Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q4 of $2 billion, with distributable earnings of $2.2 billion or $1.75 per common share, and declared a dividend of $1.49 per share [3][4] - For the full year, distributable earnings increased 20% to $7.1 billion, while fee-related earnings rose 9% to $5.7 billion, and management fees grew 12% to $8 billion [31][27] - Assets under management (AUM) increased 13% year-over-year to approximately $1.3 trillion, marking a new industry record [5][31] Business Line Data and Key Metrics Changes - The infrastructure platform grew 40% year-over-year to $77 billion, with over $4 billion raised in Q4 [16] - BXMA reported a gross return of 13% for 2025, with net inflows of $6.3 billion, the highest in nearly 15 years [17] - In credit, total assets managed reached $520 billion, up 15% year-over-year, with inflows exceeding $140 billion in 2025 [19] Market Data and Key Metrics Changes - Private wealth fundraising increased 53% year-over-year to $43 billion, contributing to a total AUM growth of 16% in this segment [4][22] - The insurance channel's AUM grew 18% year-over-year to $271 billion, with significant demand for private credit solutions [20][21] - The individual investor channel's AUM tripled over the past five years, exceeding $300 billion [22] Company Strategy and Development Direction - Blackstone is focusing on thematic areas such as digital infrastructure, private credit, and life sciences, with a strong emphasis on AI-driven investment opportunities [8][10] - The firm is well-positioned to benefit from the ongoing AI and power investment mega cycle, with nearly $200 billion of dry powder available for future investments [12][10] - The company anticipates a resurgence in capital markets activity, with IPO and M&A activities accelerating [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate geopolitical uncertainties and a complex operating environment, citing strong operating fundamentals [7][12] - The outlook for 2026 is optimistic, with expectations for continued growth in management fees and net realizations, driven by a favorable investment environment [35][36] - Management highlighted the importance of investment performance, with strong returns across various funds, particularly in infrastructure and corporate private equity [31][33] Other Important Information - Blackstone's fundraising success has led to a significant increase in AUM, with a record level of inflows in Q4 [4][5] - The firm has executed multiple privatizations and investments, including a notable $18 billion acquisition in the medical technology sector [8][9] - The company is actively innovating in the private wealth market, expecting 2026 to be a busy year for product launches [24] Q&A Session Summary Question: What sectors and industries will you be leaning into for the record IPO pipeline? - The focus will be primarily on the corporate space, particularly energy and electricity sectors, with expectations for increased activity in India and some real estate opportunities [38] Question: How is AI being deployed across portfolio companies? - AI is enhancing productivity in software engineering and customer engagement, with early positive impacts observed in various operational areas [41] Question: What is the outlook for direct lending in both wealth and institutional markets? - Institutional confidence remains strong, while the wealth side has seen some redemptions; however, performance metrics are healthy, and inflows have been positive recently [46][48] Question: How does the firm plan to maintain growth and preserve culture as it scales? - The firm emphasizes a strong commitment to delivering for customers and maintaining a performance-driven culture, which is crucial as it continues to grow [62]

Core Insights - Investment in developing artificial intelligence (AI) is identified as the primary driver of economic growth in the United States according to executives at Blackstone, a leading alternative asset manager [1] Group 1: Economic Impact - The focus on AI investment is expected to significantly enhance productivity and innovation across various sectors, contributing to overall economic expansion [1] - Blackstone executives emphasize that AI will play a crucial role in shaping the future of industries and driving competitive advantages [1] Group 2: Industry Trends - The trend towards AI investment is not limited to technology companies but is spreading across multiple industries, indicating a broad recognition of its potential benefits [1] - Companies are increasingly allocating resources towards AI development to stay relevant and competitive in the evolving market landscape [1]

分组1 - Blackstone Inc. reported quarterly earnings of $1.75 per share, exceeding the Zacks Consensus Estimate of $1.52 per share, and showing an increase from $1.69 per share a year ago, resulting in an earnings surprise of +15.17% [1] - The company achieved revenues of $3.94 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 8.55%, although this is a decrease from $4.15 billion in the same quarter last year [2] - Blackstone Inc. has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance in earnings [2] 分组2 - The stock has underperformed the market, losing about 4.8% since the beginning of the year, while the S&P 500 has gained 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $1.44 on revenues of $3.67 billion, and for the current fiscal year, it is $6.46 on revenues of $15.98 billion [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 39% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

Blackstone Reports Fourth Quarter and Full Year 2025 Results New York, January 29, 2026: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2025 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone's extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter — the highest in over three years. Our focus on investing at massive scale in the buildout of ...

Core Viewpoint - Blackstone, the world's largest private equity firm, is preparing to launch a series of long-term investment projects for public listing to capitalize on the current active market environment and exit some of its existing investments [1] Group 1 - Blackstone's President, Jonathan Gray, announced that the firm is ready for one of the largest IPO reserves in history, aimed at exiting successful investments and returning capital to clients [1] - The market is characterized by sufficient liquidity and a positive attitude, indicating that it can accommodate the public listings of the companies in which Blackstone has invested [1] - The trading environment appears to have reached a state of accelerated development, suggesting favorable conditions for IPOs [1]

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

格隆汇1月29日｜黑石集团(BX.US)美股盘前涨1.1%，四季度利润和收入超出预期。 ...

格隆汇1月29日｜黑石集团(BX.US)：四季度末总资产规模为1.275万亿美元，市场预期为1.273万亿美 元；营收43.6亿美元，预期为37.2亿美元；可分配收益为每股1.75美元，每股收益为1.30美元。四季度资 金流入714.8亿美元，为三年多来最高水平。 ...

