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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
Fiscal 2025 results for Blackstone Inc. combined $14.45B of revenue with net income of $3.02B and an operating cash inflow of $4.66B. At $14.45B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 9.2% above fiscal 2024 revenue of $13.23B, marking a year-over-year increase. The company reported diluted EPS of $3.87, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $3.62 in fiscal 2024, the current result was 6.9% higher. The diluted weighted-average share count was 780.22M, linking total earnings with the per-share result received by shareholders. At period end, total assets were $47.71B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.3x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.Profitability
The bottom-line result was net income of $3.02B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 20.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $7.17B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 49.6%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $1.13B, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 15.7%, without assuming a statutory-rate comparison. Net income equaled 14.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 6.3%, showing earnings relative to the full balance sheet. Current net income of $3.02B was above fiscal 2024 net income of $2.78B, showing the direction of the bottom-line change.Liquidity and Capital Structure
Total assets were $47.71B, supported by $25.83B of liabilities and $20.50B of shareholder equity. Cash and equivalents totaled $2.63B, identifying the most liquid reported component available within the broader current-asset balance. Borrowings totaled $12.58B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.61x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 26.4%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 43.0%, placing book capital against the total resource base. Liabilities represented 54.1% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 5.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $43.47B in fiscal 2024, the current asset base moved 9.8% and finished higher. Book equity was 9.7% higher than fiscal 2024 equity of $18.69B, showing how shareholder capital changed year over year. The reported cash balance changed 33.4% from $1.97B in fiscal 2024, ending higher year over year.Cash Flow and Earnings Quality
Cash flow from operations was $4.66B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 1.54x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $115.70M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 2.5% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $4.55B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 31.5% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 9.5%, comparing post-investment cash with the balance-sheet asset base.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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