Free cash flow generation remains highly erratic, with margins swinging from -0.6% to 71.2% over the last ten quarters, reflecting a reliance on episodic performance fees rather than linear cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'99 |
|---|
| Cash from Operations | 3.47B | 1.86B | 3.48B | 4.06B | 6.34B | 3.99B | 1.94B | 1.96B | 45.74M | -1.63B | -88.59M | 2.4B | 1.65B | 3.55B | 583.15M | 1.1B | -371.88M | 411.51M | 1.89B | -850.3M | -4.4B | 2.71B | 0 |
| Operating CF Margin % | - | 13.45% | 30.61% | 54.54% | 85.05% | 23.65% | 35.86% | 30.8% | 0.77% | -27.22% | -1.98% | 49.7% | 21.1% | 50.72% | 13.64% | 37.55% | -11.12% | 21.23% | -185.47% | -10.07% | -50.49% | 49.65% | - |
| Operating CF Growth % | -105.15% | -46.56% | -14.18% | -35.97% | 58.96% | 105.89% | -1.38% | 4191.69% | 102.81% | -1735.85% | -103.7% | 44.84% | -53.35% | 508.4% | -46.97% | 395.69% | -190.37% | -78.23% | 322.33% | 80.66% | -262.28% | - | - |
| Net Income | 3.05B | 3.02B | 5.44B | 2.44B | 2.99B | 12.37B | 2.26B | 3.87B | 3.26B | 3.37B | 2.25B | 1.62B | 3.7B | 2.89B | 829.88M | -268.45M | -607.32M | -2.39B | -5.59B | 5.66B | 2.27B | 1.33B | 1.81B |
| Depreciation & Amortization | 36.08M | 36.02M | 35.97M | 40.08M | 67.1M | 74.87M | 71.05M | 71M | 59.02M | 46.78M | 82.94M | 101.44M | 101.92M | 95.67M | 139.17M | 207.59M | 162.05M | 158.05M | 153.24M | 117.61M | 0 | 0 | 16.54M |
| Stock-Based Compensation | -184.27M | 1.95B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4B | 2.44B | 3.05B | 3.3B | 1.77B | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -222.24M | -1.47B | -452.98M | 2.19B | 4.37B | -6.12B | 1.25B | -382.33M | -1.17B | -3.19B | -1.96B | 1.95B | -224.21M | -10.01B | -7.68B | -6.66B | -6.25B | -1.33B | -6.6B | -8.23B | -5.51B | 1.38B | -1.83B |
| Working Capital Changes | -2.25B | -1.67B | -1.54B | -617.75M | -1.09B | -2.34B | -1.64B | -1.59B | -2.1B | -1.86B | -456.78M | -1.27B | -1.92B | 10.57B | 7.29B | 6.42B | 3.88B | 927.11M | 10.63B | -166.87M | -1.15B | -4.14M | 0 |
| Change in Receivables | -1.04B | -398.41M | -465.04M | 569.25M | 832.12M | -836.36M | -332.44M | -689.05M | -237.64M | -16.48M | 29.17M | -311.19M | 459.17M | 190.59M | -134M | 85.31M | -176.92M | 502.5M | -140.84M | -631.23M | -905.94M | 153.54M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 590.34M | 514.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.15B | 219.58M | -67.01M | 0 |
| Cash from Investing | 1.14B | 5.28B | -61.41M | -229.65M | -235.5M | -64.32M | -166.82M | -60.28M | -116.6M | -193.26M | -139.29M | -53.4M | -24.43M | -165.9M | -222.98M | -59.9M | -76.19M | -18.83M | -381.68M | -55.6M | -24.19M | -7.35M | 0 |
| Capital Expenditures | -119.83M | -115.7M | -61.41M | -224.23M | -235.5M | -64.32M | -111.65M | -60.28M | -18.38M | -24.35M | -21.83M | -59.25M | -30.27M | -25.64M | -37.02M | -36.48M | -54.16M | -23.63M | -50.11M | -32.31M | -24.19M | -7.35M | 0 |
| CapEx % of Revenue | 0.8% | 0.84% | 0.54% | 3.01% | 3.16% | 0.38% | 2.07% | 0.95% | 0.31% | 0.41% | 0.49% | 1.23% | 0.39% | 0.37% | 0.87% | 1.25% | 1.62% | 1.22% | -4.92% | 0.38% | 0.28% | 0.13% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 32.75B | 19.67B | 19.14B | 16.89B | 18.17B | 28.81B | 15.74B | 22.34B | 20.42B | 24.44B | 17.7B | 14.33B | 22.77B | 21.81B | 20.9B | 30.26B | 23.95B | 7.13B | 5.66B | 14.29B | 31.26B | 0 | 0 |
| Other Investing | 1.46B | -1.28B | -2.82B | -2.89B | -10.37B | -11.97B | -1.96B | -10.65B | -297.65M | 0 | 0 | -10.62B | -13.64B | 5.85M | 2.35M | 330K | -143K | -1.51B | 5M | -31.98B | 0 | 0 | 0 |
| Cash from Financing | -5.3B | -6.4B | -4.5B | -5.05B | -3.79B | -3.78B | -2.24B | -1.92B | -1.33B | 2.77B | 570.17M | -1.92B | -1.05B | -3.26B | -405.41M | -873.51M | 84.62M | 55.68M | -1.87B | 1.64B | 4.46B | -2.74B | 5.6M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -278.7M | -312.48M | -661.07M | -418.02M | -465.96M | -1.27B | -504.91M | -585.34M | -567.16M | -30.19M | -27.62M | -61.03M | -36.25M | -24.14M | -22.36M | -36.71M | -25.15M | -56.69M | -31.86M | 7.49B | 0 | 0 | 0 |
| Dividends Paid | -6.07B | -6.01B | -4.42B | -4.27B | -6.52B | -4.6B | -2.39B | -2.4B | -3.05B | -2.84B | -2.02B | -3.5B | -2.35B | -1.47B | -614.53M | -702.83M | -599.39M | -260.63M | -319.9M | -78.79M | 0 | 0 | 0 |
| Share Repurchases | -278.7M | -312.48M | -661.07M | -418.02M | -465.96M | -1.27B | -504.91M | -585.34M | -567.16M | -30.19M | -27.62M | -61.03M | -36.25M | -24.14M | -22.36M | -36.71M | -25.15M | -56.69M | -31.86M | -16.05M | 0 | 0 | 0 |
| Other Financing | 166.34M | -1.08B | -54.27M | -359.94M | -50.49M | -123.79M | -240.29M | -85.63M | 74.33M | -189.91M | -283.9M | -267.01M | 516.68M | 276.17M | 512.07M | 575.2M | 147.56M | 102.99M | -1.71B | -5.52B | 4.12B | -1.22B | 5.6M |
