Analysis for BX

📈 Growth & Financial Trajectory

Over the 8-quarter window, Blackstone shows revenue oscillation between roughly $3.3B and $4.36B, with a peak in 2025 Q4. In 2026 Q1, revenue was about $3.62B, indicating a pullback from the Q4 high but still solid scale. Net income attributable to parent hovered in the mid hundreds of millions, with several quarters delivering above $0.8B–$1.0B. Operating income remained strong, commonly in the $1.3B–$2.3B range. The trend is positive on profitability despite volatility, and cash from operating activities stayed robust (e.g., about $1.0B–$1.6B in several quarters).

💰 Margins & Cash Flow

Operating margins imply healthy leverage, with periods showing roughly mid- to high-40s percent. Cash flow from operations generally exceeded investing cash outflows; financing activities often drove total net cash flow, producing occasional negative free cash flow in quarters with heavy financing activity.

🛡️ Balance Sheet & Liquidity

Assets run around $46B, Liabilities near $25B, and Equity around $20B, with long-term debt typically in the $12–13B band. Current assets generally cover current liabilities, supporting liquidity; a rare quarter reported negative current liabilities due to reporting quirks.

⚠️ Key Drivers & Risks

• Drivers: Private markets deployment and investment performance; tailwinds from capital deployment in alternative assets
• Risks: Market volatility and fee-based sensitivity; cyclicality and sensitivity to financing activity and valuation