Detailed financial statements for Blackstone Inc. (BX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Blackstone Inc. operates as a prominent alternative asset manager, specializing in a broad spectrum of investment strategies. Its expertise encompasses real estate, private equity, credit solutions, comprehensive hedge fund offerings, public debt and equity, multi-asset class approaches, and secondary funds of funds. While often backing nascent businesses, the firm also extends its services to capital markets.
Analysis Summary
Blackstone Inc. reported revenue of $13.83B in the most recent fiscal year, growing at a 5-year CAGR of 20.7%. Net income reached $3.02B, with a 23.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 89.7%, operating margin 52.0%, net margin 21.8%. Free cash flow grew at -0.9% CAGR over 5 years.
At $118.51 (closing price, October 30, 2026), BX trades at a P/E of 26.16 and an ROE of 40.77%. Market capitalisation stands at $136.4B, placing it among large-cap names.
Balance sheet quality for BX: current ratio of 0.9, net debt of $10.67B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $1.74B represents 58% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.46B | $5.98B | $5.96B | $6.37B | $5.40B | $16.85B | $7.45B | $7.44B | $11.37B | $13.83B |
| Cost of Revenue | $152.7M | $197.5M | $164.0M | $199.6M | $166.2M | $198.3M | $317.2M | $431.9M | $443.7M | $1.93B |
| Gross Profit | $4.31B | $5.78B | $5.80B | $6.17B | $5.23B | $16.65B | $7.13B | $7.01B | $10.93B | $11.90B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $593.8M | $621.4M | $673.4M | $697.1M | $724.6M | $928.2M | $1.12B | $1.24B | $1.38B | $1.55B |
| Operating Expenses | $1.93B | $1.66B | $2.28B | $2.36B | $2.62B | $3.09B | $3.67B | $4.05B | $4.47B | $4.72B |
| Operating Income | $2.38B | $4.12B | $3.51B | $3.82B | $2.62B | $13.56B | $3.46B | $2.96B | $6.46B | $7.18B |
| EBITDA | $2.46B | $4.16B | $3.57B | $3.89B | $2.69B | $13.63B | $3.53B | $3.00B | $6.50B | $7.21B |
| Interest Expense | $152.7M | $197.5M | $164.0M | $199.6M | $166.2M | $198.3M | $317.2M | $431.9M | $443.7M | $508.3M |
| Pre-tax Income | $2.38B | $4.12B | $3.51B | $3.82B | $2.62B | $13.56B | $3.46B | $2.96B | $6.46B | $7.17B |
| Income Tax | $132.4M | $743.1M | $249.4M | -$48.0M | $356.0M | $1.18B | $472.9M | $513.5M | $1.02B | $1.13B |
| Net Income | $1.04B | $1.47B | $1.54B | $2.05B | $1.05B | $5.86B | $1.75B | $1.39B | $2.78B | $3.02B |
| EPS | $1.56 | $2.21 | $2.27 | $3.03 | $1.50 | $8.14 | $2.36 | $1.84 | $3.62 | $3.88 |
| EPS (Diluted) | $1.56 | $2.21 | $2.26 | $3.03 | $1.50 | $8.13 | $2.36 | $1.84 | $3.62 | $3.88 |
| Shares Outstanding (Diluted) | 597.6 M | 666.2 M | 603.5 M | 676.2 M | 697.3 M | 720.1 M | 740.9 M | 755.4 M | 766.6 M | 780.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.36B | $4.10B | $4.77B | $3.06B |
| Gross Profit | $2.81B | $4.04B | $4.71B | $3.05B |
| Operating Income | $2.36B | $1.59B | $2.95B | $1.57B |
| EBITDA | $2.37B | $1.60B | $2.96B | $1.69B |
| Net Income | $1.02B | $649.7M | $1.23B | $662.4M |
| EPS | $1.30 | $0.83 | $1.57 | $0.83 |
