Blackstone Inc. (BX) financials
NYSE · Financial Services · Asset Management · 5,285 employees · CEO Stephen Allen Schwarzman
- Price
- $118.51 -1.73%
- Market cap
- $138B
- Enterprise value
- $149B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-02-04
Revenue (TTM)$16.3B+32.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)52.0%+0.1 pp vs a year agoOperating income $8.48B
Net income (TTM)$3.56B+31.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.84B-22.2% vs a year agoCapex $87.7M
Diluted EPS (TTM)$4.53+29.4% vs a year agoSum of the last 4 quarters
Net cash-$11B-5.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $138B EV $149B
- Revenue
- $16.3B Trailing 12 months
- Revenue growth
- +6% FY2026 consensus
- Profit margin
- 21.8% Net income / revenue, TTM
- P/E
- 26.2× Forward 20.2× (FY2026)
- P/S
- 8.5× Price / sales, TTM
- EV / EBITDA
- 17.3× TTM
- Free cash flow
- $2.84B Trailing 12 months
- Net income
- $3.56B Trailing 12 months
- Revenue estimate
- $14.7B FY2026 consensus
- Earnings
- 2027-02-04
- Dividend
- $5.23 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 8.9% year on yearQ3 '26 revenue $3.06B, against an average of 29.1% over the four quarters before.
- Operating margin 52.0% (TTM), +0.1 pp on a year agoOperating income grew 33.0% while revenue grew 32.6%.
- Capex 0.5% of revenue (a year ago 0.9%)$87.7M invested in the last 4 quarters (-16.6% on a year earlier). Free cash flow $2.84B = 79.9% of net income.
- Returned $5.2B to shareholders = 183.1% of free cash flowBuybacks $160M (a year earlier $321M), dividends $5.04B, stock-based pay -$23.2M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count up 2.2% in a year800M diluted shares in Q3 '26, 782M a year earlier.
- Net debt $11BCash + short-term investments $3.21B, debt incl. leases $14.2B; a year ago net debt $10.5B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.06B | $2.81B | +8.9% |
| Gross margin | 99.7% | 95.5% | +4.2 pp |
| Operating income | $1.57B | $1.45B | +8.6% |
| Operating margin | 51.3% | 51.4% | -0.2 pp |
| Net income | $662M | $625M | +6.0% |
| Diluted EPS | $0.83 | $0.80 | +3.7% |
| Operating cash flow | $0 | $1.6B | -100.0% |
| Capex | $0 | $23.9M | -100.0% |
| Free cash flow | $0 | $1.57B | -100.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | -$193M | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Total investment income | $2.47B | – | 49.0% | – | – | |
| Management and advisory fees, net | $2.27B | – | 44.9% | – | – | |
| Private Equity Segment | – | – | – | – | – | |
| Real Estate Segment | – | – | – | – | – | |
| Incentive fees | $159M | – | 3.2% | – | – | |
| Interest and dividend revenue | $134M | – | 2.7% | – | – | |
| Other | $11.9M | – | 0.2% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.93B
- Capex
- -$87.7M
- Buybacks
- -$160M
- Dividends
- -$5.04B
- Acquisitions
- $0
- Net debt issued
- $1.47B
- Stock-based compensation
- -$23.2M
- Free cash flow
- $2.84B
- Returned to shareholders / FCF
- 183.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 26.2× | 40.9× | 15.9× – 69.7× |
| EV / EBITDA | 17.3× | 30.0× | 11.0× – 52.7× |
| EV / Sales | 9.2× | 15.1× | 8.9× – 21.2× |
| Price / FCF | 48.6× | 33.1× | 9.0× – 69.0× |
| Price / Book | 10.7× | 12.3× | 7.2× – 16.1× |
| FCF yield | 2.1% | 4.7% | 1.4% – 11.1% |
| Return on invested capital | 17.3% | 14.5% | 6.5% – 31.5% |
| Return on equity | 40.8% | 34.8% | 20.4% – 62.2% |
Analysts
Consensus target $143.45 (+21.0%)
range $118.00 – $169.00 · rating Buy
Strong buy0
Buy19
Hold10
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $14.7B | +6.1% | $5.86 | +50.9% | 20.2× | 16 |
| FY2027 | $18.5B | +25.9% | $7.31 | +24.8% | 16.2× | 17 |
| FY2028 | $19.5B | +5.7% | $7.89 | +8.0% | 15.0× | 15 |
| FY2029 | $14.1B | -28.0% | $8.88 | +12.5% | 13.4× | 9 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 204 figures Blackstone Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $3.1B | $2.5B | +24.2% | $2.89B | $2.79B | +3.3% |
| Accounts Receivable, after Allowance for Credit Loss | $692M | $358M | +93.4% | $292M | $238M | +22.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $469M | $407M | +15.4% | $431M | $483M | -10.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$18.6M | $1.06M | -1,862.0% | -$6.01M | -$40.3M | +85.1% |
| Additional Paid in Capital, Common Stock | $9.05B | $7.99B | +13.3% | $8.48B | $7.44B | +13.9% |
| Alternative Investment | $1.1B | $142M | +676.6% | $896M | $543M | +65.0% |
| Amortization of Intangible Assets | $9M | $9M | 0.0% | $36M | $36M | +0.2% |
