Income StatementBalance SheetCash FlowSegments
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Blackstone Cash Flow Statement

Operating, investing, and financing cash movements

Blackstone generated $4.5B in operating cash flow over the trailing twelve months. After $119.8M in capital expenditures, free cash flow was $4.4B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$4.5BNet Cash From Investing (TTM)-$119.8MNet Cash From Financing (TTM)-$5.1BCapital Expenditures (TTM)$119.8MNet Change In Cash (TTM)$727.8M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$144.76B
P/E Ratio47.40
ROE37.36%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)$303.0M$15.9M-$151.9M——$201.2M
Other non-cash income (expense)$303.0M$15.9M-$151.9M——$201.2M
Change in accounts payable—$100.5M-$123.7M$482.6M$54.9M$176.5M
Change in accounts receivable—$38.8M$78.5M$260.4M—$367.0M
Other Non-Cash Income (Expense)$303.0M$15.9M-$151.9M——$201.2M
Other Non-cash Income (Expense)$303.0M$15.9M-$151.9M——$201.2M
Other Non-cash Income (Expense)$303.0M$15.9M-$151.9M——$201.2M
Net cash from operating activities$161.4M$1.1B$888.5M$1.6B$1.1B$991.0M
Net income$1.3B$1.2B$1.6B$1.2B$2.0B$1.3B
Other non-cash income (expense)$303.0M$15.9M-$151.9M——$201.2M
Amortization of capitalized software and acquired intangible assets$9.0M$9.0M$9.0M$9.0M$9.1M$9.0M
Cash Acquired With Consolidation Of Fund Entities$17.6M$0.0$0.0$0.0$0.0$830.0K
Decrease In Financial Instruments Used In Operating Activities$1.1B$1.5B$809.5M$647.7M$808.1M$910.2M
Increase Decrease Due From Affiliates—-$309.5M$67.9M$253.2M$175.0M-$238.4M
Accrued compensation-$654.4M-$449.4M-$256.5M-$108.8M-$679.3M-$709.7M
Increase Decrease In Cash Of Discontinued Operations—-$65.8M——-$3.7M-$38.0K
Increase (Decrease) in Other Operating Assets—-$46.6M-$72.0M$37.6M$247.5M-$154.8M
Increase In Financial Instruments Used In Operating Activities$965.0M$1.6B$1.9B$1.4B$1.9B$1.6B
Net Realized Gains Losses On Investments Funds Related-$2.2B-$962.1M-$943.8M-$1.2B-$1.8B-$1.4B
Non Cash Performance Allocations—$263.2M$313.3M—$282.4M$283.5M
Non Cash Performance Allocations And Incentive Fee Compensation$285.5M$402.5M$550.8M$384.9M$610.6M$577.5M
Other Noncash Income (Expense)$303.0M$15.9M-$151.9M——$201.2M
Other Non-cash Income and Expense$303.0M$15.9M-$151.9M——$201.2M
Other Non-Cash Adjustments$303.0M$15.9M-$151.9M——$201.2M
Other Non-Cash Income and Expense$303.0M$15.9M-$151.9M——$201.2M
Stock-based compensation$282.6M$471.1M$312.4M$303.3M$358.6M$560.9M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$11.9M$29.3M$40.1M$23.9M$22.4M$33.4M
Net cash from investing activities-$11.9M-$29.3M-$40.1M-$23.9M-$22.4M-$33.4M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from minority shareholders$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M
Proceeds from issuance of debt$741.2M$1.0B$0.0$202.2M$1.6B$900.0M
Repayments of debt$19.4M$60.9M$645.5M$200.0M$906.7M$47.7M
Distributions to noncontrolling interests$223.6M$252.6M$229.3M$318.2M$235.1M$356.3M
Dividends paid$1.1B$1.9B$1.2B$1.3B$1.6B$1.9B
Changes in money pool with Exelon$14.2M$512.6M-$662.8M——-$24.2M
Net Settlement Of Vested Common Units And Repurchase Of Common And Partnership Units$59.8M$100.1M———$66.3M
Payments Of Tax Receivable Agreement—$44.0M———$63.8M
Net proceeds from sales of subsidiary shares$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M
Proceeds from Minority Shareholders$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M
Proceeds from Sale of Noncontrolling Interests$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M
Net cash from financing activities-$489.9M$139.2M-$1.7B-$1.3B-$1.0B-$1.1B
Proceeds from Minority Shareholders$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M
Proceeds from Minority Shareholders$160.1M$1.4B$414.3M$496.6M$183.8M$458.1M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$149.5M$1.1B$848.4M$1.6B$1.0B$957.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$17.3M$4.6M$12.3M——-$7.9M
Net increase (decrease) in cash-$357.7M$1.2B—$282.8M$22.4M-$144.2M
Deferred Tax Asset Increase Decrease From Equity Transactions-$6.5M$212.1M———$49.1M
Due To Affiliates Increase Related To The Impact Of Conversions On Tax Receivable Agreements$55.8M$169.0M$30.9M$49.6M$29.5M$30.9M
Net Settlement Of Vested Common Stock$46.7M$418.4M$162.2M$680.7M$140.6M$334.2M
Non Cash Contributions From Non Controlling Interest Holders$93.3M$4.2M$4.1M$4.1M$3.9M$4.6M
Non Cash Distributions To Non Controlling Interest Holders—$4.0M$5.6M$3.2M$3.7M$4.6M
Transfer Of Interests To Non Controlling Interest Holders-$1.1M$3.1M——-$1.9M-$26.2M
Unrealized Gain (Loss) on Investments—$188.5M$444.4M—$25.2M-$317.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$154.7M$64.5M$232.5M$55.7M$209.9M$76.0M
Interest paid$137.5M$96.1M$152.4M$101.4M$113.7M$104.1M