AI Takeaway
Blackstone (BX) delivered solid FY2025 results with revenue growing 9.2% to $14.45B and net income rising 8.7% to $3.02B, supported by a 33.9% surge in operating cash flow to $4.66B.
Revenue
$14.45B
++9.22% YoY
EPS (Basic)
$3.87
++6.91% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
BX grew total revenue by 9.2% year-over-year to $14.45B in FY2025, up from $13.23B in the prior year, reflecting continued strength in fee-related earnings and performance revenues across its alternative asset management platform.
Source: Source: 10-K Income Statement
Operating cash flow surged 33.9% to $4.66B in FY2025 from $3.48B in FY2024, demonstrating Blackstone's ability to convert earnings into cash and fund distributions and growth initiatives.
Source: Source: 10-K Cash Flow Statement
Total assets grew 9.8% to $47.71B, while cash and equivalents jumped 33.4% to $2.63B, indicating improved liquidity and a stronger financial position heading into the next fiscal year.
Source: Source: 10-K Balance Sheet
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Upgrade to unlockBlackstone carries $12.58B in long-term debt with a debt-to-equity ratio of approximately 2.98x. Rising interest rates or deteriorating credit markets could increase borrowing costs and pressure earnings, particularly given the firm's reliance on leverage across its investment vehicles.
Source: Source: 10-K Balance Sheet
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.75 versus the $1.58 analyst consensus — a +10.7% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $14.45B | $13.23B | +9.22% |
Net Income | $3.02B | $2.78B | +8.74% |
EPS (Basic) | $3.87 | $3.62 | +6.91% |
EPS (Diluted) | $3.87 | $3.62 | +6.91% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $47.71B | $43.47B | +9.75% |
Total Liabilities | $25.83B | $23.97B | +7.73% |
Stockholders' Equity | $8.67B | $8.21B | +5.52% |
Cash & Equivalents | $2.63B | $1.97B | +33.42% |
Long-Term Debt | $12.58B | $11.46B | +9.74% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $4.66B | $3.48B | +33.93% |
Investing Cash Flow | $-115.7M | $-61.41M | -88.41% |
Financing Cash Flow | $-3.88B | $-4.5B | +13.83% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 20.9% | — | — |
ROE | 34.8% | — | — |
ROA | 6.3% | — | — |
Debt to Equity | $2.981 | — | — |
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Blackstone delivered solid FY2025 results with revenue of $14.45B (up 9.2% YoY) and net income of $3.02B (up 8.7% YoY). Operating cash flow surged 33.9% to $4.66B, reflecting strong cash generation across its alternative asset management business.
The key takeaways from BX's FY2025 10-K include strong revenue and earnings growth, a significant jump in operating cash flow to $4.66B, and a 33.4% increase in cash and equivalents to $2.63B. The firm also expanded its total assets by 9.8% to $47.71B, signaling continued platform growth.
Based on the financial data, key risks for BX include high financial leverage with a debt-to-equity ratio of ~2.98x and $12.58B in long-term debt, as well as volatility in performance revenues tied to market conditions. Regulatory risk and concentration in alternative asset classes such as real estate and private equity are also notable concerns.
Blackstone's revenue grew 9.2% in FY2025 to $14.45B, up from $13.23B in FY2024, reflecting continued expansion of its alternative asset management platform. This growth was accompanied by an 8.7% rise in net income to $3.02B and a 6.9% increase in EPS to $3.87.
Blackstone's financial health appears solid as of FY2025, with $2.63B in cash (up 33.4%), a net margin of 20.9%, and ROE of 34.8%. However, the debt-to-equity ratio of ~2.98x and $12.58B in long-term debt indicate meaningful leverage that investors should monitor closely.