Q2 25 EPS
$1.21
BEAT +9.81%
Est. $1.10
Q2 25 Revenue
$3.71B
BEAT +32.13%
Est. $2.81B
vs S&P Since Q2 25
-40.8%
TRAILING MARKET
BX -27.3% vs S&P +13.6%
Market Reaction
Did BX Beat Earnings? Q2 2025 Results
Blackstone delivered a standout second quarter in 2025, posting earnings per share of $1.21 against a consensus estimate of $1.10, a beat of 9.81%, while revenue of $3.71 billion topped expectations by 32.13% and surged 54.5% year-over-year, cementin… Read more Blackstone delivered a standout second quarter in 2025, posting earnings per share of $1.21 against a consensus estimate of $1.10, a beat of 9.81%, while revenue of $3.71 billion topped expectations by 32.13% and surged 54.5% year-over-year, cementing the alternative asset giant's position as one of the most dominant forces in private markets. The headline driver was a record $1.21 trillion in total assets under management, up 13% year-over-year, as the firm's Credit and Insurance segment led the charge with AUM climbing 23% to $407.30 billion and $26.80 billion in quarterly inflows. Fee Related Earnings rose 31% to $1.46 billion, powered in part by a 167% jump in fee-related performance revenues to $472.05 million. Capital activity remained vigorous with $52.10 billion in inflows and $33.10 billion deployed across the platform, as broader financial sector earnings reflected similarly strong momentum in asset management. CEO Stephen Schwarzman pointed to private wealth, infrastructure, and credit as the firm's most compelling long-term growth vectors.
Key Takeaways
- • 13% year-over-year growth in total AUM to $1.211 trillion, a new industry record
- • Fee Related Earnings grew 31% year-over-year to $1.5 billion
- • Fee-related performance revenues surged 167% to $472 million
- • Credit & Insurance AUM grew 23% year-over-year with $26.8 billion of inflows
- • Private Equity AUM grew 18% year-over-year with $15.3 billion of inflows
- • Perpetual Capital AUM reached $484.6 billion, up 16% year-over-year
- • Highest overall fund appreciation in nearly four years
- • Corporate Private Equity appreciated 5.1% in the quarter
- • Absolute Return Composite outperformed HFRX Global Hedge Fund Index
- • GAAP Management and Advisory Fees grew to $2.035 billion in Q2 2025 from $1.787 billion in Q2 2024
BX YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Blackstone delivered outstanding second-quarter results, reflective of the broader underlying expansion of the firm's business and earnings power, particularly in private wealth, credit and insurance, and infrastructure. Despite the volatile market backdrop, we grew earnings significantly and total assets under management increased 13% year-over-year to more than $1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for our LPs, with the highest overall amount of fund appreciation in nearly four years.”
— Stephen A. Schwarzman, Q2 2025 Earnings Press Release
BX Earnings Trends
BX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BX EPS Trend
Earnings per share: estimate vs actual
BX Revenue Trend
Quarterly revenue: estimate vs actual
BX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.36 | — | $3.62B | +5.47% |
| Q4 25 MISS FY | $1.53 | $1.30 | -15.03% | $4.36B | +30.32% |
| FY Full Year | $5.34 | $3.87 | -27.47% | $14.45B | +12.77% |
| Q3 25 BEAT | $1.23 | $1.52 | +23.83% | $3.09B | -0.71% |
| Q2 25 BEAT | $1.10 | $1.21 | +9.81% | $3.71B | +32.13% |
| Q1 25 BEAT | $1.06 | $1.09 | +2.76% | $3.29B | +20.75% |