BLACKSTONE REIT INC Financials
BLACKSTONE REIT INC (BSTT) reported $8.0B in revenue for fiscal year 2025, down 6.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Stable cash generation is carrying a shrinking equity base as accounting losses and leverage reshape the business mechanics.
From FY2023 to FY2025, gross margin stability near53% and operating cash flow around$2.3B suggest the core asset base remained productive even as revenue softened. The sharper deterioration was in shareholder claims: equity fell to$19.3B while the net loss widened to-$3.3B , so reported earnings weakened far more than the underlying cash engine.
Leverage has climbed faster than the business has strengthened: debt-to-equity moved from 1.7x in FY2023 to 2.9x in FY2025. With cash of only
Margin resilience is more notable than the revenue line itself, because gross margin stayed around
Financial Health Signals
BLACKSTONE REIT INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
BLACKSTONE REIT INC passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
BLACKSTONE REIT INC reported a net loss of $3.3B while generating $2.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
BLACKSTONE REIT INC generated $8.0B in revenue in fiscal year 2025. This represents a decrease of 6.7% from the prior year.
BLACKSTONE REIT INC's EBITDA was $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.2% from the prior year.
BLACKSTONE REIT INC reported -$3.3B in net income in fiscal year 2025. This represents a decrease of 268.8% from the prior year.
BLACKSTONE REIT INC earned -$0.92 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 300.0% from the prior year.
Cash & Balance Sheet
BLACKSTONE REIT INC held $1.6B in cash against $55.5B in long-term debt as of fiscal year 2025.
BLACKSTONE REIT INC paid $0.66 per share in dividends in fiscal year 2025. This represents a decrease of 0.3% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
BLACKSTONE REIT INC's gross margin was 53.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
BLACKSTONE REIT INC's operating margin was 50.7% in fiscal year 2025, reflecting core business profitability. This is down 12.6 percentage points from the prior year.
BLACKSTONE REIT INC's net profit margin was -41.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 30.8 percentage points from the prior year.
BLACKSTONE REIT INC's ROE was -17.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.7 percentage points from the prior year.
Capital Allocation
BLACKSTONE REIT INC spent $6.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 34.1% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BSTT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7B | $8.0B-6.7% | $8.5B-4.5% | $8.9B+16.8% | $7.6B+106.8% | $3.7B+44.9% | $2.6B+51.3% | $1.7B+133.1% | $723.3M+358.0% | $157.9M |
| Cost of Revenue | $3.6B | $3.7B-9.0% | $4.1B-1.8% | $4.1B+20.6% | $3.4B+127.1% | $1.5B+48.9% | $1.0B+30.8% | $774.7M+127.6% | $340.3M+375.8% | $71.5M |
| Gross Profit | $4.1B | $4.3B-4.6% | $4.5B-6.8% | $4.8B+13.8% | $4.2B+92.9% | $2.2B+42.2% | $1.5B+68.8% | $911.6M+138.1% | $382.9M+343.2% | $86.4M |
