Blackstone reported strong fourth-quarter and record full-year 2025 results, driven by significant inflows and robust performance across its segments. The firm demonstrated effective capital deployment and realization strategies, leading to substantial growth in Assets Under Management and Distributable Earnings.
Total Revenues increased to $14.45 billion for FY2025, up 12% year-over-year.
positiveDistributable Earnings (DE) reached $7.1 billion for FY2025, a 19% increase year-over-year.
positiveTotal Assets Under Management (AUM) grew to $1.27 trillion, up 13% year-over-year.
positiveInflows of $239.4 billion for the year, the highest in over three years.
positiveFee Related Earnings (FRE) increased 9% to $5.7 billion for FY2025.
positiveFee Related Performance Revenues decreased 57% in Q4'25 and 15% for FY'25 compared to prior year periods.
attentionFee Related Compensation increased 21% in Q4'25 and 2% for FY'25, impacting Fee Related Earnings.
attentionOther Operating Expenses increased 21% in Q4'25 and 13% for FY'25.
attentionSegment Revenues for Private Equity decreased 42% in Q4'25 and increased 5% for FY'25.
attentionSegment Distributable Earnings for Private Equity decreased 41% in Q4'25.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Real Estate | N/A | — | — | — |
Private Equity | N/A | — | — | — |
Credit & Insurance | N/A | — | — | — |
Multi-Asset Investing | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Blackstone’s extraordinary fourth-quarter results capped a record year for the firm.
We delivered again for our limited partners, leading to $71 billion of inflows in the quarter — the highest in over three years.
Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.