| Assets | $49.9B | $45.4B | +10.0% | $47.7B | $43.5B | +9.8% |
| Assets, Fair Value Disclosure | $6.87B | $4.46B | +53.9% | $5.09B | $4.73B | +7.8% |
| Cash and Cash Equivalents, at Carrying Value | $2.51B | $2.24B | +12.1% | $2.63B | $1.97B | +33.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.77B | $2.55B | +8.8% | $2.85B | $2.18B | +31.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $62.9M | -$850M | +107.4% | $678M | -$1.1B | +161.9% |
| Common Stock, Dividends, Per Share, Declared | $1.16 | $0.93 | +24.7% | $4.69 | $3.45 | +35.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 90B | 90B | 0.0% | 90B | 90B | 0.0% |
| Common Stock, Shares, Issued | 753M | 739M | +1.8% | 749M | 732M | +2.3% |
| Common Stock, Shares, Outstanding | 753M | 739M | +1.8% | 749M | 732M | +2.3% |
| Common Stock, Value, Issued | $7K | $7K | 0.0% | $7K | $7K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.12B | $997M | +12.4% | $3.19B | $2.61B | +22.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.23B | $794M | +54.4% | $3.05B | $2.76B | +10.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.35B | $1.79B | +31.0% | $6.25B | $5.36B | +16.5% |
| Costs and Expenses | $2.38B | $1.93B | +22.9% | $7.7B | $6.82B | +13.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $355M | $425M | -16.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $142M | $129M | +10.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $684M | $674M | +1.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $187M | $120M | +55.2% |
| Debt Instrument, Fair Value Disclosure | $12B | $10.8B | +10.7% | $11.4B | $9.94B | +14.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $363M | $266M | +36.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$3.82M | -$471K | -711.7% |
| Deferred Income Tax Assets, Net | $1.88B | $2.11B | -10.8% | $2.06B | $2B | +2.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $441M | $348M | +26.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $82.3M | $82.5M | -0.3% |
| Deferred Tax Assets, Gross | $2.09B2025-12-31 | $2.03B | +3.3% | $2.09B | $2.03B | +3.3% |
| Deferred Tax Assets, Other | $212M2025-12-31 | $288M | -26.4% | $212M | $288M | -26.4% |
| Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | $1.88B2025-12-31 | $1.74B | +8.2% | $1.88B | $1.74B | +8.2% |
| Deferred Tax Assets, Valuation Allowance | $35.6M | – | – | $35.4M | $21.2M | +66.8% |
| Deferred Tax Liabilities, Gross | $16.5M2025-12-31 | $14.2M | +15.7% | $16.5M | $14.2M | +15.7% |
| Deferred Tax Liabilities, Other | $1.68M2025-12-31 | $1.95M | -13.9% | $1.68M | $1.95M | -13.9% |
| Depreciation | – | – | – | $98M | $98.8M | -0.8% |
| Derivative Asset, Fair Value, Gross Asset | $158M | $146M | +8.5% | $147M | $194M | -23.9% |
| Derivative Asset, Notional Amount | $2.12B | $1.9B | +11.5% | $1.96B | $1.71B | +14.8% |
| Derivative Liability, Fair Value, Gross Liability | $1.27B | $1.22B | +3.9% | $1.25B | $1.08B | +16.3% |
| Derivative Liability, Notional Amount | $3.53B | $3.78B | -6.6% | $3.98B | $3.13B | +26.8% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned | $455M | $265M | +72.0% | $417M | $144M | +188.7% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Amount Offset Against Collateral | $7.79M | $25.4M | -69.3% | $16.4M | $12.5M | +31.5% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash | $21K | $76K | -72.4% | $32K | $10K | +220.0% |
| Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Securities | $447M | $239M | +87.1% | $400M | $132M | +203.6% |
| Earnings Per Share, Basic | $1.54 | $0.98 | +57.1% | $3.87 | $3.62 | +6.9% |
| Earnings Per Share, Diluted | $1.54 | $0.98 | +57.1% | $3.87 | $3.62 | +6.9% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$1.78M | $12.3M | -114.5% | $9.84M | -$14.6M | +167.5% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | – | – | – | $76.2M | – | – |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | 1.1% | – | – |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | – | – | – | $633M | – | – |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | – | – | – | 8.8% | 9.0% | -2.2% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $30.5M | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 0.4% | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | -$61.9M | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | -0.9% | 0.9% | -200.0% |
| Effective Income Tax Rate Reconciliation, Percent | – | – | – | 15.7% | 15.8% | -0.6% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | – | – | – | $207M | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01