Blackstone Inc. (BX)

Blackstone Inc. is an alternative asset management firm specializing in private equity, venture capital, real estate, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage, seed, middle market, mature, late venture, growth capital, emerging growth, turnaround, and later stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. Within fund of fund investments, it seeks to invest in private equity funds, venture capital funds, mezzanine funds, distressed debt/turnaround funds, secondary investment funds & real estate funds. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts, recapitalization, special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, cargo, data processing, oil & gas production, oil & gas refining, oil & gas storage, building products, home entertainment, B2B, consumer electronics, home supply store, lodging, commercial services & supplies, metal & mineral mining machinery, coal, hazardous waste collection, solid waste collection, waste water treatment, renewable electricity, equity REITs, power generation by nuclear & fossil fuels, personal loan services, chemicals, other specialty retail, biotech, pharmaceuticals, metal, aerospace, healthcare, cable, entertainment services, infrastructure services, transportation infrastructure, exhaust, life sciences, alternative carriers, infrastructure, system software, manufacturing services, enterprise tech and consumer, enterprise software & application, as well as consumer technologies. The firm considers investment in Asia, Latin America, Japan, Australia, South Korea, Singapore, Hong Kong, Africa, Middle East, Beijing, Shanghai, India, Belgium, France, Ireland, Luxembourg, Monaco, Netherlands, United Kingdom, North America and South America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It makes equity investments up to $300 million through fund of fund investments. It has a three year investment period. The firm prefers to take majority and minority stakes. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. through its subsidiary South City Projects (Kolkata) Limited offers residential and commercial real estate development services that include development of township, residential towers, malls, IT parks, stadiums, resorts, hospitals, and schools. Blackstone Inc. was founded in 1985 and is based in New York, New York with additional offices across Asia, Europe, North America and Central America.

Symbol
BX
Exchange
NYSE
Sector
Financial Services
Industry
Asset Management
Market cap
$83.51B
52 week range
101.73 - 170.45

Valuation

Share price
$112.24 (close of 2026-10-01)
P/E (TTM)
24.88x
Price to book
3.96x
Price to free cash flow
15.22x
Enterprise value
$95.03B
Book value per share
$27.99

Price performance

PeriodChange
1 day+0.13%
5 days-4.24%
1 month-17.87%
3 months-6.11%
6 months-1.83%
Year to date-27.18%
1 year-33.23%
3 years+4.76%
5 years-3.03%
10 years+339.64%
All time+226.18%

Members of Congress who disclosed BX trades

Julie Johnson · Marjorie Taylor Greene · Josh Gottheimer · Angus King · Ritchie Torres · Val Hoyle · Alan Armstrong · Dan Newhouse · French Hill

Profitability and growth

Return on equity
14.73%
Return on assets
6.33%
Net margin
20.89%
EBITDA margin
32.88%
Revenue growth
9.22%
Net income growth
8.74%
Free cash flow growth
32.96%

Cash flow and balance sheet

Free cash flow yield (TTM)
6.57%
Net debt to EBITDA
2.17x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$14.45B
EBITDA
$4.75B
Net income
$3.02B
Earnings per share
$3.87
Interest expense
$508.31M
Shares outstanding
780.02M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$14.45B$3.02B$3.87
2024-12-31$13.23B$2.78B$3.62
2023-12-31$8.02B$1.39B$1.84
2022-12-31$8.52B$1.75B$2.36
2021-12-31$22.58B$5.86B$8.14
2020-12-31$6.10B$1.05B$1.50
2019-12-31$7.34B$2.05B$3.03
2018-12-31$6.83B$1.54B$2.27
2017-12-31$7.15B$1.47B$2.21
2016-12-31$5.15B$1.04B$1.60

Margins and returns by year

Period endNet marginReturn on equity
2025-12-3120.89%14.73%
2024-12-3120.99%14.85%
2023-12-3117.34%8.23%
2022-12-3120.52%9.73%
2021-12-3125.94%27.07%
2020-12-3117.13%7.20%
2019-12-3127.93%13.65%
2018-12-3122.56%11.33%
2017-12-3120.59%10.72%
2016-12-3120.19%8.30%

Cash and debt by year

Period endCashDebt
2025-12-31$2.63B$12.58B
2024-12-31$1.97B$11.46B
2023-12-31$2.96B$11.61B
2022-12-31$4.25B$12.49B
2021-12-31$2.12B$7.86B
2020-12-31$2.00B$5.73B
2019-12-31$2.17B$11.54B
2018-12-31$2.21B$10.40B
2017-12-31$1.99B$15.17B
2016-12-31$1.84B$8.94B

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$4.55B$1.45B
2024-12-31$3.42B$1.17B
2023-12-31$3.83B$987.55M
2022-12-31$6.10B$846.35M
2021-12-31$3.92B$637.44M
2020-12-31$1.82B$438.34M
2019-12-31$1.90B$417.09M
2018-12-31$27.36M$366.93M
2017-12-31-$1.65B$338.69M
2016-12-31-$110.42M$323.65M

Dividend history

Most recent payment
2026-08-03
Paid in the last twelve months
$5.23
Payment dateDividend per share
2026-08-03$1.29
2026-05-04$1.16
2026-02-09$1.49
2025-11-03$1.29
2025-08-04$1.03
2025-04-28$0.93
2025-02-10$1.44
2024-10-28$0.86

Investor relations

Next earnings report

Next confirmed report
2026-10-22
Consensus EPS estimate
$1.36

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-23Jun/2026$1.33
2026-04-23--
2026-01-29--
2025-10-23--
2025-07-24--
2025-07-16--
2025-04-17--
2025-04-16--

Filings and sources

Company website
blackstone.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Understanding these figures

Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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