Blackstone Inc. BX
Blackstone is the world's largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.3 trillion in Total Assets Under Management as of December 31, 2025 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.
Our businesses use a solutions-oriented approach to drive better performance. We believe our scale, diversified business, long record of investment performance, rigorous investment process and strong client relationships position us to continue to perform well in a variety of market conditions, expand our assets under management, and innovate.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.45B | $13.23B | $8.02B | $8.52B | $22.58B | $6.10B | $7.34B | $6.83B | $7.15B | $5.15B |
| SG&A | $1.52B | $1.36B | $1.12B | $1.09B | $917.8M | $711.8M | $679.4M | $594.9M | $488.6M | $541.6M |
| Total operating expenses | $7.70B | $6.82B | $4.98B | $4.97B | $9.48B | $3.48B | $3.96B | $3.51B | $3.75B | $2.95B |
| Interest expense | $508.3M | $443.7M | $431.9M | $317.2M | $198.3M | $166.2M | $199.6M | $164.0M | $197.5M | $152.7M |
| Pre-tax income | $7.17B | $6.46B | $2.96B | $3.46B | $13.56B | $2.62B | $3.82B | $3.51B | $4.12B | $2.38B |
| Income tax | $1.13B | $1.02B | $513.5M | $472.9M | $1.18B | $356.0M | $48.0M | $249.4M | $743.1M | $132.4M |
| Net income | $3.02B | $2.78B | $1.39B | $1.75B | $5.86B | $1.05B | $2.05B | $1.54B | $1.47B | $1.04B |
| EPS, basic | 3.87 | 3.62 | 1.84 | 2.36 | 8.14 | 1.50 | 3.03 | 2.27 | 2.21 | 1.60 |
| EPS, diluted | 3.87 | 3.62 | 1.84 | 2.36 | 8.13 | 1.50 | 3.03 | 2.26 | 2.21 | 1.56 |
| Shares, diluted (wtd. avg.) | $780.2M | $766.6M | $755.4M | $740.9M | $720.1M | $697.3M | $676.2M | $1.21B | $666.2M | $1.20B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.63B | $1.97B | $3.27B | $4.49B | $2.20B | $2.06B | $2.52B | $2.55B | $3.94B | $2.86B |
| Property, plant and equipment | $521.2M | $506.3M | $542.8M | $411.7M | $244.6M | $231.8M | $154.5M | $120.4M | $126.6M | $126.8M |
| Goodwill | $1.89B | $1.89B | $1.89B | $1.89B | $1.89B | $1.90B | $1.87B | $1.87B | $1.78B | $1.72B |
| Other intangibles | $131.4M | $165.2M | $201.2M | $217.3M | $284.4M | $348.0M | $397.5M | $468.5M | $409.8M | $262.6M |
| Total assets | $47.71B | $43.47B | $40.29B | $42.52B | $41.20B | $26.27B | $32.59B | $28.92B | $34.42B | $26.40B |
| Long-term debt | $12.58B | $11.46B | $11.61B | $12.49B | $7.86B | $5.73B | $11.54B | $10.40B | $15.17B | $8.94B |
| Total liabilities | $25.83B | $23.97B | $22.21B | $22.84B | $19.49B | $11.68B | $17.48B | $15.17B | $20.69B | $13.89B |
| Retained earnings | $191.6M | $808.1M | $660.7M | $1.75B | $3.65B | $335.8M | $609.6M | — | — | — |
| Total equity | $8.67B | $8.21B | $6.82B | $7.66B | $9.42B | $6.65B | $7.01B | $6.38B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.66B | $3.48B | $4.06B | $6.34B | $3.99B | $1.94B | $1.96B | $45.7M | -$1.63B | -$88.6M |
| Depreciation and amortisation | $98.0M | $98.8M | $94.1M | $69.2M | $52.2M | $35.1M | $26.3M | $23.9M | $25.2M | $32.0M |
| Stock-based compensation | $1.45B | $1.17B | $987.5M | $846.3M | $637.4M | $438.3M | $417.1M | $366.9M | $338.7M | $323.7M |
| Capital expenditure | $115.7M | $61.4M | $224.2M | $235.5M | $64.3M | $111.7M | $60.3M | $18.4M | $24.3M | $21.8M |
| Investing cash flow | -$115.7M | -$61.4M | -$229.7M | -$235.5M | -$64.3M | -$166.8M | -$60.3M | -$116.6M | -$193.3M | -$21.8M |
| Financing cash flow | -$3.88B | -$4.50B | -$5.05B | -$3.79B | -$3.78B | -$2.24B | -$1.92B | -$1.33B | $2.77B | $570.2M |
| Dividends paid | $6.01B | $4.42B | $4.27B | $6.52B | $4.60B | $2.39B | $2.40B | $3.05B | $2.84B | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-082531.
Others in SIC 6282
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | $96.70B | — | -11.0% |
| APO | Apollo Global Management, Inc. | $78.94B | 24.1x | 22.7% |
| AMP | AMERIPRISE FINANCIAL INC | $49.52B | 15.5x | 5.5% |
| TROW | PRICE T ROWE GROUP INC | $23.42B | 11.9x | 3.1% |
| BEN | FRANKLIN TEMPLETON INC | $17.65B | 38.2x | 3.5% |
| CG | Carlyle Group Inc. | $16.74B | 21.5x | -11.9% |
| IVZ | Invesco Ltd. | $14.60B | — | 5.1% |
| EVR | Evercore Inc. | $11.51B | 21.2x | 29.5% |