Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q4 2025
Blackstone Real Estate Income Trust (BSTT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +1% from the quarter before. Operating margin was 62.3%, net loss $525M (26.7% of revenue).
Blackstone Real Estate Income Trust, Q4 2025: revenue $2.0B (-6% year over year), operating margin 62.3%, net loss $525M, operating cash flow $564M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +1% | -6% |
| Operating profit | $1.2B | +18% | — |
| Net earnings | −$525M | — | — |
| Operating cash flow | $564M | +4% | +24% |
| Free cash flow | $200M | -0.8% | +34% |
What changed
Revenue was $2.0B in Q4 2025, down 6% year over year and up 1% from the previous quarter. Rental Housing Properties: was the largest line at 63% of revenue.
Operating profit was $1.2B, a 62.3% margin (down 0.4 points year over year). Total costs fell 5% while revenue fell 6%. The fastest-growing cost line was General & admin (+25%). The quarter ended with a net loss of $0.53B, narrower than the previous quarter's $0.71B loss. Minority interests bore $0.07B of it: to shareholders the quarter was a loss of $0.46B. Net interest and other expense of $1.7B was the main reason.
Operating cash flow was $0.56B (up 24% year over year). Non-cash charges added back $0.79B of depreciation and amortization. Working capital and other items added $0.30B. Capital expenditures of $0.36B left free cash flow of $0.20B.
Questions
What was Blackstone Real Estate Income Trust's revenue in the fourth quarter 2025?
Blackstone Real Estate Income Trust (BSTT) reported revenue of $2.0B for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and +1% from the quarter before.
Was Blackstone Real Estate Income Trust profitable in the fourth quarter 2025?
Operating profit was $1.2B (62.3% of revenue) and net loss $525M.
Source: Blackstone Real Estate Income Trust 10-K on SEC EDGAR.