Financials Blackstone Inc.

Equities

BX

US09260D1072

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 21:00:02 10/12/2025 GMT			5-day change	1st Jan Change
156.60 ^USD	+0.37%		+3.35%	-9.18%

12-10	Blackstone's Gray says data centers still an attractive investment	RE
12-10	Blackstone Inc. Presents at Goldman Sachs 2025 U.S. Financial Services Conference, Dec-10-2025 12:20 PM

Projected Income Statement: Blackstone Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,515	11,663	12,590	9,694	11,649	12,727	16,073	19,530
Change	-	79.03%	7.95%	-23%	20.17%	9.25%	26.29%	21.51%
EBITDA ¹	3,846	7,179	7,810	6,255	7,220	6,800	8,542	10,446
Change	-	86.68%	8.79%	-19.91%	15.43%	-5.82%	25.62%	22.3%
EBIT ¹	3,811	7,127	7,741	6,161	7,121	6,986	8,747	10,247
Change	-	87.03%	8.62%	-20.41%	15.59%	-1.9%	25.2%	17.15%
Interest Paid ¹	-166.2	-196.6	-316.6	-431.9	-33.44	-77.3	-78.23	-81.61
Earnings before Tax (EBT) ¹	3,646	6,931	7,425	5,731	6,677	7,637	9,422	-
Change	-	90.1%	7.13%	-22.8%	16.5%	14.38%	23.37%	-
Net income ¹	3,342	6,171	6,633	5,061	5,967	6,856	8,311	10,096
Change	-	84.67%	7.49%	-23.7%	17.9%	14.9%	21.22%	21.49%
Announcement Date	27/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	2,803	2,047	2,118	3,042	4,457	3,501	4,154	2,592	2,342	2,486	2,351	2,322	2,535	2,549	2,516	2,434	4,149	2,764	3,075	3,302	3,673	3,596	3,887	4,185	4,538	4,178	4,368	4,487
Change	-	-26.97%	3.46%	43.64%	46.52%	-21.44%	18.63%	-37.59%	-9.64%	6.12%	-5.43%	-1.24%	9.19%	0.56%	-1.29%	-3.28%	70.48%	-33.39%	11.24%	7.41%	11.24%	-2.11%	8.08%	7.67%	8.45%	-7.93%	4.54%	2.74%
EBITDA	1,697	1,333	-	-	2,722	2,166	2,426	1,654	1,564	1,547	1,524	1,519	1,665	-	-	1,535	2,558	1,739	-	-	-	-	-	-	-	-	-	-
Change	-	-21.42%	-	-	-	-20.41%	11.97%	-31.8%	-5.45%	-1.06%	-1.54%	-0.31%	9.61%	-	-	-	66.67%	-32.04%	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,687	1,321	-	-	2,708	2,152	2,410	1,639	1,540	1,524	1,500	1,497	1,640	1,551	1,524	1,510	2,536	1,716	1,886	2,093	1,767	2,217	2,239	2,217	1,407	1,718	2,685	2,247
Change	-	-21.69%	-	-	-	-20.52%	11.98%	-31.98%	-6.07%	-1%	-1.62%	-0.15%	9.51%	-5.4%	-1.73%	-0.93%	67.89%	-32.3%	9.86%	10.99%	-15.57%	25.43%	1.01%	-1.01%	-36.52%	22.06%	56.35%	-16.32%
Charge d'intérêts ¹	-45.7	-44.34	-44.13	-52.41	-56.39	-66.6	-69.42	-80.31	-100.2	-104.2	-107.1	-110	-108.7	-10.36	-3.425	-1.731	-18.48	-20.53	-24.64	-18.55	-22.06	-20.25	-20.33	-20.43	-20.84	-15.8	-15.3	-14.8
Earnings before Tax (EBT) ¹	1,641	1,276	1,211	1,792	2,651	2,086	2,341	1,559	1,440	1,420	1,392	1,387	1,532	1,444	1,416	1,399	2,419	1,599	1,761	1,967	2,310	-	-	-	-	-	-	-
Change	-	-22.23%	-5.15%	48.03%	47.94%	-21.34%	12.23%	-33.39%	-7.66%	-1.35%	-1.95%	-0.37%	10.39%	-5.75%	-1.91%	-1.2%	72.89%	-33.9%	10.15%	11.71%	17.44%	-	-	-	-	-	-	-
