BX's Q3 Earnings Beat as AUM Touches Record High on Solid Inflows

Core Insights - Blackstone's third-quarter 2025 distributable earnings reached $1.52 per share, exceeding the Zacks Consensus Estimate of $1.22, and reflecting a 50% increase from the previous year [1][8] - The company's total segment revenues for the quarter were $3.3 billion, a 36% year-over-year increase, surpassing the Zacks Consensus Estimate of $3.11 billion [2][8] - Blackstone's total assets under management (AUM) grew to $1.24 trillion, up 12% year-over-year, driven by $54.2 billion in inflows during the quarter [4][8] Financial Performance - Net income attributable to Blackstone was $624.7 million, a decrease of 20% from the same quarter last year [1] - On a GAAP basis, total revenues were reported at $3.09 billion, down 16% year-over-year, while total expenses decreased by 8% to $1.75 billion [2] Assets and Investments - As of September 30, 2025, Blackstone had $11.1 billion in total cash and cash equivalents, with $20.9 billion in cash and net investments [3] - The company had an undrawn credit revolver of $3.8 billion and $188.1 billion in undrawn capital available for investment [3][4] Shareholder Actions - During the reported quarter, Blackstone repurchased 0.2 million shares, with $1.7 billion remaining in buyback authorization as of September 30, 2025 [5] Market Position and Outlook - Blackstone is positioned for continued top-line growth, supported by rising AUM and strong fundraising capabilities, although high expenses and a challenging operating environment may impact profitability in the near term [6]