Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q2 2025
Blackstone Real Estate Income Trust (BSTT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.0B for the second quarter 2025 (Q2 2025), -7% from a year earlier and -3% from the quarter before. Operating margin was 63.6%, net loss $569M (28.5% of revenue).
Blackstone Real Estate Income Trust, Q2 2025: revenue $2.0B (-7% year over year), operating margin 63.6%, net loss $569M, operating cash flow $609M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | -3% | -7% |
| Operating profit | $1.3B | +153% | — |
| Net earnings | −$569M | — | — |
| Operating cash flow | $609M | +6% | -7% |
| Free cash flow | $309M | -14% | -17% |
What changed
Revenue was $2.0B in Q2 2025, down 7% year over year and down 3% from the previous quarter. Rental Housing Properties: was the largest line at 63% of revenue. Rental Housing Properties: lost $0.11B year over year (down 8%), 68% of the total change.
Operating profit was $1.3B, a 63.6% margin (up 2.5 points year over year). Total costs fell 13% while revenue fell 7%. The quarter ended with a net loss of $0.57B, narrower than the previous quarter's $1.8B loss. Minority interests bore $0.08B of it: to shareholders the quarter was a loss of $0.49B. Net interest and other expense of $1.8B was the main reason.
Operating cash flow was $0.61B (down 7% year over year). Non-cash charges added back $0.81B of depreciation and amortization. Working capital and other items added $0.37B. Capital expenditures of $0.30B left free cash flow of $0.31B.
Questions
What was Blackstone Real Estate Income Trust's revenue in the second quarter 2025?
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.0B for the second quarter 2025 (Q2 2025), -7% from a year earlier and -3% from the quarter before.
Was Blackstone Real Estate Income Trust profitable in the second quarter 2025?
Operating profit was $1.3B (63.6% of revenue) and net loss $569M.
Source: Blackstone Real Estate Income Trust 10-Q on SEC EDGAR.