Blackstone Inc.

BX 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Investment Income Loss Realized (Q) — — —
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 27,833 10,586 +162.9%
Corporate Treasury Investments 2,155 -574 +475.4%
Other Investments -11,173 5,456 -304.8%
Investment Income Loss Unrealized (Q) — — —
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 59,838 8,618 +594.3%
Corporate Treasury Investments 17,006 7,558 +125.0%
Other Investments 29,093 9,811 +196.5%
Revenue (Q) — — —
Show Product Lines breakouts
Investment Advice 2,079,541 1,879,581 +10.6%
Investment Performance 390,288 404,744 -3.6%
Performance Allocations Realized 1,273,077 1,858,833 -31.5%
Performance Allocations Unrealized 282,397 -1,351,683 +120.9%
Principal Investments Realized 262,267 84,381 +210.8%
Principal Investments Unrealized -37,142 -47,392 +21.6%
Show Consolidation Items breakouts
Material Reconciling Items 67,826 42,729 +58.7%
Gain Loss On Investments 1,780,599 544,139 +227.2%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 87,671 19,204 +356.5%
Corporate Treasury Investments 19,161 6,984 +174.4%
Other Investments 17,920 15,267 +17.4%
Investment Income Interest And Dividend 110,746 98,547 +12.4%
Other Operating Income Expense Net -902 155,554 -100.6%
Revenue 4,360,272 3,082,565 +41.4%
Salaries And Wages 925,814 754,738 +22.7%
Incentive Fee Expense 88,628 149,276 -40.6%
Performance Allocations Compensation Realized 369,626 742,847 -50.2%
Performance Allocations Compensation Unrealized 152,332 -607,658 +125.1%
Labor And Related Expense 1,536,400 1,039,203 +47.8%
General & Administrative 447,778 339,086 +32.1%
Interest Expense 128,089 115,532 +10.9%
Fund Expenses Consolidated Funds 12,618 6,296 +100.4%
Total Costs & Expenses 2,124,885 1,500,117 +41.6%
Other Nonoperating Gains Losses 114,858 20,075 +472.1%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds 114,858 20,075 +472.1%
Other Non-Operating Income (Expense) 121,449 -21,171 +673.7%
Income Before Taxes 2,356,836 1,561,277 +51.0%
Income Tax Expense (Benefit) 382,045 232,451 +64.4%
Net Income 1,974,791 1,328,826 +48.6%
Net Income Loss Attributable To Redeemable Noncontrolling Interest -9,617 306 -3242.8%
Income Loss Attributable To Noncontrolling Interest 193,295 67,487 +186.4%
Net Income Loss Attributable To Non Controlling Interests In Partnerships 775,912 557,160 +39.3%
Net Income 1,015,201 703,873 +44.2%
EPS (Basic) 1.3 0.91 +42.9%
EPS (Diluted) 1.3 0.91 +42.9%
Wtd Avg Shares (Basic) 1,040,410 739,526 +40.7%
Wtd Avg Shares (Diluted) 1,003,836 713,182 +40.8%
Management And Advisory Fees Net Segment Adjustment -17,322 -20,290 +14.6%
Management And Advisory Fees Net (Q) — — —
Show Product Lines breakouts
Investment Advice · Operating Segments 2,062,219 1,859,291 +10.9%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 514,746 403,743 +27.5%
Multi Assets Investing Segment · Operating Segments 140,359 124,311 +12.9%
Private Equity Segment · Operating Segments 726,129 629,402 +15.4%
Real Estate Segment · Operating Segments 680,985 701,835 -3.0%
Show Consolidation Items breakouts
Operating Segments 2,062,219 1,859,291 +10.9%
Fee Related Performance Revenues 606,445 1,399,276 -56.7%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 200,739 227,986 -12.0%
Private Equity Segment · Operating Segments 168,098 1,170,857 -85.6%
Real Estate Segment · Operating Segments 237,608 433 +54774.8%
Show Consolidation Items breakouts
Operating Segments 606,445 1,399,276 -56.7%
Performance Revenue Realized 1,663,365 2,263,577 -26.5%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 167,615 163,799 +2.3%
Multi Assets Investing Segment · Operating Segments 464,761 337,635 +37.7%
Private Equity Segment · Operating Segments 351,672 344,133 +2.2%
Real Estate Segment · Operating Segments 73,384 19,513 +276.1%
Show Consolidation Items breakouts
Operating Segments 1,057,432 865,080 +22.2%
Fee Related Performance Revenues Adjustment (Q) — — —
Show Consolidation Items breakouts
Operating Segments -606,445 -1,399,276 +56.7%
Labor And Related Expense Excluding Performance Allocations Compensation Unrealized 1,384,068 1,646,861 -16.0%
Other Operating Expenses Segment Adjustment -29,727 6,083 -588.7%
Other Operating Expenses (Q) — — —
