Blackstone Inc. Q2 2025 Earnings Recap

Blackstone delivered exceptional second-quarter results, with distributable earnings surging 25% year-over-year, driven by strong fee-related earnings and record fundraising.

Key Takeaways

• Distributable earnings reached $1.6 billion ($1.21 per share), reflecting robust operational performance in a challenging market.
• Fee-related earnings grew 31% year-over-year, marking one of the firm's most successful quarters historically.
• The firm attracted $52 billion in inflows this quarter, raising total assets under management to a record $1.2 trillion, a 13% increase year-over-year.
• Blackstone invested $33 billion in the quarter and $145 billion over the past year, focusing on sectors benefiting from long-term megatrends such as digital infrastructure and private credit.
• The company is well-positioned for future growth, holding $181 billion in dry powder to capitalize on emerging opportunities.