How Blackstone makes money

Period

FY2025

How does Blackstone make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Blackstone Inc. · FY2025 · year ended 2025-12-31

Revenue$14.5BGross profit$14.5B · 100%Cost of revenue$0 · 0%Operating income$12.9B · 89%Operating expenses$1.5B · 11%SG&A$1.5B · 11%Pre-tax income$4.1B · 29%Other expense$8.8B · 61%Net income$3.0B · 21%Income tax$1.1B · 8%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.