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Blackstone Inc. cash flow statement

In fiscal 2025, Blackstone Inc.'s operations generated $4.66bn of cash; it spent $116m on capital projects, leaving free cash flow of $4.55bn. It returned $6.01bn in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations412−3721,1005833,5481,6552,397−89−1,626461,9631,9363,9866,3364,0573,4824,6635,598
Depreciation and amortisation1724323434292632252426355269949998—
Stock-based pay3,0482,4401,3969508557356303243393674174386378469881,1681,4451,577
Capital spending24543637263059222418601126423522461116112
Free cash flow388−4261,0635463,5221,6252,338−110−1,651271,9031,8243,9226,1013,8333,4204,5475,486
Free cash flow after stock pay−2,660−2,866−333−4032,6678901,708−434−1,989−3401,4861,3863,2845,2542,8452,2523,1023,909
Dividends paid————————2,8433,0462,3972,3864,6036,5194,2684,4246,0136,386

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Blackstone Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Blackstone Inc.