Blackstone (BX) 10-K Summary — Year Ended Dec 31, 2024
Blackstone Inc. is a global asset manager that competes in a highly competitive industry. The company reported a significant increase in revenue with positive net income and operating cash flow for the period.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
Blackstone Inc. is a global asset manager that competes in a highly competitive industry. The company reported a significant increase in revenue with positive net income and operating cash flow for the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$13.2B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$2.8B
Net income reported for the year.
Operating cash flow
$3.5B
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% |
| Dec 31, 2024 | $13.2B | +64.9% |
Business overview
Blackstone is a global asset manager that operates in the intensely competitive asset management industry. The company manages investment funds and makes co-investments alongside its funds, and it also determines general partner capital commitments based on liquidity needs.
Financial performance
Revenue increased from the prior year, and net income was positive. Operating cash flow was also positive, reflecting the company's financial results for the period.
Material risks
The company faces intense competition in the asset management industry. Additionally, it must manage its liquidity to meet minimum general partner capital commitments to its funds, which could be affected by changes in capital needs.
Liquidity and capital
The company funds its general partner capital commitments with cash, not carried interest, and often requires senior managing directors and employees to fund a portion. It also offers co-investment opportunities to limited partners and personnel.
What to watch
The trend in revenue growth and whether the company can sustain its recent performance in the next filing.