Blackstone Inc.
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Investment Income Loss Realized (Q) | — | — | — |
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| Consolidated Blackstone Funds | 22,908 | 17,966 | +27.5% |
| Corporate Treasury Investments | 171 | -1,028 | +116.6% |
| Other Investments | 8,622 | 2,349 | +267.0% |
| Investment Income Loss Unrealized (Q) | — | — | — |
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| Consolidated Blackstone Funds | 86,053 | 20,393 | +322.0% |
| Corporate Treasury Investments | 11,497 | 4,036 | +184.9% |
| Other Investments | 215,750 | -8,432 | +2658.7% |
| Revenue (Q) | — | — | — |
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| Investment Advice | 2,035,495 | 1,787,313 | +13.9% |
| Investment Performance | 195,414 | 188,299 | +3.8% |
| Performance Allocations Realized | 829,820 | 531,641 | +56.1% |
| Performance Allocations Unrealized | 313,283 | 122,229 | +156.3% |
| Principal Investments Realized | 97,171 | 74,045 | +31.2% |
| Principal Investments Unrealized | 365,391 | -31,776 | +1249.9% |
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| Material Reconciling Items | -294,093 | 38,125 | -871.4% |
| Gain Loss On Investments | 1,605,665 | 696,139 | +130.7% |
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| Consolidated Blackstone Funds | 108,961 | 38,359 | +184.1% |
| Corporate Treasury Investments | 11,668 | 3,008 | +287.9% |
| Other Investments | 224,372 | -6,083 | +3788.5% |
| Investment Income Interest And Dividend | 100,389 | 104,999 | -4.4% |
Show Option Indexed To Issuers Equity Type breakouts |
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| Consolidated Blackstone Funds | 27,369 | 6,575 | +316.3% |
| Other Operating Income Expense Net | -225,063 | 19,631 | -1246.5% |
| Revenue | 3,711,900 | 2,796,381 | +32.7% |
| Salaries And Wages | 870,358 | 766,647 | +13.5% |
| Incentive Fee Expense | 67,363 | 77,139 | -12.7% |
| Performance Allocations Compensation Realized | 331,191 | 260,736 | +27.0% |
| Performance Allocations Compensation Unrealized | 152,618 | 101,680 | +50.1% |
| Labor And Related Expense | 1,421,530 | 1,206,202 | +17.9% |
| General & Administrative | 360,817 | 311,928 | +15.7% |
| Interest Expense | 135,822 | 108,616 | +25.0% |
| Fund Expenses Consolidated Funds | 14,434 | 5,960 | +142.2% |
| Total Costs & Expenses | 1,932,603 | 1,632,706 | +18.4% |
| Other Nonoperating Gains Losses | 136,330 | 44,934 | +203.4% |
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| Consolidated Blackstone Funds | 136,330 | 44,934 | +203.4% |
| Other Non-Operating Income (Expense) | 136,330 | 44,934 | +203.4% |
| Income Before Taxes | 1,915,627 | 1,208,609 | +58.5% |
| Income Tax Expense (Benefit) | 289,494 | 260,246 | +11.2% |
| Net Income | 1,626,133 | 948,363 | +71.5% |
| Net Income Loss Attributable To Redeemable Noncontrolling Interest | 18,209 | 258 | +6957.8% |
| Income Loss Attributable To Noncontrolling Interest | 240,836 | 100,583 | +139.4% |
| Net Income Loss Attributable To Non Controlling Interests In Partnerships | 602,844 | 403,108 | +49.5% |
| Net Income | 764,244 | 444,414 | +72.0% |
| EPS (Basic) | 0.98 | 0.58 | +69.0% |
| EPS (Diluted) | 0.98 | 0.58 | +69.0% |
| Wtd Avg Shares (Basic) | 782,386,121 | 769,187,351 | +1.7% |
| Wtd Avg Shares (Diluted) | 782,401,237 | 769,234,677 | +1.7% |
| Management And Advisory Fees Net Segment Adjustment | -15,483 | -7,375 | -109.9% |
| Management And Advisory Fees Net (Q) | — | — | — |
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| Investment Advice · Operating Segments | 2,020,012 | 1,779,938 | +13.5% |
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| Credit & Insurance Segment · Operating Segments | 470,627 | 390,200 | +20.6% |
| Multi Assets Investing Segment · Operating Segments | 131,795 | 117,430 | +12.2% |
