Filing Flows › Blackstone (BX) › Q3 2025
Blackstone (BX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Blackstone (BX) reported revenue of $3.1B for the third quarter 2025 (Q3 2025), -16% from a year earlier and -17% from the quarter before. Operating margin was 43.3%, net earnings $625M (20.2% of revenue).
Blackstone, Q3 2025: revenue $3.1B (-16% year over year), operating margin 43.3%, net earnings $625M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | -17% | -16% |
| Operating profit | $1.3B | -25% | -24% |
| Net earnings | $625M | -18% | -20% |
| Operating cash flow | $1.6B | +80% | +31% |
| Free cash flow | $1.6B | +86% | +31% |
What changed
Revenue was $3.1B in Q3 2025, down 16% year over year and down 17% from the previous quarter.
Operating profit was $1.3B, a 43.3% margin (down 4.9 points year over year). Total costs fell 8% while revenue fell 16%. The fastest-growing cost line was General & admin (+13%). Net earnings were $0.62B, down 20% year over year. The effective tax rate was 14.5%.
Operating cash flow was $1.6B (up 31% year over year), 129% of net income including minority interests. Non-cash charges added back $0.30B of share-based compensation. Capital expenditures of $0.02B left free cash flow of $1.6B.
Questions
What was Blackstone's revenue in the third quarter 2025?
Blackstone (BX) reported revenue of $3.1B for the third quarter 2025 (Q3 2025), -16% from a year earlier and -17% from the quarter before.
Was Blackstone profitable in the third quarter 2025?
Operating profit was $1.3B (43.3% of revenue) and net earnings $625M.
Source: Blackstone 10-Q on SEC EDGAR.