BX Financials Blackstone Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 18.8% per year over the past 5 years.
Net income has grown faster than revenue (23.6% vs 18.8% per year).
Free cash flow has grown 20.0% per year over the past 5 years.

Financial health

Total debt ($12.6B) exceeds cash ($2.6B); net debt is $9.9B.
Total debt has grown in line with revenue (17.0% vs 18.8% per year).

Shareholder returns

Dividends have been paid for 9 consecutive years, consuming 199.2% of earnings and 132.2% of free cash flow.
The dividend has grown 20.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$14.5B	$3.0B	0.0%	0.0%	$4.5B	$12.6B	$2.6B
2024	$13.2B	$2.8B	0.0%	0.0%	$3.4B	$11.5B	$2.0B
2023	$8.0B	$1.4B	0.0%	0.0%	$3.8B	$11.6B	$3.0B
2022	$8.5B	$1.7B	0.0%	0.0%	$6.1B	$12.5B	$4.3B
2021	$22.6B	$5.9B	0.0%	0.0%	$3.9B	$7.9B	$2.1B
2020	$6.1B	$1.0B	0.0%	0.0%	$1.8B	$5.7B	$2.0B
2019	$7.3B	$2.0B	0.0%	0.0%	$1.9B	$11.5B	$2.2B
2018	$6.8B	$1.5B	0.0%	0.0%	$27M	$10.4B	$2.2B
2017	$7.1B	$1.5B	0.0%	0.0%	-$1.7B	$15.2B	$2.0B
2016	$5.1B	$1.0B	0.0%	0.0%	-$110M	$8.9B	$1.8B
2015	$4.6B	$710M	0.0%	0.0%	—	$6.7B	$1.8B
2014	$7.5B	$1.6B	0.0%	0.0%	—	$9.5B	$1.4B
2013	$6.6B	$1.2B	0.0%	0.0%	$3.5B	—	$832M
2012	$4.0B	$219M	0.0%	0.0%	$546M	—	$710M
2011	$3.3B	-$168M	0.0%	0.0%	$1.1B	—	$755M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$3.6B	$650M	0.0%	0.0%	$958M	$13.4B	$2.4B
Dec '25	$4.4B	$1.0B	0.0%	0.0%	$1.0B	$12.6B	$2.6B
Sep '25	$3.1B	$625M	0.0%	0.0%	$1.6B	$12.1B	$2.4B
Jun '25	$3.7B	$764M	0.0%	0.0%	$848M	$12.1B	$2.2B
Mar '25	$3.3B	$615M	0.0%	0.0%	$1.1B	$12.6B	$2.4B
Dec '24	$3.1B	$704M	0.0%	0.0%	$150M	$11.5B	$2.0B
Sep '24	$3.7B	$781M	0.0%	0.0%	$1.2B	$10.9B	$2.4B
Jun '24	$2.8B	$444M	0.0%	0.0%	$1.1B	$10.8B	$2.4B
Mar '24	$3.7B	$847M	0.0%	0.0%	$922M	$10.9B	$2.5B
Dec '23	$1.3B	$152M	0.0%	0.0%	$864M	$11.6B	$3.0B
Sep '23	$2.5B	$552M	0.0%	0.0%	$1.0B	$12.3B	$3.0B
Jun '23	$2.8B	$601M	0.0%	0.0%	$1.7B	$12.5B	$3.3B
Mar '23	$1.4B	$86M	0.0%	0.0%	$283M	$12.5B	$2.8B
Dec '22	$1.7B	$558M	0.0%	0.0%	$666M	$12.5B	$4.3B
Sep '22	$1.1B	$2M	0.0%	0.0%	$898M	$9.4B	$3.5B
Jun '22	$629M	-$29M	0.0%	0.0%	$1.8B	$9.5B	$4.2B
Mar '22	$5.1B	$1.2B	0.0%	0.0%	$2.7B	$9.1B	$3.9B
Dec '21	$5.8B	$1.4B	0.0%	0.0%	-$834M	$7.9B	$2.1B
Sep '21	$6.2B	$1.4B	0.0%	0.0%	$1.6B	$7.6B	$5.0B
Jun '21	$5.3B	$1.3B	0.0%	0.0%	$886M	$5.7B	$2.5B

Valuation over time

How the market has priced BX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 37.4× (Mar '23) to 28.1× (Jun '26).
The price-to-sales ratio has fallen from 7.7× (Mar '23) to 5.9× (Jun '26).
The dividend yield has fallen from 10.0% (Mar '23) to 7.1% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is BX growing its revenue and profit?

Over the past 5 years, Blackstone Inc.'s revenue has grown 18.8% per year, and net income grown 23.6% per year. These are computed facts, not advice.

How much debt does BX have?

As of FY2025, Blackstone Inc. reported $12.6B of total debt against $2.6B of cash.

What is BX's profit margin?

In FY2025, gross margin was —, operating margin —, and net margin 20.9%.

What is BX's P/E ratio?

As of Jun '26, Blackstone Inc. traded at a price-to-earnings ratio of about 28.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.