| EPS (Diluted) | $1.30 | $0.83 | $1.57 | $0.83 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.84B | $1.99B | $2.21B | $2.17B | $2.00B | $2.12B | $4.25B | $2.96B | $1.97B | $2.63B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.22B | $2.90B | $2.63B | $3.57B | $4.09B | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.15B | $4.97B | $4.95B | $5.90B | $6.19B | $2.21B | $4.42B | $3.16B | $2.16B | $2.95B |
| Property, Plant & Equipment | $126.8M | $126.6M | $120.4M | $625.5M | $758.8M | $1.03B | $1.31B | $1.38B | $1.34B | $1.28B |
| Goodwill | $1.72B | $1.78B | $1.87B | $1.87B | $1.90B | $1.89B | $1.89B | $1.89B | $1.89B | $1.89B |
| Intangible Assets | $262.6M | $409.8M | $468.5M | $397.5M | $348.0M | $284.4M | $217.3M | $201.2M | $165.2M | $131.4M |
| Total Assets | $26.40B | $34.42B | $28.92B | $32.59B | $26.27B | $41.20B | $42.52B | $40.29B | $43.47B | $47.71B |
| Accounts Payable | $1.08B | $2.04B | $876.0M | $806.2M | $717.1M | $937.2M | $1.25B | $2.28B | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.08B | $2.04B | $876.0M | $806.2M | $717.1M | $1.91B | $2.12B | $2.39B | $2.81B | $3.22B |
| Long-term Debt | $8.94B | $14.93B | $10.17B | $11.78B | $6.34B | $8.71B | $13.37B | $12.29B | $12.29B | $13.31B |
| Total Liabilities | $13.89B | $20.69B | $15.17B | $17.48B | $11.68B | $19.49B | $22.84B | $22.21B | $23.97B | $25.83B |
| Retained Earnings | 0 | 0 | 0 | $609.6M | $335.8M | $3.65B | $1.75B | $660.7M | $808.1M | $191.6M |
| Total Equity | $6.46B | $6.63B | $6.38B | $7.01B | $6.65B | $9.42B | $7.66B | $6.82B | $8.21B | $8.67B |
| Total Debt | $8.94B | $14.93B | $10.17B | $11.78B | $6.34B | $8.71B | $13.37B | $12.29B | $12.29B | $13.31B |
| Net Debt | $7.10B | $12.94B | $7.97B | $9.61B | $4.34B | $6.59B | $9.12B | $9.34B | $10.31B | $10.67B |
| Working Capital | $3.07B | $2.93B | $4.07B | $5.10B | $5.48B | $306.0M | $2.30B | $770.3M | -$643.2M | -$277.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $2.63B | $2.45B | $2.51B | $3.04B |
| Total Assets | $47.71B | $48.33B | $49.89B | $49.64B |
| Total Liabilities | $25.83B | $26.91B | $27.46B | $28.62B |
| Total Equity | $8.67B | $8.37B | $9.01B | $8.84B |
| Total Debt | $13.31B | $14.16B | $14.03B | $14.19B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.25B | $3.37B | $3.26B | $3.87B | $2.26B | $12.37B | $2.99B | $2.44B | $5.44B | $3.02B |
| Depreciation & Amortization | $82.9M | $46.8M | $59.0M | $71.0M | $71.1M | $74.9M | $67.1M | $40.1M | $36.0M | $36.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.95B |
| Change in Working Capital | -$456.8M | -$1.86B | -$2.10B | -$1.59B | -$1.64B | -$2.34B | -$1.09B | -$617.8M | -$1.54B | -$1.67B |
| Operating Cash Flow | -$88.6M | -$2.45B | $45.7M | $1.96B | $1.94B | $3.99B | $6.34B | $4.06B | $3.48B | $1.86B |
| Capital Expenditure | -$21.8M | -$24.3M | -$18.4M | -$60.3M | -$111.7M | -$64.3M | -$235.5M | -$224.2M | -$61.4M | -$115.7M |
| Acquisitions | 0 | -$168.9M | -$98.2M | $8.68B | -$55.2M | $7.48B | $5.23B | -$5.4M | 0 | 0 |
| Stock Repurchased | -$27.6M | -$30.2M | -$567.2M | -$585.3M | -$504.9M | -$1.27B | -$466.0M | -$418.0M | -$661.1M | -$312.5M |
