Blackstone
BX NYSE Asset Management & Custody Banks Financials FY2016–FY2025
Blackstone's revenue rose 9.2% to $14.5 billion in fiscal 2025. Its net margin was 20.9%, down from 21.0% a year earlier. Free cash flow was $4.5 billion, up 33.0%. It paid out $6.0 billion in dividends and buybacks, 132% of free cash flow. The diluted share count rose 1.8%.
About these figures. Blackstone was a partnership until it became a corporation in 2019; before then, shareholders' equity is its partners' capital.
What Blackstone does
Blackstone manages investment funds for pension funds, insurance companies and individual investors. The funds buy and run real estate, whole companies and infrastructure, lend money and invest in hedge funds. Blackstone managed more than $1.3 trillion at the end of 2025, and says it is the world's largest manager of these so-called alternative assets.
Blackstone reports four segments. Real Estate, with $319.3 billion, owns warehouses, data centers, rental housing, hotels, offices and shops, and lends against property; it includes BREIT, a property fund for individual investors. Private Equity, with $416.4 billion, buys companies and also invests in infrastructure, life sciences and stakes in other funds. Credit & Insurance, with $443.0 billion, lends to companies and invests in loans backed by assets, including for insurers. Multi-Asset Investing, with $96.2 billion, builds portfolios of hedge funds and other investments. Blackstone earns management fees based on the money in its funds, and performance fees, a share of the profits, when investments do well, which makes its earnings swing from year to year. It says it competes with other investment managers for investors' money and for deals, on performance, fees and reputation.
Blackstone employed about 5,285 people at the end of 2025, including 268 senior managing directors, at its New York headquarters and offices around the world.
- Legal name
- Blackstone Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001193125-26-082531
0001393818
Revenue and margins
Blackstone had $14.5B of revenue in fiscal 2025, up 9.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 10.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.5B in fiscal 2025, 31.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Blackstone returned $6.0B to shareholders in fiscal 2025, 132% of free cash flow. The diluted share count rose 1.8%.
Value Blackstone yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$9.9B and divides by 780.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.4x · peers 21.5x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Blackstone can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.1B | $4.3B | $3.0B | $2.0B | $2.6B |
| Debt incl. finance leases | $7.9B | $12.5B | $11.6B | $11.5B | $12.6B |
| Net debt / EBITDA | 0.4x | 2.1x | 2.5x | 1.4x | 1.3x |
| Debt / equity | 0.8x | 1.6x | 1.7x | 1.4x | 1.5x |
| Interest coverage | 69.4x | 11.9x | 7.9x | 15.6x | 15.1x |
| Total assets | $41.2B | $42.5B | $40.3B | $43.5B | $47.7B |
| Total liabilities | $19.5B | $22.8B | $22.2B | $24.0B | $25.8B |
| Shareholders' equity | $9.4B | $7.7B | $6.8B | $8.2B | $8.7B |
| Net debt (− = net cash) | $5.7B | $8.2B | $8.7B | $9.5B | $9.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$4.2M
2 insiders
Sold, 12 months
$28.2M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Joseph BarattaDirector | Sold | 100,000 | $123.80 | $12.4M | Form 4 |
| Aug 11, 2026 | David PayneChief Accounting Officer | Sold | 9,500 | $145.23 | $1.4M | Form 4 |
| Aug 11, 2026 | John G FinleyChief Legal Officer | Sold | 45,000 | $147.11 | $6.6M | Form 4 |
| Aug 10, 2026 | Ruth PoratDirector | Bought | 455 | $137.20 | $0.1M | Form 4 |
| Aug 4, 2026 | Vikrant SawhneyChief Administrative Officer | Sold | 30,000 | $135.55 | $4.1M | Form 4 |
| May 11, 2026 | Ruth PoratDirector | Bought | 439 | $122.99 | $0.1M | Form 4 |
| May 1, 2026 | Vikrant SawhneyChief Administrative Officer | Sold | 30,014 | $125.79 | $3.8M | Form 4 |
| Feb 17, 2026 | Ruth PoratDirector | Bought | 525 | $130.68 | $0.1M | Form 4 |
| Nov 10, 2025 | Ruth PoratDirector | Bought | 402 | $146.24 | $0.1M | Form 4 |
| Nov 4, 2025 | James BreyerDirector | Bought | 13,900 | $143.86 | $2.0M | Form 4 |
| Oct 29, 2025 | James BreyerDirector | Bought | 13,170 | $151.23 | $2.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −6.4% | −1.7% | −3.6% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Blackstone BX | $94.4B | 9.2% | — | 31.5% | 22.1% | 26.4x | — | |
