At a glance
Blackstone Group Inc is worth $90.18B, about 31 times its fiscal 2025 earnings. Revenue grew 9.2% to $14.45B in fiscal 2025, with 20.9% kept as profit; over 5 years it has grown 18.8% a year. It pays a 5.29% dividend yield, and returned $25.83B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −14.0% over the past year with dividends reinvested and −0.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.6% in the 2020 crash (S&P 500: 33.7%) and 38.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows.
The business in plain English
Blackstone describes itself as the world's largest alternative asset manager. It invests other people's money outside ordinary stocks and bonds: in private companies, buildings, infrastructure, private loans and hedge funds. Its clients include pension funds, insurance companies and individual investors. As of December 31, 2025, it had more than $1.3 trillion in total assets under management (client money it oversees) and about 5,285 employees.
Blackstone earns fees for managing these funds, plus incentive payments tied to how the investments perform. Because part of its revenue depends on investment values, results can swing. Revenue was $14.45 billion in 2025, up 9.2%. It was $22.58 billion in 2021 and $8.02 billion in 2023.
Blackstone reports four segments, sized here by assets under management as of December 31, 2025. The largest, Credit & Insurance ($443.0 billion), lends to companies, runs CLOs (pools of business loans packaged as securities) and manages money for insurers. Private Equity ($416.4 billion) acquires companies. It also covers infrastructure and secondaries, which means taking over stakes in private funds from their original investors. Real Estate ($319.3 billion) invests in warehouses, data centers, rental housing, hotels and offices. It also runs BREIT, an unlisted real estate trust for individual investors. Multi-Asset Investing ($96.2 billion) is the world's largest discretionary allocator to hedge funds, which means it chooses hedge funds for clients.
Price history
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BX -14.0% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $5.04B, up 35.9% from a year earlier, and net income was $1.23B (+60.8%).
- For fiscal 2025, revenue was $14.45B (+9.2% year over year; +18.8% a year from FY2020 to FY2025) with a 20.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.8% good |
|---|---|
| Free cash flow margin | 31.5% good |
| Return on equity (FY2025) | 34.8% good |
| Return on assets (FY2025) | 6.3% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.10B | $1.05B | $1.82B |
| FY2021 | $22.58B | $5.86B | $3.92B |
| FY2022 | $8.52B | $1.75B | $6.10B |
| FY2023 | $8.02B | $1.39B | $3.83B |
| FY2024 | $13.23B | $2.78B | $3.42B |
| FY2025 | $14.45B | $3.02B | $4.55B |
Valuation snapshot
| Market value | $90.18B |
|---|---|
| P/E ratio | 31 |
| Dividend yield | 5.29% |
Rank among 1514 US companies
Market value at each year end
Blackstone Group’s market value went from $15.46B at the end of 2016 to $90.18B on Nov 2, 2026, about 5.8 times as much; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $90.18B | -20.8% |
| 2025 | $113.82B | -8.6% |
| 2024 | $124.49B | +33.8% |
| 2023 | $93.02B | +78.7% |
| 2022 | $52.07B | -41.4% |
| 2021 | $88.87B | +107.3% |
| 2020 | $42.87B | +15.9% |
| 2019 | $37.00B | +87.4% |
| 2018 | $19.74B | -2.2% |
| 2017 | $20.20B | +30.6% |
| 2016 | $15.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BX price data to Nov 2, 2026 | -18.9% | -14.0% | +10.4% | -0.1% | +22.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.9% |
| 2025 | -7.8% |
| 2024 | +35.0% |
| 2023 | +82.7% |
| 2022 | -39.9% |
| 2021 | +107.1% |
| 2020 | +19.9% |
| 2019 | +96.3% |
| 2018 | +0.1% |
| 2017 | +27.3% |
| 2016 | +0.9% |
| 2015 | -5.0% |
| 2014 | +14.0% |
| 2013 | +113.6% |
| 2012 | +15.4% |
| 2011 | +3.0% |
| 2010 | +12.7% |
| 2009 | +115.6% |
| 2008 | -67.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 77.9% over that stretch · deepest drop along the way 84.9%, back to its old high 48.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 42.6%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.9% over that stretch · deepest drop along the way 38.4%, back to its old high 14.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (8 read): 6 open-market purchases ($116K) and 7 sales ($24.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 18, 2026 | Joseph Baratta Director | sell | $7.2M |
| Sep 18, 2026 | Joseph Baratta Director | sell | $5.2M |
| Aug 11, 2026 | John G Finley Chief Legal Officer | sell | $3.7M |
| Aug 11, 2026 | John G Finley Chief Legal Officer | sell | $2.9M |
| Aug 4, 2026 | Vikrant Sawhney Chief Administrative Officer | sell | $2.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Capital World Investors | 4.6% | Dec 31, 2024 |
ETFs with the most weight in BX
| PSP Invesco Global Listed Private Equity ETF | 4.71% |
| GK AdvisorShares Gerber Kawasaki ETF | 4.29% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 4.17% |
| CARK CastleArk Large Growth ETF | 3.82% |
| TBG TBG Dividend Focus ETF | 2.96% |
| DURA VanEck Durable High Dividend ETF | 2.59% |
| GABF Gabelli Financial Services Opportunities ETF | 2.29% |
| HDV iShares Core High Dividend ETF | 1.79% |
What could go wrong
- Higher interest rates weigh on real estate. Elevated interest rates have hurt the value of its funds' real estate. They have also hurt fundraising for real estate products aimed at wealthy individuals. Offices, life science offices and U.S. apartments face extra pressure.
