Blackstone (BX) financial statements
Blackstone reported revenue of $14.5B in fiscal 2025, up 12.2% a year over 9 years.
Net income was $3.0B and the operating margin 46.7%, against 42.7% in 2016.
Free cash flow was $4.5B, and the company returned $6.0B in dividends.
The diluted share count fell 35% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Blackstone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.1B | $7.1B | $6.8B | $7.3B | $6.1B | $22.6B | $8.5B | $8.0B | $13.2B | $14.5B |
| Selling, general and admin | $542M | $489M | $595M | $679M | $712M | $918M | $1.1B | $1.1B | $1.4B | $1.5B |
| Operating income | $2.2B | $3.4B | $3.3B | $3.4B | $2.6B | $13.1B | $3.5B | $3.0B | $6.4B | $6.7B |
| Interest expense | $153M | $197M | $164M | $200M | $166M | $198M | $317M | $432M | $444M | $508M |
| Pre-tax income | $2.4B | $4.1B | $3.5B | $3.8B | $2.6B | $13.6B | $3.5B | $3.0B | $6.5B | $7.2B |
| Income tax | $132M | $743M | $249M | -$48M | $356M | $1.2B | $473M | $513M | $1.0B | $1.1B |
| Net income | $1.0B | $1.5B | $1.5B | $2.0B | $1.0B | $5.9B | $1.7B | $1.4B | $2.8B | $3.0B |
| EPS (diluted) | $1.56 | $2.21 | $2.26 | $3.03 | $1.50 | $8.13 | $2.36 | $1.84 | $3.62 | $3.87 |
| Diluted shares | 1.20B | 666M | 1.21B | 676M | 697M | 720M | 741M | 755M | 767M | 780M |
| Operating margin | 42.7% | 47.5% | 48.6% | 46.0% | 43.0% | 58.0% | 41.6% | 37.9% | 48.5% | 46.7% |
| Net margin | 20.2% | 20.6% | 22.6% | 27.9% | 17.1% | 25.9% | 20.5% | 17.3% | 21.0% | 20.9% |
Balance sheet
Fiscal years, from Blackstone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $2.0B | $2.2B | $2.2B | $2.0B | $2.1B | $4.3B | $3.0B | $2.0B | $2.6B |
| Property, plant and equipment | $127M | $127M | $120M | $154M | $232M | $245M | $412M | $543M | $506M | $521M |
| Goodwill | $1.7B | $1.8B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
| Total assets | $26.4B | $34.4B | $28.9B | $32.6B | $26.3B | $41.2B | $42.5B | $40.3B | $43.5B | $47.7B |
| Total liabilities | $13.9B | $20.7B | $15.2B | $17.5B | $11.7B | $19.5B | $22.8B | $22.2B | $24.0B | $25.8B |
| Shareholders' equity | — | — | $6.4B | $7.0B | $6.7B | $9.4B | $7.7B | $6.8B | $8.2B | $8.7B |
| Net debt | -$1.8B | -$2.0B | -$2.2B | -$2.2B | -$2.0B | -$2.1B | -$4.3B | -$3.0B | -$2.0B | -$2.6B |
Cash flow
Fiscal years, from Blackstone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$89M | -$1.6B | $46M | $2.0B | $1.9B | $4.0B | $6.3B | $4.1B | $3.5B | $4.7B |
| Capital spending | $22M | $24M | $18M | $60M | $112M | $64M | $235M | $224M | $61M | $116M |
| Free cash flow | -$110M | -$1.7B | $27M | $1.9B | $1.8B | $3.9B | $6.1B | $3.8B | $3.4B | $4.5B |
| Stock-based compensation | $324M | $339M | $367M | $417M | $438M | $637M | $846M | $988M | $1.2B | $1.4B |
| Dividends paid | — | $2.8B | $3.0B | $2.4B | $2.4B | $4.6B | $6.5B | $4.3B | $4.4B | $6.0B |
| Net borrowing | -$421M | $5.8B | $2.2B | $1.1B | $887M | $2.2B | $3.2B | -$7M | $638M | $1.0B |
| Free cash flow margin | -2.1% | -23.1% | 0.4% | 25.9% | 29.9% | 17.4% | 71.6% | 47.8% | 25.9% | 31.5% |
| Dividends per share | — | $4.27 | $2.52 | $3.54 | $3.42 | $6.39 | $8.80 | $5.65 | $5.77 | $7.71 |
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Open BX in InvestinglyQuestions
What was Blackstone's revenue in 2025?
$14.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Blackstone generate?
$4.5B in fiscal 2025 (operating cash flow minus capital spending).
From Blackstone's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.