| Private Equity Segment · Operating Segments | 706,298 | 514,851 | +37.2% |
| Real Estate Segment · Operating Segments | 711,292 | 757,457 | -6.1% |
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| Operating Segments | 2,020,012 | 1,779,938 | +13.5% |
| Fee Related Performance Revenues | 472,050 | 177,067 | +166.6% |
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| Credit & Insurance Segment · Operating Segments | 190,129 | 167,758 | +13.3% |
| Private Equity Segment · Operating Segments | 192,331 | 8,703 | +2109.9% |
| Real Estate Segment · Operating Segments | 89,590 | 606 | +14683.8% |
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| Operating Segments | 472,050 | 177,067 | +166.6% |
| Performance Revenue Realized | 1,025,234 | 719,940 | +42.4% |
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| Credit & Insurance Segment · Operating Segments | 87,393 | 91,247 | -4.2% |
| Multi Assets Investing Segment · Operating Segments | 13,161 | 16,373 | -19.6% |
| Private Equity Segment · Operating Segments | 408,980 | 381,797 | +7.1% |
| Real Estate Segment · Operating Segments | 43,587 | 53,472 | -18.5% |
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| Operating Segments | 553,121 | 542,889 | +1.9% |
| Fee Related Performance Revenues Adjustment (Q) | — | — | — |
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| Operating Segments | -472,050 | -177,067 | -166.6% |
| Realized Performance Revenues Segment Adjustment | -63 | 16 | -493.8% |
| Labor And Related Expense Excluding Performance Allocations Compensation Unrealized | 1,268,912 | 1,104,522 | +14.9% |
| Other Operating Expenses Segment Adjustment | -28,574 | -18,806 | -51.9% |
| Other Operating Expenses (Q) | — | — | — |
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| Credit & Insurance Segment · Operating Segments | 107,426 | 88,348 | +21.6% |
| Multi Assets Investing Segment · Operating Segments | 25,469 | 24,960 | +2.0% |
| Private Equity Segment · Operating Segments | 112,300 | 87,436 | +28.4% |
| Real Estate Segment · Operating Segments | 87,048 | 92,378 | -5.8% |
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| Operating Segments | 332,243 | 293,122 | +13.3% |
| Realized Performance Revenues Adjustment (Q) | — | — | — |
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| Operating Segments | -553,121 | -542,889 | -1.9% |
| Realized Performance Compensation | 398,554 | 337,875 | +18.0% |
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| Credit & Insurance Segment · Operating Segments | 30,433 | 37,738 | -19.4% |
| Multi Assets Investing Segment · Operating Segments | 5,228 | 8,263 | -36.7% |
| Private Equity Segment · Operating Segments | 196,824 | 179,761 | +9.5% |
| Real Estate Segment · Operating Segments | 24,139 | 25,295 | -4.6% |
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| Operating Segments | 256,624 | 251,057 | +2.2% |
| Realized Principal Investment Income Loss Segment Adjustment | -67,750 | -57,473 | -17.9% |
| Realized Principal Investment Income Loss | 29,421 | 16,572 | +77.5% |
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| Credit & Insurance Segment · Operating Segments | 5,800 | 3,511 | +65.2% |
| Multi Assets Investing Segment · Operating Segments | 965 | 283 | +241.0% |
| Private Equity Segment · Operating Segments | 19,859 | 5,725 | +246.9% |
| Real Estate Segment · Operating Segments | 2,797 | 7,053 | -60.3% |
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| Operating Segments | 29,421 | 16,572 | +77.5% |
| Operation Related Equity Based Compensation (Q) | — | — | — |
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| Operating Segments | -306,495 | -291,540 | -5.1% |
| Performance Related Equity Based Compensation (Q) | — | — | — |
