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

Blackstone Inc.

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

119.78 0.04 −0.03%

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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 Segments Valuation Filings

Blackstone Inc. (BX) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2023
Management and Advisory Fees, Net	6,671 83.15%
Incentive Fees	695 8.66%
Other, not broken out	656 8.18%
Revenue	8,023

Revenue by segment $m

Line	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Real Estate	3,154 44.15%	2,181 42.39%	1,780 38.31%	2,987 39.90%	3,205 48.47%	1,634 40.66%	1,581 48.62%	1,036 33.20%	(14) (0.77%)
Private Equity	2,009 28.12%	1,346 26.15%	1,372 29.52%	2,739 36.59%	1,482 22.41%	828 20.60%	579 17.80%	828 26.56%	775 43.70%
Credit	895 12.53%	889 17.27%	478 10.30%	743 9.92%	880 13.31%	778 19.37%	395 12.14%	479 15.35%	319 17.98%
Hedge Fund Solutions	728 10.19%	597 11.59%	584 12.57%	658 8.79%	649 9.81%	459 11.42%	339 10.41%	367 11.76%	313 17.67%
Financial Advisory	—	—	306 6.58%	411 5.50%	395 5.98%	367 9.13%	390 11.99%	432 13.85%	398 22.42%
Consolidation Adjustments And Reconciling Items	—	—	—	—	—	—	—	(22) (0.71%)	(18) (1.01%)
Other, not broken out	358 5.01%	134 2.60%	127 2.72%	—	—	—	—	—	—
Eliminations	—	—	—	(53) (0.70%)	—	(47) (1.18%)	(31) (0.95%)	—	—
Blackstone Consolidated	—	—	—	—	—	—	—	3,119	1,774
Total	—	—	—	—	—	—	—	3,141	1,792
Revenue	7,145	5,146	4,647	7,485	6,613	4,019	3,253	3,119	1,774

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Absolute Return Composite	Q2 FY2026	5.80%	2.80%	—
Core+	Q2 FY2026	0.20%	−0.40%	—
Corporate Private Equity	Q2 FY2026	3.70%	5.10%	—
Deployment	Q3 FY2026	$30.1B	$26.6B	+13.37%
Fee-Earning AUM	Q3 FY2026	$989.7B	$906.2B	+9.21%
Fee-Earning Perpetual Capital AUM	Q3 FY2026	$469.5B	$428.5B	+9.57%
Inflows	Q3 FY2026	$63.3B	$54.2B	+16.80%
Infrastructure	Q2 FY2026	7.20%	2.90%	—
Invested Performance Eligible AUM	Q3 FY2026	$662.8B	$611.0B	+8.48%
Liquid Credit	Q2 FY2026	2.20%	2.40%	—
Net Accrued Performance Revenues	Q3 FY2026	$7.3B	—	—
Opportunistic	Q2 FY2026	0.40%	0.10%	—
Perpetual Capital AUM	Q3 FY2026	$562.3B	$500.6B	+12.33%
Private Credit	Q2 FY2026	1.00%	3.00%	—
Private Credit net return	Q3 FY2026	1.80%	3.20%	—
Realizations	Q3 FY2026	$33.1B	$30.6B	+8.18%
Secondaries	Q2 FY2026	1.70%	6.60%	—
Total Assets Under Management	Q3 FY2026	$1.37T	$1.24T	+10.19%
Undrawn capital (Total Dry Powder)	Q3 FY2026	$228.9B	$188.1B	+21.69%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Absolute Return Composite	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Core+	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate Private Equity	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Deployment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fee-Earning AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fee-Earning Perpetual Capital AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Inflows	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Infrastructure	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Invested Performance Eligible AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Liquid Credit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net Accrued Performance Revenues	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Opportunistic	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Perpetual Capital AUM	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Private Credit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Private Credit net return	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Realizations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Secondaries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Assets Under Management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Undrawn capital (Total Dry Powder)	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.