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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#14 of 58 in Financials by market cap

Filing record · 2016–202610-K1110-Q328-K115

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 115 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, Regulation FD Disclosure (Sep 22, 2026)Blackstone Inc. (BX) has filed an 8-K to disclose a press release regarding preliminary revenue estimates from realization activities for the period of July 1, 2026, to September 22, 2026. While the specific figures are not detailed within the 8-K itself, the filing indicates that this information has been made public via a press release posted on their corporate website. Investors should refer to the attached Exhibit 99.1 for the actual revenue estimates. This disclosure is crucial for investors seeking to understand the company's performance in the third quarter, particularly its success in realizing gains from its investment portfolio. The preliminary nature of the estimate suggests that final figures may vary, but it provides an early indicator of potential performance trends and the impact of recent market conditions on Blackstone's business model. Investors are advised to consult the full press release for a comprehensive understanding of these preliminary results.
  2. 8-KBlackstone Inc. 8-K Report, Financial Results (Jul 23, 2026)Blackstone Inc. (BX) filed an 8-K on July 23, 2026, to report its financial results for the second quarter ended June 30, 2026. The filing primarily directs investors to a press release and detailed presentation (Exhibit 99.1) for comprehensive details on the company's performance. While the 8-K itself does not contain the financial data, it serves as the official notification of the release of this information. Investors are encouraged to review Exhibit 99.1 for a thorough understanding of Blackstone's quarterly performance, including key financial metrics, operational highlights, and management's commentary. The furnished information is crucial for assessing the company's recent financial health and its strategic direction within the alternative asset management industry.
  3. 8-KBlackstone Inc. 8-K Report, Regulation FD Disclosure (Jun 23, 2026)Blackstone Inc. has filed a Form 8-K to disclose a press release regarding a preliminary estimate of revenue from realization activities for the period of April 1, 2026, to June 23, 2026. This filing is primarily for informational purposes and does not constitute a formal financial report. Investors should note that this information is preliminary and subject to change as the company finalizes its financial statements. The press release, attached as Exhibit 99.1, is available on Blackstone's website, providing early insight into the company's performance in a key revenue-generating area. While this 8-K does not contain audited financial results or significant corporate changes, the preliminary revenue estimate from realization activities is crucial for understanding the company's deal-making and asset monetization progress during the second quarter. Investors will be looking for indications of the pace and success of Blackstone's investment exits, which directly impact its fee-related earnings and carried interest.
  4. 8-KBlackstone Inc. 8-K Report, Financial Results (Apr 23, 2026)Blackstone Inc. (BX) has filed an 8-K with the SEC on April 23, 2026, to announce its financial results for the first quarter ended March 31, 2026. The filing primarily incorporates by reference a press release and detailed presentation issued by the company on the same date. Investors should refer to Exhibit 99.1 for the comprehensive details of the company's performance, including key financial metrics and operational updates for the quarter. While the 8-K itself does not contain detailed financial data, it serves as the official notification mechanism for the market. The attached press release and presentation are expected to provide insights into Blackstone's AUM (Assets Under Management) growth, fundraising activities, realized and unrealized performance across its various business segments (such as Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions), and overall profitability. Investors will be looking for trends in fee-related earnings, net investment income, and economic net income, as well as any commentary on strategic initiatives and market outlook.
  5. 8-KBlackstone Inc. 8-K Report, Regulation FD Disclosure (Mar 24, 2026)Blackstone Inc. (BX) has filed a Current Report on Form 8-K, primarily to disclose a press release dated March 24, 2026. This press release provides a preliminary estimate of revenue expected from realization activities for the period spanning January 1, 2026, to March 24, 2026. Investors should note that this information is furnished under Item 7.01 and is not deemed "filed" under Section 18 of the Exchange Act, nor will it be automatically incorporated into future SEC filings unless expressly stated. The primary value for investors lies in the forward-looking (though preliminary) insight into the company's realization performance during the first quarter of 2026. The company has made this information available on its website at www.blackstone.com/news. While this filing itself does not contain detailed financial statements beyond what is in the press release, it serves as a mechanism to disseminate important, albeit preliminary, operational and financial performance indicators to the market in a timely manner. Investors are encouraged to review the full press release for the specific revenue estimates and any accompanying commentary provided by Blackstone.
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04—See also

Related Companies

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