Balance Sheet Blackstone Inc.

Equities

BX

US09260D1072

Investment Management & Fund Operators

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06/06	Apollo, Blackstone Finalize $35 Billion Financing Package for Anthropic	MT
06/06	Redemption Caps Show Private-Credit 'Operating As Intended' -- Market Talk	DJ

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Published financial data: BLACKSTONE INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Interest and Dividend Income, Total	16Cr	27Cr	52Cr	41Cr	42Cr
Interest Expense, Total	20Cr	32Cr	43Cr	44Cr	51Cr
Net Interest Income	-3.76Cr	-4.56Cr	8.46Cr	-3.25Cr	-9.22Cr
Trading and Principal Transactions	246Cr	-71Cr	-30Cr	71Cr	95Cr
Asset Management Fee	542.47Cr	682.84Cr	736.64Cr	815.31Cr	905.38Cr
Gain (Loss) on Sale of Investments, Total (Rev)	1.43TCr	194.66Cr	53Cr	382.92Cr	430.53Cr
Other Revenues, Total	-	-	-	-	-
Revenues Before Provison For Loan Losses	2.22TCr	801.59Cr	768.39Cr	1.27TCr	1.42TCr
Total Revenues	2.22TCr	801.59Cr	768.39Cr	1.27TCr	1.42TCr
Salaries And Other Employee Benefits	216.2Cr	256.98Cr	331.3Cr	499.41Cr	562.05Cr
Cost of Services Provided, Total	711.64Cr	208.6Cr	123.63Cr	138.16Cr	157.38Cr
Total Operating Expenses	927.83Cr	465.58Cr	454.93Cr	637.56Cr	719.43Cr
Operating Income	1.29TCr	336.01Cr	313.46Cr	628.69Cr	701.85Cr
Currency Exchange Gains (Loss)	20Cr	18Cr	-9.47Cr	12Cr	-27Cr
Other Non Operating Income (Expenses)	46Cr	2.39Cr	-2.54Cr	5.02Cr	42Cr
EBT, Excl. Unusual Items	1.36TCr	356.69Cr	301.45Cr	645.95Cr	717.16Cr
Gain (Loss) on Sale of Investments	-	-11Cr	-5.68Cr	-	-
EBT, Incl. Unusual Items	1.36TCr	346.18Cr	295.77Cr	645.95Cr	717.16Cr
Income Tax Expense	118.44Cr	47Cr	51Cr	102.17Cr	112.5Cr
Earnings From Continuing Operations	1.24TCr	298.89Cr	244.43Cr	543.78Cr	604.66Cr
Net Income to Company	1.24TCr	298.89Cr	244.43Cr	543.78Cr	604.66Cr
Minority Interest	-651.76Cr	-124.13Cr	-105.34Cr	-266.13Cr	-302.74Cr
Net Income - (IS)	585.74Cr	174.76Cr	139.09Cr	277.65Cr	301.92Cr
Net Income to Common Incl Extra Items	585.74Cr	174.76Cr	139.09Cr	277.65Cr	301.92Cr
Net Income to Common Excl. Extra Items	585.74Cr	174.76Cr	139.09Cr	277.65Cr	301.92Cr
Per Share Items
Net EPS - Basic	8	2.35	1.84	3.62	3.87
Basic EPS - Continuing Operations	8	2.35	1.84	3.62	3.87
Basic Weighted Average Shares Outstanding	73Cr	74Cr	76Cr	77Cr	78Cr
Net EPS - Diluted	8	2.35	1.84	3.62	3.87
Diluted EPS - Continuing Operations	8	2.35	1.84	3.62	3.87
Diluted Weighted Average Shares Outstanding	73Cr	74Cr	76Cr	77Cr	78Cr
Normalized Basic EPS	2.67	1.33	1.1	1.8	1.87
Normalized Diluted EPS	2.67	1.33	1.1	1.79	1.86
Dividend Per Share	4.06	4.4	3.35	3.95	4.74
Payout Ratio	-	208.7	178.18	94.69	120.42
Supplemental Items
Total Revenues (As Reported)	2.26TCr	851.77Cr	802.28Cr	1.32TCr	1.45TCr
Effective Tax Rate - (Ratio)	8.73	13.66	17.36	15.82	15.69
Current Domestic Taxes	66Cr	76Cr	55Cr	55Cr	54Cr
Current Foreign Taxes	5.54Cr	7.59Cr	11Cr	13Cr	14Cr
Total Current Taxes	72Cr	83Cr	66Cr	67Cr	68Cr
Deferred Domestic Taxes	47Cr	-36Cr	-14Cr	35Cr	45Cr
Deferred Foreign Taxes	-26.54L	-30.48L	-70.2L	-5L	-38.23L
