Revenue growth accelerated 69.5% year-over-year in Q2 2026 to $4.8B, with fee income representing 97.2% of total revenue and EPS surging 60.2% to $1.57.
Blackstone Inc. (BX) annual income statement — 22-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -76M | -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 |
| NII Growth % | -1072.88% | -183.5% | -138.44% | 285.54% | -21.23% | 8.08% | -137.28% | -316.79% | 113.77% | -1.51% | -105.27% | -62.89% | 58.54% | 110.61% | 1606.41% | -40.25% | -208.05% | -270.04% | 124.54% | 13.14% | -54.98% | - | - |
| Net Interest Margin % | -0.15% | -0.19% | -0.07% | 0.21% | -0.11% | -0.09% | -0.16% | -0.05% | 0.03% | -0.17% | -0.22% | 4.79% | 9.23% | 6.18% | 3.01% | -0.26% | -0.22% | -0.14% | 0.08% | -0.24% | -0.11% | -0.11% | 0% |
| Interest Income | 460.45M | 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 | 536.45M | 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 |
| Loan Loss Provision | 1.26B | 1.42B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -339.38M | -277.29M | -13.38M | 0 | -32.08M | 0 | 0 | -45.7M |
| Non-Interest Income | 15.58B | 13.41B | 10.96B | 6.92B | 7.18B | 16.69B | 5.27B | 6.19B | 5.79B | 5.84B | 4.37B | 3.12B | 3.62B | 3.83B | 2.91B | 1.78B | 2.61B | 1.94B | -1.05B | 8.44B | 8.71B | 5.46B | 3.63B |
| Non-Interest Income % | 100.49% | 100.69% | 100.3% | 98.79% | 100.64% | 100.23% | 100.78% | 100.28% | 99.86% | 101% | 101.32% | 74.28% | 55.43% | 67.6% | 76.98% | 103.36% | 101.61% | 100.7% | 100.76% | 100.38% | 100.43% | 100.44% | 100% |
| Total Net Revenue | 15.51B | 13.32B | 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 | 1.72B | 2.56B | 1.92B | -1.04B | 8.41B | 8.67B | 5.43B | 3.63B |
| Revenue Growth % | 29.32% | 21.87% | 56% | -1.77% | -57.17% | 218.21% | -15.24% | 6.52% | 0.31% | 34.04% | 2.7% | -35.69% | 15.25% | 49.63% | 119.73% | -32.84% | 33.25% | 284.67% | -112.39% | -3.02% | 59.6% | 49.71% | - |
| Non-Interest Expense | 5.89B | 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 |
| Efficiency Ratio | 38.01% | 35.44% | 40.9% | 57.79% | 51.47% | 18.57% | 49.98% | 38.16% | 39.39% | 28.73% | 44.75% | 56.76% | 38.91% | 44.4% | 73.18% | 177.86% | 170.34% | 228.93% | -438.09% | 96.61% | 93.03% | 77.36% | 5.9% |
| Operating Income | 8.36B | 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 % | 53.88% | 53.89% | 59.1% | 42.21% | 48.53% | 81.43% | 50.02% | 61.84% | 60.61% | 71.27% | 55.25% | 43.24% | 61.09% | 55.6% | 26.82% | -7.87% | -39.95% | -128.24% | 538.09% | 3.77% | 6.97% | 22.64% | 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% | - |
| Pretax Income | 8.07B | 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 % | 52.02% | 53.84% | 59.1% | 42.21% | 48.53% | 81.43% | 50.02% | 61.84% | 60.61% | 71.27% | 55.25% | 43.24% | 61.09% | 55.6% | 26.82% | 4.49% | -20.38% | -119.06% | 538.09% | 67.88% | 94.05% | 97.14% | 57.33% |
| Income Tax | 1.24B | 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 % | 15.39% | 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 | 3.52B | 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 % | 22.69% | 22.67% | 25.4% | 19.85% | 24.5% | 35.17% | 19.98% | 33.2% | 26.6% | 25.46% | 24.1% | 16.91% | 24.28% | 20.68% | 5.78% | -9.77% | -14.43% | -37.16% | 111.59% | 19.3% | 26.14% | 24.49% | 56.07% |
| Net Income Growth % | 22.88% | 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) | 6.83B | 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 |
| EPS (Diluted) | 4.49 | 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 % | 20.97% | 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 |
Quick answers to the most common questions about buying BX stock.
