Blackstone Inc.BXNYSE

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Revenue (LTM)

$13.8B

+21.6% YoY

Net Income (LTM)

$3.0B

+8.7% YoY

Free Cash Flow

$1.7B

Revenue CAGR (5Y)

+20.7%

Marginsdeclining

FCF$1.7B

Profitable

Watch on earnings:Fee-related earnings (FRE) and FRE margin - core profitability metric excluding performance fee volatilityDistributable earnings (DE) - cash available for dividend, includes realized performance feesAUM and inflows by segment - real estate, private equity, credit, hedge fund solutions growth trajectoriesDeployment rate and dry powder levels - $200B+ of undeployed capital indicates future fee earning potentialBREIT net flows and NAV performance - flagship perpetual vehicle represents growth engineRealization proceeds and multiples on exit - validates portfolio marks and generates performance fees

Key metrics:Fee-related earnings (FRE) growth rate and margin expansion · Total AUM and net inflows by segment (PE, RE, Credit, HFSS) · BREIT monthly flows and net asset value performance · Dry powder deployment rate and capital overhang

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	16,851	7,450↓55.8%	7,439↓0.2%	11,374↑52.9%	13,829↑21.6%
Gross Profit	16,652	7,133↓57.2%	7,007↓1.8%	10,931↑56.0%	11,900↑8.9%
Operating Income	13,559	3,462↓74.5%	2,958↓14.6%	6,459↑118.4%	7,178↑11.1%
Net Income	5,857	1,748↓70.2%	1,391↓20.4%	2,777↑99.6%	3,019↑8.7%
EBITDA	13,634	3,529↓74.1%	2,998↓15.0%	6,495↑116.7%	7,214↑11.1%
EPS Diluted	8.13	2.36↓71.0%	1.84↓22.0%	3.62↑96.7%	3.88↑7.2%

Balance Sheet

⚠ Limited balance sheet risk given capital-light model - Debt/Equity of 1.63x primarily reflects corporate credit facilities and CLO warehouse financing, not operational leverage

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	2,120	4,252↑100.6%	2,956↓30.5%	1,972↓33.3%	2,855↑44.8%
Total Current Assets	7,506	9,027↑20.3%	7,824↓13.3%	7,812↓0.1%	9,504↑21.7%
Total Assets	41,196	42,524↑3.2%	40,288↓5.3%	43,470↑7.9%	47,709↑9.8%
Total Current Liabilities	937	1,252↑33.6%	2,277↑81.9%	0	12,522
Total Liabilities	19,490	22,843↑17.2%	22,212↓2.8%	23,975↑7.9%	25,828↑7.7%
Total Equity	9,423	7,656↓18.8%	6,817↓11.0%	8,212↑20.5%	8,666↑5.5%
Total Debt	8,714	13,371↑53.4%	12,294↓8.1%	12,287↓0.1%	14,167↑15.3%
Net Debt	6,594	9,119↑38.3%	9,338↑2.4%	10,315↑10.5%	11,313↑9.7%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	3,986	6,336↑59.0%	4,057↓36.0%	3,482↓14.2%	1,861↓46.6%
Capital Expenditure	-64	-235↓266.2%	-224↑4.8%	-61↑72.6%	-116↓88.4%
Free Cash Flow	3,922	6,101↑55.6%	3,833↓37.2%	3,420↓10.8%	1,745↓49.0%
Stock-Based Comp	0	0	0	0	1,949
Net Change in Cash	135	2,294↑1595.8%	-1,222↓153.3%	-1,096↑10.3%	678↑161.9%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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