Blackstone Inc Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Blackstone Inc (BX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Financial Health Signals

Financial Profile 90/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

100

Blackstone Inc's revenue surged 64.9% year-over-year to $13.2B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Blackstone Inc has a moderate D/E ratio of 1.40. This balance of debt and equity financing earns a leverage score of 59/100.

Cash Flow

100

Blackstone Inc converts 25.9% of revenue into free cash flow ($3.4B). This strong cash generation earns a score of 100/100.

Returns

100

Blackstone Inc earns a strong 33.8% return on equity (ROE), meaning it generates $34 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 20.4% the prior year.

Piotroski F-Score Neutral

6/9

Blackstone Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.25x

For every $1 of reported earnings, Blackstone Inc generates $1.25 in operating cash flow ($3.5B OCF vs $2.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$13.2B

YoY+64.9%

5Y CAGR+12.5%

10Y CAGR+5.9%

Blackstone Inc generated $13.2B in revenue in fiscal year 2024. This represents an increase of 64.9% from the prior year.

EBITDA

N/A

Free Cash Flow

$3.4B

YoY-10.8%

5Y CAGR+12.4%

10Y CAGR+7.7%

Blackstone Inc generated $3.4B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 10.8% from the prior year.

Net Income

$2.8B

YoY+99.6%

5Y CAGR+6.3%

10Y CAGR+5.8%

Blackstone Inc reported $2.8B in net income in fiscal year 2024. This represents an increase of 99.6% from the prior year.

EPS (Diluted)

$3.62

YoY+96.7%

5Y CAGR+3.6%

10Y CAGR+3.4%

Blackstone Inc earned $3.62 per diluted share (EPS) in fiscal year 2024. This represents an increase of 96.7% from the prior year.

Cash & Debt

$2.0B

YoY-33.3%

5Y CAGR-1.9%

10Y CAGR+3.4%

Blackstone Inc held $2.0B in cash against $11.5B in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.45

YoY+3.9%

5Y CAGR+12.4%

10Y CAGR+6.0%

Blackstone Inc paid $3.45 per share in dividends in fiscal year 2024. This represents an increase of 3.9% from the prior year.

Shares Outstanding

732M

YoY+1.7%

Blackstone Inc had 732M shares outstanding in fiscal year 2024. This represents an increase of 1.7% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.0%

YoY+3.7pp

5Y CAGR-6.9pp

10Y CAGR-0.2pp

Blackstone Inc's net profit margin was 21.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 3.7 percentage points from the prior year.

Return on Equity

33.8%

YoY+13.4pp

5Y CAGR+4.6pp

10Y CAGR+24.7pp

Blackstone Inc's ROE was 33.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 13.4 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$61.4M

YoY-72.6%

5Y CAGR+0.4%

10Y CAGR+7.3%

Blackstone Inc invested $61.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 72.6% from the prior year.

BX Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$13.2B+64.9%	$8.0B-5.8%	$8.5B-62.3%	$22.6B+270.0%	$6.1B-16.8%	$7.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.4B+21.9%	$1.1B+2.3%	$1.1B+19.0%	$917.8M+29.0%	$711.8M+4.8%	$679.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$443.7M+2.7%	$431.9M+36.1%	$317.2M+60.0%	$198.3M+19.3%	$166.2M-16.8%	$199.6M
Income Tax	$1.0B+99.0%	$513.5M+8.6%	$472.9M-60.1%	$1.2B+232.7%	$356.0M+842.4%	-$48.0M
Net Income	$2.8B+99.6%	$1.4B-20.4%	$1.7B-70.2%	$5.9B+460.3%	$1.0B-49.0%	$2.0B
EPS (Diluted)	$3.62+96.7%	$1.84-22.0%	$2.36-71.0%	$8.13+442.0%	$1.50-50.5%	$3.03

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q1'24	Q4'22	Q3'23
Revenue	$3.1B-16.8%	$3.7B+12.8%	$3.3B+156.0%	$1.3B-49.4%	$2.5B-9.7%	$2.8B+65.2%	$1.7B+61.0%	$1.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$383.6M+6.3%	$360.8M+8.6%	$332.4M+14.7%	$289.7M+3.8%	$279.2M+1.5%	$275.0M-5.9%	$292.3M+8.1%	$270.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$126.3M-7.0%	$135.8M+15.0%	$118.1M+8.6%	$108.7M-1.7%	$110.6M+2.3%	$108.1M+7.7%	$100.3M+24.6%	$80.5M
Income Tax	$209.7M-27.6%	$289.5M+18.7%	$243.8M+430.6%	$46.0M-76.6%	$196.6M-12.0%	$223.3M+258.2%	-$141.1M-249.8%	$94.2M
Net Income	$624.9M-18.2%	$764.2M+24.3%	$614.9M+305.0%	$151.8M-72.5%	$552.0M-8.2%	$601.3M+7.8%	$557.9M+24196.8%	$2.3M
EPS (Diluted)	$0.80-18.4%	$0.98+22.5%	$0.80+281.0%	$0.21-71.2%	$0.73-7.6%	$0.79+6.8%	$0.74	$0.00