Total Deferred Taxes	46Cr	-36Cr	-15Cr	35Cr	44Cr
Normalized Net Income	195.7Cr	99Cr	83Cr	137.59Cr	145.49Cr
Supplemental Operating Expense Items
Stock-Based Comp., COGS (Total)	82.74L	99.2L	-	-	-
Stock-Based Comp., G&A Exp. (Total)	55Cr	77Cr	96Cr	115.91Cr	144.32Cr
Stock-Based Comp., Other (Total)	7.79Cr	6.43Cr	2.81Cr	93.13L	21.06L
Total Stock-Based Compensation	64Cr	85Cr	99Cr	116.84Cr	144.54Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	211.97Cr	425.2Cr	295.59Cr	197.21Cr	263.12Cr
Securities Purchased Under Agreements To Resell	-	-	-	-	-
Accounts Receivable, Total	351.99Cr	334.48Cr	363.89Cr	404.97Cr	504.78Cr
Other Receivables	177.35Cr	126.48Cr	102.09Cr	159.75Cr	160.14Cr
Gross Property Plant And Equipment	131.24Cr	164.53Cr	177.87Cr	182.81Cr	171Cr
Accumulated Depreciation	-28Cr	-34Cr	-39Cr	-48Cr	-43Cr
Net Property Plant And Equipment	103.36Cr	130.87Cr	138.41Cr	134.49Cr	127.86Cr
Goodwill	189.02Cr	189.02Cr	189.02Cr	189.02Cr	189.02Cr
Other Intangibles, Total	28Cr	22Cr	20Cr	17Cr	13Cr
Investment In Debt and Equity Securities	2.86TCr	2.75TCr	944.7Cr	1.09TCr	1.27TCr
Trading Asset Securities, Total	15Cr	20Cr	17Cr	18Cr	13Cr
Restricted Cash	8Cr	24Cr	32Cr	20Cr	22Cr
Other Current Assets, Total	9.24Cr	17Cr	21Cr	19Cr	32Cr
Deferred Tax Assets Long-Term (Collected)	158.16Cr	206.27Cr	233.14Cr	200.39Cr	205.62Cr
Other Long-Term Assets, Total	7.36Cr	11Cr	1.67TCr	1.9TCr	1.97TCr
Total Assets	4.12TCr	4.25TCr	4.03TCr	4.35TCr	4.77TCr
Liabilities
Accounts Payable, Total	74Cr	92Cr	140.63Cr	146.23Cr	131.61Cr
Accrued Expenses, Total	790.51Cr	610.18Cr	524.78Cr	608.77Cr	641.14Cr
Short-Term Borrowings	21Cr	18Cr	65Cr	107.58Cr	125.15Cr
Current Portion of Long-Term Debt	-	40Cr	-	32Cr	71Cr
Current Portion of Leases	12Cr	14Cr	16Cr	18Cr	16Cr
Long-Term Debt	774.82Cr	1.19TCr	1.13TCr	1.1TCr	1.17TCr
Long-Term Leases	79Cr	88Cr	83Cr	79Cr	70Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	2.78Cr	38.25L	38.86L	19.16L	19.78L
Other Non Current Liabilities	195.36Cr	227.21Cr	260.58Cr	306.05Cr	354.06Cr
Total Liabilities	1.95TCr	2.28TCr	2.22TCr	2.4TCr	2.58TCr
Common Stock, Total	7T	7T	7T	7T	7T
Additional Paid In Capital	579.47Cr	593.53Cr	617.52Cr	744.46Cr	847.99Cr
Retained Earnings	364.78Cr	174.81Cr	66Cr	81Cr	19Cr
Comprehensive Income and Other	-1.96Cr	-2.75Cr	-1.91Cr	-4.03Cr	-60.08L
Total Common Equity	942.29Cr	765.59Cr	681.68Cr	821.23Cr	866.55Cr
Minority Interest	1.23TCr	1.2TCr	1.13TCr	1.13TCr	1.32TCr
Total Equity	2.17TCr	1.97TCr	1.81TCr	1.95TCr	2.19TCr
Total Liabilities And Equity	4.12TCr	4.25TCr	4.03TCr	4.35TCr	4.77TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	73Cr	74Cr	76Cr	77Cr	78Cr
ECS Total Common Shares Outstanding	73Cr	74Cr	76Cr	77Cr	78Cr
Book Value / Share	12.87	10.31	8.99	10.68	11.06
Tangible Book Value	724.83Cr	554.84Cr	472.54Cr	615.69Cr	664.4Cr
Tangible Book Value Per Share	9.9	7.47	6.23	8.01	8.48
Total Debt	886.18Cr	1.35TCr	1.29TCr	1.34TCr	1.46TCr
Net Debt	659.67Cr	909.45Cr	982.17Cr	1.12TCr	1.18TCr
Equity Method Investments, Total	-	-	1.67TCr	1.89TCr	1.95TCr
Full Time Employees	3.8T	4.7T	4.74T	4.9T	5.28T

