Blackstone Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Blackstone 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,146	7,145	6,833	7,338	6,102	22,577	8,518	8,023	13,230	14,450
General and administrative	542	489	595	679	712	918	1,093	1,117	1,362	1,525
Operating expenses	2,929	3,727
Interest expense	153	197	164	200	166	198	317	432	444	508
Interest income	95.7	140	172	182	125	161	272	516	411	416
Other non-operating income	185	725	192	444	-4.84	459	-82.9	-84	48.8	424
Pre-tax income	2,382	4,118	3,513	3,818	2,618	13,559	3,462	2,958	6,459	7,172
Income tax	132	743	249	-48	356	1,184	473	513	1,022	1,125
Net income to minority interests	-250	-511
Net income	1,039	1,471	1,542	2,050	1,045	5,857	1,748	1,391	2,777	3,019
EPS, basic	1.60	2.21	2.27	3.03	1.50	8.14	2.36	1.84	3.62	3.87
EPS, diluted	1.56	2.21	2.26	3.03	1.50	8.13	2.36	1.84	3.62	3.87
Shares, basic (weighted)	649	665	679	676	697	720	741	755	766	780
Shares, diluted (weighted)	1,195	666	1,207	676	697	720	741	755	767	780
Dividend per share	1.66	2.32	2.42	1.92	1.91	3.57	4.94	3.32	3.45	4.69

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,837	1,992	2,208	2,172	1,999	2,120	4,252	2,956	1,972	2,631
Property, plant and equipment	127	127	120	154	232	245	412	543	506	521
Lease right-of-use assets				471	527	789	897	841	839	757
Goodwill	1,719	1,778	1,870	1,870	1,901	1,890	1,890	1,890	1,890	1,890
Intangible assets	263	410	469	398	348	284	217	201	165	131
Total assets	26,403	34,416	28,925	32,586	26,269	41,196	42,524	40,288	43,470	47,709
Total liabilities	13,888	20,693	15,171	17,482	11,679	19,490	22,843	22,212	23,975	25,828
Total debt	8,941	15,167	10,395	11,542	5,732	7,856	12,491	11,606	11,460	12,577
Paid-in capital				6,429	6,332	5,795	5,935	6,175	7,445	8,480
Retained earnings				610	336	3,648	1,748	661	808	192
Other comprehensive income	-62.9	-34	-36.5	-28.5	-15.8	-19.6	-27.5	-19.1	-40.3	-6.01
Shareholders' equity			6,379	7,010	6,652	9,423	7,656	6,817	8,212	8,666
Total equity			13,612	15,015	14,525	21,638	17,966	16,896	18,694	20,501
Total liabilities and equity	26,403	34,416	28,925	32,586	26,269	41,196	42,524	40,288	43,470	47,709
Shares outstanding					684	704	710	719	732	749

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,249	3,375	3,264	3,866	2,262	12,375	2,989	2,444	5,438	6,047
Depreciation and amortization	32	25.2	23.9	26.3	35.1	52.2	69.2	94.1	98.8	98
Stock-based compensation	324	339	367	417	438	637	846	988	1,168	1,445
Deferred income tax	50.1	635	79.8	-180	87.5	465	-361	-148	348	441
Change in receivables	87.1	282	43	-238	70.1	288	178	238	-78.3	-212
Change in payables	-215	-755	-358	-324	120	111	158	-40.3	195	514
Cash from operations	-88.6	-1,626	45.7	1,963	1,936	3,986	6,336	4,057	3,482	4,663
Capital expenditures	-21.8	-24.3	-18.4	-60.3	-112	-64.3	-235	-224	-61.4	-116
Acquisitions		-169	-98.2	0	-55.2	0	0	-5.42	0	0
Cash from investing	-21.8	-193	-117	-60.3	-167	-64.3	-235	-230	-61.4	-116
Debt issued		7,600	3,218	1,550	889	2,223	3,522	495	741	2,814
Debt repaid	-421	-1,766	-1,009	-403	-1.89	0	-281	-502	-103	-1,813
Dividends paid		-2,843	-3,046	-2,397	-2,386	-4,603	-6,519	-4,268	-4,424	-6,013
Cash from financing	570	2,771	-1,330	-1,921	-2,244	-3,777	-3,794	-5,054	-4,502	-3,879
Exchange rate effect	-34.1	124	9.71	-2.96	15.7	-9.81	-12.3	4.99	-14.6	9.84
Net change in cash	426	1,076	-1,391	-21.5	-459	135	2,294	-1,222	-1,096	678
Free cash flow	-110	-1,651	27.4	1,903	1,824	3,922	6,101	3,833	3,420	4,547
Interest paid	152	160	170	167	177	194	262	400	407	464
Income taxes paid	65.8	106	193	159	209	701	683	569	647	563

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $118.42 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	50.1%	Pre-tax income / revenue.
Net margin	21.8%	Net income / revenue.
FCF margin	34.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.7%	Cash from operations / revenue.
Effective tax rate	15.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	39.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Stock-based pay / revenue	9.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	8.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	20.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.7%	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	19.2%	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	33.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.3%	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	20.0%	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	35.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-1.7%	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	19.7%	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	5.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	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	5.4%	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	9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	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	12.7%	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	1.8%	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	1.7%	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	2.3%	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	1.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.7%	Total debt / total assets.
Liabilities / assets	55.0%	Total liabilities / total assets.
Net debt	$10.81B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	4.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	30.0x	Revenue / average property, plant and equipment.
FCF conversion	155.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.40	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.14	Revenue / diluted weighted shares.
FCF per share	$6.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.00	Cash from operations / diluted weighted shares.
Book value per share	$11.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.32	Tangible book value / shares outstanding.
Cash per share	$3.33	(Cash + short-term investments) / shares outstanding.
Payout ratio	181.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	116.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$88.89B	Share price x shares outstanding.
Enterprise value	$99.70B	Market cap + total debt - cash - short-term investments.
P/E	25.3x	Market cap / net income. Only when net income is positive.
P/S	5.52x	Market cap / revenue.
P/B	9.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.7x	Market cap / tangible book value, when positive.
P/FCF	16.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.9x	Market cap / cash from operations, when positive.
EV/Sales	6.19x	Enterprise value / revenue.
EV/FCF	18.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	7.2%	Dividends paid over the period / market cap.
Shareholder yield	7.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.41x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Blackstone Inc.'s revenue in fiscal 2025?

Blackstone Inc. reported revenue of $14.45B for fiscal 2025, 9.2% higher than the year before.

Was Blackstone Inc. profitable in fiscal 2025?

Yes. Net income was $3.02B, a net margin of 20.9%.

How much free cash flow did Blackstone Inc. generate in fiscal 2025?

Cash from operations of $4.66B minus capital expenditures of $115.7M left free cash flow of $4.55B.

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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