Blackstone Inc. (BX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$1.34	$1.36	+1.5%	—	$3B	—
Q4 25	$1.54	$1.75	+13.6%	—	$3.7B	—
Q2 25	$1.1	$1.21	+10.0%	—	$3.2B	—
Q1 25	$1.06	$1.09	+2.8%	—	$2.8B	—
Q4 24	$1.47	$1.69	+15.0%	—	$2.7B	—
Q3 24	$0.91	$1.01	+11.0%	—	$2.9B	—
Q2 24	$0.98	$0.96	-2.0%	—	$2.3B	—
Q1 24	$0.97	$0.98	+1.0%	—	$3B	—
Q4 23	$0.95	$1.11	+16.8%	—	$1.1B	—
Q3 23	$1.01	$0.94	-6.9%	—	$2.1B	—
Q2 23	$0.92	$0.93	+1.1%	—	$2.5B	—
Q1 23	$0.95	$0.97	+2.1%	—	$1.3B	—
Q4 22	$0.95	$1.07	+12.6%	—	$1.5B	—
Q3 22	$1	$1.06	+6.0%	—	$974.1M	—
Q2 22	$1.44	$1.49	+3.5%	—	$760.5M	—
Q1 22	$1.05	$1.55	+47.6%	—	$3.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.87	—	—	$12.4B	—
FY24	—	$3.62	—	—	$10.9B	—
FY23	—	$1.84	—	—	$7B	—
FY22	—	$2.36	—	—	$7.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.3B	$5.8B	$5.8B	$6.2B	$5.2B	$16.7B	$7.1B	$7B	$10.9B	$12.4B
YoY change	+2.7%	+34%	+0.31%	+6.52%	-15.2%	+218.2%	-57.2%	-1.77%	+56%	+13.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.3B	5.8B	5.8B	6.2B	5.2B	16.7B	7.1B	7B	10.9B	12.4B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	593.8M	621.4M	673.4M	697.1M	724.6M	928.2M	1.1B	1.2B	1.4B	1.6B
Operating expenses	593.8M	217.5M	673.4M	535.6M	760M	931M	1.1B	1.3B	1.4B	1.6B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	2.4B	4.1B	3.5B	3.8B	2.6B	13.6B	3.5B	3B	6.5B	7.2B
Income tax	132.4M	743.1M	249.4M	-48M	356M	1.2B	472.9M	513.5M	1B	1.1B
Net income	2.2B	3.4B	3.3B	3.9B	2.3B	12.4B	3B	2.4B	5.4B	6B
Net margin	52.2%	58.4%	56.3%	62.6%	43.2%	74.3%	41.9%	34.9%	49.7%	48.7%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.6	2.21	2.27	3.03	1.5	8.14	2.36	1.84	3.62	3.87
Diluted EPS	1.56	2.21	2.26	3.03	1.5	8.13	2.36	1.84	3.62	3.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.1B	1.1B	3B	2.3B	2.9B	2.7B	2.8B	3.2B	2.7B	3.7B	3B	4.2B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	318.1M	289.8M	373.9M	317.9M	344.4M	345.4M	344.5M	375.3M	393.6M	460.4M	380.8M	416.5M
Operating expenses	318.1M	318.8M	373.9M	317.9M	344.4M	345.4M	344.5M	375.3M	393.6M	460.4M	380.8M	416.5M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	1.1B	155.1M	1.9B	1.2B	1.8B	1.6B	1.5B	1.9B	1.4B	2.4B	1.5B	2.8B
Income tax	196.6M	46M	283.7M	260.2M	245.3M	232.5M	243.8M	289.5M	209.7M	382M	197.2M	452.4M
Net income	920.7M	109.1M	1.6B	948.4M	1.6B	1.3B	1.2B	1.6B	1.2B	2B	1.3B	2.4B
Net margin	43.1%	9.87%	52.4%	41.4%	54.2%	49.2%	42.8%	51.4%	46.1%	52.9%	41.9%	56.3%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.73	0.2	1.12	0.58	1.02	0.92	0.8	0.98	0.8	1.3	0.83	1.54
Diluted EPS	0.73	0.2	1.11	0.58	1.02	0.92	0.8	0.98	0.8	1.3	0.83	1.54

