Blackstone Inc. (BX) Q3 2026: Slides 2.0% at Open — Post-Earnings Analysis

# Blackstone (BX) Q3 2025 Financial Results Summary Release Date: October 23, 2025 Blackstone (NYSE: BX) has reported its financial results for the third quarter of 2025. The following summary outlines the key highlights and metrics from the report. ## Financial Highlights - **Quarterly Overview:** - GAAP Net Income was **$1.2 billion**, down by **21%** from **$1.6 billion** in Q3 2024. - GAAP Net Income Attributable to Blackstone Inc. was **$625 million**, a **20%** decrease from **$781 million** in Q3 2024. - Basic and Diluted Net Income per share at **$0.80**, reflecting a **22%** decline compared to **$1.02** from Q3 2024. - Fee Related Earnings (FRE) amounted to **$1.5 billion** (**$1.20/share**). - Distributable Earnings (DE) were reported at **$1.9 billion** (**$1.52/share**). - **Year-to-Date Performance:** - Total GAAP Net Income for the year crossed **$4.1 billion**, similar to the previous year. - Year-to-date DE rose to **$3.82/share**, increasing by **29%** from **$2.95** per share in the same period last year. - **Assets Under Management (AUM):** - Total AUM increased to **$1.241 trillion**, up **12%** year-over-year. - Fee-Earning AUM grew to **$906.2 billion**, representing a **10%** increase. - Perpetual Capital AUM reached **$500.6 billion**, marking a **15%** rise compared to last year. ## Capital Metrics - **Inflows and Deployment:** - Inflows for the quarter totaled **$54.2 billion**, contributing to **$225.4 billion** in total over the last twelve months. - The company deployed **$26.6 billion**, while realizations were at **$30.6 billion** for the quarter, demonstrating robust capital activity. - **Shareholder Returns:** - Blackstone declared a quarterly dividend of **$1.29 per common share**, payable on **November 10, 2025**, to record holders as of **November 3, 2025**. - Over the last twelve months, total dividends paid were **$4.69** per common share. - The firm repurchased **0.2 million** common shares in Q3 and **0.9 million** shares over the last twelve months. ## Segment Performance - **Management and Advisory Fees:** - Management fees totaled **$2.041 billion**, reflecting a **14%** increase year-over-year. - Performance fees dropped to **$781 million**, down **50%** from **$1.569 billion** in Q3 2024. - **Expenses:** - Total revenue expenses were **$1.751 billion**, a **7%** reduction compared to **$1.896 billion** in the previous year. - Compensation and benefits expense decreased to **$1.231 billion**, down from **$1.440 billion**. - **Investment Performance:** - The Real Estate segment reported an appreciation of **(0.6%)** for the quarter, while Private Equity showed a growth of **2.5%**. - Infrastructure assets had an impressive growth rate of **5.2%** over the quarter. ## Key Takeaways - Blackstone demonstrated resilience in raising substantial inflows while maintaining a strong asset portfolio despite declines in certain income streams. - The company continues to manage a large volume of alternative investments and retains a focus on increasing its base of perpetual capital. - Shareholder returns through regular dividends and stock repurchases reflect ongoing efforts to provide value to investors. ### BLACKSTONE’S THIRD QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS #### ($ in thousands)