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	585.74Cr	174.76Cr	139.09Cr	277.65Cr	301.92Cr
Depreciation, Depletion & Amortization	5.22Cr	6.92Cr	9.41Cr	9.88Cr	9.9Cr
Amortization of Goodwill and Intangible Assets - (CF)	7.49Cr	6.71Cr	4.01Cr	3.6Cr	3.6Cr
Total Depreciation, Depletion & Amortization	13Cr	14Cr	13Cr	13Cr	14Cr
(Gain) Loss on Sale of Investments - (CF)	-869.84Cr	-464.57Cr	-230.59Cr	-466Cr	-530.83Cr
Stock-Based Compensation (CF)	679.7Cr	177.76Cr	146.09Cr	311.03Cr	339.4Cr
Minority Interest in Earnings - (CF)	-	-	-	-	-
Change in Accounts Receivable	29Cr	18Cr	24Cr	-7.83Cr	-21Cr
Change in Accounts Payable	15Cr	15Cr	-4.03Cr	19Cr	51Cr
Change in Other Net Operating Assets (Collected)	175.01Cr	372.74Cr	136.38Cr	26Cr	83Cr
Other Operating Activities	-228.77Cr	326.61Cr	181.57Cr	174.63Cr	228.92Cr
Cash from Operations	398.6Cr	633.63Cr	405.69Cr	348.17Cr	466.32Cr
Capital Expenditure	-6.43Cr	-24Cr	-22Cr	-6.14Cr	-12Cr
Cash Acquisitions	-	-	-54.2L	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-6.43Cr	-24Cr	-23Cr	-6.14Cr	-12Cr
Long-Term Debt Issued, Total	222.25Cr	352.15Cr	49Cr	74Cr	281.37Cr
Total Debt Issued	222.25Cr	352.15Cr	49Cr	74Cr	281.37Cr
Long-Term Debt Repaid, Total	-	-28Cr	-50Cr	-10Cr	-181.31Cr
Total Debt Repaid	-	-28Cr	-50Cr	-10Cr	-181.31Cr
Repurchase of Common Stock	-127.28Cr	-47Cr	-42Cr	-66Cr	-31Cr
Common Dividends Paid	-	-364.73Cr	-247.83Cr	-262.92Cr	-363.57Cr
Common & Preferred Stock Dividends Paid	-	-364.73Cr	-247.83Cr	-262.92Cr	-363.57Cr
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-472.64Cr	-292.2Cr	-215.01Cr	-184.93Cr	-93Cr
Cash from Financing	-377.66Cr	-379.45Cr	-505.39Cr	-450.16Cr	-387.88Cr
Foreign Exchange Rate Adjustments	-98.06L	-1.23Cr	49.88L	-1.46Cr	98.37L
Net Change in Cash	14Cr	229.4Cr	-122.17Cr	-109.59Cr	68Cr
Supplemental Items
Cash Interest Paid	19Cr	26Cr	40Cr	41Cr	46Cr
Cash Income Tax Paid (Refund)	70Cr	68Cr	57Cr	65Cr	56Cr
Net Debt Issued / Repaid	222.25Cr	324.08Cr	-74.85L	64Cr	100.07Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	36.69	7.14	5.9	12.98	13.26
Return On Equity %	68.19	14.44	12.95	28.95	29.23
Return on Common Equity	72.88	20.47	19.22	36.95	35.78
Margin Analysis
Gross Profit Margin %	72.1	87.99	100	100	100
SG&A Margin	13.93	46.07	59.21	50.35	50.62
Income From Continuing Operations Margin %	55.8	37.29	31.81	42.94	42.54
Net Income Margin %	26.41	21.8	18.1	21.93	21.24
Net Avail. For Common Margin %	26.41	21.8	18.1	21.93	21.24
Normalized Net Income Margin	8.82	12.33	10.81	10.87	10.24
Asset Turnover
Asset Turnover	0.66	0.19	0.19	0.3	0.31
Short Term Liquidity
Current Ratio	0.86	1.22	1.11	0.9	1.01
Quick Ratio	0.84	1.17	1.04	0.86	0.96
Operating Cash Flow to Current Liabilities	0.44	0.82	0.54	0.38	0.47
Long Term Solvency
Total Debt/Equity	40.83	68.84	71.64	68.54	66.53
Total Debt / Total Capital	28.99	40.77	41.74	40.67	39.95
LT Debt/Equity	39.33	65.18	67.11	60.49	56.83
Long-Term Debt / Total Capital	27.92	38.61	39.1	35.89	34.12
Total Liabilities / Total Assets	47.31	53.72	55.13	55.15	54.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	258.32	-63.85	-4.14	64.79	12.24
