Blackstone exhibits high structural profitability with gross margins consistently exceeding 95% in most periods, though operating margins remain volatile, fluctuating between 12.8% and 60.4% due to the timing of performance-related revenue.
| 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 |
|---|
| Sales/Revenue | 14.99B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 13.12B | 11.9B | 10.93B | 7.01B | 7.13B | 16.65B | 5.23B | 6.17B | 5.8B | 5.78B | 4.31B | 4.2B | 6.53B | 5.66B | 3.78B | 3.25B | 3.12B | 1.77B | -1.04B | 2.69B | 8.67B | 5.43B | 3.63B |
| Gross Margin % | 87.51% | 86.05% | 96.1% | 94.19% | 95.74% | 98.82% | 96.92% | 96.87% | 97.25% | 96.7% | 96.58% | 87.03% | 83.22% | 80.96% | 88.52% | 111.08% | 93.28% | 91.52% | 102.26% | 31.9% | 99.58% | 99.56% | 100% |
| Gross Profit Growth % | - | 8.87% | 56% | -1.77% | -57.17% | 218.21% | -15.24% | 6.52% | 0.31% | 34.04% | 2.7% | -35.69% | 15.25% | 49.63% | 16.36% | 4.27% | 75.87% | 270.18% | -138.71% | -68.94% | 59.6% | 49.71% | - |
| Operating Expenses | 5.8B | 4.72B | 4.47B | 4.05B | 3.67B | 3.09B | 2.62B | 2.36B | 2.28B | 1.66B | 1.93B | 2.38B | 2.54B | 2.51B | 2.77B | 3.06B | 4.37B | 4.41B | 4.57B | 8.12B | 8.07B | 4.2B | 214.12M |
| OpEx % of Revenue | - | 34.14% | 39.31% | 54.43% | 49.27% | 18.36% | 48.44% | 36.96% | 38.31% | 27.78% | 43.22% | 49.4% | 32.38% | 35.95% | 64.78% | 104.63% | 130.64% | 227.35% | -447.98% | 96.24% | 92.64% | 77.02% | 5.9% |
| Selling, General & Admin | 1.2B | 1.55B | 1.38B | 1.24B | 1.12B | 928.22M | 724.65M | 697.15M | 673.36M | 621.37M | 593.8M | 655.6M | 579.96M | 501.1M | 582.57M | 591.82M | 492.57M | 450.87M | 503.81M | 476.12M | 266.09M | 155.38M | 214.12M |
| SG&A % of Revenue | - | 11.18% | 12.15% | 16.62% | 15.08% | 5.51% | 13.42% | 10.94% | 11.3% | 10.4% | 13.3% | 13.59% | 7.4% | 7.16% | 13.63% | 20.21% | 14.73% | 23.26% | -49.43% | 5.64% | 3.06% | 2.85% | 5.9% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 7.32B | 7.18B | 6.46B | 2.96B | 3.46B | 13.56B | 2.62B | 3.82B | 3.51B | 4.12B | 2.38B | 1.81B | 3.99B | 3.15B | 1.01B | -135.49M | -1.02B | -2.47B | -5.61B | 317.38M | 604.12M | 1.23B | 1.86B |
| Operating Margin % | 48.83% | 51.91% | 56.79% | 39.76% | 46.47% | 80.47% | 48.48% | 59.9% | 58.94% | 68.92% | 53.36% | 37.63% | 50.83% | 45.01% | 23.74% | -4.63% | -30.64% | -127.35% | 550.24% | 3.76% | 6.94% | 22.55% | 51.25% |
| Operating Income Growth % | - | 11.13% | 118.39% | -14.56% | -74.47% | 418.02% | -31.44% | 8.68% | -14.69% | 72.91% | 31.24% | -54.48% | 26.62% | 210.23% | 849.05% | 86.78% | 58.49% | 55.99% | -1867.04% | -47.46% | -50.89% | -33.85% | - |
| EBITDA | 7.37B | 7.21B | 6.5B | 3B | 3.53B | 13.63B | 2.69B | 3.89B | 3.57B | 4.16B | 2.46B | 1.92B | 4.09B | 3.24B | 1.15B | 72.1M | -862.6M | -2.31B | -5.46B | 434.99M | 604.12M | 1.23B | 1.88B |
| EBITDA Margin % | 49.18% | 52.17% | 57.11% | 40.3% | 47.37% | 80.91% | 49.79% | 61.02% | 59.93% | 69.7% | 55.22% | 39.73% | 52.13% | 46.38% | 26.99% | 2.46% | -25.8% | -119.2% | 535.21% | 5.15% | 6.94% | 22.55% | 51.71% |
| EBITDA Growth % | 21.46% | 11.07% | 116.67% | -15.05% | -74.12% | 407.12% | -30.87% | 8.88% | -14.24% | 68.99% | 28.62% | -53.13% | 26.03% | 181.11% | 1500.71% | 108.36% | 62.66% | 57.65% | -1354.06% | -28% | -50.89% | -34.44% | - |
| D&A (Non-Cash Add-back) | 53.06M | 35.9M | 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 |
| EBIT | 7.32B | 7.18B | 6.46B | 2.96B | 3.46B | 13.56B | 2.62B | 3.82B | 3.51B | 4.12B | 2.38B | 1.81B | 3.99B | 3.15B | 1.01B | -207.59M | -162.05M | -158.05M | -5.61B | -117.61M | 604.12M | 1.23B | 1.86B |
