Blackstone Inc.

BX 10-Q · Q3 2025

BX Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Investment Income Loss Realized (Q)
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 20,327 10,721 +89.6%
Corporate Treasury Investments 641 -11 +5927.3%
Other Investments 310 -3,702 +108.4%
Investment Income Loss Unrealized (Q)
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 61,445 28,698 +114.1%
Corporate Treasury Investments -706 6,935 -110.2%
Other Investments -235,495 -21,118 -1015.1%
Revenue (Q)
Show Product Lines breakouts
Investment Advice 2,056,248 1,794,894 +14.6%
Investment Performance 200,675 191,794 +4.6%
Performance Allocations Realized 997,296 414,755 +140.5%
Performance Allocations Unrealized -215,818 1,154,918 -118.7%
Principal Investments Realized 152,652 95,235 +60.3%
Principal Investments Unrealized -238,658 -1,864 -12703.5%
Show Consolidation Items breakouts
Material Reconciling Items 216,084 90,254 +139.4%
Gain Loss On Investments 695,472 1,663,044 -58.2%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 81,772 39,419 +107.4%
Corporate Treasury Investments -65 6,924 -100.9%
Other Investments -235,185 -24,820 -847.6%
Investment Income Interest And Dividend 107,538 109,774 -2.0%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 26,862 3,423 +684.8%
Other Operating Income Expense Net 28,702 -96,312 +129.8%
Revenue 3,088,635 3,663,194 -15.7%
Salaries And Wages 845,659 732,041 +15.5%
Incentive Fee Expense 61,882 73,464 -15.8%
Performance Allocations Compensation Realized 354,765 169,740 +109.0%
Performance Allocations Compensation Unrealized -31,547 465,099 -106.8%
Labor And Related Expense 1,230,759 1,440,344 -14.6%
General & Administrative 383,580 340,945 +12.5%
Interest Expense 126,288 111,337 +13.4%
Fund Expenses Consolidated Funds 10,060 3,470 +189.9%
Total Costs & Expenses 1,750,687 1,896,096 -7.7%
Other Nonoperating Gains Losses 108,634 42,842 +153.6%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 108,634 42,842 +153.6%
Other Non-Operating Income (Expense) 108,634 42,842 +153.6%
Income Before Taxes 1,446,582 1,809,940 -20.1%
Show Consolidation Items breakouts
Material Reconciling Items 1,446,582 1,809,940 -20.1%
Income Tax Expense (Benefit) 209,657 245,303 -14.5%
Net Income 1,236,925 1,564,637 -20.9%
Net Income Loss Attributable To Redeemable Noncontrolling Interest 29,008 -22,184 +230.8%
Income Loss Attributable To Noncontrolling Interest 125,890 202,929 -38.0%
Net Income Loss Attributable To Non Controlling Interests In Partnerships 457,110 603,057 -24.2%
Net Income 624,917 780,835 -20.0%
EPS (Basic) 0.8 1.02 -21.6%
EPS (Diluted) 0.8 1.02 -21.6%
Wtd Avg Shares (Basic) 782,633,394 768,230,595 +1.9%
Wtd Avg Shares (Diluted) 782,681,135 768,280,366 +1.9%
Management And Advisory Fees Net Segment Adjustment -14,428 -8,160 -76.8%
Management And Advisory Fees Net (Q)
Show Product Lines breakouts
Investment Advice · Operating Segments 2,041,820 1,786,734 +14.3%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 497,175 418,049 +18.9%
Multi Assets Investing Segment · Operating Segments 138,456 120,319 +15.1%
Private Equity Segment · Operating Segments 717,390 552,820 +29.8%
Real Estate Segment · Operating Segments 688,799 695,546 -1.0%
Show Consolidation Items breakouts
Operating Segments 2,041,820 1,786,734 +14.3%
Fee Related Performance Revenues 453,018 264,101 +71.5%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 201,719 185,805 +8.6%
Private Equity Segment · Operating Segments 126,652 5,868 +2058.4%
Real Estate Segment · Operating Segments 124,647 72,428 +72.1%
Show Consolidation Items breakouts
Operating Segments 453,018 264,101 +71.5%
