We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Results benefited from a rise in assets under management (AUM) balance. However, a decrease in quarterly segment revenues and higher GAAP expenses were the undermining factors.
Net income attributable to Blackstone was $1.02 billion, soaring 44% from the year-ago quarter.
For 2025, distributable earnings per share of $5.57 beat the consensus estimate of $5.34 and grew 20% year over year. Net income attributable to Blackstone was $3.02 billion, up 9%.
BX’s Segment Revenues Fall, GAAP Expenses Rise
Total segment revenues for the reported quarter were $3.94 billion, down 4% year over year. The top line beat the Zacks Consensus Estimate of $3.61 billion. On a GAAP basis, revenues were $4.36 billion, which jumped 41%.
For 2025, total segment revenues of $13.08 billion increased 12%. The top line surpassed the consensus estimate of $12.54 billion.
Total expenses (GAAP basis) were $2.12 billion, surging 42% year over year.
As of Dec. 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents and corporate treasury investments, and $20.9 billion in cash and net investments. The company has a $4.3-billion credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 11% year over year to $921.7 billion as of Dec. 31, 2025.
The total AUM amounted to $1.27 trillion, up 13%. The rise in total AUM was primarily driven by $71.5 billion in inflows in the reported quarter.
As of Dec. 31, 2025, the undrawn capital available for investment was $198.3 billion.
BX’s Share Repurchase Update
During the reported quarter, Blackstone repurchased 0.2 million shares.
As of Dec. 31, 2025, $1.7 billion worth of buyback authorization remained available.
Our Take on Blackstone
Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, high expenses and a challenging operating backdrop are likely to hurt the bottom line in the near term.
BlackRock’s (BLK - Free Report) fourth-quarter 2025 adjusted earnings of $13.16 per share handily surpassed the Zacks Consensus Estimate of $12.39. The figure reflects a 10.3% rise from the year-ago quarter.
Results benefited from a rise in revenues. BlackRock’s AUM balance witnessed robust year-over-year growth, reaching a record high of $14.04 trillion, driven by net inflows. However, higher expenses were a headwind.
Invesco’s (IVZ - Free Report) fourth-quarter 2025 adjusted earnings of 62 cents per share surpassed the Zacks Consensus Estimate of 57 cents. The bottom line increased 19.2% from the prior-year quarter.
Results were aided by an increase in adjusted revenues. Also, growth in the AUM balance to record levels supported the results. However, an increase in adjusted operating expenses was a headwind for Invesco.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
BX's Q4 Earnings Beat as AUM Touches Record High on Solid Inflows
Key Takeaways
Blackstone’s (BX - Free Report) fourth-quarter 2025 distributable earnings of $1.75 per share handily surpassed the Zacks Consensus Estimate of $1.52. The figure rose 4% from the prior-year quarter.
Results benefited from a rise in assets under management (AUM) balance. However, a decrease in quarterly segment revenues and higher GAAP expenses were the undermining factors.
Net income attributable to Blackstone was $1.02 billion, soaring 44% from the year-ago quarter.
For 2025, distributable earnings per share of $5.57 beat the consensus estimate of $5.34 and grew 20% year over year. Net income attributable to Blackstone was $3.02 billion, up 9%.
BX’s Segment Revenues Fall, GAAP Expenses Rise
Total segment revenues for the reported quarter were $3.94 billion, down 4% year over year. The top line beat the Zacks Consensus Estimate of $3.61 billion. On a GAAP basis, revenues were $4.36 billion, which jumped 41%.
For 2025, total segment revenues of $13.08 billion increased 12%. The top line surpassed the consensus estimate of $12.54 billion.
Total expenses (GAAP basis) were $2.12 billion, surging 42% year over year.
As of Dec. 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents and corporate treasury investments, and $20.9 billion in cash and net investments. The company has a $4.3-billion credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 11% year over year to $921.7 billion as of Dec. 31, 2025.
The total AUM amounted to $1.27 trillion, up 13%. The rise in total AUM was primarily driven by $71.5 billion in inflows in the reported quarter.
As of Dec. 31, 2025, the undrawn capital available for investment was $198.3 billion.
BX’s Share Repurchase Update
During the reported quarter, Blackstone repurchased 0.2 million shares.
As of Dec. 31, 2025, $1.7 billion worth of buyback authorization remained available.
Our Take on Blackstone
Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, high expenses and a challenging operating backdrop are likely to hurt the bottom line in the near term.
Blackstone Inc. Price, Consensus and EPS Surprise
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Blackstone’s Peers
BlackRock’s (BLK - Free Report) fourth-quarter 2025 adjusted earnings of $13.16 per share handily surpassed the Zacks Consensus Estimate of $12.39. The figure reflects a 10.3% rise from the year-ago quarter.
Results benefited from a rise in revenues. BlackRock’s AUM balance witnessed robust year-over-year growth, reaching a record high of $14.04 trillion, driven by net inflows. However, higher expenses were a headwind.
Invesco’s (IVZ - Free Report) fourth-quarter 2025 adjusted earnings of 62 cents per share surpassed the Zacks Consensus Estimate of 57 cents. The bottom line increased 19.2% from the prior-year quarter.
Results were aided by an increase in adjusted revenues. Also, growth in the AUM balance to record levels supported the results. However, an increase in adjusted operating expenses was a headwind for Invesco.