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Dec 31, 2025
BlackStone Q4 2025 Earnings Report
Blackstone delivered record inflows and strong financial results in Q4 2025.
Key Takeaways
Blackstone achieved strong quarterly results in Q4 2025, reporting $4.36 billion in revenue and over $1 billion in net income. The firm recorded its highest inflows in over three years and continued growing assets under management, driven by digital and energy infrastructure investments.
Total revenues for Q4 2025 reached $4,360,272,000.
Distributable Earnings (DE) for Q4 2025 were $2,244,809,000, or $1.75 per common share.
Total Assets Under Management (AUM) increased to $1,274,931,234,000, up 13% year-over-year.
Blackstone declared a quarterly dividend of $1.49 per share, payable on February 17, 2026.
Revenue by Segment
Forward Guidance
Blackstone remains optimistic heading into 2026 with momentum from strong fundraising, high deployment activity, and solid investment performance across key segments.
Positive Outlook
- Record-breaking quarterly inflows of $71.5B signal strong LP demand
- Total AUM reached a new high of $1.27T
- Perpetual capital AUM up 18% YoY
- Strong capital deployment of $42.2B in Q4
- Net accrued performance revenues rose to $6.7B
Challenges Ahead
- Fee-related earnings declined QoQ
- Decrease in fee-related performance revenue vs. prior year
- Core real estate strategies saw modest appreciation
- Performance allocations subject to market variability
- General and administrative expenses increased
Historical Earnings Impact
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Avg. Return Before/After Earnings
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