Net income ¹	1,464	1,192	1,070	1,635	2,273	1,938	1,986	1,375	1,334	1,249	1,212	1,212	1,388	1,266	1,252	1,279	2,169	1,411	1,566	1,889	2,009	1,871	2,020	2,174	2,431	2,191	2,285	2,384
Change	-	-18.59%	-10.25%	52.83%	39.02%	-14.76%	2.47%	-30.77%	-2.96%	-6.38%	-2.96%	-0.04%	14.57%	-8.77%	-1.12%	2.11%	69.67%	-34.97%	10.98%	20.68%	6.35%	-6.91%	8.01%	7.61%	11.8%	-9.85%	4.28%	4.31%
Announcement Date	27/01/21	22/04/21	22/07/21	21/10/21	27/01/22	21/04/22	21/07/22	20/10/22	26/01/23	20/04/23	20/07/23	19/10/23	25/01/24	18/04/24	18/07/24	16/10/24	30/01/25	17/04/25	24/07/25	23/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Blackstone Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,722	5,686	8,098	8,348	9,349	9,204	9,386	8,779
Change	-	52.77%	42.42%	3.09%	11.99%	-1.55%	1.98%	-6.47%
Announcement Date	27/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Blackstone Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	111.6	64.32	235.5	224.2	61.41	127	73.86	54.59
Change	-	-42.39%	266.16%	-4.78%	-72.61%	106.82%	-41.85%	-26.08%
Free Cash Flow (FCF) ¹	1,824	3,922	6,101	3,833	3,420	6,815	7,111	9,125
Change	-	114.97%	55.57%	-37.18%	-10.76%	99.25%	4.34%	28.32%
Announcement Date	27/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Blackstone Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	59.03%	61.55%	62.04%	64.53%	61.98%	53.43%	53.15%	53.49%
EBIT Margin (%)	58.49%	61.11%	61.49%	63.56%	61.13%	54.9%	54.42%	52.47%
EBT Margin (%)	55.96%	59.42%	58.97%	59.13%	57.32%	60.01%	58.62%	-
Net margin (%)	51.29%	52.91%	52.68%	52.21%	51.22%	53.87%	51.71%	51.7%
FCF margin (%)	28%	33.62%	48.46%	39.54%	29.36%	53.55%	44.24%	46.72%
FCF / Net Income (%)	54.59%	63.55%	91.98%	75.73%	57.32%	99.41%	85.56%	90.38%
Profitability
ROA	11.36%	18.29%	15.84%	12.22%	14.25%	14.87%	17.4%	20.87%
ROE	48.92%	76.78%	77.67%	69.94%	36.95%	40.37%	45.29%	53.31%
Financial Health
Leverage (Debt/EBITDA)	0.97x	0.79x	1.04x	1.33x	1.29x	1.35x	1.1x	0.84x
Debt / Free cash flow	2.04x	1.45x	1.33x	2.18x	2.73x	1.35x	1.32x	0.96x
Capital Intensity
CAPEX / Current Assets (%)	1.71%	0.55%	1.87%	2.31%	0.53%	1%	0.46%	0.28%
CAPEX / EBITDA (%)	2.9%	0.9%	3.02%	3.58%	0.85%	1.87%	0.86%	0.52%
CAPEX / FCF (%)	6.12%	1.64%	3.86%	5.85%	1.8%	1.86%	1.04%	0.6%
Items per share
Cash flow per share ¹	2.777	5.535	5.252	3.335	-	4.24	6.48	7.58
Change	-	99.36%	-5.11%	-36.51%	-	-	52.83%	16.98%
Dividend per Share ¹	2.26	4.06	4.4	3.35	3.95	4.541	5.501	6.755
Change	-	79.65%	8.37%	-23.86%	17.91%	14.96%	21.13%	22.81%
Book Value Per Share ¹	9.727	7.849	6.521	5.787	11.22	5.58	6.275	6.735
Change	-	-19.31%	-16.92%	-11.25%	93.88%	-50.27%	12.46%	7.33%
EPS ¹	2.65	4.77	5.17	3.95	4.64	5.339	6.451	7.842
Change	-	80%	8.39%	-23.6%	17.47%	15.06%	20.82%	21.57%
Nbr of stocks (in thousands)	700,649	717,651	741,598	757,781	767,895	782,728	782,728	782,728
Announcement Date	27/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-