What is the primary driver of Blackstone's revenue decrease in the third quarter of 2025?

The primary driver of Blackstone's revenue decrease in the third quarter of 2025 was a significant decline in investment income, particularly unrealized investment income, which was down $1.6 billion year-over-year. This was largely due to lower unrealized appreciation in the Private Equity segment compared to the previous year.

How has Blackstone's Assets Under Management (AUM) performed?

Blackstone demonstrated strong growth in Assets Under Management (AUM). Total AUM reached $1.24 trillion as of September 30, 2025, an increase of 10% year-over-year. Fee-Earning Assets Under Management also grew to $906.2 billion, indicating an expanding base for fee generation.

What is the company's outlook on market conditions?

Blackstone noted that most major equity markets appreciated in the third quarter of 2025, supported by positive economic data and accommodative central bank actions. While aware of potential economic headwinds and the impact of a government shutdown on data availability, the company believes its diversified strategies and strong market positioning will allow it to navigate the environment effectively. The company also anticipates that a sustained favorable capital markets environment could lead to increased transaction activity and realizations.

How is Blackstone managing its capital and shareholder returns?

Blackstone continues to actively manage its capital through share repurchases and dividend payments. During the first nine months of 2025, the company repurchased approximately $93.7 million of its common stock and Holdings Partnership Units, with $1.7 billion remaining under its authorized repurchase program. Blackstone also paid quarterly dividends, signaling confidence in its ongoing operational strength and cash flow generation.

BX 10-Q Quarterly Report Q3 FY2025 — Revenue, Net Income, EPS

Summary

Blackstone Inc. reported its third-quarter 2025 financial results, showcasing a mixed performance with growth in management and advisory fees offset by a significant decline in investment income. Total revenues decreased by 16% year-over-year to $3.1 billion, primarily driven by a substantial drop in unrealized investment income within the Private Equity segment. However, the company saw a healthy 15% increase in Management and Advisory Fees, Net, reaching $2.1 billion, indicating the resilience of its core asset management business. Expenses also decreased by 8%, largely due to lower performance allocation compensation, leading to a 21% decrease in Net Income Attributable to Blackstone Inc. to $624.9 million, or $0.80 per diluted share. Despite the headwinds in investment income, Blackstone continues to expand its assets under management, with Total Assets Under Management reaching $1.24 trillion as of September 30, 2025, up 3% sequentially and 10% year-over-year. Fee-Earning Assets Under Management also saw growth, reaching $906.2 billion. The company maintained a strong liquidity position with $2.4 billion in Cash and Cash Equivalents and access to its revolving credit facility, while also repurchasing shares and paying dividends, signaling confidence in its ongoing operational strength.

Financial Highlights

39 data points

Beta

Revenue

$3.09B

Net Income

$624.92M

0.2% Net Margin

EPS (Diluted)

$0.80

Total Assets

$46.55B

Cash & Equivalents

$2.43B

Free Cash Flow

$1.57B

Financial Statements

Beta

Revenue	$3.09B
Operating Expenses	$1.75B
Interest Expense	$126.29M
Net Income	$624.92M
EPS (Basic)	$0.80
EPS (Diluted)	$0.80
Shares Outstanding (Basic)	782.63M
Shares Outstanding (Diluted)	782.68M

Key Highlights

1Total Revenues decreased by 16% year-over-year to $3.1 billion, impacted by a significant decline in investment income.
2Management and Advisory Fees, Net increased by 15% year-over-year to $2.1 billion, reflecting growth in the core asset management business.
3Net Income Attributable to Blackstone Inc. decreased by 20% year-over-year to $624.9 million ($0.80 per diluted share).
4Total Assets Under Management increased to $1.24 trillion as of September 30, 2025, up 10% year-over-year.
5Fee-Earning Assets Under Management grew to $906.2 billion.
6Blackstone repurchased approximately $93.7 million of common stock and Holdings Partnership Units during the first nine months of 2025, with $1.7 billion remaining under its repurchase program.
7The company's effective tax rate for the nine months ended September 30, 2025 was 15.4%.

Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Summary

Financial Highlights

Key Highlights

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