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	17.6B	21.3B	20.2B	37.8B	45.2B	93.1B	54.9B	98.9B	132.2B	120.2B	136.9B
Enterprise value	24.7B	34.2B	28.2B	47.4B	49.5B	99.7B	64.1B	108.2B	142.5B	130.9B	120.8B
Shares outstanding	649.5M	665.5M	678.9M	675.9M	696.9M	719.8M	740.7M	755.2M	766.5M	780M	780M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	7.8	6.31	6.2	9.78	20	7.53	18.4	40.5	24.3	19.9	26.5
P/S	4.07	3.69	3.49	6.12	8.63	5.59	7.7	14.1	12.1	9.69	9.14
P/B	1.4	1.55	1.47	2.5	3.1	4.29	2.79	5.47	6.78	5.49	10.5
EV/Sales	5.72	5.93	4.87	7.68	9.46	5.99	8.98	15.4	13	10.5	7.8
Earnings yield	12.8%	15.8%	16.1%	10.2%	5.01%	13.3%	5.44%	2.47%	4.11%	5.03%	3.77%
FCF yield	-0.63%	-7.75%	0.14%	5.03%	4.04%	4.21%	11.1%	3.88%	2.59%	3.78%	2.2%
PEG	—	—	—	—	—	—	—	—	—	—	0.46

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	54.4%
Net margin	52.2%	58.4%	56.3%	62.6%	43.2%	74.3%	41.9%	34.9%	49.7%	48.7%	22.7%
ROE	18%	24.6%	23.7%	25.6%	15.5%	57%	15.2%	13.5%	27.9%	27.6%	31.4%
ROA	—	—	—	—	—	—	—	—	12.5%	12.7%	14.3%
Return on tangible assets	—	—	—	—	—	—	—	—	13.8%	13.8%	14.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	0.87
Debt / equity	0.71	1.09	0.74	0.78	0.43	0.4	0.68	0.68	0.63	0.61	0.68
Debt / assets	—	—	—	—	—	—	—	—	0.28	0.28	0.28
Effective tax rate	5.56%	18%	7.1%	0%	13.6%	8.73%	13.7%	17.4%	15.8%	15.7%	15.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.64	8.68	8.54	9.13	7.51	23.1	9.63	9.28	14.3	15.9	19.7
EPS (basic)	1.6	2.21	2.27	3.03	1.5	8.14	2.36	1.84	3.62	3.87	3.87
EPS (diluted)	1.56	2.21	2.26	3.03	1.5	8.13	2.36	1.84	3.62	3.87	4.47
Book value per share	19.3	20.6	20.3	22.3	20.9	30.2	26.6	23.9	25.4	28.1	11.3
FCF per share	-0.17	-2.48	0.04	2.82	2.62	5.45	8.24	5.08	4.46	5.83	6.86
Cash per share	2.83	2.99	3.25	3.21	2.87	2.95	5.74	3.91	2.57	3.37	3.32
Capex per share	0.03	0.04	0.03	0.09	0.16	0.09	0.32	0.3	0.08	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.51%	0.42%	0.32%	0.98%	2.13%	0.39%	3.3%	3.2%	0.56%	—	—
Capex / operating cash flow	0.63%	0.42%	0.6%	1.97%	3.55%	0.67%	3.06%	4.34%	0.85%	—	—
Payout ratio	89.7%	84.2%	93.3%	62%	105.5%	37.2%	218.1%	174.6%	81.4%	99.5%	111.2%
Dividend yield	11.5%	13.3%	15.1%	6.34%	5.28%	4.94%	11.9%	4.32%	3.35%	5%	4.5%

Yield

4.5%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.29

ex-dividend Aug 3, 2026

Payout ratio

111%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$1.29
May 4, 2026	$1.16
Feb 9, 2026	$1.49

