Filing Flows › Blackstone (BX) › Q4 2025
Blackstone (BX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Blackstone (BX) reported revenue of $4.4B for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and +41% from the quarter before. Operating margin was 51.3%, net earnings $1.0B (23.3% of revenue).
Blackstone, Q4 2025: revenue $4.4B (+41% year over year), operating margin 51.3%, net earnings $1.0B, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.4B | +41% | +41% |
| Operating profit | $2.2B | +67% | +41% |
| Net earnings | $1.0B | +62% | +44% |
| Operating cash flow | $1.1B | -33% | +562% |
| Free cash flow | $1.0B | -34% | +599% |
What changed
Revenue was $4.4B in Q4 2025, up 41% year over year and up 41% from the previous quarter.
Operating profit was $2.2B, a 51.3% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 51% reached operating profit, below the 51% margin then. Total costs grew 42% against revenue growth of 41%. The fastest-growing cost line was Other operating costs (+44%). Net earnings were $1.0B, up 44% year over year. The effective tax rate was 16.2%.
Operating cash flow was $1.1B (up 562% year over year), 54% of net income including minority interests. Non-cash charges added back $0.36B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.02B left free cash flow of $1.0B.
Questions
What was Blackstone's revenue in the fourth quarter 2025?
Blackstone (BX) reported revenue of $4.4B for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and +41% from the quarter before.
Was Blackstone profitable in the fourth quarter 2025?
Operating profit was $2.2B (51.3% of revenue) and net earnings $1.0B.
Source: Blackstone 10-K on SEC EDGAR.