Filing Flows › Blackstone (BX) › Q1 2025
Blackstone (BX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Blackstone (BX) reported revenue of $3.3B for the first quarter 2025 (Q1 2025), -11% from a year earlier and +7% from the quarter before. Operating margin was 42.4%, net earnings $615M (18.7% of revenue).
Blackstone, Q1 2025: revenue $3.3B (-11% year over year), operating margin 42.4%, net earnings $615M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +7% | -11% |
| Operating profit | $1.4B | -12% | -26% |
| Net earnings | $615M | -13% | -27% |
| Operating cash flow | $1.1B | +587% | +18% |
| Free cash flow | $1.1B | +622% | +17% |
What changed
Revenue was $3.3B in Q1 2025, down 11% year over year and up 7% from the previous quarter.
Operating profit was $1.4B, a 42.4% margin (down 9.0 points year over year). Total costs grew 6% against a revenue fall of 11%. Net earnings were $0.61B, down 27% year over year. The effective tax rate was 16.8%.
Operating cash flow was $1.1B (up 18% year over year), 92% of net income including minority interests. Non-cash charges added back $0.47B of share-based compensation. Working capital and other items used $0.57B. Capital expenditures of $0.03B left free cash flow of $1.1B.
Questions
What was Blackstone's revenue in the first quarter 2025?
Blackstone (BX) reported revenue of $3.3B for the first quarter 2025 (Q1 2025), -11% from a year earlier and +7% from the quarter before.
Was Blackstone profitable in the first quarter 2025?
Operating profit was $1.4B (42.4% of revenue) and net earnings $615M.
Source: Blackstone 10-Q on SEC EDGAR.