Business Description

Blackstone Inc. is a premier global alternative investment management firm headquartered in New York City. The company manages over $1 trillion in assets across real estate, private equity, credit and insurance, and multi-asset investing strategies. Blackstone is distinctive for being the world's largest alternative asset manager, serving institutional and retail investors globally by providing flexible capital and solutions-oriented investment strategies.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Transaction-Based Revenues9,053,8008,153,1107,366,4306,828,440
Net Interest Income416,093411,159516,497271,612
Other Revenues4,980,3704,665,700139,9131,417,620
Total Revenues14,450,30013,230,0008,022,8408,517,670
Cost of Sales5,669,7505,013,7303,431,9603,563,130
Gross Profit8,780,5208,216,2404,590,8804,954,540
Selling, General & Administrative Expenses1,524,5501,361,9101,117,3101,092,670
Operating Profit7,255,9706,854,3303,473,5803,861,870
Interest Expense(508,314)(443,688)(431,868)(317,225)
Non-Operating Income423,98848,838(83,997)(82,859)
Total Non-Operating Income(84,326)(394,850)(515,865)(400,084)
Income Before Provision for Income Taxes7,171,6506,459,4802,957,7103,461,790
Provision for Income Taxes1,125,0201,021,670513,461472,880
Consolidated Net Income6,046,6205,437,8102,444,2502,988,910
Net Income Attributable to Minority Interests and Other3,027,4102,661,3001,053,3701,241,280
Net Income Attributable to Common Shareholders3,019,2102,776,5101,390,8801,747,630
Basic EPS3.873.621.842.36
Diluted EPS3.873.621.842.36
Basic Weighted Average Shares Outstanding780,019766,487755,205740,664
Diluted Weighted Average Shares Outstanding780,216766,647755,420740,942
Shares Outstanding748,688731,926719,358710,277
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents2,631,2401,972,1402,955,8704,252,000
Total Cash and Cash Equivalents2,631,2401,972,1402,955,8704,252,000
Restricted Cash and Segregated Assets223,441204,052316,197241,712
Accounts Receivable291,758237,930193,365462,904
Other Receivables6,357,4605,409,3204,466,5204,146,710
Total Current Assets9,503,9007,823,4407,931,9509,103,330
Net Property, Plant & Equipment757,459838,620841,307896,981
Net Intangible Assets131,359165,243201,208217,287
Goodwill1,890,2001,890,2001,890,2001,890,200
Long-Term Investments32,212,10029,800,60026,146,60027,553,300
Other Long-Term Assets3,213,9402,951,8103,276,2402,863,180
Total Assets47,709,00043,469,90040,287,50042,524,200
Accounts Payable2,885,8202,792,3102,277,2601,251,840
Accrued Expenses6,411,3906,087,7005,247,7706,101,800
Other Current Liabilities3,224,4302,808,1502,393,4102,118,480
Total Current Liabilities12,521,60011,688,2009,918,4309,472,120
Long-Term Debt12,445,10011,321,00011,304,10012,349,600
Leases861,021965,742989,8231,021,450
Total Long-Term Liabilities13,306,20012,286,70012,293,90013,371,000
Total Liabilities25,827,80023,974,90022,212,30022,843,200
Common Stock7777
Additional Paid-in Capital8,479,8907,444,5606,175,1905,935,270
Accumulated Other Comprehensive Income(6,008)(40,326)(19,133)(27,475)
Retained Earnings191,641808,079660,7341,748,110
Total Common Shareholders' Equity8,665,5308,212,3206,816,8007,655,910
Minority Interests and Other13,215,60011,282,70011,258,40012,025,200
Total Shareholders' Equity21,881,20019,495,00018,075,20019,681,100
Total Liabilities and Shareholders' Equity47,709,00043,469,90040,287,50042,524,200
FY 2025FY 2024FY 2023FY 2022
Net Income6,046,6205,437,8102,444,2502,988,910
Depreciation & Amortization36,02335,96540,07567,097
Share-Based Compensation Expense1,445,3501,168,440987,549846,349
Other Adjustments(3,998,890)(3,534,230)(976,119)(1,620,400)
Changes in Trading Assets2,872,0401,912,8102,178,9005,139,450
Changes in Trade Receivables(398,413)(465,039)569,246832,122
Changes in Accounts Payable390,179211,51145,450275,238
Changes in Accrued Expenses(1,493,880)(1,211,550)(1,071,560)(2,197,450)
Changes in Other Operating Activities(235,872)(74,055)(160,888)4,938
Cash from Operating Activities4,663,1603,481,6604,056,9106,336,250
Capital Expenditure(115,703)(61,409)(224,231)(235,497)
Payments for Business Acquisitions——(5,420)—
Cash from Investing Activities(115,703)(61,409)(229,651)(235,497)
Issuance of Long-Term Debt2,813,740741,173494,9753,521,540
Repayments of Long-Term Debt(1,813,060)(103,221)(502,460)(280,768)
Net Issuance / (Repayments) of Long-Term Debt1,000,680637,952(7,485)3,240,780
Repurchases of Common Shares(312,480)(661,065)(418,024)(465,956)
Net Issuance / (Repurchases) of Common Shares(312,480)(661,065)(418,024)(465,956)
Common Share Dividends Paid(6,013,390)(4,424,180)(4,268,450)(6,518,790)
Other Financing Activities1,446,380(54,265)(359,939)(50,490)
Cash from Financing Activities(3,878,810)(4,501,560)(5,053,900)(3,794,460)
Effect of Exchange Rate Changes on Cash and Cash Equivalents9,837(14,563)4,988—
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash678,490(1,095,870)(1,221,650)2,306,300

Key Metrics & Ratios

MetricValue
Market Cap$115.40B
P/E39.83x
P/S7.99x
EV/EBITDA19.10x
Return on Equity29.2%
Return on Invested Capital16.6%
Current Ratio0.76x
Dividend Yield5.0%
Free Cash Flow Margin31.5%

Margins

Gross margin
97.0%
Operating margin
80.1%
Net margin
66.8%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026 $2.31B +10.4% 64.5% $1.49B
Q4 2025 $2.47B +8.1% 95.7% $2.36B
Q3 2025 $2.26B +13.6% 64.9% $1.46B
Q2 2025 $2.23B +12.9% 85.8% $1.92B
Q1 2025 $2.10B — 72.2% $1.51B
Q4 2024 $2.28B — 74.3% $1.70B
Q3 2024 $1.99B — 94.6% $1.88B
Q2 2024 $1.98B — 64.4% $1.27B

More on Blackstone Inc.

Figures compiled from public company filings.

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