Blackstone Group (BX) Q3 2025 10-Q Quarterly Report
Blackstone Group (BX) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 7, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Blackstone Group Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $3.09B Q3 2025, down 16% YoY from $3.66B Q3 2024, mainly due to $967.6M decrease in Investment Income (loss)
- • Net income $625M Q3 2025, down 20% YoY from $781M Q3 2024; operating margin approx. 20.2% Q3 2025 vs. 21.3% Q3 2024 (Income Before Taxes/Revenue)
- • Private Equity segment best performer: Distributable Earnings $871.5M Q3 2025, up 106% YoY from $423.8M; Fee Related Earnings up 68% to $491.4M
- • Real Estate segment weaker growth: Distributable Earnings $618.3M Q3 2025, up 14% YoY; Fee Related Earnings +10% but management fees flat to down slightly
- • Credit & Insurance segment steady: Distributable Earnings $416.2M Q3 2025, up 11% YoY; Fee Related Earnings +13% to $367.3M driven by base management fees and assets
- • Total Assets Under Management grew $30.5B QoQ to $1.24T as of Sept 30, 2025; Fee-Earning AUM increased $19.1B QoQ to $906.2B
- • Issued $1.2B in senior notes in Nov 2025 for general corporate purposes; amended $4.3B revolving credit facility extending maturity to 2030
- • Outlook: management cites improving capital markets, increased deal activity especially in Private Equity; expects continued momentum but acknowledges potential credit defaults and competitive pressures in private credit
Risk Factors
- • No new or updated risk factors disclosed since the 2024 10-K
- • Material market and geopolitical risk flagged, referencing worsening conditions impacting revenue, earnings, and cash flow
- • Legal and regulatory risks not specifically updated or quantified in this quarterly filing
- • Operational and competitive risks carried forward, tied to challenging financial market environment
- • Financial risks including liquidity or debt maturities not newly addressed or changed this quarter
Blackstone Group Q3 2025 Quarterly FinancialsXBRL
Revenue
$3.1B
▼ -15.7% YoY▼ -16.8% QoQ
Net Income
$625M
▼ -20.0% YoY▼ -18.2% QoQ
Net Margin
20.2%
▼ -108bp YoY▼ -36bp QoQ
ROE
7.4%
Total Assets
$46.6B
EPS (Diluted)
$0.80
▼ -21.6% YoY▼ -17.5% QoQ
Operating Cash Flow
$1.6B
▲ +30.8% YoY▲ +79.8% QoQ
Source: XBRL data from Blackstone Group Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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