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 and fee-earning AUM at $921.7 billion, up 11%.

• 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, with $6.2 billion returned to shareholders.

• Fundraising in private wealth rose 53% year-over-year to $43 billion, with private wealth AUM up 16% to $300 billion.

• Positioned to benefit from AI and power infrastructure cycles, with nearly $200 billion in dry powder.

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.

• Net realizations increased 59% year-over-year to $957 million in Q4, the highest in 3.5 years.

Outlook and guidance

• Management fees expected to continue strong growth in 2026, led by private equity, credit, insurance, and multi-asset investing.

• Continued focus on large-scale investments in digital and energy infrastructure, with strong momentum in perpetual capital and infrastructure strategies.

• Real estate management fees to remain stable near-term; capital markets business expected to contribute strongly.

• Significant embedded value and realization potential; optimistic multi-year outlook with structural tailwinds.

• Full-year contribution from new drawdown funds and perpetual strategies to drive fee growth in 2027.