BX Earnings: Blackstone Stock Falls despite Q4 Beat on Solid Dealmaking

Blackstone (BX), the world’s largest alternative asset manager, saw its shares fall Thursday even as it beat Wall Street’s fourth-quarter revenue and earnings estimates on booming dealmaking.

Dealmaking Pumps Up Blackstone’s Profit

In the quarter, the New York-based company grew its earnings per share by 4% to $1.75 on revenue of $4.36 billion, down 3% from the prior year. However, both metrics topped the Wall Street consensus EPS of $1.54 and revenue estimate of $3.68 billion.

In addition, the company’s quarterly profit rose by 49% to $2 billion, fueled by a 59% increase in earnings from selling or monetizing its investments, as mergers and acquisitions deals picked up in 2025. Blackstone made $957 million in this regard.

Blackstone Reaches $1.27T AUM

Moreover, Blackstone saw its assets under management rise by 13% year-over-year to $1.27 trillion, with an inflow of $71.5 billion in the last three months alone. For the whole year, the company attracted $239.4 billion in fresh capital.

Blackstone has been consistently growing its AUM.

“Blackstone’s extraordinary fourth-quarter results capped a record year for the firm,” noted Stephen Schwarzman, Blackstone’s Chairman and CEO. “We delivered again for our limited partners, leading to $71 billion of inflows in the quarter – the highest in over three years.”

Schwarzman pointed out that the company’s massive investment in data centers is creating significant value for investors.

Is BX a Good Stock to Buy Now?

On Wall Street, Blackstone’s shares currently hold a Moderate Buy rating based on analysts’ consensus. This breaks down to four Buys and three Holds issued over the past three months.

However, the average BX price target of $176.33 implies about 25% upside from current trading levels. Nonetheless, the consensus rating could shift if more analysts update their views on the stock in light of the latest earnings report.