BX Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$43.5B+7.9%	$40.3B-5.3%	$42.5B+3.2%	$41.2B+56.8%	$26.3B-19.4%	$32.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.0B-33.3%	$3.0B-30.5%	$4.3B+100.6%	$2.1B+6.0%	$2.0B-8.0%	$2.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$237.9M+23.0%	$193.4M-58.2%	$462.9M-27.3%	$636.6M-26.5%	$866.2M-11.2%	$975.1M
Goodwill	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B-0.6%	$1.9B+1.7%	$1.9B
Total Liabilities	$35.3B+5.3%	$33.5B-4.0%	$34.9B+9.7%	$31.8B+62.0%	$19.6B-23.3%	$25.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$11.5B-1.3%	$11.6B-7.1%	$12.5B+59.0%	$7.9B+37.0%	$5.7B-50.3%	$11.5B
Total Equity	$8.2B+20.5%	$6.8B-11.0%	$7.7B-18.8%	$9.4B+41.7%	$6.7B-5.1%	$7.0B
Retained Earnings	$808.1M+22.3%	$660.7M-62.2%	$1.7B-52.1%	$3.6B+986.4%	$335.8M-44.9%	$609.6M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q1'24	Q4'22	Q3'23
Total Assets	$46.6B+2.6%	$45.4B+0.3%	$45.3B+12.3%	$40.3B-3.3%	$41.7B+0.2%	$41.6B-2.2%	$42.5B+5.6%	$40.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.4B+8.7%	$2.2B-6.3%	$2.4B-19.2%	$3.0B-0.5%	$3.0B-9.4%	$3.3B-22.9%	$4.3B+22.2%	$3.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$543.2M+51.8%	$357.9M+61.8%	$221.2M+14.4%	$193.4M-72.1%	$693.8M+4.5%	$664.0M+43.4%	$462.9M-44.6%	$835.5M
Goodwill	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B0.0%	$1.9B
Total Liabilities	$38.2B+3.1%	$37.0B-0.7%	$37.3B+11.4%	$33.5B-3.1%	$34.5B+0.5%	$34.4B-1.4%	$34.9B+6.7%	$32.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.1B-0.1%	$12.1B-3.6%	$12.6B+8.4%	$11.6B-6.0%	$12.3B-1.1%	$12.5B-0.1%	$12.5B+33.0%	$9.4B
Total Equity	$8.4B+0.5%	$8.4B+4.7%	$8.0B+17.0%	$6.8B-4.4%	$7.1B-1.2%	$7.2B-5.7%	$7.7B+0.9%	$7.6B
Retained Earnings	$184.0M-49.2%	$362.6M+13.3%	$320.2M-51.5%	$660.7M-40.7%	$1.1B-4.0%	$1.2B-33.6%	$1.7B-6.5%	$1.9B

