Blackstone Inc. (BX) Income Statement
BX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBX revenue and net income
Where BX's revenue goes
2025Each bar shows an amount and its share of revenue. BX kept 21.8% of revenue as net income.
BX profit margins
BX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +21.6% | +22.9% | +20.7% | +11.1% |
| Gross profit | +8.9% | +18.6% | +17.9% | +11.0% |
| Operating income | +11.1% | +27.5% | +22.4% | +14.7% |
| Net income | +8.7% | +20.0% | +23.6% | +15.6% |
| EPS (diluted) | +20.0% | +2.5% | +16.0% | +11.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BX quarterly EPS vs estimates
Blackstone beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 22, 2026 (estimate $1.31).
BX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.83B | $11.37B | $7.44B | $7.45B | $16.85B | $5.40B | $6.37B | $5.96B | $5.98B | $4.46B |
| Cost of revenue | $1.93B | $443.7M | $431.9M | $317.2M | $198.3M | $166.2M | $199.6M | $164.0M | $197.5M | $152.7M |
| Gross profit | $11.90B | $10.93B | $7.01B | $7.13B | $16.65B | $5.23B | $6.17B | $5.80B | $5.78B | $4.31B |
| Research & development | — | — | $0 | $0 | $1 | $0 | $1 | $0 | $0 | $0 |
| Sales, general & admin | $1.55B | $1.38B | $1.24B | $1.12B | $928.2M | $2.58B | $697.1M | $2.28B | $621.4M | $1.93B |
| Total operating expenses | $4.72B | $4.47B | $4.05B | $3.67B | $3.09B | $2.62B | $2.36B | $2.28B | $1.66B | $1.93B |
| Operating income | $7.18B | $6.46B | $2.96B | $3.46B | $13.56B | $2.62B | $3.82B | $3.51B | $4.12B | $2.38B |
| Interest income | $417.4M | $411.2M | $516.5M | $105.1M | $461.6M | $30.5M | $182.4M | $171.9M | $3.48B | $2.05B |
| Interest expense | $508.3M | $443.7M | $431.9M | $317.2M | $198.3M | $166.2M | $199.6M | $164.0M | $197.5M | $152.7M |
| Income before taxes | $7.17B | $6.46B | $2.96B | $3.46B | $13.56B | $2.62B | $3.82B | $3.51B | $4.12B | $2.38B |
| Income taxes | $1.13B | $1.02B | $513.5M | $472.9M | $1.18B | $356.0M | −$48.0M | $249.4M | $743.1M | $132.4M |
| Net income | $3.02B | $2.78B | $1.39B | $1.75B | $5.86B | $1.05B | $2.05B | $1.54B | $1.47B | $1.04B |
| EBITDA | $7.21B | $6.50B | $3.00B | $3.53B | $13.63B | $2.69B | $3.89B | $3.57B | $4.16B | $2.46B |
| EPS (diluted) | $5.57 | $4.64 | $3.95 | $5.17 | $4.77 | $2.65 | $2.31 | $2.29 | $2.81 | $2.00 |
| Gross margin | 86.0% | 96.1% | 94.2% | 95.7% | 98.8% | 96.9% | 96.9% | 97.2% | 96.7% | 96.6% |
| Operating margin | 51.9% | 56.8% | 39.8% | 46.5% | 80.5% | 48.5% | 59.9% | 58.9% | 68.9% | 53.4% |
| Net margin | 21.8% | 24.4% | 18.7% | 23.5% | 34.8% | 19.4% | 32.2% | 25.9% | 24.6% | 23.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.77B | $4.10B | $4.36B | $2.81B | $3.71B | $2.94B | $2.82B | $3.00B | $2.40B | $3.16B | $1.21B | $2.25B |
| Cost of revenue | $58.9M | $60.3M | $1.55B | $126.3M | $135.8M | $118.1M | $115.5M | $111.3M | $108.6M | $108.2M | $108.7M | $110.6M |
| Gross profit | $4.71B | $4.04B | $2.81B | $2.69B | $3.58B | $2.83B | $2.70B | $2.89B | $2.29B | $3.05B | $1.11B | $2.14B |
| Sales, general & admin | $1.37B | $380.8M | $447.8M | $393.6M | $360.8M | $1.37B | $345.4M | $344.4M | $317.9M | $373.9M | $832.8M | $318.1M |
