Blackstone
BX · NYSEInvestment Advice · Fiscal year ends Dec 31
Blackstone reported revenue of $14.5B in the fiscal year ended Dec 2025, up 9.2% from the year before. Net income was $3B. Operating cash flow of $4.7B less capital expenditure of $116M left free cash flow of $4.5B. Net debt was $9.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $22.6B | $8.5B | $8B | $13.2B | $14.5B |
| Interest expense | $198M | $317M | $432M | $444M | $508M |
| Pre-tax income | $13.6B | $3.5B | $3B | $6.5B | $7.2B |
| Income tax | $1.2B | $473M | $513M | $1B | $1.1B |
| Net income | $5.9B | $1.7B | $1.4B | $2.8B | $3B |
| Diluted EPS | 8.13 | 2.36 | 1.84 | 3.62 | 3.87 |
| Diluted shares | 720M | 741M | 755M | 767M | 780M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $4.3B | $3B | $2B | $2.6B |
| Net PP&E | $245M | $412M | $543M | $506M | $521M |
| Goodwill | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
| Total assets | $41.2B | $42.5B | $40.3B | $43.5B | $47.7B |
| Long-term debt | $7.9B | $12.5B | $11.6B | $11.5B | $12.6B |
| Total liabilities | $19.5B | $22.8B | $22.2B | $24B | $25.8B |
| Shareholders' equity | $9.4B | $7.7B | $6.8B | $8.2B | $8.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4B | $6.3B | $4.1B | $3.5B | $4.7B |
| Capital expenditure | $64M | $235M | $224M | $61M | $116M |
| Free cash flow | $3.9B | $6.1B | $3.8B | $3.4B | $4.5B |
| Depreciation & amortisation | $52M | $69M | $94M | $99M | $98M |
| Stock-based compensation | $637M | $846M | $988M | $1.2B | $1.4B |
| Acquisitions | $0 | $0 | $5M | $0 | $0 |
| Dividends paid | $4.6B | $6.5B | $4.3B | $4.4B | $6B |
| Dividend per share | 3.57 | 4.94 | 3.32 | 3.45 | 4.69 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −62.3% | −5.8% | 64.9% | 9.2% |
| EPS growth (YoY) | – | −71.0% | −22.0% | 96.7% | 6.9% |
| Net margin | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% |
| Return on equityBlank when equity is negative | 62.2% | 22.8% | 20.4% | 33.8% | 34.8% |
| Free cash flow margin | 17.4% | 71.6% | 47.8% | 25.9% | 31.5% |
| Cash conversion (CFO ÷ net income) | 0.68x | 3.63x | 2.92x | 1.25x | 1.54x |
| Debt ÷ equity | 0.83x | 1.63x | 1.70x | 1.40x | 1.45x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $8.2B | $8.7B | $9.5B | $9.9B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.