Blackstone Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +12.62%.
Did BX Beat Earnings? Q1 2025 Results
Blackstone delivered a strong first-quarter beat to kick off 2025, posting distributable EPS of $1.09 against a consensus estimate of $1.06, a 2.76% beat, while revenue of $3.29 billion cleared Wall Street's $2.72 billion forecast by more than 20% and rose 4.2% year-over-year. The central driver was a surge in fee-related earnings, which climbed 9% year-over-year to $1.26 billion on the back of 11% growth in management and advisory fees, underscoring the durability of Blackstone's capital-light model even as GAAP net income dipped to $1.21 billion from $1.60 billion a year ago. Inflows of $61.60 billion, the highest quarterly level in nearly three years, lifted total AUM to $1.17 trillion, with Credit and Insurance emerging as the standout segment, growing AUM 21% to $388.70 billion. A recently closed infrastructure deal adding Safe Harbor Marinas for roughly $5.25 billion illustrates how the firm is actively deploying its $177 billion dry powder war chest. Blackstone also raised its quarterly dividend 12% to $0.93 per share, signaling confidence in sustained earnings momentum heading into the remainder of 2025.
- Highest quarterly inflows in nearly three years at $61.6 billion
- Total AUM increased 10% year-over-year to $1,167.5 billion
- Fee-Earning AUM grew 10% to $860.1 billion
- Perpetual Capital AUM reached $464.4 billion, up 14% year-over-year
- Management and Advisory Fees grew 11% year-over-year
- Fee Related Earnings increased 9% to $1.26 billion
- Distributable Earnings per common share rose 11% to $1.09
- Positive investment performance across all major strategies
- Infrastructure appreciated 7.5% in the quarter and 23.6% LTM
- Credit & Insurance inflows of $30.3 billion driven by direct lending
- GAAP Management and Advisory Fees reached $1.90 billion, up from $1.73 billion year-over-year
“Blackstone reported another quarter of strong results despite turbulent markets. Inflows reached $62 billion — the highest level in nearly three years — reflecting the deep trust we've built with our investors over decades. We also delivered positive investment performance across all of our major strategies. We are well positioned to navigate the current environment with $177 billion of dry powder to deploy and a resilient, capital-light business model.”
Blackstone CEO, on the earnings call
Forward Guidance & Outlook
Blackstone emphasized its positioning to navigate the current turbulent market environment, citing $177 billion of dry powder available for deployment and a resilient, capital-light business model. The firm highlighted the highest quarterly inflows in nearly three years at $62 billion, reflecting deep investor trust built over decades. The firm expects that for full year 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year, evening out quarterly timing impacts.
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Figures from SEC filings and company reports. Not investment advice.