BX
Blackstone Inc.152.09
+1.75+1.16%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms outlook, details IPO pipeline.
Q&A largely reaffirmed prepared remarks' bullish tone on record inflows and realizations, but surfaced details on a massive IPO pipeline skewed to US corporates, energy, and India real estate that could spark LP reflows. Management dismissed private credit headlines, highlighting institutional strength and BCRED's high-single-digit EBITDA growth amid redemption noise. New drawdown funds targeting $50B+ promise 2026 fee ramps; AI deployment already lifts internal productivity. Real estate institutional sentiment shifts positive, yet deployment leans opportunistic. Scale is Blackstone's moat. Watch credit resilience and IPO momentum.
Key Stats
Market Cap
186.62BP/E (TTM)
43.70Basic EPS (TTM)
3.48Dividend Yield
0.03%Recent Filings
8-K
10-K
FY2025 results
Blackstone Inc. reported FY2025 results with $1.3 trillion in total AUM, up 13% y/y, driven by $239 billion inflows across segments. Fee-earning AUM rose 11% to $922 billion, boosting management fees 12% to $8.1 billion. Segment Distributable Earnings grew 17% to $7.9 billion, led by Private Equity (+10%) and Credit & Insurance (+37%), reflecting strong realizations and fee momentum. Q4 inflows of $47 billion and realizations of $126 billion highlighted balanced deployment amid resilient markets, though equity volatility emerged early 2026. Liquidity remained robust with $2.6 billion cash and $4.3 billion revolver capacity. Revenue volatility persists from performance fees.
8-K
Blackstone's record inflows surge
Blackstone crushed Q4 2025 with $71.5B inflows, the highest in over three years, driving AUM to $1.3T and Fee-Earning AUM to $922B. Distributable Earnings hit $2.2B ($1.75/share), up 3% QoQ, fueled by $42B deployed and $46B realized while infrastructure shone at 8.4% appreciation. $1.49/share dividend declared. Record inflows power growth.
10-Q
Q3 FY2025 results
Blackstone posted Q3 revenues of $3.1B, down 16% y/y from $3.7B, as $1.4B unrealized performance losses offset $261M higher management fees (up 15% y/y) and $583M stronger realized performance gains. Net income attributable to Blackstone Inc. fell 20% y/y to $625M ($0.80/share, matching diluted EPS). Cash climbed to $2.4B while loans payable rose to $12.0B, with $550M revolver draw repaid post-quarter. Total AUM hit $1.24T (up 3% q/q), fee-earning AUM $906B (up 2% q/q). Private Equity drove gains, yet Kentucky Retirement System litigation lingers.
8-K
Blackstone closes $1.2B notes deal
Blackstone completed a $1.2 billion senior notes offering on November 3, 2025, issuing $600 million of 4.300% notes due 2030 and $600 million of 4.950% notes due 2036 through subsidiary Blackstone Reg Finance, fully guaranteed by Blackstone and key holdings entities. Notes carry standard covenants limiting secured debt and mergers, with make-whole calls early and par thereafter, plus 101% repurchase on change of control. Proceeds fund general corporate purposes. Unsecured obligations extend maturities out to 2036.
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