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Friday 6 November 2026 Export BX’s income statement to Excel — free account

Blackstone Inc.

BX Financial Asset Management

Blackstone Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.5 billion, up 9.22% from fiscal 2024.

Revenue
−0.83%
EPS
+3.75%
Free cash flow
+125.1%
Total debt
+11.7%

Quarter to September 2026, against a year earlier

120.37 0.55 +0.46%
Market cap
$149.0B
P/E
26.8×
Fwd P/E
19.9×
Dividend yield
4.20%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2023

  • Management and Advisory Fees, Net
  • Incentive Fees
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.18
Sold, $m 28.22
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — 1 — — 1 — — —
Sell — — — — — 1 — — 3 1 — —
Insider Ownership 7.15%

Capital & Financial Ratios $m

Size
Market Cap 148,980.00
Revenue ttm 16,084.73
Net income ttm 6,825.69
Free cash flow ttm 5,486.24
Net debt Q 10,135.21
Valuation
P/E 26.78
Forward P/E 19.90
Price / sales 5.99
Forward P/S Powerpack
Price / FCF 17.57
Price / book 4.92
Financial health
Current ratio Q 0.71
Debt / equity Q 0.68
Interest coverage Q 11.81
Growth
Revenue growth Q −0.83% (below 0%: shrinking)
Operating income growth Q +7.45% (above 0%: growing)
EPS, this year +5.14%
EPS, next year A +24.77% (at or above 15%: strong)
Revenue, next year A +2.41%
EPS, past 5 yrs +20.87% (at or above 15%: strong)
EPS, next 5 yrs A +12.30%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 50.46%
10-year low 10-year high
P/S against its own 10 years 54.71%
10-year low 10-year high
P/B against its own 10 years 77.01%
10-year low 10-year high

Dividends raised 3 years running

Yield
4.20%
Annual rate
5.06
Payout ratio
112.4%
Growth, 2018–26
+9.66%/yr
  1. 2.42 ’18
  2. 1.92 ’19 −21
  3. 1.91 ’20 −1
  4. 3.57 ’21 +87
  5. 6.31 ’22 +77
  6. 3.32 ’23 −47
  7. 3.45 ’24 +4
  8. 4.69 ’25 +36
  9. 5.06 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,272 2,176 2,855 3,266
Receivables 4,660 5,647 6,649 6,956
Inventory — — — —
Other — — — —
7,932 7,823 9,504 10,222
2023 2024 2025 Q'26
Payables 4,671 5,600 6,110 7,322
ST’ Debt — — — —
Other — — — —
9,918 11,688 12,522 14,426

Compound Annual Growth %

10y 5y 3y
Sales 12.01% 18.82% 19.27%
Cash Flow 6.88% 19.22% (9.71%)
Earnings 15.58% 23.63% 19.99%
Book Value 5.46% 7.13% 4.50%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.26 Actual 1.32

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.52 1.75 Beat by 0.23
Q1 FY26 1.35 1.36 Beat by 0.01
Q2 FY26 1.33 1.52 Beat by 0.19
Q3 FY26 1.26 1.32 Beat by 0.06
Q4 FY26 1.71 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.83 1.54 0.83 — —
’25 0.80 0.98 0.80 1.30 3.87
’24 1.11 0.58 1.02 0.92 3.62
’23 0.11 0.79 0.73 0.20 1.84
’22 1.66 (0.04) 0.00 0.75 2.36
’21 2.46 1.82 1.94 1.92 8.13
’20 (1.58) 0.81 1.13 1.07 1.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,618 5,044 3,063 — —
’25 3,289 3,712 3,089 4,360 14,450
’24 3,688 2,796 3,663 3,083 13,230
’23 1,382 2,815 2,541 1,285 8,023
’22 5,126 629 1,058 1,704 8,518
’21 5,299 5,291 6,224 5,763 22,577
’20 (3,076) 2,516 3,033 3,629 6,102
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 991 1,941 — — —
’25 1,109 889 1,598 1,068 4,663
’24 940 1,159 1,222 161 3,482
’23 353 1,726 1,083 896 4,057
’22 2,749 1,890 983 715 6,336
’21 2,297 900 1,604 (814) 3,986
’20 999 491 135 310 1,936
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 958 1,909 — — —
’25 1,080 848 1,574 1,045 4,547
’24 922 1,146 1,202 150 3,420
’23 283 1,665 1,020 864 3,833
’22 2,692 1,844 898 666 6,101
’21 2,276 886 1,594 (834) 3,922
’20 987 478 90 269 1,824
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 18.3% a year for ten years. It grew 9.9% a year over the last ten.

