# Blackstone (BX) Q2 2025 Financial Results Summary
On July 24, 2025, Blackstone (NYSE: BX) reported its second quarter 2025 financial results. The company highlighted significant growth in earnings and assets under management amid a challenging market environment.
## Financial Highlights
– **GAAP Net Income**:
– Q2 2025: $1.6 billion
– YTD 2025: $2.8 billion
– Net Income Attributable to Blackstone Inc.:
– Q2 2025: $764 million
– YTD 2025: $1.4 billion
– **Total Revenues**:
– Q2 2025: $3.7 billion, up **33%** from Q2 2024 ($2.8 billion)
– YTD 2025: $7.0 billion, up **8%** from YTD 2024 ($6.5 billion)
– **Management and Advisory Fees**:
– Q2 2025: $2.0 billion, up **13%** from Q2 2024 ($1.8 billion)
– YTD 2025: $3.9 billion, up **12%** from YTD 2024 ($3.5 billion)
– **Performance Fees**:
– Q2 2025: $1.1 billion, up **75%** from Q2 2024 ($653 million)
– YTD 2025: $2.0 billion, up **12%** from YTD 2024 ($1.8 billion)
– **Total Assets Under Management (AUM)**:
– Q2 2025: $1.2 trillion, up **13%** year-over-year
– Fee-Earning AUM: $887.1 billion, up **10%** year-over-year
– Perpetual Capital AUM: $484.6 billion, up **16%** year-over-year
– **Distributable Earnings (DE)**:
– Q2 2025: $1.21 per share, up **31%** from Q2 2024 ($0.91 per share)
– YTD 2025: $2.30 per share, up **19%** from YTD 2024 ($1.94 per share)
## Dividend Declaration and Share Repurchase
– **Quarterly Dividend**:
– Blackstone declared a quarterly dividend of **$1.03** per share for record holders as of August 4, 2025, to be paid on August 11, 2025.
– **Share Repurchase**:
– Blackstone repurchased **0.2 million** common shares in the quarter and **1.7 million** common shares over the last twelve months.
## Investment Performance
– **Net Accrued Performance Revenues**: Increased to **$6.6 billion** from **$6.2 billion** quarter-over-quarter.
– **Performance Metrics by Strategy**:
– Real Estate Opportunistic: **0.1%** increase for Q2 2025, **(3.6%)** decrease for LTM
– Private Equity Corporate: **5.1%** increase for Q2 2025, **17.2%** increase for LTM
– Credit & Insurance:
– Private Credit: **3.0%** for Q2 2025, **13.3%** for LTM
– Liquid Credit: **2.4%** for Q2 2025, **7.9%** for LTM
## Capital Metrics
– **Inflows**:
– Q2 2025: **$52.1 billion**, bringing the last twelve months (LTM) inflows to **$211.8 billion**.
– **Capital Deployed**:
– Q2 2025: **$33.1 billion**, LTM: **$145.1 billion**.
– **Realizations**:
– Q2 2025: **$23.4 billion**, LTM: **$97.5 billion**.
## Segment Highlights
– **Real Estate**: Total AUM declined **6%** year-over-year, reflecting a challenging environment.
– **Private Equity**: Total AUM increased **18%** year-over-year, with strong inflows.
– **Credit & Insurance**: Total AUM rose **23%**, supported by strong inflows into Direct Lending strategies.
– **Multi-Asset Investing**: Total AUM grew **13%** year-over-year.
## Conclusion
Blackstone’s Q2 2025 financial results demonstrate robust growth across key metrics, with an increase in total revenues, net income, and assets under management, despite market volatility. The company’s focus on private wealth, credit, and insurance significantly contributed to its performance and outlook.
