Blackstone Q1 Earnings Beat, AUM Touches Record High on Solid Inflows

Blackstone’s BX first-quarter 2024 distributable earnings of $1.09 per share surpassed the Zacks Consensus Estimate of $1.04. The figure reflects a rise of 11% from the prior-year quarter.

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

Net income attributable to Blackstone was $614.9 million, down 27.1% from the year-ago quarter.

BX’s Segment Revenues Increase, GAAP Expenses Rise

Total segment revenues for the reported quarter were $2.76 billion, which grew 8% year over year. The top line beat the Zacks Consensus Estimate of $2.64 billion. On a GAAP basis, revenues were $3.29 billion, plunging 11% from the prior-year quarter.

Total expenses (GAAP basis) were $1.89 billion, which rose 6% year over year.

As of March 31, 2025, Blackstone had $9.8 billion in total cash, cash equivalents and corporate treasury investments, and $19.4 billion in cash and net investments. The company has a $3.4-billion undrawn credit revolver.

Blackstone’s AUM Balance Rises

Fee-earning AUM grew 10% year over year to $860.1 billion as of March 31, 2025.

The total AUM amounted to $1.17 trillion, up 10%. The rise in total AUM was primarily driven by $61.6 billion in inflows in the reported quarter.

As of March 31, 2025, the undrawn capital available for investment was $177.2 billion.

BX’s Share Repurchase Update

During the reported quarter, Blackstone repurchased 0.2 million shares. 

As of March 31, 2025, $1.6 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 (Strong Buy) stocks here.

Performance & Earnings Release Date of BX’s Peers

BlackRock’s BLK first-quarter 2025 adjusted earnings of $11.30 per share handily surpassed the Zacks Consensus Estimate of $10.43. The figure reflects a rise of 15% from the year-ago quarter. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

BLK’s results benefited from a rise in revenues. AUM witnessed robust growth and touched a record high of $11.58 trillion, driven by net inflows and favorable forex impact, partially offset by market depreciation. However, higher expenses and lower non-operating income were headwinds.

Invesco IVZ is scheduled to announce first-quarter 2025 numbers on April 22.

Over the past seven days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has remained unchanged at 39 cents. The figure implies an increase of 18.2% from the prior-year quarter.

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

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