Blackstone Inc.

BX 10-Q · Q2 2025
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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Investment Income Loss Realized (Q) — — —
Show Option Indexed To Issuers Equity Type breakouts
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) — — —
Show Option Indexed To Issuers Equity Type breakouts
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) — — —
Show Product Lines breakouts
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%
Show Consolidation Items breakouts
Material Reconciling Items -294,093 38,125 -871.4%
Gain Loss On Investments 1,605,665 696,139 +130.7%
Show Option Indexed To Issuers Equity Type breakouts
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
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%
Show Option Indexed To Issuers Equity Type breakouts
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) — — —
Show Product Lines breakouts
Investment Advice · Operating Segments 2,020,012 1,779,938 +13.5%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Operating Segments 2,020,012 1,779,938 +13.5%
Fee Related Performance Revenues 472,050 177,067 +166.6%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Operating Segments 472,050 177,067 +166.6%
Performance Revenue Realized 1,025,234 719,940 +42.4%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Operating Segments 553,121 542,889 +1.9%
Fee Related Performance Revenues Adjustment (Q) — — —
Show Consolidation Items breakouts
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) — — —
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Operating Segments -332,243 -293,122 -13.3%
Realized Performance Revenues Adjustment (Q) — — —
Show Consolidation Items breakouts
Operating Segments -553,121 -542,889 -1.9%
Realized Performance Compensation -398,554 -337,875 -18.0%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
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%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
Operating Segments 29,421 16,572 +77.5%
Operation Related Equity Based Compensation (Q) — — —
Show Consolidation Items breakouts
Operating Segments -306,495 -291,540 -5.1%
Performance Related Equity Based Compensation (Q) — — —
Show Consolidation Items breakouts
Operating Segments -5,523 -3,856 -43.2%
Fee Related Compensation Segment Adjustment 46 -5,156 +100.9%
Fee Related Compensation (Q) — — —
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
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) — — —
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives 7,698 4,550 +69.2%
Show Derivative Risk breakouts
Foreign Exchange Contract · Freestanding Derivatives 11,776 -2,223 +629.7%
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives 5 — —
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Freestanding Derivatives 19,479 2,327 +737.1%
Unrealized Gain Loss On Derivatives (Q) — — —
Show Fair Value Hierarchy breakouts
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%
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives -4,270 2,181 -295.8%
Show Derivative Risk breakouts
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%
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives -11 2 -650.0%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
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
Founder, senior managing directors, employees and certain other related parties 57.1 41.1 +38.9%

Balance Sheet

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%
Show Balance Sheet Location [Axis] breakouts
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%
Show Consolidated Entities breakouts
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
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
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
Consolidated Blackstone Funds 5,101,278 — —
Corporate Treasury Investments 229,497 — —
Show Consolidated Entities breakouts
Parent Company · Consolidated Blackstone Funds 700.8 — —
Show Fair Value By Asset Class breakouts
Performance Fees 12,054,879 — —
Show Investment Type breakouts
Accrued Performance Allocations 12,054,879 — —
Other Investments 6,807,324 — —
Partnership Investments 6,942,526 — —
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds · Founder, senior managing directors, employees and certain other related parties 2.2 — —
Show Related Party Transactions By Related Party breakouts
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%
Show Related Party Transactions By Related Party breakouts
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
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
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
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
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

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.

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