Performance Revenue Realized 1,197,971 606,549 +97.5%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 40,124 42,926 -6.5%
Multi Assets Investing Segment · Operating Segments 12,654 5,078 +149.2%
Private Equity Segment · Operating Segments 559,383 216,643 +158.2%
Real Estate Segment · Operating Segments 132,792 78,022 +70.2%
Show Consolidation Items breakouts
Operating Segments 744,953 342,669 +117.4%
Fee Related Performance Revenues Adjustment (Q)
Show Consolidation Items breakouts
Operating Segments -453,018 -264,101 -71.5%
Labor And Related Expense Excluding Performance Allocations Compensation Unrealized 1,262,306 975,245 +29.4%
Other Operating Expenses Segment Adjustment -27,510 -20,122 -36.7%
Other Operating Expenses (Q)
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 113,120 97,756 +15.7%
Multi Assets Investing Segment · Operating Segments 26,979 25,668 +5.1%
Private Equity Segment · Operating Segments 120,743 96,660 +24.9%
Real Estate Segment · Operating Segments 95,228 100,739 -5.5%
Show Consolidation Items breakouts
Operating Segments 356,070 320,823 +11.0%
Realized Performance Revenues Adjustment (Q)
Show Consolidation Items breakouts
Operating Segments -744,953 -342,669 -117.4%
Realized Performance Compensation 416,647 243,204 +71.3%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 21,123 16,489 +28.1%
Multi Assets Investing Segment · Operating Segments 5,929 1,520 +290.1%
Private Equity Segment · Operating Segments 205,967 94,800 +117.3%
Real Estate Segment · Operating Segments 69,623 44,761 +55.5%
Show Consolidation Items breakouts
Operating Segments 302,642 157,570 +92.1%
Realized Principal Investment Income Loss Segment Adjustment -90,117 -54,832 -64.4%
Realized Principal Investment Income Loss 62,535 40,403 +54.8%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 29,855 24,239 +23.2%
Multi Assets Investing Segment · Operating Segments 691 715 -3.4%
Private Equity Segment · Operating Segments 26,686 9,028 +195.6%
Real Estate Segment · Operating Segments 5,303 6,421 -17.4%
Show Consolidation Items breakouts
Operating Segments 62,535 40,403 +54.8%
Operation Related Equity Based Compensation (Q)
Show Consolidation Items breakouts
Operating Segments -296,506 -259,265 -14.4%
Performance Related Equity Based Compensation (Q)
Show Consolidation Items breakouts
Operating Segments -5,056 -3,533 -43.1%
Fee Related Compensation Segment Adjustment -11 -22 +50.0%
Fee Related Compensation (Q)
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 218,425 181,586 +20.3%
Multi Assets Investing Segment · Operating Segments 39,374 37,643 +4.6%
Private Equity Segment · Operating Segments 231,915 169,059 +37.2%
Real Estate Segment · Operating Segments 168,377 166,567 +1.1%
Show Consolidation Items breakouts
Operating Segments 658,091 554,855 +18.6%
Fee Related Performance Compensation Adjustment -108,949 -82,101 -32.7%
Gain Loss On Sale Of Derivatives (Q)
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives 4,142 6,455 -35.8%
Show Derivative Risk breakouts
Foreign Exchange Contract · Freestanding Derivatives -8,608 3,078 -379.7%
Interest Rate Contract · Freestanding Derivatives -2,560
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives 1
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Freestanding Derivatives -7,025 9,533 -173.7%
Unrealized Gain Loss On Derivatives (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 12,145 106,103 -88.6%
Fair Value Inputs Level3 · Freestanding Derivatives 11,728 106,119 -88.9%
Fair Value Inputs Level3 · Other Liabilities 417 -16 +2706.2%
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives -1,921 -3,592 +46.5%
Show Derivative Risk breakouts
Foreign Exchange Contract · Freestanding Derivatives 16,473 8,028 +105.2%
