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Blackstone cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.9B in Q3 2026 · $5.8B over twelve months

Operating cash flow$2.0B
Capital spending−$46.0M
Free cash flow+$1.9B
Cash / net income1.5×

Analysis

In Q3 2026, Blackstone generated $2.0B of operating cash flow and spent $46.0M on capital projects, leaving free cash flow of $1.9B. That is $343M more than in Q3 2025 ($1.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.0B; the largest uses were dividends ($6.7B), other financing ($333M), capital spending ($134M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.7B); the cash balance rose by $434M.

Operating cash flow was $2.0B against net income of $1.3B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: gains on investments −$574M, stock-based pay +$330M, payables +$290M.

Free cash flow

Blackstone: free cash flow by quarterBlackstone: free cash flow by quarter$150MQ4 2024$1.1BQ1 2025$848MQ2 2025$1.6BQ3 2025$1.0BQ4 2025$958MQ1 2026$1.9BQ2 2026$1.9BQ3 2026
Operating cash flow less capital spending.
Blackstone: operating cash flow against capital spendingBlackstone: operating cash flow against capital spendingOperating cash flowCapital spending$161M$11.9MQ4 2024$1.1B$29.3MQ1 2025$889M$40.1MQ2 2025$1.6B$23.9MQ3 2025$1.1B$22.4MQ4 2025$991M$33.4MQ1 2026$1.9B$32.0MQ2 2026$2.0B$46.0MQ3 2026
Latest (Q3 2026): Operating cash flow $2.0B, Capital spending $46.0M.

Capital allocation, year by year

Blackstone: where the cash came from (up) and went (down), by fiscal yearBlackstone: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $4.0BFY2021: Net borrowing $2.2BFY2021: Capital spending −$64.3MFY2021: Dividends −$4.6B$6.2BFY2021FY2022: Operating cash flow $6.3BFY2022: Net borrowing $3.2BFY2022: Capital spending −$235MFY2022: Dividends −$6.5B$9.6BFY2022FY2023: Operating cash flow $4.1BFY2023: Net borrowing −$7.5MFY2023: Capital spending −$224MFY2023: Acquisitions −$5.4MFY2023: Dividends −$4.3B$4.1BFY2023FY2024: Operating cash flow $3.5BFY2024: Net borrowing −$103MFY2024: Capital spending −$61.4MFY2024: Dividends −$4.4B$3.5BFY2024FY2025: Operating cash flow $4.7BFY2025: Net borrowing $1.0BFY2025: Capital spending −$116MFY2025: Dividends −$6.0B$5.7BFY2025
Over these 5 years operating cash flow totalled $22.5B; the largest uses were dividends ($25.8B) and capital spending ($701M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.0B
Debt$13.5B
Net debt$10.5B
Due within a year$705M

Blackstone funds itself: free cash flow was $5.8B over the last twelve months, and $3.0B of cash and investments stands against $13.5B of debt ($705M due within a year, 4.3× covered by cash).

Blackstone: debt maturities by year (FY2025)Blackstone: debt maturities by year (FY2025)$705MYear 1$900MYear 2$650MYear 3$705MYear 4$1.2BYear 5$8.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.0B of cash and investments now.

Where the cash came from and went

Blackstone: sources (+) and uses (−) of cash, Q3 2026Blackstone: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.0BDividends−$1.7BCash drawn (+) / kept (−)−$493MNet borrowing (+) / repaid (−)$230MPartners$136MOther financing−$109MCapital spending−$46.0MExchange rates$3.7M
Blackstone: sources (+) and uses (−) of cash, TTM to Q3 2026Blackstone: sources (+) and uses (−) of cash, TTM to Q3 2026Dividends−$6.7BOperating cash flow$6.0BNet borrowing (+) / repaid (−)$1.7BCash drawn (+) / kept (−)−$434MOther financing−$333MCapital spending−$134MPartners−$21.6MExchange rates−$9.4M

From profit to cash

Blackstone: net income to operating cash flow, Q3 2026Blackstone: net income to operating cash flow, Q3 2026Net income$1.3BStock-based pay$330MGains on investments−$574MOther non-cash−$125MReceivables$272MPayables$290MPrepaid and other assets−$1.1MOperating cash flow$2.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$2.0B−$46.0M−$1.7B$230M−$493M$1.9B
Q2 2026$1.9B−$32.0M−$1.5B−$65.8M−$62.9M$1.9B
Q1 2026$991M−$33.4M−$1.9B$852M$144M$958M
Q4 2025$1.1B−$22.4M−$1.6B$680M−$22.4M$1.0B
Q3 2025$1.6B−$23.9M−$1.3B$2.2M−$283M$1.6B
Q2 2025$889M−$40.1M−$1.2B−$645M$850M$848M
Q1 2025$1.1B−$29.3M−$1.9B$964M−$1.2B$1.1B
Q4 2024$161M−$11.9M−$1.1B$722M$358M$150M

Blackstone: income statement and cash flow

Blackstone, Q3 2026: revenue $3.1B (-0.8% year over year), operating margin 46.9%. The chart follows the revenue to costs, profit and cash.

Blackstone: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.