Gross Profit, 1 Yr. Growth %	193.04	-55.88	-4.14	64.79	12.24
Earnings From Cont. Operations, 1 Yr. Growth %	447.2	-75.85	-18.22	122.47	11.2
Net Income, 1 Yr. Growth %	460.32	-70.16	-20.41	99.62	8.74
Normalized Net Income, 1 Yr. Growth %	366.17	-49.51	-15.93	65.63	5.74
Diluted EPS Before Extra, 1 Yr. Growth %	438.83	-70.59	-22.02	96.74	6.91
Common Equity, 1 Yr. Growth %	41.65	-18.75	-10.96	20.47	5.52
Total Assets, 1 Yr. Growth %	56.82	3.22	-5.26	7.9	9.75
Tangible Book Value, 1 Yr. Growth %	64.64	-23.45	-14.83	30.29	7.91
Cash From Operations, 1 Yr. Growth %	105.89	58.96	-35.97	-14.18	33.93
Capital Expenditures, 1 Yr. Growth %	-42.4	266.16	-4.78	-72.61	88.41
Dividend Per Share, 1 Yr. Growth %	79.65	8.37	-23.86	17.91	20
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	77.25	13.81	-41.14	25.69	36
Gross Profit, 2 Yr. CAGR %	65.87	13.7	-41.14	25.69	36
Earnings From Cont. Operations, 2 Yr. CAGR %	78.91	14.96	-55.56	34.88	57.28
Net Income, 2 Yr. CAGR %	69.05	29.3	-51.27	26.04	47.33
Normalized Net Income, 2 Yr. CAGR %	85.3	53.41	-34.85	18	32.34
Diluted EPS Before Extra, 2 Yr. CAGR %	62.47	25.88	-52.43	23.86	45.03
Common Equity, 2 Yr. CAGR %	15.94	7.28	-14.95	3.57	12.75
Total Assets, 2 Yr. CAGR %	12.44	27.23	-1.11	1.11	8.82
Tangible Book Value, 2 Yr. CAGR %	23.63	12.26	-19.26	5.34	18.58
Cash From Operations, 2 Yr. CAGR %	42.49	80.91	0.89	-25.87	7.21
Capital Expenditures, 2 Yr. CAGR %	3.29	45.23	86.72	-48.94	-28.17
Dividend Per Share, 2 Yr. CAGR %	44.29	39.53	-9.16	-5.25	18.95
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	54.64	4.33	7.48	-17.04	21.03
Gross Profit, 3 Yr. CAGR %	48	6.67	12.09	-17.04	21.03
Earnings From Cont. Operations, 3 Yr. CAGR %	55.94	-8.22	2.62	-23.97	26.47
Net Income, 3 Yr. CAGR %	56.04	-5.18	9.99	-22.03	19.99
Normalized Net Income, 3 Yr. CAGR %	60.44	20.13	25.54	-11.08	13.77
Diluted EPS Before Extra, 3 Yr. CAGR %	52.42	-8.09	7.41	-23.64	17.93
Common Equity, 3 Yr. CAGR %	13.89	2.98	0.82	-4.48	4.22
Total Assets, 3 Yr. CAGR %	12.51	9.28	15.32	1.81	3.91
Tangible Book Value, 3 Yr. CAGR %	21.5	5.37	2.39	-5.29	6.19
Cash From Operations, 3 Yr. CAGR %	343.34	47.78	27.97	-4.41	-9.71
Capital Expenditures, 3 Yr. CAGR %	51.83	57.5	26.17	-1.53	-21.09
Dividend Per Share, 3 Yr. CAGR %	29.95	31.16	14.02	-0.91	2.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	34.74	2.9	5.08	12.4	18.09
Gross Profit, 5 Yr. CAGR %	31.11	5.27	9.27	16.86	21.11
Earnings From Cont. Operations, 5 Yr. CAGR %	40.64	-2.4	-5.62	7.06	21.74
Net Income, 5 Yr. CAGR %	41.32	3.5	-2.04	6.26	23.63
Normalized Net Income, 5 Yr. CAGR %	47.72	8.07	11.88	19.27	28.22
Diluted EPS Before Extra, 5 Yr. CAGR %	38.64	1.26	-4.03	3.61	21.12
Common Equity, 5 Yr. CAGR %	7.84	2.91	1.34	3.22	5.43
Total Assets, 5 Yr. CAGR %	9.3	4.32	6.85	5.93	12.68
Tangible Book Value, 5 Yr. CAGR %	10.1	4.53	3.18	5.36	8.58
Cash From Operations, 5 Yr. CAGR %	114.11	31.26	145.23	12.14	19.22
Capital Expenditures, 5 Yr. CAGR %	24.13	57.44	64.92	0.37	0.72
Dividend Per Share, 5 Yr. CAGR %	21.71	10.26	12.61	15.16	15.97