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Blackstone
Blackstone (BX) investor relations material
Blackstone Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record inflows of $71.5 billion in Q4 and $239.4 billion for the year, with total AUM rising 13% year-over-year to $1.27 trillion, setting an industry record.
Distributable earnings reached $2.2 billion ($1.75/share) in Q4 and $7.1 billion ($5.57/share) for the year, up 20% year-over-year.
Declared a quarterly dividend of $1.49 per share, totaling $4.74 per share for the year.
Strong investment performance across infrastructure, corporate private equity, and multi-asset investing, despite a turbulent macro environment.
Positioned to benefit from AI and technology-driven investment cycles, with significant exposure to data centers and power infrastructure.
Financial highlights
Q4 GAAP net income was $2.0 billion; full-year net income was $6.0 billion; net income attributable to the company was $1.0 billion for Q4 and $3.0 billion for the year.
Fee Related Earnings (FRE) were $1.5 billion ($1.25/share) in Q4 and $5.7 billion ($4.67/share) for the year.
Net accrued performance revenues reached $6.7 billion ($5.49/share).
Adjusted EBITDA for the year was $8.4 billion.
AUM ended at $1,275 billion, up 13% year-over-year.
Outlook and guidance
Management expects continued strong growth in management fees in 2026, led by private equity, credit, insurance, and multi-asset investing.
Real estate management fees to remain stable near-term; capital markets business expected to contribute strongly.
Anticipates a ramp in management fee growth in late 2026 and 2027 as new funds become fee-earning.
FRE margin stability with potential for upside in 2026 and 2027, supported by operating leverage and revenue growth.
Continued focus on large-scale investments in digital and energy infrastructure to drive value creation.
Infrastructure investment appreciation FY25
Dry powder allocation by segment
Largest perpetual capital strategies' total net returns
AI impact on portfolio companies
Retail credit demand amid lower rates
Real estate deployment focus and recovery signs
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Next Blackstone earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
Blackstone
Next Blackstone earnings date
Bank of America Financial Services Conference 202610 Feb, 2026
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Frequently asked questions
One of the largest asset managers in the world
Blackstone is one of the largest alternative asset managers in the world. They dwarf any other PE firm with their over $900 billion in AUM, up 38 percent year-over-year as of Q2 2022.
The Blackstone portfolio comprises over 200 companies with more than half a million employees worldwide. Among their portfolio companies are;
Refinitiv, the financial markets data and infrastructure provider.
Ancestry, the digital family history services provider.
Bumble, the dating and social networking apps owner and operator, to name a few.
History and background
You can’t talk about Blackstone without mentioning Stephen Schwarzman—the man once dubbed the undisputed king of the private equity industry and one of the wealthiest persons in the world. Schwarzman formed The Blackstone Group in 1985 after leaving the then-independent investment bank, Lehman Brothers. He brought his former boss with him—and they both set out to operate as an M&A advisory firm, making themselves known in the industry. As you know, they did not stop there, and Schwarzman still serves as the CEO and Chairman of Blackstone.
Heavy in real estate
The Blackstone we know today divides its operations into four main segments; real estate, private equity, hedge fund solutions, and credit & insurance, with real estate being the largest - accounting for over 50 percent of revenue. Their gigantic real estate leg is a result of them buying over 50,000 single-family houses across the US from 2012 through 2016, turning them into rental properties.
The company collects fees for managing hundreds of billions of dollars for a wide range of investors, enabling steady streams of Fee-Related Earnings (FRE).
Blackstone, like KKR, is well positioned to capitalize on an eventual market downturn, as the company has dry powder amounting to over $170 billion.
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