Blackstone Inc. (BX) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 991.05M | -3.14M | 1.6B | 888.5M | 1.11B | 161.41M | 1.22B | 1.16B | 939.85M | 895.69M | 1.08B | 1.73B | 352.73M | 715.13M | 982.93M | 1.89B | 2.75B | -813.95M | 1.6B | 899.58M |
| Operating CF Margin % | 24.16% | -0.07% | 56.81% | 23.94% | 37.67% | 5.73% | 40.76% | 48.24% | 29.77% | 73.75% | 48.21% | 67.1% | 25.09% | 44.18% | 93.2% | 227.63% | 69.65% | -18.97% | 35.56% | 23.03% |
| Operating CF Growth % | -10.65% | -101.94% | 30.76% | -23.31% | 18.02% | -81.98% | 12.83% | -32.86% | 166.45% | 25.25% | 10.17% | -8.68% | -87.17% | 187.86% | -38.71% | 110.06% | 19.67% | -362.54% | 1086.71% | 83.1% |
| Net Income | 1.26B | 1.97B | 1.24B | 1.63B | 1.21B | 1.33B | 1.56B | 948.36M | 1.6B | 109.12M | 920.74M | 1.2B | 210.68M | 743.34M | 3.7M | -255.75M | 2.5B | 2.94B | 3.21B | 2.86B |
| Depreciation & Amortization | 9.04M | 9.1M | 8.97M | 8.97M | 8.97M | 9.02M | 8.98M | 8.98M | 8.98M | 9M | 9.01M | 9.07M | 13M | 14.81M | 14.89M | 18.7M | 18.7M | 18.7M | 18.7M | 18.7M |
| Stock-Based Compensation | 560.86M | -745.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -735.08M | -377.02M | 519.21M | 370.65M | -523.82M | -666.41M | -341.36M | 600.39M | -45.6M | 675.24M | -133.2M | 713.24M | 935.04M | 338.42M | 965.22M | 2.86B | 206.11M | -2.14B | -951.94M | -1.93B |
| Working Capital Changes | -101.68M | -864.88M | -167.46M | -1.12B | 415.29M | -510.03M | -10.41M | -399.17M | -619.52M | 102.32M | 286.36M | -200.44M | -805.99M | -381.43M | -885K | -728.91M | 26.08M | -1.63B | -669.08M | -48.38M |
| Change in Receivables | -367M | -9.21M | -513.52M | -146.35M | 270.68M | 114.25M | -307.34M | -179.96M | -91.99M | 704.54M | 113.05M | 70.71M | -319.06M | 360.97M | -255.09M | -166.18M | 892.42M | -853.82M | -438.21M | 222.59M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 176.55M | 54.87M | 482.61M | -123.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -33.41M | 1.24B | -23.93M | -40.15M | -29.28M | -11.89M | -19.39M | -12.38M | -17.76M | -31.33M | -62.67M | -60.69M | -74.97M | -48.71M | -85.39M | -45.24M | -56.15M | -19.86M | -9.64M | -14.07M |
| Capital Expenditures | -33.41M | -22.35M | -23.93M | -40.15M | -29.28M | -11.89M | -19.39M | -12.38M | -17.76M | -31.33M | -62.67M | -60.68M | -69.56M | -48.71M | -85.39M | -45.24M | -56.15M | -19.86M | -9.64M | -14.07M |
| CapEx % of Revenue | 0.81% | 0.51% | 0.85% | 1.08% | 0.99% | 0.42% | 0.65% | 0.52% | 0.56% | 2.58% | 2.79% | 2.36% | 4.95% | 3.01% | 8.1% | 5.45% | 1.42% | 0.46% | 0.21% | 0.36% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 32.75B | 19.67B | 19.01B | 19.14B | 19.45B | 19.14B | 18.85B | 17.43B | 17.43B | 16.89B | 17.49B | 17.35B | 17.36B | 18.17B | 26.51B | 27.48B | 30.12B | 28.81B | 20.45B | 22.19B |
