Blackstone (BX) Q3 2025 earnings summary

Executive summary

• Achieved exceptional third quarter results with strong financial performance and robust fundraising across institutional, insurance, and individual channels, with inflows of $54.2 billion in the quarter and $225.4 billion over the last twelve months.

• Total assets under management (AUM) reached $1.24 trillion, up 12% year-over-year, and fee-earning AUM rose 10% to $906.2 billion.

• Distributable earnings rose nearly 50% year-over-year to $1.9 billion, with fee-related earnings up 26% and net realizations more than doubling compared to the prior year.

• The firm declared a quarterly dividend of $1.29 per share, payable November 10, 2025.

• Segment distributable earnings rose in all four business segments, with Private Equity and Credit & Insurance showing the largest increases.

Financial highlights

• GAAP net income for the quarter was $1.2 billion; net income attributable to shareholders was $625 million.

• Fee Related Earnings (FRE) were $1.5 billion ($1.20/share) for the quarter and $6.0 billion ($4.92/share) over the last twelve months.

• Distributable Earnings (DE) were $1.9 billion ($1.52/share) for the quarter and $7.0 billion ($5.51/share) over the last twelve months.

• Net accrued performance revenues stood at $6.5 billion ($5.30/share).

• Total revenues for the quarter were $3.3 billion, up 36% year-over-year.

Outlook and guidance

• Management expects continued growth in fee-earning AUM, supported by strong fundraising and robust inflows, especially in Private Equity and Credit & Insurance.

• The firm anticipates a more favorable capital markets environment to support increased transaction activity and realizations.

• Management highlighted strong positioning in digital and energy infrastructure, supporting future investment performance.

• Forward-looking statements caution that actual results may differ due to various risks and uncertainties.