Implied
18.3%
10 years, reported
9.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,146 7,145 6,833 7,338 6,102 22,577 8,518 8,023 13,230 14,450 16,085 +12.2% 14,798 18,555 19,657 +10.8%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 2,382 4,118 3,513 3,818 2,618 13,559 3,462 2,958 6,459 7,172 8,151 +13.0%
EBT margin, % 46.28 57.64 51.41 52.03 42.90 60.06 40.64 36.87 48.82 49.63 50.68 +3.4 pt
Net income 2,249 3,375 3,264 3,866 2,262 12,375 2,989 2,444 5,438 6,047 6,826 +11.6%
Per share, $
Per share, $ Revenue 7.92 10.74 10.07 10.86 8.76 31.37 11.50 10.62 17.26 18.53 20.11 +9.9%
Earnings 1.60 2.21 2.27 3.03 1.50 8.14 2.36 1.84 3.62 3.87 4.50 +10.3%
Cash flow (0.14) (2.44) 0.07 2.90 2.78 5.54 8.55 5.37 4.54 5.98 0.00 n/m
Capex (0.03) (0.04) (0.03) (0.09) (0.16) (0.09) (0.32) (0.30) (0.08) (0.15) 0.00 +17.9%
Free cash flow (0.17) (2.48) 0.04 2.82 2.62 5.45 8.24 5.08 4.46 5.83 0.00 n/m
Book value 18.98 20.31 20.05 22.22 20.84 30.06 24.26 22.37 24.39 26.28 24.49 +3.7%
Shares, m 649 665 679 676 697 720 741 755 766 780 791 +2.1%
Valuation, ×
Valuation, × P/E 17.80 14.65 13.13 18.52 45.01 15.86 32.12 69.71 47.37 39.73 26.78 31.4
P/S 3.55 3.08 2.37 5.15 7.40 4.13 6.62 12.07 9.99 8.32 5.99 6.3
P/B 1.48 1.63 1.19 2.52 3.11 4.30 3.14 5.73 7.07 5.86 4.92 3.6
EV/Sales 4.71 4.62 3.49 6.34 8.00 4.37 7.54 13.08 10.68 8.98 — 7.2
EV/FCF (219.57) (19.99) 870.73 24.45 26.76 25.18 10.53 27.37 41.31 28.55 — 81.5
Cash, $m
Cash, $m Operating cash flow (89) (1,626) 46 1,963 1,936 3,986 6,336 4,057 3,482 4,663 5,598 n/m
Capex (22) (24) (18) (60) (112) (64) (235) (224) (61) (116) (112) +20.4%
Free cash flow (110) (1,651) 27 1,903 1,824 3,922 6,101 3,833 3,420 4,547 5,486 n/m
Balance, $m
Balance, $m Working capital 229 1,067 179 389 816 (3,283) (369) (1,986) (3,865) (3,018) (4,203) n/m
Net debt 5,981 11,012 7,629 8,711 3,657 5,606 7,856 8,032 9,145 9,590 10,135 +5.4%
Shareholders’ equity 12,330 13,512 13,612 15,015 14,525 21,638 17,966 16,896 18,694 20,501 19,588 +5.8%
Returns, %
Returns, % ROA 4.25 4.84 4.87 6.66 3.55 17.36 4.17 3.36 6.63 6.62 7.39 +2.4 pt
ROIC 7.50 8.65 9.77 8.89 9.01 30.05 8.58 7.63 14.39 14.02 16.18 +6.5 pt
ROE 8.52 11.39 11.37 14.32 7.08 32.39 8.83 7.98 15.60 15.41 18.02 +6.9 pt
People
People Employees 2,240 2,360 2,615 2,905 3,165 3,795 4,695 4,735 4,895 5,285 — +10.0%
Revenue/emp, $m 2.30 3.03 2.61 2.53 1.93 5.95 1.81 1.69 2.70 2.73 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Founded in 1985, Blackstone is headquartered in New York City, and Stephen A. Schwarzman is chief executive. It is an alternative asset manager: it pools capital from investors and invests it in assets outside conventional public stocks and bonds, as well as in some public-market strategies.

