Company file · BX
Blackstone
Blackstone's revenue rose 9.2% in FY2025, to $14.5B, and net income rose 8.7% to $3.0B
Revenue rose 9.2% to $14.5B in FY2025, from $13.2B in FY2024. Net income rose 8.7% to $3.0B. Investment Advice was the largest product or service, at 56% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Blackstone (NYSE: BX) took in $14.5B of revenue (up 9.2% on fiscal 2024); net income was $3.0B (up 8.7%). The most recent quarter, ended Jun 30, 2026, brought revenue of $5.0B, up 35.9% year over year, with net income of $1.2B. Sources: 10-K for fiscal 2025 (filed Feb 27, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 7, 2026).
Source: 10-K FY2025, filed Feb 27, 2026
Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 7, 2026
How it makes money
By product or service in FY2025: Investment Advice (56%) and Investment Performance (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $14.5B.
By product or service, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Blackstone 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.2% in FY2025 to $14.5B, from $13.2B a year earlier. 10-K, FY2025
- Net income rose 8.7% in FY2025 to $3.0B, from $2.8B. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $5.0B, up 35.9% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Net income in the quarter ended Jun 30, 2026 was $1.2B, up 60.8% on a year earlier. 10-Q, quarter ended Jun 30, 2026
The bear case
- Diluted shares rose 1.8% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include credit losses; interest rates; regulation and capital. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Blackstone is in the asset management & custody banks industry, part of the financials sector. The SEC files it under Investment Advice.
The full description of Blackstone's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the asset management & custody banks industry. They are not a summary of Blackstone’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator
About these numbers
- Blackstone's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
- The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Blackstone
How does Blackstone make money?
In fiscal 2025, revenue totaled $14.5B. By product or service in FY2025: Investment Advice (56%) and Investment Performance (7%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $14.5B. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What was Blackstone's revenue in fiscal 2025?
Revenue came to $14.5B in the year ended Dec 31, 2025. Going back two years, it was $8.0B in fiscal 2023 and $13.2B in fiscal 2024, so the latest year was up 9.2%. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
Is Blackstone profitable?
Yes, by US accounting rules (GAAP): net income was $3.0B in fiscal 2025, up 8.7% from $2.8B a year earlier. For the quarter ended Jun 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 27, 2026.
What did Blackstone report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $5.0B, against $3.7B in the same quarter a year before (up 35.9%), and net income of $1.2B, against $764M (up 60.8%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026.
What are the main risks Blackstone faces?
Blackstone's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 27, 2026. Risks that are common among companies in the asset management & custody banks industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these Blackstone numbers come from?
Two filings Blackstone made with the SEC: its fiscal 2025 10-K, filed Feb 27, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 7, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in BX
- The editor holds no position in Blackstone (BX). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell BX from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 27, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold BX, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| BlackstoneBX | FY2025 | $14.5B | +9.2% | $3.0B |
| BlackRockBLK | FY2025 | $24.2B | +18.7% | $5.6B |
| BNY | FY2025 | $20.1B | +7.8% | $5.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.