Companies /Financial Services

Blackstone Inc

NYSE: BX Asset Management
$143.74
â–² $0.54 (+0.38%) today
Markets open · 2:45pm ET

Q4 2025 Earnings

Reported Jan 29, 2026, 6:55am ET · SEC source
$1.30
Miss −15.37%
EPS · est. $1.54
$4.4B
Beat +18.01%
Revenue · est. $3.7B
−20.4%
Trailing market
BX vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Jan 29Jan 30report 6:55am ETearnings−1.0%−4.4%
−4%−2%0Jan 29Jan 30earnings−1.0%−4.4%
BX −4.4%S&P 500 −1.0%
−4%−2%0Jan 29Jan 30report 6:55am ETearnings−1.9%−4.4%
−4%−2%0Jan 29Jan 30earnings−1.9%−4.4%
BX −4.4%NASDAQ −1.9%
−15%−10%−5%0Jan 28Feb 6report 6:55am ETearnings−2.3%−12.3%
−15%−10%−5%0Jan 28Feb 6earnings−2.3%−12.3%
BX −12.3%S&P 500 −2.3%
−15%−10%−5%0Jan 28Feb 6report 6:55am ETearnings−5.3%−12.3%
−15%−10%−5%0Jan 28Feb 6earnings−5.3%−12.3%
BX −12.3%NASDAQ −5.3%
−2.62%
Day of report
−0.36%
Next session
−11.27%
One week
−22.40%
30 days

S&P 500 over the same 30 days: −1.98%.

Did BX Beat Earnings? Q4 2025 Results

Blackstone closed out fiscal 2025 with a tale of two metrics, posting a sharp revenue beat but falling short on earnings per share as a surge in asset monetization activity reshaped the quarter's complexion. Revenue came in at $4.36 billion, well ahead of the $3.35 billion consensus and up 54.7% year-over-year, while EPS of $1.30 missed the $1.53 estimate by 15.03%, weighed down by a 57% sequential drop in Fee Related Performance Revenues. The standout driver was a 719% spike in Realized Principal Investment Income, fueled by the monetization of Blackstone's stake in Resolution Life tied to its sale to Nippon Life, which propelled Net Realizations 59% higher year-over-year to $957 million in the quarter. Total AUM reached $1.27 trillion, up 13% annually, while quarterly inflows of $71 billion were the highest in over three years. Distributable Earnings per share of $1.75 for Q4 supported a $1.49 quarterly dividend declaration, with full-year dividends rising 20% to $4.74 per share.

Key Takeaways
  • Digital and energy infrastructure buildout driving significant value creation
  • Record quarterly inflows of $71.5 billion, highest in over three years
  • Full year inflows of $239.4 billion
  • Infrastructure appreciation of 23.5% for the year, leading all strategies
  • Corporate Private Equity appreciated 13.8% for the year
  • Credit & Insurance AUM grew 18% year-over-year to $443.0 billion
  • Absolute Return Composite gross return of 13.2% outperformed HFRX Global Hedge Fund Index of 7.1%
  • Monetization of Blackstone's stake in Resolution Life boosted Realized Principal Investment Income
  • Excluding BIP's 4Q'24 fee related performance revenue crystallization, FRE would have grown 24% year-over-year in Q4

“Blackstone's extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter — the highest in over three years. Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.”

Blackstone CEO, on the earnings call

BX YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$2.0B$4.0B$2.8B$4.4BRevenue$1.6B$2.4BOperating Income$703.9M$2.0BNet Income
$0$2.0B$4.0BRevenueOperating IncomeNet Income

BX Revenue by Segment

Private Equity$1.3B
Real Estate$994.2M
Credit & Insurance$1.1B
Multi-Asset Investing$609.7M

Figures from SEC filings and company reports. Not investment advice.