Blackstone Inc.

BX 10-Q · Q2 2025

BX Q2 2025 request

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Income Statement

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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