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 133,577 100,674 +32.7%
Multi Assets Investing Segment · Operating Segments 33,655 29,875 +12.7%
Private Equity Segment · Operating Segments 146,375 117,178 +24.9%
Real Estate Segment · Operating Segments 104,444 97,442 +7.2%
Show Consolidation Items breakouts
Operating Segments 418,051 345,169 +21.1%
Realized Performance Revenues Adjustment (Q) — — —
Show Consolidation Items breakouts
Operating Segments -1,057,432 -865,080 -22.2%
Realized Performance Compensation 458,254 892,123 -48.6%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 69,442 70,266 -1.2%
Multi Assets Investing Segment · Operating Segments 82,128 71,788 +14.4%
Private Equity Segment · Operating Segments 131,006 138,449 -5.4%
Real Estate Segment · Operating Segments 27,829 9,092 +206.1%
Show Consolidation Items breakouts
Operating Segments 310,405 289,595 +7.2%
Realized Principal Investment Income Loss Segment Adjustment -52,390 -58,768 +10.9%
Realized Principal Investment Income Loss 209,877 25,613 +719.4%
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 192,312 8,544 +2150.8%
Multi Assets Investing Segment · Operating Segments 4,551 3,040 +49.7%
Private Equity Segment · Operating Segments 10,774 15,174 -29.0%
Real Estate Segment · Operating Segments 2,240 -1,145 +295.6%
Show Consolidation Items breakouts
Operating Segments 209,877 25,613 +719.4%
Operation Related Equity Based Compensation (Q) — — —
Show Consolidation Items breakouts
Operating Segments -345,649 -278,849 -24.0%
Performance Related Equity Based Compensation (Q) — — —
Show Consolidation Items breakouts
Operating Segments -12,715 -4,300 -195.7%
Fee Related Compensation Segment Adjustment 13 3,360 -99.6%
Fee Related Compensation (Q) — — —
Show Business Segments breakouts
Credit & Insurance Segment · Operating Segments 229,288 222,962 +2.8%
Multi Assets Investing Segment · Operating Segments 45,554 30,539 +49.2%
Private Equity Segment · Operating Segments 259,289 674,551 -61.6%
Real Estate Segment · Operating Segments 181,181 149,425 +21.3%
Show Consolidation Items breakouts
Operating Segments 715,312 1,077,477 -33.6%
Fee Related Performance Compensation Adjustment -135,134 -598,228 +77.4%
Gain Loss On Sale Of Derivatives (Q) — — —
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives 4,530 1,755 +158.1%
Show Derivative Risk breakouts
Foreign Exchange Contract · Freestanding Derivatives 7,633 2,813 +171.3%
Interest Rate Contract · Freestanding Derivatives -26 1,665 -101.6%
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives 0 0 —
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Freestanding Derivatives 12,137 6,233 +94.7%
Unrealized Gain Loss On Derivatives (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 33,037 79,482 -58.4%
Fair Value Inputs Level3 · Freestanding Derivatives 33,653 80,584 -58.2%
Fair Value Inputs Level3 · Other Liabilities -616 -1,102 +44.1%
Show Financial Instrument breakouts
Total Return Swap · Freestanding Derivatives -2,583 4,093 -163.1%
Show Derivative Risk breakouts
Foreign Exchange Contract · Freestanding Derivatives -9,792 -20,367 +51.9%
Interest Rate Contract · Freestanding Derivatives 1,641 11,467 -85.7%
Stock Option · Freestanding Derivatives -33,653 -80,584 +58.2%
Show Credit Derivatives By Contract Type breakouts
Credit Default Swap · Freestanding Derivatives -3 -1 -200.0%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Freestanding Derivatives -44,390 -85,392 +48.0%
Unrealized Gain Loss On Derivatives And Commodity Contracts -32,253 -79,159 +59.3%
Comprehensive Income 1,014,795 674,156 +50.5%
Income Loss From Equity Method Investments 230.9 93 +148.3%
Foreign Currency Transaction Gain Loss Before Tax -0.6 154.9 -100.4%
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 48.5 62.9 -22.9%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 2,631,241 1,972,140 +33.4%
Non-Current Assets
Intangible Assets 131,359 165,243 -20.5%
Goodwill 1,890,202 1,890,202 0.0%
Show Business Segments breakouts
Credit & Insurance Segment 366.7 366.7 0.0%
Multi-Asset Investing 231.8 231.8 0.0%
Private Equity Segment 870 870 0.0%
Real Estate Segment 421.7 421.7 0.0%
Operating Lease Right-of-Use Assets 757,459 838,620 -9.7%
Deferred Tax Assets 2,056,223 2,003,948 +2.6%
Total Assets 47,708,975 43,469,875 +9.8%
