10-QPeriod: Q2 FY2025

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 8, 2025For Securities:BX

Summary

Blackstone Inc. (BX) reported strong financial results for the second quarter and first half of 2025. Total revenues increased by 33% year-over-year for the quarter to $3.7 billion, driven by a significant 131% surge in Investment Income to $1.6 billion. This growth was primarily fueled by strong performance in Realized Investment Income across Private Equity and Credit & Insurance segments, alongside higher unrealized appreciation in real estate and private equity investments. Total compensation and benefits also increased by 18% for the quarter, reflecting the growth in revenue and performance-based compensation. The firm's Assets Under Management (AUM) continued to expand, reaching $1.21 trillion at the end of Q2 2025, a 4% increase from the previous quarter and a 7% increase year-over-year. Fee-earning AUM also saw a healthy increase, indicating continued growth in recurring revenue streams. The company's segment distributable earnings showcased robust performance, particularly in Private Equity, which saw a 55% increase year-over-year, driven by strong fee-related earnings and net realizations.

Financial Highlights

39 data points
Beta

Revenue

$3.71B

Net Income

$764.24M

20.6% Net Margin

EPS (Diluted)

$0.98

Total Assets

$45.37B

Cash & Equivalents

$2.24B

Free Cash Flow

$848.36M

Financial Statements
Beta
Revenue$3.71B
Operating Expenses$1.93B
Interest Expense$135.82M
Net Income$764.24M
EPS (Basic)$0.98
EPS (Diluted)$0.98
Shares Outstanding (Basic)782.39M
Shares Outstanding (Diluted)782.40M

Key Highlights

  • 1Total Revenues surged by 33% year-over-year to $3.7 billion for Q2 2025, driven by a substantial increase in Investment Income.
  • 2Investment Income (Loss) grew by 131% year-over-year to $1.6 billion for Q2 2025, primarily due to strong realized gains and unrealized appreciation across various segments.
  • 3Total Assets Under Management (AUM) reached $1.21 trillion as of June 30, 2025, demonstrating continued growth in the firm's managed capital.
  • 4Private Equity segment distributable earnings increased by 55% year-over-year to $751.4 million for Q2 2025, reflecting strong performance in both fee-related earnings and net realizations.
  • 5Fee-Earning Assets Under Management increased by 3% sequentially to $887.1 billion, signaling an expansion of recurring revenue sources.
  • 6Blackstone Inc. reported Net Income Attributable to Blackstone Inc. of $764.2 million for Q2 2025, a 72% increase year-over-year.
  • 7The company maintained a strong liquidity position with $2.2 billion in Cash and Cash Equivalents, alongside access to its $4.325 billion revolving credit facility.

Frequently Asked Questions

Blackstone's revenue and net income saw substantial growth driven primarily by a surge in Investment Income, which increased by 131% year-over-year to $1.6 billion. This was fueled by strong realized gains across its Private Equity and Credit & Insurance segments, as well as positive unrealized appreciation in its real estate and private equity investments. Fee-related earnings also contributed positively, reflecting growth in Assets Under Management.

Blackstone's Total Assets Under Management (AUM) continued to grow, reaching $1.21 trillion as of June 30, 2025. This represents an increase of $43.7 billion from the previous quarter and an increase of $11.0 billion year-over-year for the total segment AUM. Fee-Earning Assets Under Management also increased, indicating growth in the revenue-generating portion of its AUM.

Blackstone's results indicate a positive outlook across its key segments. The Private Equity segment showed particularly strong growth in distributable earnings, up 55% year-over-year, driven by fee-related earnings and net realizations. The Real Estate segment also showed resilience and growth, with expectations of a market recovery. The Credit & Insurance segment demonstrated strong performance, benefiting from favorable market conditions. The Multi-Asset Investing segment also reported positive performance, though strategies sensitive to low volatility might face challenges.

During the three months ended June 30, 2025, Blackstone repurchased 0.2 million shares of common stock for $27.8 million. As of June 30, 2025, approximately $1.8 billion remained available under its share repurchase program, which was authorized for up to $2.0 billion in July 2024.