Core Viewpoint - Blackstone, the world's largest alternative asset manager, exceeded Wall Street expectations for fourth-quarter profit due to increased dealmaking activity and growth in its investment portfolio [1] Group 1: Financial Performance - Blackstone reported a strong fourth-quarter profit, surpassing analysts' forecasts [1] - The company benefited from heightened dealmaking activity, which contributed significantly to its financial results [1] Group 2: Growth Drivers - The growth in Blackstone's investment portfolio was a key factor in its financial performance [1] - Increased dealmaking activity indicates a robust market environment, which may continue to support future growth for the company [1]

Financial Performance - Blackstone reported a GAAP Net Income of $2.0 billion for Q4 2025 and $6.0 billion for the full year 2025, with Net Income Attributable to Blackstone Inc. at $1.0 billion for the quarter and $3.0 billion for the year[12]. - Total Revenues for Q4 2025 were $4.36 billion, a 41.5% increase from $3.08 billion in Q4 2024, while full year revenues rose to $14.45 billion from $13.23 billion, marking a 9.2% increase[13]. - Distributable Earnings (DE) for Q4 2025 were $2.2 billion ($1.75/share), with annual DE totaling $7.1 billion ($5.57/share), reflecting a 19% increase year-over-year[15]. - Fee Related Earnings (FRE) for Q4 2025 were $1.5 billion ($1.25/share), while for the full year, FRE was $5.7 billion ($4.67/share)[15]. - The actual dividend per common share for Q4 2025 was $1.49, a 3% increase from the previous quarter, with a full-year total of $4.74, reflecting a 20% increase compared to FY 2024[80]. - Distributable Earnings for FY 2025 were $7,110,864, up from $5,966,742 in FY 2024, representing a 19.2% growth[87]. - Adjusted EBITDA for FY 2025 reached $8,397,293, an increase from $7,220,112 in FY 2024, indicating a 16.3% rise[87]. Assets Under Management (AUM) - Blackstone achieved inflows of $71.5 billion in Q4 2025 and $239.4 billion for the full year, with total Assets Under Management (AUM) reaching $1.27 trillion[15]. - Total Assets Under Management (AUM) increased to $1,274.9 billion, up 13% year-over-year[30]. - Fee-Earning AUM reached $921.7 billion, an 11% increase year-over-year[30]. - Invested Performance Eligible AUM was $624.2 billion, up 11% year-over-year[33]. - Total Dry Powder available for future investments was $198.3 billion[33]. Capital Deployment and Realizations - The company deployed $42.2 billion in capital during Q4 2025 and $138.2 billion for the full year, with realizations of $46.1 billion in Q4 and $125.6 billion for the year[15]. - Capital deployed in the quarter was $42.2 billion, with a total of $138.2 billion for the year[27]. - Realizations amounted to $46.1 billion in the quarter and $125.6 billion for the year[27]. Shareholder Returns - Blackstone repurchased 0.2 million common shares in Q4 2025 and 0.8 million shares for the full year, distributing $2.0 billion to shareholders in Q4 and $6.2 billion for the year through dividends and share repurchases[15]. - The company declared a quarterly dividend of $1.49 per share, payable on February 17, 2026, with total dividends for the year amounting to $4.74 per share[15]. Investment Performance - Investment performance for Infrastructure was particularly strong, with a gross return of 8.4% in Q4 2025 and 23.5% for the full year[20]. - Corporate Private Equity appreciated 5.0% in the quarter and 13.8% for the year[44]. - Private Equity AUM increased 18% to $416.4 billion, with inflows of $20.3 billion in the quarter[44]. Debt and Liquidity - As of December 31, 2025, Blackstone reported a total cash, cash equivalents, corporate treasury, and other investments of $11.3 billion, with cash and net investments amounting to $20.9 billion or $17.05 per share[58]. - Blackstone's outstanding debt at par was $12.447 billion as of December 31, 2025[57]. - The company maintained A+/A+ ratings from S&P and Fitch, supported by a $4.3 billion credit revolver maturing in October 2030[58]. Market Activity and Future Outlook - The company plans to continue focusing on expanding its market presence and enhancing its product offerings through strategic investments and acquisitions[106]. - The company anticipates that current market activity will affect reported results in upcoming quarters, particularly in the Secondaries business[112]. - Blackstone's infrastructure-focused funds, including BIP and BXINFRA, are part of the metrics reported for Infrastructure appreciation[112]. Segment Performance - Total Segment Distributable Earnings for 4Q'25 were $2.5 billion, with $7.9 billion for the full year[38]. - Total Segment Realized Performance Revenues for Q4'25 are expected to reach $2,062,219, compared to $1,859,291 in Q4'24, indicating a growth of about 10.9%[105]. - Total Segment Fee Related Performance Revenues for Q4'25 are expected to be $1,057,432, compared to $865,080 in Q4'24, marking an increase of approximately 22.2%[106]. Compensation and Expenses - Compensation and benefits expenses rose to $1,536,400 in Q4 2025, a 47.9% increase from $1,039,203 in Q4 2024[86]. - Total Segment Compensation for FY'25 is anticipated to be $5,243,567, an increase from $4,854,032 in FY'24, marking a growth of around 8%[106]. - GAAP General, Administrative and Other Operating Expenses for FY'25 are projected to be $1,524,548, up from $1,361,909 in FY'24, indicating an increase of about 11.9%[106].