Interest Rate Contract · Freestanding Derivatives 15,157 -23,272 +165.1%
Stock Option · Freestanding Derivatives -11,729 -106,119 +88.9%
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives 5 -2 +350.0%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Freestanding Derivatives 17,985 -124,957 +114.4%
Unrealized Gain Loss On Derivatives And Commodity Contracts 10,960 -115,424 +109.5%
Comprehensive Income 618,260 804,843 -23.2%
Income Loss From Equity Method Investments 149.9 215.3 -30.4%
Foreign Currency Transaction Gain Loss Before Tax 28.7 -96.7 +129.7%
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 33.9 40 -15.3%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 2,430,690 2,353,332 +3.3%
Non-Current Assets
Intangible Assets 140,458 174,265 -19.4%
Goodwill 1,890,202 1,890,202 0.0%
Operating Lease Right-of-Use Assets 773,030 978,699 -21.0%
Deferred Tax Assets 2,100,275 2,277,807 -7.8%
Total Assets 46,554,290 42,575,442 +9.3%
Show Balance Sheet Location [Axis] breakouts
Cash Held by Funds and Other · Variable Interest Entity Primary Beneficiary 401,558 180,545 +122.4%
Due from Affiliates · Variable Interest Entity Primary Beneficiary 345,279 10,121 +3311.5%
Other Assets · Variable Interest Entity Primary Beneficiary 7,281 3,534 +106.0%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Investments 5,172,135 4,662,323 +10.9%
Variable Interest Entity Primary Beneficiary · Accounts Receivable 6,042 39,826 -84.8%
Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds 6,267,238 4,107,053 +52.6%
Variable Interest Entity Primary Beneficiary · Investments 5,507,078 3,873,027 +42.2%
Show Fair Value By Asset Class breakouts
Due from Affiliates 231,389 262,652 -11.9%
Property, Plant & Equipment 524,628 516,857 +1.5%
Other Assets
Cash Held By Funds And Other 401,558 180,545 +122.4%
Investments 31,528,443
Show Business Segments breakouts
Credit & Insurance Segment 701,746
Multi-Asset Investing · Performance Fees 241,707
Private Equity Segment 9,485,522
Real Estate Segment 1,504,763
Show Investments Issuer [Axis] breakouts
Consolidated Blackstone Funds 5,507,078
Corporate Treasury Investments 262,582
Show Consolidated Entities breakouts
Parent Company · Consolidated Blackstone Funds 872.2
Show Fair Value By Asset Class breakouts
Performance Fees 11,933,738
Show Investment Type breakouts
Accrued Performance Allocations 11,933,738
Other Investments 6,888,634
Partnership Investments 6,936,411
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 543,209 300,004 +81.1%
Other Receivables 5,845,843 5,163,883 +13.2%
Show Related Party Transactions By Related Party breakouts
Related Party 5,845,843 5,163,883 +13.2%
Other Assets 900,582 933,990 -3.6%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 6,385,958 6,398,365 -0.2%
Accounts Payable And Accrued Liabilities Current And Noncurrent 2,918,023 2,202,689 +32.5%
Total Liabilities 25,192,849 23,110,501 +9.0%
Show Balance Sheet Location [Axis] breakouts
Accounts Payable And Accrued Liabilities · Variable Interest Entity Primary Beneficiary 63,682 73,703 -13.6%
Due to Affiliates · Variable Interest Entity Primary Beneficiary 169,834 166,535 +2.0%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Due to Non Consolidated Entity [Member] 60,945 70 +86964.3%
Variable Interest Entity Not Primary Beneficiary · Potential Clawback Obligation 40,857 82,122 -50.2%
Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds 561,560 347,953 +61.4%
Variable Interest Entity Primary Beneficiary · Loans Payable 328,044 107,715 +204.5%
Long-Term Debt 12,126,441 10,885,746 +11.4%
Show Debt Instrument breakouts
Blackstone Operating Borrowings 11,794,780 10,766,950 +9.5%