# Income Statement Table
| Revenues | 2Q’24 | 2Q’25 | 2Q’24 YTD | 2Q’25 YTD | 2Q’24 LTM | 2Q’25 LTM |
|---|---|---|---|---|---|---|
| Management and Advisory Fees, Net | $1,787,313 | $2,035,489 | $3,514,461 | $3,939,879 | $6,818,036 | $7,614,267 |
| Incentive Fees | 188,299 | 195,414 | 367,640 | 387,239 | 766,858 | 983,777 |
| Performance Allocations | 531,641 | 829,820 | 1,184,184 | 1,391,825 | 2,259,021 | 3,665,469 |
| Unrealized | 122,229 | 313,283 | 568,172 | 576,484 | (478,679) | 379,719 |
| Principal Investment | 74,045 | 97,171 | 152,642 | 282,713 | 293,572 | 462,329 |
| Unrealized | (31,776) | 365,391 | 429,847 | 524,104 | 154,021 | 474,848 |
| Total Investment Income | 696,139 | 1,605,617 | 2,334,826 | 2,775,160 | 2,227,935 | 4,982,305 |
| Interest and Dividend Revenue | 104,999 | 100,389 | 202,838 | 197,809 | 480,345 | 406,130 |
| Other Income (Loss) | 19,631 | (225,063) | 64,451 | (298,673) | 17,340 | (239,431) |
| Total Revenues | $2,796,381 | $3,711,917 | $6,484,209 | $7,001,309 | $10,310,507 | $13,747,257 |
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# Balance Sheet Table
| Assets | 2Q’24 | 3Q’24 | 4Q’24 | 1Q’25 | 2Q’25 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents | $2,381,436 | $2,353,332 | $1,972,140 | $2,386,979 | $2,235,499 |
| Cash Held by Blackstone Funds and Other Investments | 219,393 | 180,545 | 204,052 | 1,012,958 | 313,950 |
| Accounts Receivable | 26,426,289 | 28,322,715 | 29,800,566 | 30,259,429 | 31,135,504 |
| Due from Affiliates | 247,538 | 300,004 | 237,930 | 221,200 | 357,858 |
| Intangible Assets, Net | 4,868,069 | 5,163,883 | 5,409,315 | 5,434,078 | 5,516,820 |
| Goodwill | 183,246 | 174,265 | 165,243 | 156,269 | 147,294 |
| Other Assets | 1,890,202 | 1,890,202 | 1,890,202 | 1,890,202 | 1,890,202 |
| Right-of-Use Assets | 1,083,400 | 933,990 | 947,859 | 929,107 | 877,000 |
| Deferred Tax Assets | 2,289,932 | 2,277,807 | 2,003,948 | 2,157,920 | 2,105,277 |
| Total Assets | $40,585,029 | $42,575,442 | $43,469,875 | $45,255,629 | $45,373,094 |
| Loans Payable | $10,688,193 | $10,752,246 | $11,320,956 | $12,454,559 | $12,008,870 |
| Due to Affiliates | 2,364,099 | 2,620,530 | 2,808,148 | 3,361,900 | 2,802,514 |
| Accrued Compensation and Benefits | 5,703,156 | 6,398,365 | 6,087,700 | 6,164,503 | 6,065,974 |
| Operating Lease Liabilities | 1,142,317 | 1,136,671 | 965,742 | 937,369 | 918,887 |
| Accounts Payable, Accrued Expenses | 2,012,969 | 2,202,689 | 2,792,314 | 2,472,395 | 2,497,969 |
| Total Liabilities | 21,910,734 | 23,110,501 | 23,974,860 | 25,390,726 | 24,294,214 |
| Common Stock, $0.00001 par value | 7 | 7 | 7 | 7 | 7 |
| Additional Paid-in-Capital | 6,260,619 | 6,257,788 | 7,444,561 | 7,686,980 | 7,988,663 |
| Retained Earnings | 607,564 | 760,471 | 808,079 | 320,160 | 362,614 |
| Total Equity | 17,785,427 | 18,572,095 | 18,693,616 | 18,482,529 | 19,591,751 |
| Total Liabilities and Equity | $40,585,029 | $42,575,442 | $43,469,875 | $45,255,629 | $45,373,094 |
