Blackstone (BX) 10-K Summaries & Annual Filing History
Review Blackstone Inc. (BX) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Blackstone Inc. filed its annual report, describing its business and reporting financial results for the covered period. The company noted a revenue increase compared to the prior period, with net income and operating cash flow also reported.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$14.5B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$3B
Net income reported for the year.
Operating cash flow
$4.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $8.5B | -62.3% |
| Dec 31, 2023 | $8B | -5.8% |
| Dec 31, 2024 | $13.2B | +64.9% |
| Dec 31, 2025 | $14.5B | +9.2% |
Business overview
Blackstone is an asset management firm that operates globally, competing intensely on the basis of investment performance and service. The company makes general partner capital commitments to its funds, often requiring senior personnel to fund a portion, and also offers co-investment opportunities to limited partners.
Financial performance
Revenue for the period increased from the prior period, following a pattern of growth observed in recent years. Net income and operating cash flow were both positive for the period.
Material risks
The filing states that the asset management industry is intensely competitive, and Blackstone faces competition globally and across regions, industries, and sectors. The company also notes risks related to its general partner capital commitments and co-investment arrangements, including potential liquidity demands.
Liquidity and capital
The company funds its general partner capital commitments with cash, not through carried interest or fee deferrals. It may also allocate a portion of such commitments to senior managing directors and employees.
What to watch
Monitor the competitive landscape and any changes in the company's general partner capital commitment levels in the next filing.