| Net Change in Cash | -689.5M | 678.49M | -1.1B | -1.22B | 2.29B | 135.28M | -459.19M | -21.51M | -1.39B | 155.24M | -71K | 424.85M | 580.47M | 122.5M | -45.24M | 166.12M | -363.48M | 448.36M | -364.89M | 739.19M | 43.03M | -39.28M | 5.6M |
| Free Cash Flow | 3.35B | 1.74B | 3.42B | 3.83B | 6.1B | 3.92B | 1.82B | 1.9B | 27.36M | -2.47B | -110.42M | 2.34B | 1.62B | 3.52B | 546.13M | 1.06B | -426.05M | 387.88M | 1.84B | -882.6M | -4.42B | 2.7B | 0 |
| FCF Margin % | 22.38% | 12.62% | 30.07% | 51.52% | 81.89% | 23.27% | 33.79% | 29.85% | 0.46% | -41.39% | -2.47% | 48.47% | 20.72% | 50.36% | 12.77% | 36.31% | -12.74% | 20.01% | -180.56% | -10.46% | -50.77% | 49.52% | - |
| FCF Growth % | -6.26% | -48.98% | -10.76% | -37.18% | 55.57% | 114.97% | -4.13% | 6853.51% | 101.11% | -2139.77% | -104.72% | 43.89% | -53.87% | 544.95% | -48.63% | 349.53% | -209.84% | -78.92% | 308.51% | 80.04% | -263.62% | - | - |
| FCF per Share | 4.28 | 2.23 | 4.46 | 5.07 | 8.23 | 5.45 | 2.62 | 2.81 | 0.05 | -3.71 | -0.18 | 3.94 | 2.65 | 5.96 | 1.01 | 2.24 | -1.17 | 1.34 | 6.86 | -3.39 | -24.04 | 14.69 | - |
| FCF Conversion (FCF/Net Income) | 1.10x | 0.62x | 1.25x | 2.92x | 3.63x | 0.68x | 1.85x | 0.96x | 0.03x | -1.11x | -0.09x | 3.38x | 1.04x | 3.03x | 2.67x | -6.53x | 1.01x | -0.58x | -1.63x | -0.52x | -1.94x | 2.04x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81.41M | 3.55M | 5.1M | 22.04M | 60.33M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43.95M | 57.67M | 52.03M | 46.88M | 75.9M | 0 | 0 | 0 |
Retail liquidity mismatch risk
As reported in financial statements, Blackstone's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from a low of -0.00 in 2025Q4 to a high of 5.90 in 2023Q4, highlighting the significant impact of non-cash performance fee accruals on reported GAAP profitability.
The wide variance in the conversion ratio suggests that GAAP net income is a poor proxy for the firm's immediate liquidity generation. Investors should monitor the timing of performance fee realizations, as the gap between accounting earnings and cash inflows appears to be driven by the cyclical nature of asset exits.
Based on the provided cash flow data, Blackstone's free cash flow trajectory remains highly erratic, with margins fluctuating between -0.6% and 71.2% over the last ten quarters, reflecting the firm's reliance on episodic performance-related earnings rather than a steady, linear cash generation profile.
The inconsistency in FCF margins indicates that the firm's cash generation is heavily tethered to the timing of fund liquidations. This volatility warrants caution, as it suggests that the firm's ability to fund dividends and buybacks is subject to market-dependent exit windows rather than predictable fee-based cash flows.
According to recent SEC filings, Blackstone experiences significant working capital volatility, with quarterly changes ranging from a $1.1 billion outflow in 2025Q2 to a $415.3 million inflow in 2025Q1, which complicates the predictability of the firm's short-term operating cash flow generation.
These substantial swings in working capital appear to be driven by the timing of fund-level cash movements and fee collections. The recurring nature of these fluctuations suggests that analysts should look past quarterly noise to assess the underlying stability of fee-related earnings.
Based on reported figures, Blackstone consistently prioritizes shareholder returns, with dividend payments totaling $1.9 billion in 2026Q1 alone, even as operating cash flow remains subject to significant quarterly variance, potentially straining the firm's liquidity if performance-related revenue cycles experience a prolonged downturn.
The firm's commitment to high dividend payouts appears to be a core component of its capital allocation strategy, yet the reliance on volatile performance fees to fund these distributions warrants further investigation. Investors should monitor whether dividend levels remain sustainable if market conditions limit the firm's ability to realize gains.
Quick answers to the most common questions about buying BX stock.
Blackstone Inc. (BX) generated $1.86B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blackstone Inc. (BX) generated $1.74B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Blackstone Inc. (BX) spent $115.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Blackstone Inc. (BX) returned $6.01B to shareholders via cash dividends and spent $312.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.