BX Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$3.5B-14.2%	$4.1B-36.0%	$6.3B+59.0%	$4.0B+105.9%	$1.9B-1.4%	$2.0B
Capital Expenditures	$61.4M-72.6%	$224.2M-4.8%	$235.5M+266.2%	$64.3M-42.4%	$111.7M+85.2%	$60.3M
Free Cash Flow	$3.4B-10.8%	$3.8B-37.2%	$6.1B+55.6%	$3.9B+115.0%	$1.8B-4.1%	$1.9B
Investing Cash Flow	-$61.4M+73.3%	-$229.7M+2.5%	-$235.5M-266.2%	-$64.3M+61.4%	-$166.8M-176.7%	-$60.3M
Financing Cash Flow	-$4.5B+10.9%	-$5.1B-33.2%	-$3.8B-0.5%	-$3.8B-68.3%	-$2.2B-16.8%	-$1.9B
Dividends Paid	$4.4B+3.6%	$4.3B-34.5%	$6.5B+41.6%	$4.6B+92.9%	$2.4B-0.5%	$2.4B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q1'24	Q4'22	Q3'23
Operating Cash Flow	$1.6B+79.8%	$888.5M-19.9%	$1.1B+23.8%	$895.7M-17.3%	$1.1B-37.2%	$1.7B+141.3%	$715.1M-27.2%	$982.9M
Capital Expenditures	$23.9M-40.4%	$40.1M+37.1%	$29.3M-6.5%	$31.3M-50.0%	$62.7M+3.3%	$60.7M+24.6%	$48.7M-42.9%	$85.4M
Free Cash Flow	$1.6B+85.5%	$848.4M-21.4%	$1.1B+24.9%	$864.4M-15.3%	$1.0B-38.7%	$1.7B+149.8%	$666.4M-25.8%	$897.5M
Investing Cash Flow	-$23.9M+40.4%	-$40.1M-37.1%	-$29.3M+6.5%	-$31.3M+50.0%	-$62.7M-3.3%	-$60.7M-24.6%	-$48.7M+42.9%	-$85.4M
Financing Cash Flow	-$1.3B+24.8%	-$1.7B-1328.9%	$139.2M+119.5%	-$712.3M+49.1%	-$1.4B-17.7%	-$1.2B-598.7%	$238.5M+114.7%	-$1.6B
Dividends Paid	$1.3B+10.4%	$1.2B-34.6%	$1.9B+78.8%	$1.0B0.0%	$1.0B-1.3%	$1.1B-11.4%	$1.2B-30.5%	$1.7B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BX Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.0%+3.7pp	17.3%-3.2pp	20.5%-5.4pp	25.9%+8.8pp	17.1%-10.8pp	27.9%
Return on Equity	33.8%+13.4pp	20.4%-2.4pp	22.8%-39.3pp	62.2%+46.5pp	15.7%-13.5pp	29.2%
Return on Assets	6.4%+2.9pp	3.5%-0.7pp	4.1%-10.1pp	14.2%+10.2pp	4.0%-2.3pp	6.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.40-0.3	1.70+0.1	1.63+0.8	0.83-0.0	0.86-0.8	1.65
FCF Margin	25.9%-21.9pp	47.8%-23.8pp	71.6%+54.3pp	17.4%-12.5pp	29.9%+4.0pp	25.9%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q1'24	Q4'22	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	20.2%-0.4pp	20.6%+1.9pp	18.7%+6.9pp	11.8%-9.9pp	21.7%+0.4pp	21.4%-11.4pp	32.7%+32.5pp	0.2%
Return on Equity	7.4%-1.7pp	9.2%+1.4pp	7.7%+5.5pp	2.2%-5.5pp	7.7%-0.6pp	8.3%+1.0pp	7.3%+7.3pp	0.0%
Return on Assets	1.3%-0.3pp	1.7%+0.3pp	1.4%+1.0pp	0.4%-0.9pp	1.3%-0.1pp	1.5%+0.1pp	1.3%+1.3pp	0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.440.0	1.45-0.1	1.58-0.1	1.70-0.0	1.730.0	1.73+0.1	1.63+0.4	1.24
FCF Margin	50.9%+28.1pp	22.9%-10.0pp	32.8%-34.4pp	67.3%+27.1pp	40.2%-19.0pp	59.2%+20.0pp	39.1%-45.7pp	84.8%

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Frequently Asked Questions

What is Blackstone Inc's annual revenue?

Blackstone Inc (BX) reported $13.2B in total revenue for fiscal year 2024. This represents a 64.9% 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 Inc's revenue growing?

Blackstone Inc (BX) revenue grew by 64.9% year-over-year, from $8.0B to $13.2B in fiscal year 2024.

Is Blackstone Inc profitable?

Yes, Blackstone Inc (BX) reported a net income of $2.8B in fiscal year 2024, with a net profit margin of 21.0%.

What is Blackstone Inc's earnings per share (EPS)?

Blackstone Inc (BX) reported diluted earnings per share of $3.62 for fiscal year 2024. This represents a 96.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Blackstone Inc have?

As of fiscal year 2024, Blackstone Inc (BX) had $2.0B in cash and equivalents against $11.5B in long-term debt.

What is Blackstone Inc's net profit margin?

Blackstone Inc (BX) had a net profit margin of 21.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Blackstone Inc pay dividends?

Yes, Blackstone Inc (BX) paid $3.45 per share in dividends during fiscal year 2024.

What is Blackstone Inc's return on equity (ROE)?

Blackstone Inc (BX) has a return on equity of 33.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Blackstone Inc's free cash flow?

Blackstone Inc (BX) generated $3.4B in free cash flow during fiscal year 2024. This represents a -10.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Blackstone Inc's operating cash flow?

Blackstone Inc (BX) generated $3.5B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Blackstone Inc's total assets?

Blackstone Inc (BX) had $43.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Blackstone Inc's capital expenditures?

Blackstone Inc (BX) invested $61.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Blackstone Inc have outstanding?

Blackstone Inc (BX) had 732M shares outstanding as of fiscal year 2024.

What is Blackstone Inc's debt-to-equity ratio?

Blackstone Inc (BX) had a debt-to-equity ratio of 1.40 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Blackstone Inc's return on assets (ROA)?

Blackstone Inc (BX) had a return on assets of 6.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Blackstone Inc's Piotroski F-Score?

Blackstone Inc (BX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Blackstone Inc's earnings high quality?

Blackstone Inc (BX) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). 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.

How financially healthy is Blackstone Inc?

Blackstone Inc (BX) scores 90 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.