| Other Investing | 0 | 1.46B | 0 | 0 | -1.46B | -8.37M | 0 | -1.03B | -1.2B | -272.14M | -560.21M | -1.34B | -719.3M | -3.58B | 0 | -2.34B | -2.52B | -8.71B | 0 | 0 |
| Cash from Financing | -1.09B | -1.2B | -1.29B | -1.71B | 139.24M | -489.94M | -1.28B | -1.22B | -1.52B | -712.27M | -1.4B | -1.19B | -1.75B | 238.55M | -1.62B | -1.5B | -908.11M | -2.09B | 957.18M | -1.28B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -66.35M | -51.07M | -126.05M | -35.24M | -100.13M | -59.83M | -216.38M | -248.49M | -136.37M | -43.62M | -175.17M | -91.13M | -108.1M | -4.2M | -227.06M | -202.64M | -32.06M | -578.22M | -382.44M | -293.92M |
| Dividends Paid | -1.92B | -1.6B | -1.34B | -1.22B | -1.86B | -1.09B | -1.07B | -1.09B | -1.18B | -1.04B | -1.04B | -1.05B | -1.14B | -1.19B | -1.71B | -1.66B | -1.96B | -1.4B | -925.25M | -1.02B |
| Share Repurchases | -66.35M | -51.07M | -126.05M | -35.24M | -100.13M | -59.83M | -216.38M | -248.49M | -136.37M | -43.62M | -175.17M | -91.13M | -108.1M | -4.2M | -227.06M | -202.64M | -32.06M | -578.22M | -382.44M | -293.92M |
| Other Financing | 38.02M | -235.11M | 178.38M | 185.06M | 1.13B | 677.69M | 31.47M | 158.4M | -180.66M | -91.3M | -146.59M | -15.95M | -106.1M | -23.97M | 281.84M | -158.81M | -149.55M | -361.48M | 290.9M | 35.91M |
| Net Change in Cash | -144.24M | 22.43M | 282.8M | -850.49M | 1.22B | -357.69M | -66.95M | -71.35M | -599.88M | 162.27M | -385.85M | 474.36M | -1.47B | 919.35M | -738.29M | 333.44M | 1.78B | -2.93B | 2.55B | -394.59M |
| Free Cash Flow | 957.64M | -25.49M | 1.57B | 848.36M | 1.08B | 149.52M | 1.2B | 1.15B | 922.09M | 864.36M | 1.02B | 1.66B | 283.17M | 666.42M | 897.54M | 1.84B | 2.69B | -833.81M | 1.59B | 885.51M |
| FCF Margin % | 23.34% | -0.58% | 55.96% | 22.86% | 36.68% | 5.31% | 40.11% | 47.72% | 29.21% | 71.17% | 45.42% | 64.74% | 20.14% | 41.17% | 85.11% | 222.18% | 68.23% | -19.43% | 35.34% | 22.67% |
| FCF Growth % | -11.33% | -117.05% | 30.87% | -25.98% | 17.12% | -82.7% | 17.86% | -31.16% | 225.63% | 29.7% | 13.67% | -9.73% | -89.48% | 179.93% | -43.69% | 108.29% | 18.3% | -409.65% | 1677.2% | 85.14% |
| FCF per Share | 1.22 | -0.03 | 2.01 | 1.08 | 1.40 | 0.19 | 1.57 | 1.49 | 1.21 | 1.14 | 1.35 | 2.19 | 0.38 | 0.90 | 1.21 | 2.61 | 3.66 | -1.15 | 2.21 | 1.23 |
| FCF Conversion (FCF/Net Income) | 1.53x | -0.00x | 2.56x | 1.16x | 1.80x | 0.23x | 1.56x | 2.61x | 1.11x | 5.90x | 1.96x | 2.87x | 4.11x | 1.28x | 428.10x | -64.29x | 2.26x | -0.58x | 1.14x | 0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |