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Blackstone Inc.BX

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Financial Services
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NYSE

Stock Price $BX

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You are here#15 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K117

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $14.45B
YoY changeLargest recent move+270.0%in FY21Latest +9.2%

2 older moves run past ±150% (largest +607.7%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All BX Financial Metrics44 metrics

Income Statement11

Balance Sheet15

Cash Flow13

Per Share5

02—Overview

Blackstone Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Despite total revenues plunging by 62% during a market rout in FY2022, Blackstone’s Total Assets Under Management expanded relentlessly, growing from $880.9 billion in FY2021 to $1.27 trilliona in FY2025. The central investment thesis for the alternative asset manager rests on this massive scale and the resulting recurring fees, which successfully insulate the business against wild swings in performance-based investment income. Proving this structural stability, the firm's management and advisory fees generated $8.1 billion in FY2025, rising 12% year-over-year. This recurring revenue foundation provided a sturdy floor while realization activity recovered, eventually fueling a 65% top-line rebound to $13.2 billion in FY2024.

By the close of FY2025, total revenues climbed another 9% to reach $14.5 billionb, driven by a 16% jump in investment income as the company captured higher realized gains across its private equity and credit strategies. Net income followed suit, expanding by 9% to $3.0 billion. The market richly rewarded this combination of vast scale and fee stability. At the end of FY2025, investors valued Blackstone at a $115.4 billion market cap, with shares priced at $154.14 and trading at 39.8x earnings.

Recent Developments (Q4 2025 and Q1 2026)

Blackstone sustained its growth trajectory in Q1 2026, driving a 10% year-over-year total revenue increase to $3.6 billionc. This was anchored by a 13% rise in management and advisory fees to $2.1 billion, pushing fee-earning assets under management to $937.6 billion. Total assets under management crossed a new threshold, reaching $1,304.0 billion. The firm maintained strong liquidity, holding $2.4 billion in cash and cash equivalents while leaving $1.7 billion available for share repurchases. Additionally, the company issued preliminary updates on realization activities throughout early 2026, signaling active asset exits.

Bulls highlight the expanding fee-earning asset base, guaranteeing steady cash flows regardless of broader market fluctuations. Bears warn that operating costs are accelerating faster than revenue, evidenced by a 19%d jump in Q1 2026 total expenses due to surging compensation. At 32.0x earnings as of May 8, 2026, the stock commands a premium valuation.

What to watch: realization activity trends in the private equity segment; margin impacts from rising compensation costs.

03—Filings

Recent SEC Filings

  1. 8-KBlackstone Inc. 8-K Report, Financial Results (Oct 22, 2026)Blackstone Inc. (BX) reported its third quarter 2026 financial results on October 22, 2026. The company showcased strong performance despite a volatile external environment, with flagship strategies outperforming public market indices and significant inflows of $63 billion, indicating positive momentum across fundraising channels. Key financial metrics highlight robust operational performance, with Fee Related Earnings (FRE) reaching $1.6 billion for the quarter ($1.26/share) and Distributable Earnings (DE) at $1.7 billion ($1.32/share). The company also declared a quarterly dividend of $1.12 per common share, underscoring its commitment to returning capital to shareholders. Blackstone's total Assets Under Management (AUM) grew to $1,368.3 billion, up 10% year-over-year, driven by substantial inflows across its diverse investment strategies.
  2. 8-KBlackstone Inc. 8-K Report, Executive Changes (Oct 15, 2026)Blackstone Inc. (BX) has announced the upcoming retirement of Joseph Baratta from his position as a director on the Board, effective December 31, 2026. Mr. Baratta will continue to serve in his current capacity until this date, allowing for a smooth transition. This departure will result in a reduction of the Board's size from eight to seven members.
  3. 8-KBlackstone Inc. 8-K Report, Regulation FD Disclosure (Sep 22, 2026)On September 22, 2026, Blackstone (BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release with a preliminary, intra-quarter update on realization activity for the period July 1, 2026 through September 22, 2026. Blackstone expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $350 million for that period, with roughly 90% of that amount coming from Realized Performance Revenues. The estimate includes revenue from investment realizations closed to date in the third quarter, plus certain non-fee-related incentive fees and other investment income expected to be realized at quarter end. The disclosure is explicitly preliminary and limited in scope. Blackstone states that the figure is not a prediction of total third-quarter Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues, and that full-quarter results may differ materially. It excludes fee income, expenses, any realizations after September 22, and any further gains or losses for the remainder of the quarter. It is also not indicative of results for the full year 2026. For investors, the update is a meaningful signal of realization momentum heading into quarter end, since realizations drive the lumpy performance revenue and principal investment income that can swing reported earnings. Still, the figure should be treated as a partial, forward-dated snapshot rather than a guide to Q3 or annual results. The filing does not disclose a specific prior-year comparison or an updated full-year outlook, so investors should await the Q3 2026 earnings release for complete financial results.
  4. 8-KBlackstone Inc. 8-K Report, Financial Results (Jul 23, 2026)Blackstone (BX) reported second quarter 2026 results on July 23, 2026, with strong growth in earnings and capital raising. GAAP Net Income was $2.4 billion for the quarter ($1.2 billion attributable to Blackstone Inc.), up from $1.6 billion and $764 million a year earlier, and GAAP diluted EPS rose to $1.54 from $0.98. Non-GAAP results were stronger still: Fee Related Earnings (FRE) reached $1.8 billion ($1.43 per share), up 22% year over year, and Distributable Earnings (DE) were $2.0 billion ($1.52 per share), up 26%. Management highlighted approximately $68.3 billion of quarterly inflows, which is roughly 16% of the $1.35 trillion of total AUM. Performance-driven revenue was the main engine. Realized performance revenues rose 32% to $731 million, and Net Accrued Performance Revenues climbed to $7.5 billion ($6.00 per share), up 13% year over year and 7% quarter over quarter, supported by appreciation in Infrastructure, Secondaries and Corporate Private Equity. Total AUM grew 11% year over year to $1,346.3 billion, Fee-Earning AUM grew 8% to $961.6 billion, and Perpetual Capital AUM grew 15% to $555.6 billion. Management attributes this to its AI-related investment themes, though the filing provides limited detail on those exposures. Real Estate was the notable soft spot, with Opportunistic funds declining 1.4% over the LTM and Real Estate Fee-Earning AUM down 3%. For shareholders, the Board declared a quarterly dividend of $1.29 per share, payable August 10, 2026 to holders of record on August 3, 2026. Blackstone ended the quarter with $22.7 billion of cash and net investments ($18.23 per share), a $4.3 billion revolver ($3.5 billion undrawn), and A+/A+ ratings. Important caveats: all figures are preliminary and unaudited, the results are furnished rather than filed under Item 2.02, and the performance-revenue-heavy earnings mix can be volatile. Realized Principal Investment Income fell 60% year to date, and Credit & Insurance Segment DE declined 6% in the quarter.
  5. 8-KBlackstone Inc. 8-K Report, Regulation FD Disclosure (Jun 23, 2026)On June 23, 2026, Blackstone Inc. (NYSE: BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release that gives an intra-quarter preview of realization activity for the period April 1, 2026 through June 23, 2026. Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income of more than $500 million for that window, almost entirely Realized Performance Revenues. The estimate includes certain non-fee-related incentive fees and other investment income expected to be realized at quarter end, in addition to investment realizations already closed in the second quarter. Investors should read this figure narrowly. The company states explicitly that the estimate is not a prediction of full-quarter Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues for the quarter ending June 30, 2026. It excludes fee income, expenses, any realizations after June 23, and any further gains or losses for the rest of the quarter. It also says the figure is not indicative of results for any other period, including fiscal 2026. The disclosure is therefore a partial, early indicator of realization momentum rather than a guidance update or a complete earnings signal. The filing is informational and carries no new financial statements, guidance, or financing terms. Its market relevance lies in signaling that exit and realization activity picked up during the second quarter, which matters for monetization-driven earnings in Blackstone's performance-fee and principal investment businesses. Forward-looking caveats point to the 2025 Form 10-K risk factors and to significant market developments after June 23, 2026 that could change outcomes.
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04—See also

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