It manages money for pension funds, insurance companies and individual investors. Its investment strategies cover real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. The company seeks to strengthen the businesses and assets owned by its investment vehicles through investment selection, asset management and operational work with portfolio-company executives.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by products and services, and margins
Management and Advisory Fees, Net 6,671 83.15%
Incentive Fees 695 8.66%
Other, not broken out 656 8.18%
Gross margin 100.00%
Operating margin 37.91%
Pre-tax margin 36.87%

Revenue by segment since 2009

Blackstone Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BLK BlackRock $190.2B 26.3× 14.8× +19.10% (above 0%: growing) +25.53% (above 0%: growing) −12.31% (below 0%: shrinking) 100.00% 30.03% Compare
BX Blackstone Inc. $149.0B 26.8× 19.9× −0.83% (below 0%: shrinking) +3.75% (above 0%: growing) +125.08% (above 0%: growing) 100.00% 51.28%
KKR KKR & Co. Inc. $88.2B 29.3× 13.9× +12.52% (above 0%: growing) +39.62% (above 0%: growing) +762.68% (above 0%: growing) 37.79% 6.89% Compare
BAM Brookfield Asset Management Ltd. $85.9B 30.3× 22.8× +60.83% (above 0%: growing) +47.37% (above 0%: growing) +3.02% (above 0%: growing) 100.00% 65.83% Compare
APO Apollo Global Management Inc. $69.3B — (loss-making) 14.4× −51.76% (below 0%: shrinking) n/m +128.29% (above 0%: growing) 100.00% (29.25%) Compare
STT State Street Corporation $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
Median of peers $57.1B 26.3× 14.2× +6.08% +32.86% −4.64% 100.00% 13.38%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Stephen Schwarzman said AI infrastructure projects face risks from insufficient investor capital and difficulties securing power, equipment or approvals.
  • CFO Michael Chae expects fourth-quarter net realizations to rise and base management fees to return to double-digit year-over-year growth in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 70.85%
Held by the ten largest 39.74%
Holder Shares Stake Change
Vanguard 72.28m 9.60% +45.01k
BlackRock 51.94m 6.90% −759.44k
Morgan Stanley 34.84m 4.63% +2.35m
State Street 32.46m 4.31% +435.91k
Charles Schwab 23.50m 3.12% +2.14m
Capital Group 23.23m 3.09% −2.55m
JPMorgan Chase 19.16m 2.55% +3.23m
Geode Capital Management 18.37m 2.44% +48.74k
UBS 11.66m 1.55% −99.31k
Bank of America 11.59m 1.54% +56.85k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Blackstone Inc. (BX) Latest News

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · The Motley Fool
Impact 3 · · Business Wire
Impact 3 · · Zacks

28 Oct

Impact 4 · · Simply Wall St.
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27 Oct

Impact 3 · · pitchbook.com
Impact 3 · · Business Wire
Impact 3 ·
Impact 3 · · Business Wire

26 Oct

Impact 4 · · Benzinga
Impact 4 · · PR Newswire
Impact 3 · · Zacks

24 Oct

Impact 3 · · The Motley Fool

23 Oct

Impact 4 · · The Motley Fool
Impact 4 · · credaily.com
Impact 4 · · Benzinga
Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 4 · · Zacks
Impact 4 · · Bloomberg
Impact 4 · · Simply Wall St.
Impact 4 · · The Daily Upside

22 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · MarketBeat
Impact 4 · · TIKR
Impact 3 · · 24/7 Wall St.
Impact 3 · · bisnow.com

BX metrics, ten years each

stockrow.com/BX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com