| Total operating expenses | $1.76B | $2.45B | $447.8M | $1.24B | $1.66B | $1.37B | $1.14B | $1.08B | $1.08B | $1.17B | $950.7M | $1.02B |
| Operating income | $2.95B | $1.59B | $2.36B | $1.45B | $1.92B | $1.45B | $1.56B | $1.81B | $1.21B | $1.88B | $155.1M | $1.12B |
| Interest income | $134.2M | $107.9M | $114.9M | $107.5M | $136.3M | $97.4M | $98.5M | $109.8M | $105.0M | $97.8M | $168.4M | $49.1M |
| Interest expense | $145.0M | $137.1M | $128.1M | $126.3M | $135.8M | $118.1M | $115.5M | $111.3M | $108.6M | $108.2M | $108.7M | $110.6M |
| Income before taxes | $2.81B | $1.46B | $2.36B | $1.45B | $1.92B | $1.45B | $1.56B | $1.81B | $1.21B | $1.88B | $155.1M | $1.12B |
| Income taxes | $452.4M | $197.2M | $382.0M | $209.7M | $289.5M | $243.8M | $232.5M | $245.3M | $260.2M | $283.7M | $46.0M | $196.6M |
| Net income | $1.23B | $649.7M | $1.02B | $624.9M | $764.2M | $614.9M | $703.9M | $780.8M | $444.4M | $847.4M | $151.8M | $552.0M |
| EBITDA | $2.96B | $1.60B | $2.37B | $1.46B | $1.92B | $1.46B | $1.57B | $1.82B | $1.22B | $1.89B | $164.1M | $1.13B |
| EPS (diluted) | $1.52 | $1.36 | $1.75 | $1.52 | $1.21 | $1.09 | $1.69 | $1.01 | $0.96 | $0.98 | $1.11 | $0.94 |
| Gross margin | 98.8% | 98.5% | 64.5% | 95.5% | 96.3% | 96.0% | 95.9% | 96.3% | 95.5% | 96.6% | 91.0% | 95.1% |
| Operating margin | 61.9% | 38.8% | 54.2% | 51.4% | 51.6% | 49.3% | 55.4% | 60.4% | 50.3% | 59.5% | 12.8% | 49.7% |
| Net margin | 25.8% | 15.8% | 23.3% | 22.2% | 20.6% | 20.9% | 25.0% | 26.0% | 18.5% | 26.8% | 12.5% | 24.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BX's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BX financial results
In fiscal year 2025 (ended December 31, 2025), Blackstone reported revenue of $13.8 billion, up 21.6% from the year before. It had net income of $3.0 billion (up 8.7%), a net profit margin of 21.8%. Diluted earnings per share came to $5.57. Over five years revenue grew at an average rate of 20.7% a year.
See the BX stock overview for the latest quote and news, or the BX chart for price history and technical indicators.
BX income statement FAQ
What is Blackstone's annual revenue?
Blackstone reported total revenue of $13.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 21.6% from $11.4 billion the previous year.
Is Blackstone profitable?
Yes. Blackstone reported net income of $3.0 billion in fiscal 2025, a net profit margin of 21.8%; its operating margin was 51.9%.
What is Blackstone's gross margin?
Blackstone's gross margin was 86.0% in fiscal 2025: for every $100 of revenue, Blackstone kept $86 after the direct cost of its products and services.
How fast is Blackstone growing?
Revenue grew 20.7% a year on average over the last five fiscal years, from $5.4 billion to $13.8 billion.
What are Blackstone's earnings per share?
Blackstone earned $5.57 per diluted share in fiscal 2025, compared with $4.64 a year earlier.
When will Blackstone report its next earnings?
Blackstone is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Blackstone's fiscal year end?
Blackstone's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.