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| Operating Segments | -5,523 | -3,856 | -43.2% |
| Fee Related Compensation Segment Adjustment | 46 | -5,156 | +100.9% |
| Fee Related Compensation (Q) | — | — | — |
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| Credit & Insurance Segment · Operating Segments | 220,305 | 172,551 | +27.7% |
| Multi Assets Investing Segment · Operating Segments | 42,877 | 37,890 | +13.2% |
| Private Equity Segment · Operating Segments | 266,925 | 158,068 | +68.9% |
| Real Estate Segment · Operating Segments | 170,209 | 184,404 | -7.7% |
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| Operating Segments | 700,316 | 552,913 | +26.7% |
| Fee Related Performance Compensation Adjustment | -136,407 | -82,962 | -64.4% |
| Gain Loss On Sale Of Derivatives (Q) | — | — | — |
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| Total Return Swap · Freestanding Derivatives | 7,698 | 4,550 | +69.2% |
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| Foreign Exchange Contract · Freestanding Derivatives | 11,776 | -2,223 | +629.7% |
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| Credit Default Swap · Freestanding Derivatives | 5 | — | — |
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| Freestanding Derivatives | 19,479 | 2,327 | +737.1% |
| Unrealized Gain Loss On Derivatives (Q) | — | — | — |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level3 | 51,957 | 106,110 | -51.0% |
| Fair Value Inputs Level3 · Freestanding Derivatives | 52,469 | 105,511 | -50.3% |
| Fair Value Inputs Level3 · Other Liabilities | -512 | 599 | -185.5% |
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| Total Return Swap · Freestanding Derivatives | -4,270 | 2,181 | -295.8% |
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| Foreign Exchange Contract · Freestanding Derivatives | -23,103 | 2,607 | -986.2% |
| Interest Rate Contract · Freestanding Derivatives | -45,360 | 21,072 | -315.3% |
| Stock Option · Freestanding Derivatives | -52,469 | -105,511 | +50.3% |
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| Credit Default Swap · Freestanding Derivatives | -11 | 2 | -650.0% |
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts |
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| Freestanding Derivatives | -125,213 | -79,649 | -57.2% |
| Unrealized Gain Loss On Derivatives And Commodity Contracts | -105,734 | -77,322 | -36.7% |
| Comprehensive Income | 794,326 | 441,079 | +80.1% |
| Income Loss From Equity Method Investments | 279.4 | 141.1 | +98.0% |
| Foreign Currency Transaction Gain Loss Before Tax | -225.5 | 19.5 | -1256.4% |
| Net Income Loss Attributable To Noncontrolling Interest (Q) | — | — | — |
Show Related Party Transactions By Related Party breakouts |
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| Founder, senior managing directors, employees and certain other related parties | 57.1 | 41.1 | +38.9% |
Balance Sheet
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 2,235,499 | 2,381,436 | -6.1% |
| Non-Current Assets | |||
| Intangible Assets | 147,294 | 183,246 | -19.6% |
| Goodwill | 1,890,202 | 1,890,202 | 0.0% |
| Operating Lease Right-of-Use Assets | 793,690 | 995,524 | -20.3% |
| Deferred Tax Assets | 2,105,277 | 2,289,932 | -8.1% |
| Total Assets | 45,373,094 | 40,585,029 | +11.8% |
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| Cash Held by Funds and Other · Variable Interest Entity Primary Beneficiary | 313,950 | 219,393 | +43.1% |
| Due from Affiliates · Variable Interest Entity Primary Beneficiary | 362,417 | 9,509 | +3711.3% |
| Other Assets · Variable Interest Entity Primary Beneficiary | 4,279 | 4,760 | -10.1% |
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| Variable Interest Entity Not Primary Beneficiary · Investments | 5,528,427 | 4,282,078 | +29.1% |
