Blackstone Mortgage Trust, Inc. (BXMT) Income Statement
BXMT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBXMT revenue and net income
Where BXMT's revenue goes
2025Each bar shows an amount and its share of revenue. BXMT kept 7.2% of revenue as net income.
BXMT profit margins
BXMT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −14.0% | +4.9% | +28.6% | +18.4% |
| Gross profit | −29.1% | −1.1% | +22.0% | +15.4% |
| Operating income | +0.1% | +4.1% | +51.2% | +12.0% |
| Net income | — | −23.9% | −4.5% | −5.7% |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BXMT quarterly EPS vs estimates
Blackstone Mortgage beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.21).
BXMT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.52B | $1.77B | $2.01B | $1.32B | $514.5M | $432.2M | $424.2M | $396.5M | $303.0M | $327.1M |
| Cost of revenue | $352.0M | $119.1M | $119.1M | $110.3M | $88.5M | $77.9M | $458.5M | $359.6M | $234.9M | $184.3M |
| Gross profit | $1.17B | $1.65B | $1.89B | $1.21B | $514.5M | $432.2M | $424.2M | $396.5M | $303.0M | $327.1M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $52.2M | $69.1M | $68.5M | $74.7M | $123.9M | $116.5M | $112.1M | $105.9M | $81.0M | $80.4M |
| Total operating expenses | $79.3M | $559.7M | $275.5M | $243.8M | −$94.9M | −$294.2M | −$119.1M | $110.0M | $85.0M | $84.0M |
| Operating income | $1.09B | $1.09B | $1.62B | $965.1M | $419.6M | $138.0M | $305.1M | $645.0M | $452.8M | $422.8M |
| Interest income | $1.36B | $1.77B | $2.04B | $1.34B | $854.7M | $779.6M | $882.7M | $756.1M | $537.9M | $498.0M |
| Interest expense | $988.9M | $1.29B | $1.37B | $710.9M | $340.2M | $347.5M | $458.5M | $359.6M | $234.9M | $184.3M |
| Income before taxes | $113.3M | −$199.5M | $255.3M | $254.1M | $422.7M | $140.7M | $306.9M | $286.1M | $218.3M | $246.6M |
| Income taxes | $3.7M | $2.4M | $5.4M | $3.0M | $423,000 | $323,000 | −$506,000 | $308,000 | $314,000 | $196,000 |
| Net income | $109.6M | −$204.1M | $246.6M | $248.6M | $419.2M | $137.7M | $305.6M | $285.1M | $217.6M | $238.3M |
| EBITDA | $1.17B | $1.10B | $1.62B | $1.01B | $419.6M | $81.1M | $305.1M | $645.0M | $452.8M | $422.8M |
| EPS (diluted) | −$1.47 | −$0.04 | $3.05 | $2.87 | $2.61 | $2.49 | $2.62 | $2.91 | $2.55 | $2.65 |
| Gross margin | 76.9% | 93.3% | 94.1% | 91.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 71.6% | 61.6% | 80.4% | 73.2% | 81.6% | 31.9% | 71.9% | 162.7% | 149.4% | 129.2% |
| Net margin | 7.2% | −11.5% | 12.2% | 18.8% | 81.5% | 31.9% | 72.0% | 71.9% | 71.8% | 72.8% |
| 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 | $380.7M | $380.2M | $389.0M | $373.0M | $393.3M | $365.7M | $397.5M | $426.1M | $461.3M | $482.1M | $500.6M | $514.6M |
| Cost of revenue | $14.6M | $302.7M | $115.7M | $75.0M | $81.5M | $79.8M | $55.5M | $23.0M | $19.1M | $18.9M | $26.3M | $28.9M |
| Gross profit | $366.1M | $77.4M | $273.3M | $298.0M | $311.8M | $285.8M | $341.9M | $403.1M | $442.2M | $463.2M | $474.3M | $485.7M |
| Sales, general & admin | $14.9M | $28.8M | $3.4M | $9.4M | $23.3M | $22.9M | $9.6M | $9.7M | $33.3M | $9.6M | $9.6M | $40.9M |
| Total operating expenses | $116.7M | $28.8M | $5.8M | −$9.4M | $39.7M | $42.9M | $16.1M | $138.6M | $161.4M | $244.2M | $123.7M | $103.8M |