| Net Interest Income | -100.64M | -92.22M | -32.53M | 84.63M | -45.61M | -37.63M | -40.93M | -17.25M | 7.96M | -57.79M | -56.93M | 1.08B | 2.91B | 1.83B | 871.06M | -57.82M | -41.23M | -13.38M | 7.87M | -32.08M | -36.93M | -23.83M | 0 |
| Interest Income | 426.61M | 416.09M | 411.16M | 516.5M | 271.61M | 160.64M | 125.23M | 182.4M | 171.95M | 139.7M | 95.72M | 1.71B | 4.22B | 3.17B | 1.36B | 1.15B | 738.18M | 0 | 30.88M | 0 | 0 | 0 | 0 |
| Interest Expense | 527.25M | 508.31M | 443.69M | 431.87M | 317.23M | 198.27M | 166.16M | 199.65M | 163.99M | 197.49M | 152.65M | 625.63M | 1.32B | 1.33B | 490.9M | 339.38M | 277.29M | 13.38M | 23.01M | 32.08M | 36.93M | 23.83M | 45.7M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 7.17B | 7.17B | 6.46B | 2.96B | 3.46B | 13.56B | 2.62B | 3.82B | 3.51B | 4.12B | 2.38B | 1.81B | 3.99B | 3.15B | 1.01B | 77.26M | -522.65M | -2.29B | -5.61B | 5.71B | 8.15B | 5.28B | 2.08B |
| Pretax Margin % | 47.87% | 51.86% | 56.79% | 39.76% | 46.47% | 80.47% | 48.48% | 59.9% | 58.94% | 68.92% | 53.36% | 37.63% | 50.83% | 45.01% | 23.74% | 2.64% | -15.63% | -118.23% | 550.24% | 67.63% | 93.65% | 96.72% | 57.33% |
| Income Tax | 1.08B | 1.13B | 1.02B | 513.46M | 472.88M | 1.18B | 356.01M | -47.95M | 249.39M | 743.15M | 132.36M | 190.4M | 291.17M | 255.64M | 185.02M | 345.71M | 84.67M | 99.23M | -14.14M | 25.98M | 31.93M | 12.26M | 45.7M |
| Effective Tax Rate % | 15.03% | 15.69% | 15.82% | 17.36% | 13.66% | 8.73% | 13.6% | -1.26% | 7.1% | 18.05% | 5.56% | 10.49% | 7.3% | 8.12% | 18.23% | 447.48% | -16.2% | -4.33% | 0.25% | 0.46% | 0.39% | 0.23% | 2.2% |
| Net Income | 3.05B | 3.02B | 2.78B | 1.39B | 1.75B | 5.86B | 1.05B | 2.05B | 1.54B | 1.47B | 1.04B | 709.79M | 1.58B | 1.17B | 218.6M | -168.3M | -370.03M | -715.29M | -1.16B | 1.62B | 2.27B | 1.33B | 2.03B |
| Net Margin % | 20.38% | 21.83% | 24.41% | 18.7% | 23.46% | 34.76% | 19.36% | 32.16% | 25.87% | 24.62% | 23.28% | 14.72% | 20.2% | 16.74% | 5.11% | -5.75% | -11.07% | -36.91% | 114.11% | 19.23% | 26.03% | 24.39% | 56.07% |
| Net Income Growth % | 20.05% | 8.74% | 99.62% | -20.41% | -70.16% | 460.32% | -49% | 32.94% | 4.79% | 41.61% | 46.38% | -55.21% | 35.3% | 435.78% | 229.88% | 54.52% | 48.27% | 38.5% | -171.65% | -28.37% | 70.31% | -34.6% | - |
| Net Income (Continuing) | 6.1B | 6.05B | 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 | 5.68B | 8.12B | 5.27B | 2.03B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.05B | 13.22B | 11.28B | 11.26B | 12.03B | 12.28B | 7.94B | 8.09B | 7.37B | 7.09B | 6.05B | 5.96B | 10.27B | 8.07B | 5.75B | 4.58B | 3.89B | 3.16B | 2.61B | 6.08B | 28.79B | 17.21B | 0 |
| EPS (Diluted) | 3.90 | 3.88 | 3.62 | 1.84 | 2.36 | 8.13 | 1.50 | 3.03 | 2.26 | 2.21 | 1.56 | 1.04 | 2.58 | 1.98 | 0.41 | -0.35 | -1.02 | -2.48 | -4.33 | 6.24 | 12.33 | 7.24 | 10.75 |
| EPS Growth % | 17.77% | 7.18% | 96.74% | -22.03% | -70.97% | 442% | -50.5% | 34.07% | 2.26% | 41.67% | 50% | -59.69% | 30.3% | 382.93% | 217.14% | 65.69% | 58.87% | 42.73% | -169.39% | -49.39% | 70.3% | -32.65% | - |
| EPS (Basic) | - | 3.88 | 3.62 | 1.84 | 2.36 | 8.14 | 1.50 | 3.03 | 2.27 | 2.21 | 1.60 | 1.12 | 2.60 | 2.00 | 0.41 | -0.35 | -1.02 | -2.48 | -4.33 | 6.24 | 12.33 | 7.24 | 10.75 |
| Diluted Shares Outstanding | 783.63M | 780.92M | 766.65M | 755.42M | 740.94M | 720.13M | 697.26M | 676.17M | 603.48M | 666.25M | 597.56M | 594.04M | 613.18M | 590.55M | 538.67M | 475.58M | 364.02M | 288.99M | 268.38M | 259.98M | 183.87M | 183.87M | 189.21M |
