BX (Blackstone Inc.) Stock Financials & Earnings | Market Cap Arena

BX (Blackstone Inc.) Stock Financials & Earnings | Market Cap Arena

BXBlackstone Inc.

Mkt Cap$133B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Revenue (TTM)$13.8B

Net Income (TTM)$3.0B

EPS (TTM)$3.88

Free Cash Flow (TTM)$4.5B

Gross Margin86.0%

Op. Margin51.9%

Net Margin21.8%

FCF Margin32.9%

P/S Ratio (TTM)9.6x

P/E Ratio (TTM)44.2x

YoY Rev Growth+21.6%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.4B	$1.3B	$258M
Q2 23	$2.6B	$2.5B	$1.4B
Q3 23	$2.2B	$2.1B	$1.1B
Q4 23	$1.2B	$1.1B	$155M
Q1 24	$3.2B	$3.0B	$1.9B
Q2 24	$2.4B	$2.3B	$1.2B
Q3 24	$3.0B	$2.9B	$1.8B
Q4 24	$2.8B	$2.7B	$1.6B
Q1 25	$2.9B	$2.8B	$1.5B
Q2 25	$3.7B	$3.6B	$1.9B
Q3 25	$2.8B	$2.7B	$1.4B
Q4 25	$4.4B	$2.8B	$2.4B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	27.2x	216.3x
Q2 23	20.1x	106.9x
Q3 23	17.0x	74.2x
Q4 23	17.9x	95.9x
Q1 24	14.5x	62.0x
Q2 24	14.8x	66.8x
Q3 24	13.6x	60.0x
Q4 24	11.7x	48.0x
Q1 25	11.9x	52.4x
Q2 25	10.7x	46.6x
Q3 25	10.9x	49.2x
Q4 25	9.6x	44.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$353M	$283M
Q2 23	$1.7B	$1.7B
Q3 23	$1.1B	$1.0B
Q4 23	$896M	$864M
Q1 24	$940M	$922M
Q2 24	$1.2B	$1.1B
Q3 24	$1.2B	$1.2B
Q4 24	$161M	$150M
Q1 25	$1.1B	$1.1B
Q2 25	$889M	$848M
Q3 25	$1.6B	$1.6B
Q4 25	$1.1B	$1.0B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$70M
Q2 23	$61M
Q3 23	$63M
Q4 23	$31M
Q1 24	$18M
Q2 24	$12M
Q3 24	$19M
Q4 24	$12M
Q1 25	$29M
Q2 25	$40M
Q3 25	$24M
Q4 25	$22M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-64.4%	+18.9%
Q2 23	+209.8%	+9.1%
Q3 23	+113.0%	+18.0%
Q4 23	-25.0%	+4.2%
Q1 24	+124.5%	+11.3%
Q2 24	-6.6%	+4.2%
Q3 24	+33.5%	+5.2%
Q4 24	+132.0%	+18.6%
Q1 25	-6.7%	+16.8%
Q2 25	+54.5%	+50.5%
Q3 25	-6.2%	+15.0%
Q4 25	+54.7%	+58.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	-$745M	-17.1%

OpEx Breakdown

Quarter	G&A
Q1 23	$322M
Q2 23	$307M
Q3 23	$318M
Q4 23	$290M
Q1 24	$374M
Q2 24	$318M
Q3 24	$344M
Q4 24	$345M
Q1 25	$344M
Q2 25	$361M
Q3 25	$394M
Q4 25	$448M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$2.8B	$0	$2.8B
Q2 23	$3.3B	$0	$3.3B
Q3 23	$3.0B	$0	$3.0B
Q4 23	$3.0B	$0	$3.0B
Q1 24	$2.5B	$0	$2.5B
Q2 24	$2.4B	$0	$2.4B
Q3 24	$2.4B	$0	$2.4B
Q4 24	$2.0B	$0	$2.0B
Q1 25	$2.4B	$0	$2.4B
Q2 25	$2.2B	$0	$2.2B
Q3 25	$2.4B	$0	$2.4B
Q4 25	$2.9B	$0	$2.9B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	747M	+0.5%
Q2 23	759M	+1.6%
Q3 23	758M	-0.1%
Q4 23	758M	+0.0%
Q1 24	760M	+0.3%
Q2 24	769M	+1.2%
Q3 24	768M	-0.1%
Q4 24	769M	+0.1%
Q1 25	772M	+0.5%
Q2 25	782M	+1.3%
Q3 25	782M	+0.0%
Q4 25	781M	-0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$9M	910
FY 15	$6M	790
FY 16	$2M	2K
FY 17	$3M	2K
FY 18	$2M	3K
FY 19	$2M	3K
FY 20	$2M	3K
FY 21	$4M	4K
FY 22	$2M	5K
FY 23	$2M	5K
FY 24	$2M	5K
FY 25	$3M	5K