01—Abstract
Summary
Summary of the 10-K filed February 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Blackstone Inc. (BX) reported a strong financial year ending December 31, 2025, with total revenues reaching $14.5 billiona, marking a significant 9% increase year-over-year, primarily driven by robust growth in its Private Equity and Credit & Insurance segments.
The company's Assets Under Management (AUM) also saw substantial growth, reaching $1.27 trillionb. This expansion reflects successful fundraising and positive market performance across its diverse alternative asset classes. Despite increased compensation expenses, Blackstone maintained a healthy net income of $6.0 billion, demonstrating effective operational management and a strong return on investment for its shareholders.
The company continues to focus on expanding its presence in the private wealth channel and innovating its product offerings to cater to a broader investor base, positioning it for continued growth in the dynamic alternative asset management landscape. Blackstone's diversified business segments, including Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, all contributed to the company's overall success. The Private Equity segment, in particular, showed significant growth, benefiting from increased deal activity and strong performance in its Infrastructure strategies.
The Credit & Insurance segment also demonstrated resilience, with notable growth in private credit strategies. The company's commitment to its perpetual capital strategies further underpins its long-term revenue stability. Looking ahead, Blackstone remains well-positioned to capitalize on market opportunities, driven by its scale, diversified strategies, and strong client relationships.
02—Key points
Key Highlights
- Total Revenues increased by 9% to $14.5 billion in 2025.
- Total Assets Under Management (AUM) grew by 13% to $1.27 trillion.
- Net Income Attributable to Blackstone Inc. increased by 9% to $3.0 billion.
- Management and Advisory Fees, Net increased by 12% to $8.1 billion.
- Investment Income (Loss) increased by 16% to $5.3 billion, driven by higher realized gains.
- Compensation and Benefits increased by 13% to $5.6 billion, reflecting business growth and performance-based compensation.
- The company's Private Equity segment saw strong performance, with Segment Distributable Earnings increasing by 10% to $2.9 billion.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $14.45B$13.23B | +9.2% |
| Operating Expenses | $7.70B$6.82B | +13.0% |
| Interest Expense | $508.31M$443.69M | +14.6% |
| Net Income | $3.02B$2.78B | +8.7% |
| EPS (Basic) | $3.87$3.62 | +6.9% |
| EPS (Diluted) | $3.87$3.62 | +6.9% |
| Shares Outstanding (Basic) | 780.02M766.49M | +1.8% |
| Shares Outstanding (Diluted) | 780.22M766.65M | +1.8% |
05—Questions
Frequently Asked Questions
What is Blackstone's primary source of revenue?
Blackstone's primary sources of revenue are management and advisory fees, incentive fees, and investment income, which collectively stem from its role as a leading alternative asset manager.
How did Blackstone's Assets Under Management (AUM) perform in 2025?
Blackstone's total Assets Under Management (AUM) grew by 13% to $1.27 trillion as of December 31, 2025, reflecting strong inflows and positive market performance across its various investment strategies.
What were the key drivers of revenue growth in 2025?
Revenue growth was primarily driven by an increase of $886.7 million in Management and Advisory Fees, Net, and a $709.2 million increase in Investment Income (Loss). The growth in Management and Advisory Fees was largely due to increases in the Private Equity and Credit & Insurance segments.
How is Blackstone's compensation structure designed to align with investor interests?
Blackstone's compensation philosophy emphasizes "at-risk" compensation, with a significant portion tied to annual cash bonuses, performance interests (carried interest and incentive fees), and deferred equity awards. This structure aims to align employee interests with the long-term performance of the firm's investment funds and, consequently, with the interests of its stockholders.
06—Continue