Blackstone (BX) 10-K Summary — Year Ended Dec 31, 2023
Blackstone Inc. reported a decline in revenue for the most recent annual period, while net income remained positive. The company's cash flow from operations was substantial, reflecting its core business activities.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Blackstone Inc. reported a decline in revenue for the most recent annual period, while net income remained positive. The company's cash flow from operations was substantial, reflecting its core business activities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$1.4B
Net income reported for the year.
Operating cash flow
$4.1B
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, 2021 | $22.6B | n/a |
| Dec 31, 2022 | $8.5B | -62.3% |
| Dec 31, 2023 | $8B | -5.8% |
Business overview
Blackstone is an asset management firm that sponsors and manages investment funds, earning management fees and carried interest. It also makes co-investments alongside its funds and may offer portions of general partner commitments to its senior managing directors and employees.
Financial performance
Revenue declined compared to the prior year, after a substantial decrease in the preceding period. Net income was positive, and operating cash flow remained strong, supporting the company's liquidity.
Material risks
The asset management industry is intensely competitive, which is a material risk. The company also faces risks related to its general partner capital commitments and the need to maintain adequate liquidity to fund those commitments.
Liquidity and capital
The company funds its general partner capital commitments with cash and may offer portions to senior managing directors and employees. It also provides co-investment opportunities to investors in its funds.
What to watch
Monitor the revenue trend in the next filing to see if the decline stabilizes.