Short answer
Blackstone Group (BX) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $3.1B (down 15.7% year over year) with net income of $625M.
Q3 2025 key financials · XBRL
- Revenue
- $3.1B
- −15.7% YoY · −16.8% QoQ
- Net income
- $625M
- −20.0% YoY · −18.2% QoQ
- EPS (diluted)
- $0.80
- −21.6% YoY · −17.5% QoQ
Source: XBRL data from the Blackstone Group (BX) Q3 2025 10-Q on SEC EDGAR. USD.
Blackstone Group Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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