| Basic Shares Outstanding | 783.36M | 780.92M | 766.49M | 755.2M | 740.66M | 719.77M | 696.93M | 675.9M | 603.48M | 665.45M | 649.48M | 634.34M | 608.8M | 587.02M | 533.7M | 475.58M | 364.02M | 288.99M | 268.38M | 259.98M | 183.87M | 183.87M | 189.21M |
| Dividend Payout Ratio | - | 199.17% | 159.34% | 306.89% | 373.01% | 78.58% | 228.21% | 116.93% | 197.59% | 193.19% | 194.29% | 492.73% | 148.21% | 125.47% | 281.12% | - | - | - | - | 4.85% | - | 99.74% | - |
Retail liquidity mismatch risk
As evidenced by the quarterly revenue fluctuations ranging from $1.2 billion to $4.4 billion, Blackstone's top-line trajectory remains highly sensitive to asset realization cycles, despite the firm's strategic pivot toward more stable, fee-paying capital bases as highlighted in recent financial disclosures and investor presentations.
The significant variance in quarterly revenue suggests that performance-related earnings continue to drive top-line outcomes more than recurring management fees. Investors should monitor whether the firm's expansion into perpetual capital vehicles can successfully dampen this cyclicality over the coming fiscal periods.
According to the provided income statement data, Blackstone maintains exceptionally high gross margins, consistently exceeding 95% in most periods, which underscores the firm's structural advantage as a capital-light asset manager that leverages brand equity and human capital to generate significant fee-based returns on third-party assets.
The firm's ability to maintain these margins despite market volatility suggests strong pricing power within its core segments. However, the occasional compression in operating margins warrants investigation into whether rising compensation costs or increased fundraising expenditures are beginning to weigh on overall operational efficiency.
Based on reported figures, Blackstone's operating income exhibits significant non-linear scaling, with margins fluctuating between 12.8% and 60.4% over the last ten quarters, indicating that the firm's cost structure is heavily influenced by the timing of performance-related revenue rather than fixed overhead scaling.
The lack of consistent operating leverage suggests that the firm's profitability is tethered to successful exit strategies rather than pure administrative efficiency. Analysts should interpret these swings as a reflection of the firm's reliance on carried interest, which remains a volatile component of the overall income profile.
As reported in recent financial statements, the inclusion of significant stock-based compensation, such as the $560.9 million charge in 2026Q1 and the $745.1 million reversal in 2025Q4, introduces substantial noise into GAAP net income, complicating the assessment of the firm's true underlying earnings power.
These non-cash adjustments suggest that GAAP figures may not accurately reflect the firm's cash-generating capacity. Investors should focus on distributable earnings to better understand the actual cash available for dividends, as the reported net income is frequently obscured by these accounting-driven fluctuations.
Quick answers to the most common questions about buying BX stock.
Blackstone Inc. (BX) is profitable, generating $3.02B in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Blackstone Inc. (BX) reported an operating income of $7.18B, resulting in an operating profit margin of 51.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Blackstone Inc. (BX) generated $11.90B in gross profit for the year, representing a gross profit margin of 86.0%. This demonstrates the company's core pricing power and production efficiency.