0001193125-26-082531
SEC filingBlackstone Inc. reported strong financial results for fiscal year 2025, ending December 31, 2025. Total revenues were $14.45 billion, driven by $9.05 billion in revenues and $5.25 billion in total investment income. Net income attributable to Blackstone Inc. was $3.02 billion, with basic and diluted earnings per share of $4.00. The company generated $4.66 billion in net cash from operating activities. Key profitability drivers included performance allocations and principal investments. The balance sheet remained robust with total assets of $47.71 billion and total equity of $20.50 billion. The company distributed $6.01 billion to stockholders and unitholders during the year. No prior year comparative figures were provided in the XBRL data or document text for year-over-year analysis.
Blackstone Inc. reported total revenues of $14.45 billion for fiscal year 2025, consisting of $9.05 billion in revenues and $5.25 billion in total investment income. The company achieved net income of $6.05 billion, with $3.02 billion attributable to Blackstone Inc. after accounting for non-controlling interests. Basic and diluted earnings per share were $4.00 based on 780.0 million and 780.2 million weighted-average shares outstanding, respectively. Total expenses were $7.70 billion, with compensation and benefits comprising $5.62 billion of this amount. The company generated $4.66 billion in net cash from operating activities and ended the period with $4.49 billion in cash and cash equivalents held by Blackstone funds and other entities.
The revenue composition shows $9.05 billion in revenues and $5.25 billion in total investment income. Investment income included $3.66 billion in realized performance allocations, $643.1 million in unrealized performance allocations, $697.6 million in realized principal investments, and $248.3 million in unrealized principal investments. Additional revenue streams included $416.1 million in interest and dividend revenue, offset by -$270.9 million in other revenue. The document text indicates sensitivity to foreign exchange rates, with a 10% decline in foreign currencies against the U.S. dollar estimated to reduce management and advisory fees by $52.1 million on an annualized basis as of December 31, 2025.
Income before provision for taxes was $7.17 billion, resulting in a pre-tax margin of approximately 49.6% relative to total revenues. The provision for taxes was $1.13 billion, representing an effective tax rate of approximately 15.8% on income before taxes. Total compensation and benefits expenses were $5.62 billion, comprising $3.67 billion in compensation, $274.9 million in incentive fee compensation, $1.30 billion in realized performance allocations compensation, and $377.0 million in unrealized performance allocations compensation. General, administrative and other expenses were $1.52 billion, while interest expense was $508.3 million.
Net cash provided by operating activities was $4.66 billion, primarily driven by net income of $6.05 billion adjusted for non-cash items including -$4.82 billion in net realized gains on investments and $1.45 billion in equity-based compensation expense. Investing activities used $115.7 million for purchases of furniture, equipment and leasehold improvements. Financing activities used $3.88 billion, including $6.01 billion in dividends/distributions to stockholders and unitholders, partially offset by $2.53 billion in contributions from non-controlling interest holders. The balance sheet shows total assets of $47.71 billion, including $32.21 billion in investments and $2.63 billion in cash and cash equivalents. Total liabilities were $25.83 billion, with $12.45 billion in loans payable and $6.41 billion in accrued compensation and benefits.
The filing discusses several risk factors including foreign exchange exposure, with a 10% decline in foreign currencies estimated to reduce unrealized performance allocations by $805.7 million and unrealized principal investment income by $96.5 million as of December 31, 2025. Interest rate risk is noted, with a one percentage point increase estimated to decrease annualized investment income by $3.0 million while increasing interest income from floating rate assets by $5.8 million. Credit risk is addressed, with a one percentage point increase in credit spreads estimated to decrease annualized investment income by $1.2 million. The company notes it did not have variable interest-based debt obligations as of December 31, 2025, limiting interest expense impact from rate changes.