Q4 25 EPS
$1.30
MISS 15.03%
Est. $1.53
Q4 25 Revenue
$4.36B
BEAT +30.32%
Est. $3.35B
vs S&P Since Q4 25
-13.6%
TRAILING MARKET
BX -9.7% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$3.87
MISS 27.47%
Est. $5.34
FY 25 Revenue
$14.45B
BEAT +12.77%
Est. $12.81B
Market Reaction
Did BX Beat Earnings? Q4 2025 Results
Blackstone closed out fiscal 2025 with a tale of two metrics, posting a sharp revenue beat but falling short on earnings per share as a surge in asset monetization activity reshaped the quarter's complexion. Revenue came in at $4.36 billion, well ahe… Read more Blackstone closed out fiscal 2025 with a tale of two metrics, posting a sharp revenue beat but falling short on earnings per share as a surge in asset monetization activity reshaped the quarter's complexion. Revenue came in at $4.36 billion, well ahead of the $3.35 billion consensus and up 54.7% year-over-year, while EPS of $1.30 missed the $1.53 estimate by 15.03%, weighed down by a 57% sequential drop in Fee Related Performance Revenues. The standout driver was a 719% spike in Realized Principal Investment Income, fueled by the monetization of Blackstone's stake in Resolution Life tied to its sale to Nippon Life, which propelled Net Realizations 59% higher year-over-year to $957 million in the quarter. Total AUM reached $1.27 trillion, up 13% annually, while quarterly inflows of $71 billion were the highest in over three years. Distributable Earnings per share of $1.75 for Q4 supported a $1.49 quarterly dividend declaration, with full-year dividends rising 20% to $4.74 per share.
Key Takeaways
- • Digital and energy infrastructure buildout driving significant value creation
- • Record quarterly inflows of $71.5 billion, highest in over three years
- • Full year inflows of $239.4 billion
- • Infrastructure appreciation of 23.5% for the year, leading all strategies
- • Corporate Private Equity appreciated 13.8% for the year
- • Credit & Insurance AUM grew 18% year-over-year to $443.0 billion
- • Absolute Return Composite gross return of 13.2% outperformed HFRX Global Hedge Fund Index of 7.1%
- • Monetization of Blackstone's stake in Resolution Life boosted Realized Principal Investment Income
- • Excluding BIP's 4Q'24 fee related performance revenue crystallization, FRE would have grown 24% year-over-year in Q4
BX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Blackstone's extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter — the highest in over three years. Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.”
— Stephen A. Schwarzman, Q4 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% |