| SG&A Expenses | $69.1M | $69.5M+7.8% | $64.5M-6.8% | $69.2M+31.4% | $52.7M+64.3% | $32.0M+24.9% | $25.7M+41.2% | $18.2M+65.5% | $11.0M+42.8% | $7.7M |
| Operating Income | $4.5B | $4.0B-25.3% | $5.4B-9.5% | $6.0B+60.5% | $3.7B-0.4% | $3.7B+137.3% | $1.6B+39.8% | $1.1B+156.6% | $438.2M+320.8% | $104.1M |
| Interest Expense | N/A | N/A | $3.3B+8.6% | $3.1B+33.2% | $2.3B+172.3% | $847.4M+19.0% | $712.4M+47.0% | $484.5M+107.8% | $233.2M+532.2% | $36.9M |
| Income Tax | N/A | -$1.2M-107.7% | $15.5M+634.5% | -$2.9M-122.1% | $13.1M+4266.7% | $300K+112.0% | -$2.5M-177.8% | -$900K | N/A | N/A |
| Net Income | -$1.9B | -$3.3B-268.8% | -$890.5M-28.7% | -$691.8M+21.7% | -$883.5M-9.8% | -$804.8M+5.7% | -$853.4M-112.4% | -$401.8M-43.0% | -$281.1M-225.8% | -$86.3M |
| EPS (Diluted) | — | -$0.92-300.0% | -$0.23-43.8% | -$0.16+20.0% | -$0.20 | -$0.30 | -$0.53 | -$0.54 | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BSTT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $98.6B-15.2% | $116.2B-11.1% | $130.8B-8.3% | $142.7B+34.2% | $106.3B+161.4% | $40.7B+23.1% | $33.0B+149.6% | $13.2B+186.2% | $4.6B |
| Cash & Equivalents | $1.6B-17.0% | $1.9B-0.6% | $1.9B+51.8% | $1.3B+29.5% | $989.7M+196.9% | $333.4M+63.2% | $204.3M+200.0% | $68.1M+118.5% | $31.2M |
| Accounts Receivable | $448.6M-30.1% | $641.6M-19.2% | $793.7M-3.4% | $821.3M+115.5% | $381.2M+249.2% | $109.2M+8.0% | $101.1M+120.8% | $45.8M+520.1% | $7.4M |
| Total Liabilities | $71.9B-11.6% | $81.4B-6.4% | $87.0B-5.4% | $91.9B+38.1% | $66.6B+172.0% | $24.5B+9.2% | $22.4B+140.6% | $9.3B+198.9% | $3.1B |
| Long-Term Debt | $55.5B-5.1% | $58.5B-5.1% | $61.7B-5.0% | $65.0B+57.2% | $41.3B+106.9% | $20.0B+18.0% | $16.9B+147.8% | $6.8B+223.7% | $2.1B |
| Total Equity | $19.3B-29.3% | $27.4B-24.7% | $36.4B-18.2% | $44.5B+21.3% | $36.6B+131.2% | $15.9B+53.8% | $10.3B+175.2% | $3.7B+152.0% | $1.5B |
| Retained Earnings | -$21.3B-34.5% | -$15.8B-25.7% | -$12.6B-37.2% | -$9.2B-63.3% | -$5.6B-74.6% | -$3.2B-126.6% | -$1.4B-142.2% | -$587.5M-343.0% | -$132.6M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.
BSTT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.3B | $2.3B+9.5% | $2.1B-22.9% | $2.7B-0.8% | $2.7B+53.0% | $1.8B+83.5% | $971.9M+61.7% | $600.9M+137.8% | $252.7M+249.6% | $72.3M |
| Investing Cash Flow | $14.2B | $11.5B+3.7% | $11.1B+12.8% | $9.9B+131.9% | -$30.9B+24.1% | -$40.6B-405.2% | -$8.0B+55.3% | -$18.0B-112.1% | -$8.5B-96.3% | -$4.3B |
| Financing Cash Flow | -$17.1B | -$14.2B-8.6% | -$13.1B-8.3% | -$12.1B-144.9% | $27.0B-34.6% | $41.2B+488.4% | $7.0B-61.5% | $18.2B+117.1% | $8.4B+90.1% | $4.4B |
| Dividends Paid | $1.1B | $1.1B-8.1% | $1.2B-14.4% | $1.5B+16.7% | $1.2B+75.5% | $711.6M+69.1% | $420.9M+173.9% | $153.7M+161.5% | $58.8M+351.5% | $13.0M |
| Share Buybacks | $4.8B | $6.1B-34.1% | $9.3B-25.1% | $12.4B+19.1% | $10.4B+863.8% | $1.1B-9.9% | $1.2B+1494.8% | $75.3M+52.2% | $49.5M+7294.0% | $669K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BSTT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.6%+1.2pp | 52.5%-1.3pp | 53.8%-1.4pp | 55.2%-4.0pp | 59.2%-1.1pp | 60.3%+6.2pp | 54.1%+1.1pp | 52.9%-1.8pp | 54.7% |
