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.

• Fundraising in private wealth rose 53% year-over-year to $43 billion, with strong momentum expected to continue.

• Net income attributable to the company was $1.0 billion for Q4 and $3.0 billion for the year.

Financial highlights

• Q4 GAAP net income was $2.0 billion; distributable earnings were $2.2 billion or $1.75 per share.

• Management fees hit a record $2.1 billion in Q4, up 11% year-over-year, with base management fees for private equity, credit insurance, and multi-asset investing up 17%.

• 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.

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.

• Significant embedded value and realization potential; optimism for multi-year growth driven by structural tailwinds and platform expansion.

• Anticipate a ramp in management fee growth in late 2026 and into 2027 as new funds become fee-earning.

• Continued focus on large-scale investments in digital and energy infrastructure to drive value creation.