Skip to content
AnalystLens

Blackstone Inc. 8-K Report, Financial Results (Jan 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 29, 2026
Period End
January 29, 2026
Security
BX
In the 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. Leadership change8-K · Oct ’18Oct ’18
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Material agreement8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed January 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Blackstone (BX) reported fourth quarter and full year 2025 results on January 29, 2026, in an 8-K furnishing Exhibit 99.1 (press release and detailed presentation).

Q4 2025 GAAP Net Income Attributable to Blackstone Inc. was $1.02 billiona ($1.30 per share), versus $704 million ($0.92) a year earlier. Full-year GAAP net income attributable to Blackstone was $3.02 billion ($3.87 per share), up from $2.78 billion ($3.62). Total revenues rose to $4.36 billion in Q4 and $14.45 billion for the year, though full-year 'Other' revenue turned negative, and Performance Allocations jumped sharply in Q4.

The segment metrics focus on recurring earnings. Fee Related Earnings (FRE) was $1.54 billionb in Q4 ($1.25/share), down 16% year over year, mainly because Fee Related Performance Revenues fell 57% after a large BIP crystallization in the prior-year quarter. For the full year, FRE rose 9% to $5.74 billion ($4.67/share).

Distributable Earnings (DE) reached $2.24 billionc ($1.75/share) in Q4, up 3%, and $7.11 billion ($5.57/share) for the year, up 19%. Net Accrued Performance Revenues climbed to $6.74 billion ($5.49/share), supported by strong appreciation in Infrastructure (23.5% for the year) and Corporate Private Equity (13.8%). Capital formation was robust.

AUM reached $1.27 trilliond (up 13%), with Q4 inflows of $71.5 billion, the highest in over three years, and full-year inflows of $239.4 billion. Perpetual Capital AUM grew 18% to $523.6 billion, and dry powder stood at $198.3 billion.

The board declared a $1.49 quarterly dividend, payable February 17, 2026, and dividends for 2025 totaled $4.74 per share. Investors should note that results are preliminary and unaudited, and that the 8-K states the press release is furnished rather than filed.

02—Key points

Key Highlights

  1. Q4 2025 GAAP net income attributable to Blackstone Inc. was $1.02 billion ($1.30/share), up 44% from $704 million ($0.92/share) in Q4 2024.
  2. Distributable Earnings were $2.24 billion ($1.75/share) in Q4 and $7.11 billion ($5.57/share) for FY2025, up 19% year over year.
  3. Fee Related Earnings fell 16% in Q4 to $1.54 billion ($1.25/share) on lower performance revenues, but rose 9% for the full year to $5.74 billion ($4.67/share).
  4. Record-level capital raising: $71.5 billion of Q4 inflows (highest in over three years) and $239.4 billion for FY2025; total AUM reached $1.27 trillion, up 13%.
  5. Net Accrued Performance Revenues reached $6.74 billion ($5.49/share), up 7% year over year, driven by Infrastructure (+23.5% FY) and Private Equity (+13.8% Corporate PE FY) appreciation.
  6. Declared a quarterly dividend of $1.49 per share (record date February 9, 2026; payable February 17, 2026), with total 2025 dividends of $4.74 per share, up 20%.
  7. Balance sheet: $20.9 billion of cash and net investments ($17.05/share), $4.3 billion revolver, and A+/A+ ratings from S&P and Fitch.

03—Questions

Frequently Asked Questions

  1. How did Blackstone's earnings perform in Q4 and full-year 2025?

    GAAP net income attributable to Blackstone Inc. was $1.02 billion ($1.30/share) in Q4 and $3.02 billion ($3.87/share) for the year. Distributable Earnings, the firm's preferred cash-earnings measure, were $2.24 billion ($1.75/share) in Q4 and $7.11 billion ($5.57/share) for FY2025, up 19%.

  2. Why did Fee Related Earnings decline in Q4 even though the year grew?

    Q4 2024 benefited from a large BIP fee-related performance revenue crystallization. Fee Related Performance Revenues fell 57% to $606 million in Q4 2025, reducing Q4 FRE 16% to $1.54 billion. Excluding that BIP item, FRE grew 24% year over year, and full-year FRE rose 9% to $5.74 billion.

  3. What do the strong inflows and AUM figures signal for investors?

    Q4 inflows of $71.5 billion and full-year inflows of $239.4 billion point to strong fundraising across private equity, credit, and infrastructure. AUM rose 13% to $1.27 trillion, and Perpetual Capital AUM grew 18% to $523.6 billion, which supports more stable future fee revenues.

  4. Is the dividend sustainable, and what is the payout policy?

    The board declared $1.49 per share, payable February 17, 2026, and 2025 dividends totaled $4.74 per share, about 85% of DE per share ($5.57). Management's stated policy targets roughly 85% of Blackstone Inc.'s share of Distributable Earnings, but dividends remain at the board's discretion and can be reduced or eliminated.

  5. What are the key caveats in these results?

    All current-period amounts are preliminary and unaudited. Performance revenues are volatile and depend on realizations and asset appreciation, and Q4 GAAP results were boosted by large unrealized performance allocations. Full-year 'Other' revenue was negative ($(271) million), and the press release is furnished rather than filed under the Exchange Act.

04—Continue

← View all 8-K filings