- Market drops hit reported revenue quickly. Its funds hold sizable public stock positions, sometimes concentrated in a few large ones. These are valued at market prices, so a sharp stock market fall can quickly cut Blackstone's revenue and profit.
- Weak markets slow fundraising and exits. In weak markets, its funds may struggle to raise money, find deals and cash out of investments at good prices. Fewer exits mean less realized profit, which can reduce Blackstone's revenue and cash flow.
- Slowdowns hurt the businesses its funds own. If parts of the economy slow, companies and properties held by its funds may earn less. Blackstone's annual report singles out energy and consumer investments, which suffer when commodity prices or consumer demand fall.
- Hard times could force deep cost cuts. In a tough economy, Blackstone may need to cut fixed costs, including services and large numbers of staff it depends on. If it cannot cut fast enough to match falling profits, results would suffer.
- Tariffs, wars and global shocks. Trade conflicts, wars and other global events can unsettle stock and bond markets. Blackstone points to U.S. tariffs, retaliatory tariffs and armed conflicts in the Middle East and Ukraine during 2025.
Recent events
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Blackstone's dividend is sizable but changes from year to year. The yield was 4.47% as of October 28, 2026. Dividends per share grew from $1.91 in 2020 to $4.69 in 2025. But they fell from $4.94 in 2022 to $3.32 in 2023, so the latest run of increases is only two years long. The 2025 dividend was more than earnings of $3.87 per share. Total dividends paid were about 132% of free cash flow (cash left after running the business). That leaves no cushion if profits fall. Buybacks have not kept the share count down; it rose about 9.3% from October 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 84.9% in the 2008 financial crisis and took 48.6 months after the low to recover. It fell 42.6% in the 2020 COVID crash (back in 8.3 months) and 38.4% in the 2022 bear market (back in 14.6 months). Single stocks carry more risk than diversified funds.
Questions investors ask
How does Blackstone make money?
Blackstone earns fees for managing money for pension funds, insurance companies and individual investors. It also earns incentive payments tied to how its funds perform. It invests in alternatives such as private companies, real estate, infrastructure, private loans and hedge funds. As of December 31, 2025, it had more than $1.3 trillion in assets under management across four segments: Credit & Insurance, Private Equity, Real Estate and Multi-Asset Investing. Revenue was $14.45 billion in 2025, and net income was $3.02 billion.
Does Blackstone raise its dividend every year?
No. Blackstone's dividend moves up and down. Dividends per share were $1.91 in 2020, $3.57 in 2021, $4.94 in 2022, $3.32 in 2023, $3.45 in 2024 and $4.69 in 2025. That makes the latest streak of increases two years long. From FY2020 to FY2025, the regular dividend grew about 19.7% a year on average. The yield was 4.47% as of October 28, 2026. Because the payment varies, the income is harder to plan around than a steadily rising dividend.
Is owning Blackstone stock the same as investing in BREIT?
No. BREIT (Blackstone Real Estate Income Trust) is a separate, non-listed real estate investment trust. That is a property fund whose shares do not trade on a stock exchange. It offers income-focused individual investors access to real estate, mainly in the Americas. Blackstone manages BREIT and earns fees from it. BX, listed on the NYSE, is the manager itself. Its results depend on all of its funds, from real estate to private equity, credit and hedge funds.
How has Blackstone stock performed over the long term?
BX's share price rose about 21.8% a year over the 10 years to October 28, 2026, a total gain of 616%. But the ride was bumpy. Over three years it returned 12.5% a year, while over one year it lost 19.8%. Calendar-year results include a 67.4% loss in 2008, a 107.1% gain in 2021 and a 39.9% loss in 2022. Its one-year beta was 1.34. That means the stock tended to move about a third more than the overall market.
What is Blackstone's P/E ratio?
Blackstone traded at about 30.2 times its 2025 earnings as of October 28, 2026. The price-to-earnings (P/E) ratio compares the share price with profit per share. Here that profit is $3.87 per share for 2025. The company's stock market value was about $87.9 billion on that date. Blackstone's earnings swing with investment values: earnings per share were $8.13 in 2021 and $1.84 in 2023. So its P/E can change sharply from year to year.