| Variable Interest Entity Primary Beneficiary · Accounts Receivable | 850 | 4,762 | -82.2% |
| Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds | 5,782,774 | 3,860,100 | +49.8% |
| Variable Interest Entity Primary Beneficiary · Investments | 5,101,278 | 3,621,676 | +40.9% |
Show Fair Value By Asset Class breakouts |
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| Due from Affiliates | 314,035 | 262,347 | +19.7% |
| Property, Plant & Equipment | 524,844 | 521,935 | +0.6% |
| Other Assets | |||
| Cash Held By Funds And Other | 313,950 | 219,393 | +43.1% |
| Investments | 31,135,504 | — | — |
Show Business Segments breakouts |
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| Credit & Insurance Segment | 681,008 | — | — |
| Multi-Asset Investing · Performance Fees | 164,200 | — | — |
| Private Equity Segment | 9,537,748 | — | — |
| Real Estate Segment | 1,671,923 | — | — |
Show Investments Issuer [Axis] breakouts |
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| Consolidated Blackstone Funds | 5,101,278 | — | — |
| Corporate Treasury Investments | 229,497 | — | — |
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| Parent Company · Consolidated Blackstone Funds | 700.8 | — | — |
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| Performance Fees | 12,054,879 | — | — |
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| Accrued Performance Allocations | 12,054,879 | — | — |
| Other Investments | 6,807,324 | — | — |
| Partnership Investments | 6,942,526 | — | — |
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| Consolidated Blackstone Funds · Founder, senior managing directors, employees and certain other related parties | 2.2 | — | — |
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| Blackstone Real Estate Investment Trust or BREIT | 1 | — | — |
| Accounts Receivable Net | 357,858 | 247,538 | +44.6% |
| Other Receivables | 5,516,820 | 4,868,069 | +13.3% |
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| Related Party | 5,516,820 | 4,868,069 | +13.3% |
| Other Assets | 877,000 | 1,083,400 | -19.1% |
| Non-Current Liabilities | |||
| Employee Related Liabilities Current And Noncurrent | 6,065,974 | 5,703,156 | +6.4% |
| Accounts Payable And Accrued Liabilities Current And Noncurrent | 2,497,969 | 2,012,969 | +24.1% |
| Total Liabilities | 24,294,214 | 21,910,734 | +10.9% |
Show Balance Sheet Location [Axis] breakouts |
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| Accounts Payable And Accrued Liabilities · Variable Interest Entity Primary Beneficiary | 81,673 | 54,770 | +49.1% |
| Due to Affiliates · Variable Interest Entity Primary Beneficiary | 150,468 | 152,900 | -1.6% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Not Primary Beneficiary · Due to Non Consolidated Entity [Member] | 616 | 256 | +140.6% |
| Variable Interest Entity Not Primary Beneficiary · Potential Clawback Obligation | 40,946 | 83,537 | -51.0% |
| Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds | 360,476 | 337,991 | +6.7% |
| Variable Interest Entity Primary Beneficiary · Loans Payable | 128,335 | 130,321 | -1.5% |
| Long-Term Debt | 12,136,032 | 10,824,342 | +12.1% |
Show Debt Instrument breakouts |
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| Blackstone Operating Borrowings | 12,003,790 | 10,682,550 | +12.4% |
| Borrowings of Consolidated Blackstone Funds | 132,242 | 141,792 | -6.7% |
| Other Liabilities | |||
| Loans Payable | 12,008,870 | 10,688,193 | +12.4% |
| Other Liabilities | 2,802,514 | 2,364,099 | +18.5% |
Show Related Party Transactions By Related Party breakouts |
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| Related Party | 2,802,514 | 2,364,099 | +18.5% |
| Operating Lease Liability | 918,887 | 1,142,317 | -19.6% |