| Corebridge Financial CRBG | $15.5B | −1.2% | — | — | — | 21.5x | — | Compare → |
| KKR KKR | — | −11.0% | — | — | — | — | — | Compare → |
| Franklin Resources BEN | $16.0B | 3.5% | 6.9% | 10.4% | 3.6% | 21.1x | — | Compare → |
| BlackRock BLK | $184.1B | 18.7% | 29.1% | 14.7% | 10.5% | 26.8x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.1B | $7.1B | $6.8B | $7.3B | $6.1B | $22.6B | $8.5B | $8.0B | $13.2B | $14.5B |
| Interest expense | $153M | $198M | $164M | $200M | $166M | $198M | $317M | $432M | $444M | $508M |
| Pretax income | $2.4B | $4.1B | $3.5B | $3.8B | $2.6B | $13.6B | $3.5B | $3.0B | $6.5B | $7.2B |
| Income tax | $132M | $743M | $249M | −$48.0M | $356M | $1.2B | $473M | $514M | $1.0B | $1.1B |
| Net income | $1.0B | $1.5B | $1.5B | $2.0B | $1.0B | $5.9B | $1.7B | $1.4B | $2.8B | $3.0B |
| Diluted EPS | $1.56 | $2.21 | $2.26 | $3.03 | $1.50 | $8.13 | $2.36 | $1.84 | $3.62 | $3.87 |
| Diluted shares | 1.20B | 0.67B | 1.21B | 0.68B | 0.70B | 0.72B | 0.74B | 0.76B | 0.77B | 0.78B |
| Cash flow | ||||||||||
| Cash from operations | −$88.6M | −$1.6B | $45.7M | $2.0B | $1.9B | $4.0B | $6.3B | $4.1B | $3.5B | $4.7B |
| Capital expenditure | $21.8M | $24.3M | $18.4M | $60.3M | $112M | $64.3M | $236M | $224M | $61.4M | $116M |
| Free cash flow | −$110M | −$1.7B | $27.4M | $1.9B | $1.8B | $3.9B | $6.1B | $3.8B | $3.4B | $4.5B |
| Depreciation and amortization | $115M | $72.0M | $82.9M | $97.3M | $106M | $127M | $136M | $134M | $135M | $134M |
| Stock-based compensation | $324M | $339M | $367M | $417M | $438M | $637M | $846M | $988M | $1.2B | $1.4B |
| Acquisitions | $0.0M | $169M | $98.2M | $0.0M | $55.2M | $0.0M | $0.0M | $5.4M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $2.8B | $3.0B | $2.4B | $2.4B | $4.6B | $6.5B | $4.3B | $4.4B | $6.0B |
| Dividends and buybacks | $0.0M | $2.8B | $3.0B | $2.4B | $2.4B | $4.6B | $6.5B | $4.3B | $4.4B | $6.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.8B | $2.0B | $2.2B | $2.2B | $2.0B | $2.1B | $4.3B | $3.0B | $2.0B | $2.6B |
| Total debt | $8.9B | $15.2B | $10.4B | $11.5B | $5.7B | $7.9B | $12.5B | $11.6B | $11.5B | $12.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $127M | $127M | $120M | $155M | $232M | $245M | $412M | $543M | $506M | $521M |
| Total assets | $26.4B | $34.4B | $28.9B | $32.6B | $26.3B | $41.2B | $42.5B | $40.3B | $43.5B | $47.7B |
| Total liabilities | $13.9B | $20.7B | $15.2B | $17.5B | $11.7B | $19.5B | $22.8B | $22.2B | $24.0B | $25.8B |
| Shareholders' equity | $6.5B | $6.6B | $6.4B | $7.0B | $6.7B | $9.4B | $7.7B | $6.8B | $8.2B | $8.7B |
| Margins | ||||||||||
| EBITDA margin | 51.5% | 61.4% | 55.0% | 56.1% | 47.4% | 61.5% | 46.0% | 43.9% | 53.2% | 54.1% |
| Net margin | 20.2% | 20.6% | 22.6% | 27.9% | 17.1% | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% |
| FCF margin | −2.2% | −23.1% | 0.4% | 25.9% | 29.9% | 17.4% | 71.6% | 47.8% | 25.9% | 31.5% |
| Returns | ||||||||||
| Return on capital | 13.2% | 15.3% | 14.1% | 17.4% | 11.3% | 55.0% | 12.2% | 10.8% | 21.6% | 22.1% |
| Return on equity | 16.3% | 22.5% | 23.7% | 30.6% | 15.3% | 72.9% | 20.5% | 19.2% | 37.0% | 35.8% |
| Return on assets | 4.3% | 4.8% | 4.9% | 6.7% | 3.6% | 17.4% | 4.2% | 3.4% | 6.6% | 6.6% |
| Growth | ||||||||||
| Revenue growth | 10.8% | 38.8% | −4.4% | 7.4% | −16.9% | 270.0% | −62.3% | −5.8% | 64.9% | 9.2% |
| Net income growth | 46.4% | 41.6% | 4.8% | 32.9% | −49.0% | 460.3% | −70.2% | −20.4% | 99.6% | 8.7% |
| EPS growth | 50.0% | 41.7% | 2.3% | 34.1% | −50.5% | 442.0% | −71.0% | −22.0% | 96.7% | 6.9% |
| FCF growth | −104.7% | — | — | 6,853.5% | −4.1% | 115.0% | 55.6% | −37.2% | −10.8% | 33.0% |
| Share count change | 0.6% | −44.3% | 81.2% | −44.0% | 3.1% | 3.3% | 2.9% | 2.0% | 1.5% | 1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.7x | 3.0x | 2.2x | 2.3x | 1.3x | 0.4x | 2.1x | 2.5x | 1.4x | 1.3x |
| Debt / equity | 1.4x | 2.3x | 1.6x | 1.7x | 0.9x | 0.8x | 1.6x | 1.7x | 1.4x | 1.5x |
| Interest coverage | 16.6x | 21.9x | 22.4x | 20.1x | 16.8x | 69.4x | 11.9x | 7.9x | 15.6x | 15.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.4% | 0.3% | 0.3% | 0.8% | 1.8% | 0.3% | 2.8% | 2.8% | 0.5% | 0.8% |
| Stock comp / revenue | 6.3% | 4.7% | 5.4% | 5.7% | 7.2% | 2.8% | 9.9% | 12.3% | 8.8% | 10.0% |
| Payouts / FCF | — | — | 11,132.5% | 126.0% | 130.8% | 117.4% | 106.9% | 111.4% | 129.4% | 132.2% |
| Quality scores | ||||||||||
| Accruals ratio | 4.6% | 10.2% | 4.7% | 0.3% | −3.0% | 5.6% | −11.0% | −6.4% | −1.7% | −3.6% |
Source: SEC EDGAR XBRL filings (CIK 0001393818). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.