Blackstone
BX NYSE· Asset Management & Custody Banks
Last close · Oct 26, 2026
$119.06
KIRA · Stoqly’s AI analyst, in plain words
- Blackstone had $14.5B of revenue in fiscal 2025, up 9.2% on the year before. Over five years, revenue changed +18.8% a year on average.
- Blackstone made $3.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 10.6% a year.
- Free cash flow was $4.5B in fiscal 2025, 31.5% of revenue.
- Blackstone returned $6.0B to shareholders in fiscal 2025, 132% of free cash flow. The diluted share count rose 1.8%.
- Blackstone owes $9.9B more than it holds in cash, about 1.3 years of operating profit.
Market cap
$95.2B
P/E
26.6x
Revenue
$14.5B
Net income
$3.0B
Free cash flow
$4.5B
Operating margin
—
Blackstone in 30 seconds · fiscal 2025
Are sales growing?
+9.2%
Yes. Sales grew 9.2% last year.
Does it make a profit?
20.9%
Yes. It keeps 20.9% of every sale as profit.
Does profit turn into cash?
31.5%
Yes. 31.5% of sales ends up as free cash.
Is debt under control?
1.3x
Keep an eye on it. Repaying its debt would take 1.3 years of operating profit.
How is the share priced?
26.6x
One share costs 26.6 times its yearly profit per share. Typical for its sector: 13.7x.
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.
Biggest risks, in its own words
- Difficult markets, a weaker economy or high interest rates could lower the value of its funds' investments and slow sales of them.
- Its earnings swing because much of its income comes from performance fees that depend on investment gains.
- Weak fund results or tougher competition could make it harder to raise money from investors.
- Its dependence on a small group of senior leaders, including its co-founder.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Legal name
- Blackstone Inc.
- CIK
- 0001393818
Blackstone · BX
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $22.6B | $8.5B | $8.0B | $13.2B | $14.5B |
| Revenue growth | 270.0% | −62.3% | −5.8% | 64.9% | 9.2% |
| Net income | $5.9B | $1.7B | $1.4B | $2.8B | $3.0B |
| Net margin | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% |
| Diluted EPS | $8.13 | $2.36 | $1.84 | $3.62 | $3.87 |
| Cash | |||||
| Cash from operations | $4.0B | $6.3B | $4.1B | $3.5B | $4.7B |
| Capital expenditure | $64.3M | $236M | $224M | $61.4M | $116M |
| Free cash flow | $3.9B | $6.1B | $3.8B | $3.4B | $4.5B |
| FCF margin | 17.4% | 71.6% | 47.8% | 25.9% | 31.5% |
| Dividends paid | $4.6B | $6.5B | $4.3B | $4.4B | $6.0B |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 3.3% | 2.9% | 2.0% | 1.5% | 1.8% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $9.4B | $7.7B | $6.8B | $8.2B | $8.7B |
| Net debt / EBITDA | 0.4x | 2.1x | 2.5x | 1.4x | 1.3x |
| Interest coverage | 69.4x | 11.9x | 7.9x | 15.6x | 15.1x |
| Returns and quality | |||||
| Return on capital | 55.0% | 12.2% | 10.8% | 21.6% | 22.1% |
| Return on equity | 72.9% | 20.5% | 19.2% | 37.0% | 35.8% |
Insiders bought, 12 months
$4.2M
2 insiders
Insiders sold, 12 months
$28.2M
4 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Blackstone · BX
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $95.2B | 9.2% | — | 31.5% | 22.1% | 26.6x | — |
| Corebridge Financial CRBG | $15.7B | −1.2% | — | — | — | 21.8x | — |
| KKR KKR | — | −11.0% | — | — | — | — | — |
| Franklin Resources BEN | $16.0B | 3.5% | 6.9% | 10.4% | 3.6% | 21.1x | — |
| BlackRock BLK | $185.6B | 18.7% | 29.1% | 14.7% | 10.5% | 27.0x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $119.06 a share, the company is worth $95.2B: 26.6 times its earnings of the last four quarters.
Blackstone grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001393818). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.