| Operating Margin | 50.7%-12.6pp | 63.3%-3.5pp | 66.8%+18.2pp | 48.6% | 100.9% | 61.6%-5.1pp | 66.7%+6.1pp | 60.6%-5.4pp | 66.0% |
| Net Margin | -41.3%-30.8pp | -10.4%-2.7pp | -7.7%+3.8pp | -11.6%+10.2pp | -21.8%+11.7pp | -33.5%-9.6pp | -23.8%+15.0pp | -38.9%+15.8pp | -54.6% |
| Return on Equity | -17.0%-13.7pp | -3.3%-1.4pp | -1.9%+0.1pp | -2.0%+0.2pp | -2.2%+3.2pp | -5.4%-1.5pp | -3.9%+3.6pp | -7.5%-1.7pp | -5.8% |
| Return on Assets | -3.3%-2.6pp | -0.8%-0.2pp | -0.5%+0.1pp | -0.6%+0.1pp | -0.8%+1.3pp | -2.1%-0.9pp | -1.2%+0.9pp | -2.1%-0.3pp | -1.9% |
| Debt-to-Equity | 2.87+0.7x | 2.14+0.4x | 1.70+0.2x | 1.46+0.3x | 1.13-0.1x | 1.26-0.4x | 1.64-0.2x | 1.82+0.4x | 1.42 |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin.
Where BLACKSTONE REIT INC Ranks
Frequently Asked Questions
What is BLACKSTONE REIT INC's annual revenue?
BLACKSTONE REIT INC (BSTT) reported $8.0B in total revenue for fiscal year 2025. This represents a -6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is BLACKSTONE REIT INC's revenue growing?
BLACKSTONE REIT INC (BSTT) revenue declined by 6.7% year-over-year, from $8.5B to $8.0B in fiscal year 2025.
Is BLACKSTONE REIT INC profitable?
No, BLACKSTONE REIT INC (BSTT) reported a net income of -$3.3B in fiscal year 2025, with a net profit margin of -41.3%.
What is BLACKSTONE REIT INC's EBITDA?
BLACKSTONE REIT INC (BSTT) had EBITDA of $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does BLACKSTONE REIT INC have?
As of fiscal year 2025, BLACKSTONE REIT INC (BSTT) had $1.6B in cash and equivalents against $55.5B in long-term debt.
What is BLACKSTONE REIT INC's gross margin?
BLACKSTONE REIT INC (BSTT) had a gross margin of 53.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is BLACKSTONE REIT INC's operating margin?
BLACKSTONE REIT INC (BSTT) had an operating margin of 50.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is BLACKSTONE REIT INC's net profit margin?
BLACKSTONE REIT INC (BSTT) had a net profit margin of -41.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does BLACKSTONE REIT INC pay dividends?
Yes, BLACKSTONE REIT INC (BSTT) paid $0.66 per share in dividends during fiscal year 2025.
What is BLACKSTONE REIT INC's return on equity (ROE)?
BLACKSTONE REIT INC (BSTT) has a return on equity of -17.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is BLACKSTONE REIT INC's operating cash flow?
BLACKSTONE REIT INC (BSTT) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are BLACKSTONE REIT INC's total assets?
BLACKSTONE REIT INC (BSTT) had $98.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is BLACKSTONE REIT INC's debt-to-equity ratio?
BLACKSTONE REIT INC (BSTT) had a debt-to-equity ratio of 2.87 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is BLACKSTONE REIT INC's return on assets (ROA)?
BLACKSTONE REIT INC (BSTT) had a return on assets of -3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BLACKSTONE REIT INC's Piotroski F-Score?
BLACKSTONE REIT INC (BSTT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are BLACKSTONE REIT INC's earnings high quality?
BLACKSTONE REIT INC (BSTT) reported a net loss of $3.3B while generating $2.3B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.