Show Balance Sheet Location [Axis] breakouts
Cash Held by Funds and Other · Variable Interest Entity Primary Beneficiary 223,441 204,052 +9.5%
Due from Affiliates · Variable Interest Entity Primary Beneficiary 366,388 19,956 +1736.0%
Other Assets · Variable Interest Entity Primary Beneficiary 14,705 9,807 +49.9%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Investments 5,118,786 4,537,481 +12.8%
Variable Interest Entity Primary Beneficiary · Accounts Receivable 16,388 45,993 -64.4%
Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds 5,801,801 4,170,540 +39.1%
Variable Interest Entity Primary Beneficiary · Investments 5,180,879 3,890,732 +33.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 750,743,614 682,873,001 +9.9%
Equity Method Investment Nonconsolidated Investee Other · Credit & Insurance 146,049,316 127,169,894 +14.8%
Equity Method Investment Nonconsolidated Investee Other · Multi-Asset Investing 45,787,757 36,167,920 +26.6%
Equity Method Investment Nonconsolidated Investee Other · Private Equity Funds 288,917,288 234,237,795 +23.3%
Equity Method Investment Nonconsolidated Investee Other · Real Estate Funds 269,989,253 285,297,392 -5.4%
Show Fair Value By Asset Class breakouts
Due from Affiliates 344,342 242,109 +42.2%
Property, Plant & Equipment 521,189 506,318 +2.9%
Other Assets
Cash Held By Funds And Other 223,441 204,052 +9.5%
Investments 32,212,111 29,800,566 +8.1%
Show Business Segments breakouts
Credit & Insurance Segment 640,587 801,849 -20.1%
Multi-Asset Investing · Performance Fees 187,922 147,564 +27.3%
Private Equity Segment 10,389,351 9,461,936 +9.8%
Real Estate Segment 1,762,496 1,986,017 -11.3%
Show Investments Issuer [Axis] breakouts
Consolidated Blackstone Funds 5,180,879 3,890,732 +33.2%
Corporate Treasury Investments 359,657 1,147,328 -68.7%
Show Consolidated Entities breakouts
Parent Company · Consolidated Blackstone Funds 472.7 439.7 +7.5%
Show Fair Value By Asset Class breakouts
Performance Fees 12,980,356 12,397,366 +4.7%
Show Investment Type breakouts
Accrued Performance Allocations 12,980,356 12,397,366 +4.7%
Other Investments 7,145,029 5,818,412 +22.8%
Partnership Investments 6,546,190 6,546,728 -0.0%
Show Option Indexed To Issuers Equity Type breakouts
Consolidated Blackstone Funds · Founder, senior managing directors, employees and certain other related parties 2.2 2 +10.0%
Show Related Party Transactions By Related Party breakouts
Blackstone Real Estate Investment Trust or BREIT 1 — —
Accounts Receivable Net 291,758 237,930 +22.6%
Other Receivables 6,357,462 5,409,315 +17.5%
Show Related Party Transactions By Related Party breakouts
Related Party 6,357,462 5,409,315 +17.5%
Other Assets 1,157,719 947,859 +22.1%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 6,411,389 6,087,700 +5.3%
Accounts Payable And Accrued Liabilities Current And Noncurrent 2,885,817 2,792,314 +3.3%
Total Liabilities 25,827,803 23,974,860 +7.7%
Show Balance Sheet Location [Axis] breakouts
Accounts Payable And Accrued Liabilities · Variable Interest Entity Primary Beneficiary 58,996 68,763 -14.2%
Due to Affiliates · Variable Interest Entity Primary Beneficiary 181,587 229,478 -20.9%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Due to Non Consolidated Entity [Member] 623 855 -27.1%
Variable Interest Entity Not Primary Beneficiary · Potential Clawback Obligation 42,291 41,908 +0.9%
Variable Interest Entity Primary Beneficiary · Consolidated Blackstone Funds 367,004 385,729 -4.9%
Variable Interest Entity Primary Beneficiary · Loans Payable 126,421 87,488 +44.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 208,394,183 205,189,903 +1.6%
Equity Method Investment Nonconsolidated Investee Other · Credit & Insurance 63,443,492 54,084,147 +17.3%
Equity Method Investment Nonconsolidated Investee Other · Multi-Asset Investing 1,536,531 911,932 +68.5%
Equity Method Investment Nonconsolidated Investee Other · Private Equity Funds 34,460,871 31,355,200 +9.9%
Equity Method Investment Nonconsolidated Investee Other · Real Estate Funds 108,953,289 118,838,624 -8.3%
Long-Term Debt 12,576,587 — —
Show Debt Instrument breakouts
Blackstone Operating Borrowings 12,446,820 — —
Borrowings of Consolidated Blackstone Funds 129,767 — —
Other Liabilities
Loans Payable 12,445,144 11,320,956 +9.9%