For fiscal year 2025, Blackstone Inc. (BX) reported total revenue of $13.32B. This represents a 267.1% increase compared to $3.63B in 1999.
Blackstone Inc. (BX) is profitable, generating $3.02B in net income for the fiscal year ending 2025 with a net profit margin of 22.7%.
Blackstone Inc. (BX) reported an operating income of $7.18B, resulting in an operating profit margin of 53.9%. 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 89.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Real estate downturn exposure
Metrics are mathematically derived from official filings.
Fee Revenue Drives Growth
Blackstone's revenue surged 69.5% year-over-year in Q2 2026, driven by non-interest income, which constituted 97.2% of total revenue, according to the latest quarterly report.
The negligible net interest income (NII) reflects Blackstone's asset management model, where interest income is immaterial. The substantial growth in non-interest income, primarily from management fees and performance allocations, indicates robust fundraising and deployment activity. This trajectory suggests that Blackstone's earnings are increasingly tied to fee-related earnings, which are more predictable than performance fees.
Efficiency Ratio Volatile but Improving
Blackstone's efficiency ratio improved to 36.8% in Q2 2026 from 59.7% in Q1 2026, as reported in the latest financial statements, indicating strong operating leverage.
The efficiency ratio, defined as non-interest expense divided by total revenue, is highly variable due to the timing of performance fee realizations. The Q2 2026 improvement suggests that revenue growth outpaced expense growth, likely due to higher performance fees. However, the ratio's volatility underscores the cyclicality of Blackstone's earnings, and investors should monitor the sustainability of this improvement.
Provision Reversal Boosts Earnings
Blackstone recorded a provision reversal of $86.1 million in Q2 2026, compared to no provision in prior quarters, as per the income statement data, positively impacting net income.
The negative provision expense indicates a release of reserves, likely due to improved credit performance in its direct lending and insurance portfolios. This reversal contributed to the strong quarterly earnings, but it is a non-recurring item that may not persist. Investors should adjust for this when assessing underlying earnings power.
Fee Income Dominates Revenue Mix
Fee income represented 97.2% of Blackstone's total revenue in Q2 2026, as shown in the latest financial data, underscoring the firm's reliance on asset-based fees.
The high fee percentage reflects Blackstone's shift toward perpetual capital vehicles and management fees, which provide a stable revenue base. However, this concentration also exposes the firm to fee compression risks and market downturns that could reduce AUM. The growth in fee income suggests strong fundraising momentum, but the sustainability depends on investment performance and investor sentiment.
Q2 2026 Marks Earnings Inflection
Blackstone's Q2 2026 EPS of $1.57 surged 60.2% year-over-year, according to the latest quarterly report, marking a significant inflection point after a weak Q1.
The sharp rebound in EPS from $0.83 in Q1 2026 to $1.57 in Q2 2026 indicates a strong quarter driven by higher performance fees and investment income. This inflection suggests that Blackstone is benefiting from favorable market conditions and successful realizations. However, the volatility in quarterly earnings highlights the lumpy nature of performance-based revenues, and investors should focus on annual trends.
Real Estate Exposure Remains Key Risk
Despite strong Q2 2026 results, Blackstone's significant real estate holdings, particularly in logistics, remain vulnerable to a downturn, as noted in recent company disclosures.
The firm's outsized real estate footprint, concentrated in logistics and related assets, is a live vulnerability. While current inflows suggest investor confidence, a broader property market correction could challenge deployment returns and redemption dynamics, particularly in retail vehicles like BREIT. This risk warrants monitoring, as it could impact future fee-related earnings and investor sentiment.