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.1B	$1.1B	$3B	$2.3B	$2.9B	$2.7B	$2.8B	$3.2B	$2.7B	$3.7B	$3B	$4.2B
YoY change	+119.2%	-27.2%	+134.2%	-6.92%	+35.2%	+144.4%	-7.28%	+37.9%	-6.95%	+38.3%	+6.24%	+32.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.8B	2B	2.2B	2.2B	2B	2.1B	4.3B	3B	2B	2.6B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	-211.5M	-219.3M	-240.2M	-262.9M	-294.3M	-278.8M	-336.6M	-394.6M	-483.2M	-431.4M
Goodwill & intangibles	4B	4.4B	4.7B	4.5B	4.5B	4.3B	4.2B	4.2B	4.1B	4B
Total assets	—	—	—	—	—	—	—	—	43.5B	47.7B
Accounts payable	1.1B	2B	876M	806.2M	717.1M	937.2M	1.3B	2.3B	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	8.9B	14.9B	10.2B	11.8B	6.3B	8.7B	13.4B	12.3B	12.3B	13.3B
Total liabilities	—	—	—	—	—	—	—	—	24B	25.8B
Shareholders' equity	12.5B	13.7B	13.8B	15.1B	14.6B	21.7B	19.7B	18.1B	19.5B	21.9B
Total debt	8.9B	14.9B	10.2B	11.8B	6.3B	8.7B	13.4B	12.3B	12.3B	13.3B
Net debt	7.1B	12.9B	8B	9.6B	4.3B	6.6B	9.1B	9.3B	10.3B	10.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3B	3B	2.5B	2.4B	2.4B	2B	2.4B	2.2B	2.4B	2.6B	2.4B	2.5B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	-372.2M	-394.6M	-417.9M	-442.7M	-461.2M	-483.2M	-503.3M	-406.6M	-425.6M	-431.4M	-456.8M	-469.4M
Goodwill & intangibles	4.2B	4.2B	4.2B	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4B	4B	4B
Total assets	—	—	39.7B	40.6B	42.6B	43.5B	45.3B	45.4B	46.6B	47.7B	48.3B	49.9B
Accounts payable	1.6B	2.3B	2B	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	13.1B	12.3B	11.7B	11.8B	11.9B	12.3B	13.4B	12.9B	12.9B	13.3B	14.2B	14B
Total liabilities	—	—	—	21.9B	23.1B	24B	25.4B	24.3B	25.2B	25.8B	26.9B	27.5B
Shareholders' equity	18.8B	18.1B	18.5B	18.7B	19.5B	19.5B	19.9B	21.1B	21.4B	21.9B	21.4B	22.4B
Total debt	13.1B	12.3B	11.7B	11.8B	11.9B	12.3B	13.4B	12.9B	12.9B	13.3B	14.2B	14B
Net debt	10.1B	9.3B	9.2B	9.4B	9.5B	10.3B	11B	10.7B	10.5B	10.7B	11.7B	11.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.2B	3.4B	3.3B	3.9B	2.3B	12.4B	3B	2.4B	5.4B	6B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	291.7M	80.4M	-1.1B	-879.8M	-716.8M	-841.2M	837.1M	408.4M	-539.1M	-634.3M
Operating cash flow	3.4B	5.8B	3.1B	3.1B	3.1B	9.6B	7.7B	5.2B	7.2B	4.7B
Capital expenditure	-21.8M	-24.3M	-18.4M	-60.3M	-111.7M	-64.3M	-235.5M	-224.2M	-61.4M	—
Investing cash flow	-29M	-188.2M	-116.6M	-60.3M	-166.8M	-64.3M	-235.5M	-229.7M	-61.4M	0
Dividends paid	-2B	-2.8B	-3B	-2.4B	-2.4B	-4.6B	-6.5B	-4.3B	-4.4B	-6B
Share repurchases	-27.6M	-30.2M	-567.2M	-585.3M	-504.9M	-1.3B	-466M	-418M	-661.1M	-312.5M
Financing cash flow	570.2M	2.8B	-1.3B	-1.9B	-2.2B	-3.8B	-3.8B	-5.1B	-4.5B	-3.9B
Net change in cash	4B	8.3B	1.6B	1.1B	731M	5.7B	3.7B	-113.6M	2.6B	784.4M
Free cash flow	-110.4M	-1.7B	27.4M	1.9B	1.8B	3.9B	6.1B	3.8B	3.4B	4.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	920.7M	109.1M	1.6B	948.4M	1.6B	1.3B	1.2B	1.6B	1.2B	2B	1.3B	2.4B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	90.3M	702M	-340.1M	-182M	-190.3M	173.3M	251.5M	-74.3M	-513.5M	-9.2M	-128.6M	229.1M
Operating cash flow	1.3B	1.7B	1.5B	1.3B	1.2B	3.1B	2.1B	2.3B	1.6B	1.1B	991M	1.9B
Capital expenditure	-62.7M	-31.3M	-17.8M	-12.4M	-19.4M	-11.9M	-29.3M	-40.1M	—	—	—	—
Investing cash flow	-62.7M	-31.3M	-17.8M	-12.4M	-19.4M	-11.9M	-29.3M	-40.1M	—	—	—	—
Dividends paid	-1B	-1B	-1.2B	-1.1B	-1.1B	-1.1B	-1.9B	-1.2B	-1.3B	-1.6B	-1.9B	-1.5B
Share repurchases	-175.2M	-43.6M	-136.4M	-248.5M	-216.4M	-59.8M	-100.1M	-35.2M	-126M	-51.1M	-66.3M	-42.2M
Financing cash flow	-1.4B	-712.3M	-1.5B	-1.2B	-1.3B	-1.2B	139.2M	-1.7B	-1.3B	-1B	-1.1B	-1.8B
Net change in cash	-148.6M	958.4M	-11.5M	79.2M	-54.8M	1.9B	2.2B	502.3M	310.3M	48.2M	-102.9M	96.6M
Free cash flow	1B	864.4M	922.1M	1.1B	1.2B	149.5M	1.1B	848.4M	1.6B	1B	957.6M	1.9B

Blackstone Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement