Blackstone's Net Income Soars 71.4% in Strong Second Quarter

Blackstone (NYSE:BX) announced its financial results for Q2 2025, reporting a significant increase in net income and revenue. The company’s net income reached $1.63 billion, marking a 71.4% increase from $948.36 million in Q2 2024. Total revenues for the quarter rose to $3.71 billion, up 32.7% from $2.80 billion in the same period last year. The reported basic earnings per share (EPS) for Q2 2025 was $0.98, missing the analyst estimate of $1.10. Revenue of $3.71 billion also fell short of the analyst estimate of $2.81 billion.

Key Performance Drivers

The strong performance was primarily driven by outstanding results across several key areas. The firm experienced a broader expansion across its business, particularly in private wealth, credit, and insurance, as well as infrastructure. Total assets under management (AUM) saw a 13% year-over-year increase, reaching over $1.2 trillion, setting a new industry record. Inflows for the quarter were robust at $52.1 billion, contributing to $211.8 billion over the last twelve months (LTM).

The company's investment performance showed strong appreciation across nearly all strategies, leading to higher Net Accrued Performance Revenues of $6.6 billion. Private Equity segment's Total AUM increased 18% to $388.9 billion, driven by inflows in Infrastructure, Corporate Private Equity Asia funds, and Secondaries. Corporate Private Equity appreciated 5.1% in the quarter and 17.2% over the LTM. Credit & Insurance also saw substantial growth, with Total AUM increasing 23% to $407.3 billion, fueled by inflows in global direct lending and infrastructure and asset-based credit strategies. Multi-Asset Investing's Total AUM grew 13% to $90.0 billion, with its Absolute Return Composite outperforming the HFRX Global Hedge Fund Index.

Management Commentary and Outlook

Stephen A. Schwarzman, Chairman and Chief Executive Officer, highlighted the outstanding second-quarter results, emphasizing the underlying expansion of the firm’s business and earnings power. He noted the significant growth in earnings despite a volatile market backdrop and the continued delivery of strong investment performance for limited partners, marked by the highest overall amount of fund appreciation in nearly four years. The company remains focused on strengthening the companies in which it invests to deliver compelling returns for both institutional and individual investors.

The company also declared a quarterly dividend of $1.03 per share, payable on August 11, 2025, to record holders as of August 4, 2025. Over the LTM, dividends amounted to $4.26 per common share, and the company repurchased 0.2 million common shares in the quarter and 1.7 million over the LTM.