Other Liabilities 3,224,432 2,808,148 +14.8%
Show Related Party Transactions By Related Party breakouts
Related Party 3,224,432 2,808,148 +14.8%
Operating Lease Liability 861,021 965,742 -10.8%
Redeemable Noncontrolling Interest Equity Carrying Amount 1,380,503 801,399 +72.3%
Nonredeemable Noncontrolling Interest 7,224,211 6,154,943 +17.4%
Minority Interest In Operating Partnerships 4,610,932 4,326,352 +6.6%
Stockholders' Equity
Common Stock 7 7 0.0%
Additional Paid In Capital Common Stock 8,479,886 7,444,561 +13.9%
Retained Earnings 191,641 808,079 -76.3%
Accumulated Other Comprehensive Income -6,008 -40,326 +85.1%
Total Stockholders' Equity 8,665,526 8,212,321 +5.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 20,500,669 18,693,616 +9.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 542,349,431 477,683,098 +13.5%
Equity Method Investment Nonconsolidated Investee Other · Credit & Insurance 82,605,824 73,085,747 +13.0%
Equity Method Investment Nonconsolidated Investee Other · Multi-Asset Investing 44,251,226 35,255,988 +25.5%
Equity Method Investment Nonconsolidated Investee Other · Private Equity Funds 254,456,417 202,882,595 +25.4%
Equity Method Investment Nonconsolidated Investee Other · Real Estate Funds 161,035,964 166,458,768 -3.3%
Total Liabilities & Equity 47,708,975 43,469,875 +9.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Other 750,743,614 682,873,001 +9.9%
Equity Method Investment Nonconsolidated Investee Other · Credit & Insurance 146,049,316 127,169,894 +14.8%
Equity Method Investment Nonconsolidated Investee Other · Multi-Asset Investing 45,787,757 36,167,920 +26.6%
Equity Method Investment Nonconsolidated Investee Other · Private Equity Funds 288,917,288 234,237,795 +23.3%
Equity Method Investment Nonconsolidated Investee Other · Real Estate Funds 269,989,253 285,297,392 -5.4%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Net Realized Gains Losses On Investments Funds Related -1,755,651 -2,156,661 +18.6%
Unrealized Gain Loss On Investments -25,168 25,183 -199.9%
Non Cash Performance Allocations -282,397 1,351,683 -120.9%
Non Cash Performance Allocations And Incentive Fee Compensation 610,583 285,526 +113.8%
Stock-Based Compensation 358,590 282,573 +26.9%
Amortization Of Intangible Assets 9,099 9,021 +0.9%
Other Non-Cash Items -28,106 -303,006 +90.7%
Increase Decrease In Cash Of Discontinued Operations -3,674 0 —
Change in Accounts Receivable 165,746 55,616 +198.0%
Increase Decrease Due From Affiliates -174,959 58,633 -398.4%
Increase Decrease In Other Operating Assets -247,508 41,386 -698.0%
Increase Decrease In Accrued Salaries -679,278 -654,358 -3.8%
Increase Decrease In Accounts Payable And Accrued Liabilities 54,870 -43,149 +227.2%
Increase Decrease In Due To Affiliates 16,249 14,217 +14.3%
Decrease In Financial Instruments Used In Operating Activities -808,102 -1,116,696 +27.6%
Increase In Financial Instruments Used In Operating Activities 1,882,710 964,983 +95.1%
Net Cash from Operations 1,067,795 161,405 +561.6%
Investing Activities
Capital Expenditures -22,350 -11,886 -88.0%
Net Cash from Investing -22,350 -11,886 -88.0%
Non Cash Contributions From Non Controlling Interest Holders 3,941 93,269 -95.8%
Non Cash Distributions To Non Controlling Interest Holders -3,668 304 -1306.6%
Transfer Of Interests To Non Controlling Interest Holders -1,873 -1,113 -68.3%
Net Settlement Of Vested Common Stock 140,569 46,687 +201.1%
Due To Affiliates Increase Related To The Impact Of Conversions On Tax Receivable Agreements 29,462 55,764 -47.2%
Financing Activities
Payments Of Dividends Minority Interest -235,112 -223,569 -5.2%
Proceeds From Minority Shareholders 183,823 160,087 +14.8%
Payments Of Tax Receivable Agreement 0 0 —
Repayments Of Long Term Debt -906,696 -19,434 -4565.5%
Payments Of Dividends Common Stock -1,597,553 -1,088,372 -46.8%
Net Cash from Financing -1,019,598 -489,940 -108.1%
Supplemental
Interest Paid 113,670 137,529 -17.3%
Income Taxes Paid 209,856 154,730 +35.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -3,413 -17,264 +80.2%
Net Change in Cash 22,434 -357,685 +106.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,854,682 2,176,192 +31.2%

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

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