Blackstone (BX) Q4 2025 earnings summary

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.