Filing Flows › Blackstone (BX) › Q2 2025
Blackstone (BX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Blackstone (BX) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +33% from a year earlier and +13% from the quarter before. Operating margin was 47.9%, net earnings $764M (20.6% of revenue).
Blackstone, Q2 2025: revenue $3.7B (+33% year over year), operating margin 47.9%, net earnings $764M, operating cash flow $889M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7B | +13% | +33% |
| Operating profit | $1.8B | +28% | +53% |
| Net earnings | $764M | +24% | +72% |
| Operating cash flow | $889M | -20% | -23% |
| Free cash flow | $848M | -21% | -26% |
What changed
Revenue was $3.7B in Q2 2025, up 33% year over year and up 13% from the previous quarter.
Operating profit was $1.8B, a 47.9% margin (up 6.3 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 42% margin then. Total costs grew 18% against revenue growth of 33%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $0.76B, up 72% year over year. The effective tax rate was 15.1%.
Operating cash flow was $0.89B (down 23% year over year), 55% of net income including minority interests. Non-cash charges added back $0.31B of share-based compensation. Working capital and other items used $1.1B. Capital expenditures of $0.04B left free cash flow of $0.85B.
Questions
What was Blackstone's revenue in the second quarter 2025?
Blackstone (BX) reported revenue of $3.7B for the second quarter 2025 (Q2 2025), +33% from a year earlier and +13% from the quarter before.
Was Blackstone profitable in the second quarter 2025?
Operating profit was $1.8B (47.9% of revenue) and net earnings $764M.
Source: Blackstone 10-Q on SEC EDGAR.