BX's Q4 Earnings Beat as AUM Touches Record High on Solid Inflows

Blackstone’s BX fourth-quarter 2025 distributable earnings of $1.75 per share handily surpassed the Zacks Consensus Estimate of $1.52. The figure rose 4% from the prior-year quarter.

Results benefited from a rise in assets under management (AUM) balance. However, a decrease in quarterly segment revenues and higher GAAP expenses were the undermining factors.

Net income attributable to Blackstone was $1.02 billion, soaring 44% from the year-ago quarter.

For 2025, distributable earnings per share of $5.57 beat the consensus estimate of $5.34 and grew 20% year over year. Net income attributable to Blackstone was $3.02 billion, up 9%.

BX’s Segment Revenues Fall, GAAP Expenses Rise

Total segment revenues for the reported quarter were $3.94 billion, down 4% year over year. The top line beat the Zacks Consensus Estimate of $3.61 billion. On a GAAP basis, revenues were $4.36 billion, which jumped 41%.

For 2025, total segment revenues of $13.08 billion increased 12%. The top line surpassed the consensus estimate of $12.54 billion.

Total expenses (GAAP basis) were $2.12 billion, surging 42% year over year.

As of Dec. 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents and corporate treasury investments, and $20.9 billion in cash and net investments. The company has a $4.3-billion credit revolver.

Blackstone’s AUM Balance Rises

Fee-earning AUM grew 11% year over year to $921.7 billion as of Dec. 31, 2025.

The total AUM amounted to $1.27 trillion, up 13%. The rise in total AUM was primarily driven by $71.5 billion in inflows in the reported quarter.

As of Dec. 31, 2025, the undrawn capital available for investment was $198.3 billion.

BX’s Share Repurchase Update

During the reported quarter, Blackstone repurchased 0.2 million shares. 

As of Dec. 31, 2025, $1.7 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 likely 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 of Blackstone’s Peers

BlackRock’s BLK fourth-quarter 2025 adjusted earnings of $13.16 per share handily surpassed the Zacks Consensus Estimate of $12.39. The figure reflects a 10.3% rise from the year-ago quarter.

Results benefited from a rise in revenues. BlackRock’s AUM balance witnessed robust year-over-year growth, reaching a record high of $14.04 trillion, driven by net inflows. However, higher expenses were a headwind.

Invesco’s IVZ fourth-quarter 2025 adjusted earnings of 62 cents per share surpassed the Zacks Consensus Estimate of 57 cents. The bottom line increased 19.2% from the prior-year quarter.

Results were aided by an increase in adjusted revenues. Also, growth in the AUM balance to record levels supported the results. However, an increase in adjusted operating expenses was a headwind for Invesco.

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

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