Blackstone Real Estate Income Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Blackstone Real Estate Income Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	158	723	1,686	2,552	3,697	7,646	8,934	8,531	7,962
Cost of revenue	71.5	340	775	1,013	1,509	3,426	4,132	4,056	3,692
Gross profit	86.4	383	912	1,538	2,188	4,221	4,803	4,475	4,270
General and administrative	7.69	11	18.2	25.7	32	52.7	69.2	64.5	69.5
Operating income	104	438	1,125	1,573	3,731	3,717	5,966	5,400	4,034
Interest expense	36.9	233	484	712	847	2,308	3,073	3,336
Interest income	10.2	44	160	187	181	473	703	612	440
Other non-operating income	-18.6	-177	-234	-588	752	464	-827	-721	-2,737
Income tax			-0.9	-2.5	0.3	13.1	-2.9	15.5	-1.2
Net income to minority interests	-1.29
Net income	-86.3	-281	-402	-853	-805	-884	-692	-891	-3,284
EBITDA	226	845	1,949	2,935	5,651	7,815	9,777	8,974	7,251
EPS, basic	-0.90	-0.91	-0.54	-0.53	-0.30	-0.20	-0.16	-0.23	-0.92
EPS, diluted	-0.90	-0.91	-0.54	-0.53	-0.30	-0.20	-0.16	-0.23	-0.92
Shares, basic (weighted)	0.1	0.31	749	1,598	2,645	4,334	4,410	3,822	3,557
Shares, diluted (weighted)	0.1	0.31	749	1,598	2,645	4,334	4,410	3,822	3,557
Dividend per share	0.48	0.63	0.64	0.64	0.65	0.67	0.67	0.66	0.66

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.2	68.1	204	333	990	1,281	1,945	1,933	1,605
Property, plant and equipment					964	2,300	2,400	2,400	2,400
Lease right-of-use assets			114	115	461	1,091	1,093	1,051	1,039
Intangible assets	114	293	665	1,176	2,155	2,659	1,147	827	663
Total assets	4,625	13,237	33,040	40,684	106,339	142,687	130,798	116,238	98,604
Total liabilities	3,115	9,313	22,404	24,470	66,558	91,933	86,978	81,370	71,935
Total debt	2,111	6,833	16,930	19,976	41,327	64,963	61,694	58,540	55,541
Paid-in capital	1,617	4,327	11,717	19,059	42,249	53,212	48,576	42,782	40,303
Retained earnings	-133	-588	-1,423	-3,224	-5,631	-9,196	-12,613	-15,848	-21,314
Other comprehensive income				0	-9.57	394	346	383	308
Shareholders' equity	1,486	3,744	10,305	15,853	36,645	44,455	36,351	27,354	19,332
Minority interests	23.8
Total equity	1,510	3,915	10,615	16,184	39,030	50,201	43,622	34,694	26,528
Total liabilities and equity	4,625	13,237	33,040	40,684	106,339	142,687	130,798	116,238	98,604
Shares outstanding	170	439	1,130	1,800	3,689	4,486	4,107	3,690	3,521

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-87.6	-291	-414	-867	-836	-1,080	-980	-980	-3,648
Depreciation and amortization	122	406	824	1,362	1,920	4,098	3,811	3,573	3,217
Deferred income tax	-0.3	-1.5	3.1	-5.8	-1.8	-6	-10.7	6.8	-4.4
Change in payables	29.5	92.9	147
Cash from operations	72.3	253	601	972	1,783	2,729	2,706	2,087	2,286
Capital expenditures	-9.95	-102	-200	-327	-576	-1,311	-1,493	-1,137	-1,215
Purchases of investments	-930	-1,562
Sales and maturities of investments	16.6	194
Cash from investing	-4,322	-8,484	-17,995	-8,045	-40,639	-30,850	9,853	11,118	11,528
Stock issued	1,719	2,702	7,432	7,514	23,024	17,467	6,206	1,928	2,086
Share buybacks	-0.67	-49.5	-75.3	-1,201	-1,082	-10,429	-12,419	-9,307	-6,133
Dividends paid	-13	-58.8	-154	-421	-712	-1,249	-1,457	-1,248	-1,146
Cash from financing	4,408	8,381	18,197	7,007	41,229	26,973	-12,114	-13,122	-14,249
Exchange rate effect			307	0	1.15	-15.9	-4.05	-1.31	3.61
Net change in cash	158	149	803	-65.2	2,373	-1,148	445	83.2	-435
Free cash flow	62.3	150	401	645	1,207	1,418	1,213	950	1,070
Interest paid	27.1	208	461	675	727	2,050	2,849	3,166	2,802

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Gross margin	53.8%	Gross profit / revenue.
Operating margin	58.1%	Operating income / revenue.
EBITDA margin	98.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-24.1%	Net income / revenue.
FCF margin	13.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.1%	Cash from operations / revenue.
Return on equity (ROE)	-10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	16.4%	Capital expenditures / revenue.
D&A / revenue	40.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-25.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	12.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-0.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-0.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-29.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-15.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	17.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.98x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	57.9%	Total debt / total assets.
Liabilities / assets	72.1%	Total liabilities / total assets.
Net debt	$51.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$17.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Capex / operating cash flow	54.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Book value per share	$4.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.82	Tangible book value / shares outstanding.
Cash per share	$0.40	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	107.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	453.0%	Share buybacks / free cash flow, when free cash flow is positive.

What was Blackstone Real Estate Income Trust, Inc.'s revenue in fiscal 2025?

Blackstone Real Estate Income Trust, Inc. reported revenue of $7.96B for fiscal 2025, 6.7% lower than the year before.

Was Blackstone Real Estate Income Trust, Inc. profitable in fiscal 2025?

No. It reported a net loss of $3.28B.

How much free cash flow did Blackstone Real Estate Income Trust, Inc. generate in fiscal 2025?

Cash from operations of $2.29B minus capital expenditures of $1.22B left free cash flow of $1.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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