| Redeemable Noncontrolling Interest Equity Carrying Amount | 1,487,129 | 888,868 | +67.3% |
| Nonredeemable Noncontrolling Interest | 6,847,785 | 5,682,606 | +20.5% |
| Minority Interest In Operating Partnerships | 4,391,627 | 5,269,248 | -16.7% |
| Stockholders' Equity | |||
| Common Stock | 7 | 7 | 0.0% |
| Additional Paid In Capital Common Stock | 7,988,663 | 6,260,619 | +27.6% |
| Retained Earnings | 362,614 | 607,564 | -40.3% |
| Accumulated Other Comprehensive Income | 1,055 | -34,617 | +103.0% |
| Total Stockholders' Equity | 8,352,339 | 6,833,573 | +22.2% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 19,591,751 | 17,785,427 | +10.2% |
| Total Liabilities & Equity | 45,373,094 | 40,585,029 | +11.8% |
Cash Flow Statement
| Metric | YTD Q2 2025 | YTD Q2 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Realized Gains Losses On Investments Funds Related | -1,905,804 | -1,481,780 | -28.6% |
| Unrealized Gain Loss On Investments | -632,886 | -485,306 | -30.4% |
| Non Cash Performance Allocations | -576,484 | -568,172 | -1.5% |
| Non Cash Performance Allocations And Incentive Fee Compensation | 953,235 | 948,128 | +0.5% |
| Stock-Based Compensation | 783,445 | 621,681 | +26.0% |
| Amortization Of Intangible Assets | 17,949 | 17,963 | -0.1% |
| Other Non-Cash Items | 136,035 | -193,577 | +170.3% |
| Increase Decrease In Cash Of Discontinued Operations | -65,803 | -113,224 | +41.9% |
| Change in Accounts Receivable | -117,317 | -87,957 | -33.4% |
| Increase Decrease Due From Affiliates | 241,640 | -183,990 | +231.3% |
| Increase Decrease In Other Operating Assets | 118,683 | -143,741 | +182.6% |
| Increase Decrease In Accrued Salaries | -705,817 | -515,761 | -36.8% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -23,200 | 132,969 | -117.4% |
| Increase Decrease In Due To Affiliates | -150,153 | -113,830 | -31.9% |
| Decrease In Financial Instruments Used In Operating Activities | -2,351,387 | -957,895 | -145.5% |
| Increase In Financial Instruments Used In Operating Activities | 3,440,678 | 2,671,708 | +28.8% |
| Net Cash from Operations | 1,997,721 | 2,098,407 | -4.8% |
| Investing Activities | |||
| Capital Expenditures | -69,424 | -30,136 | -130.4% |
| Net Cash from Investing | -69,424 | -30,136 | -130.4% |
| Non Cash Contributions From Non Controlling Interest Holders | 8,299 | 4,942 | +67.9% |
| Non Cash Distributions To Non Controlling Interest Holders | -9,551 | -415 | -2201.4% |
| Transfer Of Interests To Non Controlling Interest Holders | 1,626 | -6,925 | +123.5% |
| Net Settlement Of Vested Common Stock | 580,665 | 358,981 | +61.8% |
| Financing Activities | |||
| Payments Of Dividends Minority Interest | -481,852 | -454,107 | -6.1% |
| Proceeds From Minority Shareholders | 1,845,102 | 519,358 | +255.3% |
| Payments Of Tax Receivable Agreement | -43,954 | -87,508 | +49.8% |
| Net Settlement Of Vested Common Stock And Repurchase Of Common Stock | -135,363 | -384,862 | +64.8% |
| Proceeds From Issuance Of Long Term Debt | 1,024,556 | — | — |
| Repayments Of Long Term Debt | -706,362 | -60,791 | -1062.0% |
| Payments Of Dividends Common Stock | -3,074,008 | -2,264,611 | -35.7% |
| Net Cash from Financing | -1,571,881 | -2,732,521 | +42.5% |
| Supplemental | |||
| Interest Paid | 248,437 | 171,744 | +44.7% |
| Income Taxes Paid | 296,994 | 413,957 | -28.3% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 16,841 | -6,984 | +341.1% |
| Net Change in Cash | 373,257 | -671,234 | +155.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 2,549,449 | 2,600,829 | -2.0% |
| Deferred Tax Asset Increase From Equity Transactions | 255,309 | 153,044 | +66.8% |
| Due To Affiliates Increase Related To The Impact Of Conversions On Tax Receivable Agreements | 199,908 | 84,500 | +136.6% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.