| Dividends Paid | -$2.02B | -$2.84B | -$3.05B | -$2.40B | -$2.39B | -$4.60B | -$6.52B | -$4.27B | -$4.42B | -$6.01B |
| Free Cash Flow | -$110.4M | -$2.47B | $27.4M | $1.90B | $1.82B | $3.92B | $6.10B | $3.83B | $3.42B | $1.74B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.1M | $991.0M | $1.94B | 0 |
| Capital Expenditure | -$22.4M | -$33.4M | -$32.0M | 0 |
| Free Cash Flow | -$25.5M | $957.6M | $1.91B | 0 |
| Dividends Paid | -$1.60B | -$1.92B | -$1.53B | 0 |
| Stock-based Compensation | -$745.1M | $560.9M | $354.6M | -$193.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.9% | -0.3% | +6.9% | -15.3% | +212.1% | -55.8% | -0.2% | +52.9% | +21.6% | |
| Net Income Growth (YoY) | +41.6% | +4.8% | +32.9% | -49.0% | +460.3% | -70.2% | -20.4% | +99.6% | +8.7% | |
| EPS Growth (YoY) | +41.7% | +2.7% | +33.5% | -50.5% | +442.7% | -71.0% | -22.0% | +96.7% | +7.2% | |
| Shares Change (YoY) | +11.5% | -9.4% | +12.0% | +3.1% | +3.3% | +2.9% | +2.0% | +1.5% | +1.9% | |
| FCF Growth (YoY) | -2,139.8% | +101.1% | +6,853.5% | -4.1% | +115.0% | +55.6% | -37.2% | -10.8% | -49.0% | |
| Gross Margin | 96.6% | 96.7% | 97.2% | 96.9% | 96.9% | 98.8% | 95.7% | 94.2% | 96.1% | 86.0% |
| Operating Margin | 53.4% | 68.9% | 58.9% | 59.9% | 48.5% | 80.5% | 46.5% | 39.8% | 56.8% | 51.9% |
| EBITDA Margin | 55.2% | 69.7% | 59.9% | 61.0% | 49.8% | 80.9% | 47.4% | 40.3% | 57.1% | 52.2% |
| Net Margin | 23.3% | 24.6% | 25.9% | 32.2% | 19.4% | 34.8% | 23.5% | 18.7% | 24.4% | 21.8% |
| FCF Margin | -2.5% | -41.4% | 0.5% | 29.9% | 33.8% | 23.3% | 81.9% | 51.5% | 30.1% | 12.6% |
| Effective Tax Rate | 5.6% | 18.0% | 7.1% | -1.3% | 13.6% | 8.7% | 13.7% | 17.4% | 15.8% | 15.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.18 | $-3.71 | $0.05 | $2.81 | $2.62 | $5.45 | $8.23 | $5.07 | $4.46 | $2.23 |
| Dividends Per Share | $3.38 | $4.27 | $5.05 | $3.54 | $3.42 | $6.39 | $8.80 | $5.65 | $5.77 | $7.70 |
| Shares Outstanding (Basic) | 597.6 M | 665.5 M | 603.5 M | 675.9 M | 696.9 M | 719.8 M | 740.7 M | 755.2 M | 766.5 M | 780.9 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 40.77% |
| Return on Invested Capital | 17.34% |
| Return on Assets | 7.17% |
| Gross Margin | 89.70% |
| Operating Margin | 52.04% |
| Net Margin | 21.83% |
Financial Health
| Debt / Equity | 1.61 |
| Current Ratio | 1.23 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.33 | 14.49 | 13.13 | 18.46 | 43.21 | 15.90 | 31.44 | 69.71 | 47.63 | 39.73 |
| P/B | 2.50 | 3.21 | 2.82 | 5.39 | 6.79 | 9.88 | 7.18 | 14.21 | 16.09 | 13.89 |
| P/S | 3.62 | 3.57 | 3.02 | 5.93 | 8.37 | 5.53 | 7.38 | 13.02 | 11.62 | 8.70 |
| Gross Margin | 96.6% | 96.7% | 97.2% | 96.9% | 96.9% | 98.8% | 95.7% | 94.2% | 96.1% | 86.0% |
| Operating Margin | 53.4% | 68.9% | 58.9% | 59.9% | 48.5% | 80.5% | 46.5% | 39.8% | 56.8% | 51.9% |
| Net Margin | 23.3% | 24.6% | 25.9% | 32.2% | 19.4% | 34.8% | 23.5% | 18.7% | 24.4% | 21.8% |
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Explore sector: Financial Services · Asset Management
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