Borrowings of Consolidated Blackstone Funds 331,661 118,796 +179.2%
Other Liabilities
Loans Payable 12,002,650 10,752,246 +11.6%
Other Liabilities 3,000,083 2,620,530 +14.5%
Show Related Party Transactions By Related Party breakouts
Related Party 3,000,083 2,620,530 +14.5%
Operating Lease Liability 886,135 1,136,671 -22.0%
Redeemable Noncontrolling Interest Equity Carrying Amount 1,476,212 892,846 +65.3%
Nonredeemable Noncontrolling Interest 7,162,957 6,015,967 +19.1%
Minority Interest In Operating Partnerships 4,329,749 5,548,471 -22.0%
Stockholders' Equity
Common Stock 7 7 0.0%
Additional Paid In Capital Common Stock 8,214,078 6,257,788 +31.3%
Retained Earnings 184,040 760,471 -75.8%
Accumulated Other Comprehensive Income -5,602 -10,609 +47.2%
Total Stockholders' Equity 8,392,523 7,007,657 +19.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 19,885,229 18,572,095 +7.1%
Total Liabilities & Equity 46,554,290 42,575,442 +9.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Net Realized Gains Losses On Investments Funds Related -3,064,558 -2,016,277 -52.0%
Unrealized Gain Loss On Investments -462,922 -512,196 +9.6%
Non Cash Performance Allocations -360,666 -1,723,090 +79.1%
Non Cash Performance Allocations And Incentive Fee Compensation 1,338,096 1,656,373 -19.2%
Stock-Based Compensation 1,086,762 885,862 +22.7%
Amortization Of Intangible Assets 26,924 26,944 -0.1%
Other Non-Cash Items 31,896 -141,766 +122.5%
Increase Decrease In Cash Of Discontinued Operations -65,803 -113,224 +41.9%
Change in Accounts Receivable -377,686 -133,900 -182.1%
Increase Decrease Due From Affiliates -11,514 -445,388 +97.4%
Increase Decrease In Other Operating Assets 81,113 -41,946 +293.4%
Increase Decrease In Accrued Salaries -814,597 -557,187 -46.2%
Increase Decrease In Accounts Payable And Accrued Liabilities 459,408 237,730 +93.2%
Increase Decrease In Due To Affiliates -140,348 2,713 -5273.2%
Decrease In Financial Instruments Used In Operating Activities -2,999,047 -1,313,128 -128.4%
Increase In Financial Instruments Used In Operating Activities 4,796,476 3,377,653 +42.0%
Net Cash from Operations 3,595,366 3,320,257 +8.3%
Investing Activities
Capital Expenditures -93,353 -49,523 -88.5%
Net Cash from Investing -93,353 -49,523 -88.5%
Non Cash Contributions From Non Controlling Interest Holders 12,397 8,160 +51.9%
Non Cash Distributions To Non Controlling Interest Holders -12,724 -2,374 -436.0%
Transfer Of Interests To Non Controlling Interest Holders 1,374 -8,345 +116.5%
Net Settlement Of Vested Common Stock 1,261,394 925,711 +36.3%
Financing Activities
Payments Of Dividends Minority Interest -800,029 -650,455 -23.0%
Proceeds From Minority Shareholders 2,341,654 747,180 +213.4%
Payments Of Tax Receivable Agreement -43,954 -87,508 +49.8%
Net Settlement Of Vested Common Stock And Repurchase Of Common Stock -261,413 -601,240 +56.5%
Proceeds From Issuance Of Long Term Debt 1,226,729
Repayments Of Long Term Debt -906,362 -83,787 -981.7%
Payments Of Dividends Common Stock -4,415,832 -3,335,811 -32.4%
Net Cash from Financing -2,859,207 -4,011,621 +28.7%
Supplemental
Interest Paid 349,862 269,804 +29.7%
Income Taxes Paid 352,704 492,142 -28.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 13,250 2,701 +390.6%
Net Change in Cash 656,056 -738,186 +188.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,832,248 2,533,877 +11.8%
Deferred Tax Asset Increase From Equity Transactions 377,365 274,453 +37.5%
Due To Affiliates Increase Related To The Impact Of Conversions On Tax Receivable Agreements 249,474 152,912 +63.1%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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