Blackstone Q2 Earnings Beat as AUM Hits Record High on Solid Inflows

Blackstone’s BX second-quarter 2025 distributable earnings of $1.21 per share surpassed the Zacks Consensus Estimate of $1.10. The figure reflects a rise of 26% from the prior-year quarter.

Shares of Blackstone rallied almost 2% in pre-market trading on better-than-expected quarterly performance.

Results benefited from higher segment revenues and a rise in assets under management (AUM) balance. However, an increase in GAAP expenses was a headwind.

Net income attributable to Blackstone was $764.2 million, surging 72% from the year-ago quarter.

BX’s Segment Revenues Increase, GAAP Expenses Rise

Total segment revenues for the reported quarter were $3.07 billion, which jumped 22% year over year. The top line beat the Zacks Consensus Estimate of $2.75 billion. On a GAAP basis, revenues were $3.71 billion, growing 33%.

Total expenses (GAAP basis) were $1.93 billion, which rose 18% year over year.

As of June 30, 2025, Blackstone had $10.6 billion in total cash, cash equivalents and corporate treasury investments, and $20.5 billion in cash and net investments. The company has a $3.6-billion undrawn credit revolver.

Blackstone’s AUM Balance Rises

Fee-earning AUM grew 10% year over year to $887.1 billion as of June 30, 2025.

The total AUM amounted to $1.21 trillion, up 13%. The rise in total AUM was primarily driven by $52.1 billion in inflows in the reported quarter.

As of June 30, 2025, the undrawn capital available for investment was $181.2 billion.

BX’s Share Repurchase Update

During the reported quarter, Blackstone repurchased 0.2 million shares. 

As of June 30, 2025, $1.4 billion worth of buyback authorization remained available.

Our Take on Blackstone

Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
 

Blackstone Inc. Price, Consensus and EPS Surprise

Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote

Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Performance of Blackstone’s Peers

BlackRock’s BLK second-quarter 2025 adjusted earnings of $12.05 per share handily surpassed the Zacks Consensus Estimate of $10.66. The figure reflects a rise of 16% from the year-ago quarter.

BLK’s results benefited from a rise in revenues. AUM witnessed robust growth, reaching a record high of $12.52 trillion, driven by net inflows, market appreciation, and a favorable foreign exchange impact. However, higher expenses acted as a headwind.

Invesco’s IVZ second-quarter 2025 adjusted earnings of 36 cents per share lagged the Zacks Consensus Estimate of 40 cents. Moreover, the bottom line declined 16.3% from the prior-year quarter.

The results were adversely impacted by higher adjusted operating expenses. However, a rise in adjusted net revenues was a tailwind. An increase in the AUM balance due to solid inflows was also a positive for IVZ. 

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This article originally published on Zacks Investment Research (zacks.com).

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