| Operating income | $249.4M | $48.6M | $267.5M | $307.4M | $272.1M | $242.9M | $325.9M | $264.5M | $280.8M | $219.0M | $350.6M | $381.9M |
| Interest income | $309.7M | $305.6M | $318.8M | $346.0M | $359.5M | $332.1M | $386.7M | $430.1M | $466.2M | $486.1M | $505.0M | $519.3M |
| Interest expense | $227.2M | $220.7M | $234.9M | $247.1M | $264.7M | $242.2M | $285.1M | $321.7M | $339.4M | $343.7M | $351.2M | $354.0M |
| Income before taxes | −$78.8M | −$5.2M | $40.2M | $64.9M | $7.9M | $367,000 | $36.9M | −$55.2M | −$59.0M | −$122.2M | −$1.0M | $32.1M |
| Income taxes | $2.5M | $1.2M | $535,000 | $1.5M | $903,000 | $718,000 | −$458,000 | $613,000 | $1.2M | $1.0M | $699,000 | $1.6M |
| Net income | −$81.3M | −$6.3M | $39.6M | $63.4M | $7.0M | −$357,000 | $37.2M | −$56.4M | −$61.1M | −$123.8M | −$2.4M | $29.5M |
| EBITDA | $270.1M | $215.6M | $295.7M | $326.4M | $286.8M | $258.3M | $330.1M | $267.9M | $280.6M | $222.0M | $350.6M | $386.5M |
| EPS (diluted) | $0.45 | $0.21 | −$2.07 | $0.24 | $0.19 | $0.17 | −$1.25 | $0.39 | $0.49 | $0.33 | $0.69 | $0.78 |
| Gross margin | 96.2% | 20.4% | 70.3% | 79.9% | 79.3% | 78.2% | 86.0% | 94.6% | 95.9% | 96.1% | 94.7% | 94.4% |
| Operating margin | 65.5% | 12.8% | 68.8% | 82.4% | 69.2% | 66.4% | 82.0% | 62.1% | 60.9% | 45.4% | 70.0% | 74.2% |
| Net margin | −21.4% | −1.7% | 10.2% | 17.0% | 1.8% | −0.1% | 9.4% | −13.2% | −13.2% | −25.7% | −0.5% | 5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BXMT's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BXMT financial results
In fiscal year 2025 (ended December 31, 2025), Blackstone Mortgage reported revenue of $1.5 billion, down 14.0% from the year before. It had net income of $109.6 million, a net profit margin of 7.2%. Diluted earnings per share came to −$1.47. Over five years revenue grew at an average rate of 28.6% a year.
See the BXMT stock overview for the latest quote and news, or the BXMT chart for price history and technical indicators.
BXMT income statement FAQ
What is Blackstone Mortgage's annual revenue?
Blackstone Mortgage reported total revenue of $1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 14.0% from $1.8 billion the previous year.
Is Blackstone Mortgage profitable?
Yes. Blackstone Mortgage reported net income of $109.6 million in fiscal 2025, a net profit margin of 7.2%; its operating margin was 71.6%.
What is Blackstone Mortgage's gross margin?
Blackstone Mortgage's gross margin was 76.9% in fiscal 2025: for every $100 of revenue, Blackstone Mortgage kept $77 after the direct cost of its products and services.
How fast is Blackstone Mortgage growing?
Revenue grew 28.6% a year on average over the last five fiscal years, from $432.2 million to $1.5 billion.
What are Blackstone Mortgage's earnings per share?
Blackstone Mortgage earned $-1.47 per diluted share in fiscal 2025, compared with $-0.04 a year earlier.
When will Blackstone Mortgage report its next earnings?
Blackstone Mortgage is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Blackstone Mortgage's fiscal year end?
Blackstone Mortgage's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.