Blackstone (BX) Q3 2025 Financial Results Summary

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Blackstone (BX) Q3 2025 Financial Results Summary

Release Date: October 23, 2025

Blackstone (NYSE: BX) has reported its financial results for the third quarter of 2025. The following summary outlines the key highlights and metrics from the report.

Financial Highlights

  • Quarterly Overview:
  • GAAP Net Income was $1.2 billion, down by 21% from $1.6 billion in Q3 2024.
  • GAAP Net Income Attributable to Blackstone Inc. was $625 million, a 20% decrease from $781 million in Q3 2024.
  • Basic and Diluted Net Income per share at $0.80, reflecting a 22% decline compared to $1.02 from Q3 2024.
  • Fee Related Earnings (FRE) amounted to $1.5 billion ($1.20/share).

  • Distributable Earnings (DE) were reported at $1.9 billion ($1.52/share).

  • Year-to-Date Performance:

  • Total GAAP Net Income for the year crossed $4.1 billion, similar to the previous year.

  • Year-to-date DE rose to $3.82/share, increasing by 29% from $2.95 per share in the same period last year.

  • Assets Under Management (AUM):

  • Total AUM increased to $1.241 trillion, up 12% year-over-year.
  • Fee-Earning AUM grew to $906.2 billion, representing a 10% increase.
  • Perpetual Capital AUM reached $500.6 billion, marking a 15% rise compared to last year.

Capital Metrics

  • Inflows and Deployment:
  • Inflows for the quarter totaled $54.2 billion, contributing to $225.4 billion in total over the last twelve months.

  • The company deployed $26.6 billion, while realizations were at $30.6 billion for the quarter, demonstrating robust capital activity.

  • Shareholder Returns:

  • Blackstone declared a quarterly dividend of $1.29 per common share, payable on November 10, 2025, to record holders as of November 3, 2025.
  • Over the last twelve months, total dividends paid were $4.69 per common share.
  • The firm repurchased 0.2 million common shares in Q3 and 0.9 million shares over the last twelve months.

Segment Performance

  • Management and Advisory Fees:
  • Management fees totaled $2.041 billion, reflecting a 14% increase year-over-year.

  • Performance fees dropped to $781 million, down 50% from $1.569 billion in Q3 2024.

  • Expenses:

  • Total revenue expenses were $1.751 billion, a 7% reduction compared to $1.896 billion in the previous year.

  • Compensation and benefits expense decreased to $1.231 billion, down from $1.440 billion.

  • Investment Performance:

  • The Real Estate segment reported an appreciation of (0.6%) for the quarter, while Private Equity showed a growth of 2.5%.
  • Infrastructure assets had an impressive growth rate of 5.2% over the quarter.

Key Takeaways

  • Blackstone demonstrated resilience in raising substantial inflows while maintaining a strong asset portfolio despite declines in certain income streams.
  • The company continues to manage a large volume of alternative investments and retains a focus on increasing its base of perpetual capital.
  • Shareholder returns through regular dividends and stock repurchases reflect ongoing efforts to provide value to investors.

BLACKSTONE’S THIRD QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands)

3Q’24 3Q’25 3Q’25 YTD 3Q’24 LTM LTM
**Revenue**
Management and Advisory Fees, Net $ 1,794,831 $ 2,056,276 $ 5,309,338 $ 5,996,086 $ 6,957,487
Incentive Fees 191,794 200,675 559,434 587,914 799,851
Performance Allocations 414,755 997,296 1,598,902 2,389,185 2,220,086
Unrealized Performance Revenues 1,154,969 (215,818) 1,723,076 360,666 739,443
Principal Investment Income
Realized 95,235 152,652 247,877 435,365 294,494
Unrealized (1,864) (238,658) 427,983 285,446 82,817
Total Investment Income 1,663,113 695,472 3,997,801 3,470,603 3,336,840
Interest and Dividend Revenue 109,774 107,538 312,612 305,347 480,986
Other Revenue (96,312) 28,702 (31,861) (269,971) (142,741)
**Total Revenue** $ 3,663,133 $ 3,088,674 $ 10,147,346 $ 10,089,857 $ 11,432,478
**Expenses**
Compensation and Benefits 732,041 845,659 2,293,407 2,745,363 2,925,368
Incentive Fees Compensation 73,464 61,882 224,310 186,274 312,437
Performance Allocations Compensation 169,740 354,765 689,370 927,846 919,619
Unrealized Performance Compensation 465,099 (31,547) 747,679 224,630 340,504
Total Compensation and Benefits 1,440,303 1,230,659 3,954,796 4,084,146 4,497,928
General, Administrative and Other 340,945 383,580 1,022,883 1,076,757 1,312,514
Other Interest Expense 111,337 126,288 328,156 380,225 436,888
Fund Expenses 3,470 10,060 13,380 36,598 13,449
**Total Expenses** $ 1,896,060 $ 1,750,609 $ 5,319,226 $ 5,577,748 $ 6,260,779
**Other Income (Loss)**
Changes in Tax Receivables – – – – (29,083)
Net Gains (Losses) from Fund 42,842 108,634 70,009 302,539 (89,278)
**Income Before Provision for Taxes** $ 1,809,911 $ 1,446,565 $ 4,898,243 $ 4,814,868 $ 5,053,283
Provision for Taxes 245,303 209,657 789,220 742,978 835,177
**Net Income** $ 1,564,608 $ 1,236,908 $ 4,108,919 $ 4,071,890 $ 4,218,106
Non-Controlling Interests in
Consolidated Entities (22,184) 29,008 (61,595) 55,117 (225,524)
Net Income Attributable to Non-
Controlling Interests 202,929 125,890 406,339 467,273 445,473
Net Income Attributable to
Non-Controlling Interests 603,057 457,110 1,691,601 1,545,436 1,773,722
Blackstone Holdings
Net Income Attributable to $ 780,835 $ 624,917 $ 2,072,653 $ 2,004,013 $ 2,224,435
Blackstone Inc.
Basic Net Income Per Share $ 1.02 $ 0.80 $ 2.71 $ 2.57 $ 2.91
Diluted Net Income Per Share $ 1.02 $ 0.80 $ 2.71 $ 2.57 $ 2.91

BLACKSTONE’S THIRD QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

($ in thousands)

3Q’24 4Q’24 1Q’25 2Q’25 3Q’25
**Assets**
Cash and Cash Equivalents $ 2,353,332 $ 1,972,140 $ 2,386,979 $ 2,235,499 $ 2,430,690
Cash Held by Blackstone Funds 180,545 204,052 1,012,958 313,950 401,558
and Other Investments 28,322,715 29,800,566 30,259,429 31,135,504 31,528,443
Accounts Receivable 300,004 237,930 221,200 357,858 543,209
Due from Affiliates 5,163,883 5,409,315 5,434,078 5,516,820 5,845,843
Intangible Assets, Net 174,265 165,243 156,269 147,294 140,458
Goodwill 1,890,202

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