Blackstone's Q4 Earnings Beat, Stock Gains as AUM Touches Record High

Earnings Performance - Blackstone's Q4 2024 distributable earnings per share were $1.69, beating the Zacks Consensus Estimate of $1.46 and reflecting a 52% YoY increase [1] - For full-year 2024, distributable earnings per share were $4.64, surpassing the consensus estimate of $4.41 and growing 17% YoY [3] - Net income attributable to Blackstone in Q4 2024 was $703.9 million, compared to $151.8 million in the prior-year quarter [2] - Full-year 2024 net income attributable to Blackstone was $2.78 billion, doubling from $1.39 billion in 2023 [3] Revenue and Expenses - Q4 2024 total segment revenues were $4.15 billion, a 64% YoY increase and beating the Zacks Consensus Estimate of $3.79 billion [4] - Full-year 2024 total segment revenues reached $11.65 billion, up 20% YoY and surpassing the consensus estimate of $11.28 billion [5] - GAAP basis revenues for 2024 were $13.23 billion, a 65% YoY increase [5] - Total GAAP expenses for 2024 were $1.5 billion, surging 59% YoY [5] Assets Under Management (AUM) - Fee-earning AUM grew 9% YoY to $830.71 billion as of Dec 31, 2024 [6] - Total AUM reached $1.13 trillion, up 8% YoY, driven by $57.5 billion in Q4 inflows [6] - Undrawn capital available for investment stood at $168.6 billion as of Dec 31, 2024 [6] Financial Position - As of Dec 31, 2024, Blackstone had $9.7 billion in total cash, cash equivalents, and corporate treasury investments [5] - The company held $19.1 billion in cash and net investments [5] - Blackstone maintained a $4.3 billion undrawn credit revolver [5] Share Repurchases - Blackstone repurchased 0.3 million shares during Q4 2024 [7] - As of Dec 31, 2024, $1.8 billion worth of buyback authorization remained available [7] Peer Performance - Invesco's Q4 2024 adjusted earnings per share were 52 cents, beating the consensus estimate of 49 cents and increasing 10.6% YoY [9] - BlackRock's Q4 2024 adjusted earnings per share were $11.93, surpassing the consensus estimate of $11.44 and reflecting a 23.5% YoY rise [10] - BlackRock's AUM reached $11.55 trillion, driven by net inflows, partially offset by market depreciation and negative forex impact [10]