisations of $3.7 billion. The strategies named are Absolute Return, Multi-Strategy and Total Portfolio Management.

How the money is locked up

Perpetual capital is the part of assets under management with an indefinite term, not in liquidation, and with no requirement to return capital to investors through redemption requests in the ordinary course. It stood at $523.6 billion at 31 December 2025 against $444.8 billion a year earlier, with the Credit & Insurance and Private Equity segments accounting for increases of $43.7 billion and $29.4 billion.

Commitment-based drawdown funds generally do not permit investors to redeem their interests at their election. Certain open-ended vehicles allow withdrawal or redemption on a periodic basis, annually, quarterly or monthly, typically with 2 to 95 days' notice depending on the fund and the liquidity of the underlying assets. In perpetual capital vehicles where redemption rights exist, requests are met only at Blackstone's or the vehicle board's discretion, to the extent there is sufficient new capital, or where required redemptions are limited in size, as in interval funds or certain insurance-dedicated vehicles. Investment advisory agreements on certain separately managed accounts in the Credit & Insurance and Multi-Asset Investing segments, excluding those in the insurance platform, may generally be terminated by an investor on 15 to 95 days' notice; accounts in the insurance platform can generally be terminated only for long-term underperformance, for cause and in limited other circumstances, in each case subject to Blackstone's right to cure.

Dry powder is the capital available for investment or reinvestment, including general partner and employee capital, reduced by outstanding capital commitments where capital has not yet been invested.

From Blackstone's annual report on Form 10-K for the year ended 31 December 2025, written from the management discussion and analysis; the filing carries no Item 1 business section that could be located by name. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue14,45013,2308,023+9.2%
Operating income6,7486,4113,042+5.3%
Operating margin46.7%48.5%37.9%
Interest expense508444432+14.6%
Pre-tax income7,1726,4592,958+11.0%
Income tax1,1251,022513+10.1%
Effective tax rate15.7%15.8%17.4%
Net income3,0192,7771,391+8.7%
Net margin20.9%21.0%17.3%
Diluted EPS$3.87$3.62$1.84+6.9%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,6633,4824,057+33.9%
Capital expenditure11661.4224+88.4%
Free cash flow4,5473,4203,833+33.0%
Free cash flow margin31.5%25.9%47.8%
Cash from investing-116-61.4-230
Cash from financing-3,879-4,502-5,054
Depreciation and amortisation134135134-0.6%
Share-based compensation1,4451,168988+23.7%
Dividends paid6,0134,4244,268+35.9%
Dividend per share$4.69$3.45$3.32+35.9%
Diluted shares, weighted780m767m755m+1.8%
Shares outstanding at period end749m732m719m+2.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity8,6668,2126,817+5.5%
Non-controlling interest11,83510,48110,079+12.9%
Redeemable equity1,3818011,179+72.3%
Debt12,57711,46011,606+9.7%
Other liabilities13,25112,51510,606+5.9%
Total liabilities and equity47,70943,47040,288+9.8%
Fixed assets521506543+2.9%
Goodwill1,8901,8901,8900.0%
Intangible assets131165201-20.5%
Cash and equivalents2,6311,9722,956+33.4%
Other assets42,53538,93634,698+9.2%
Total assets47,70943,47040,288+9.8%

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