Blackstone Inc.BX
Blackstone Inc. Earnings Per Share Disclosure
15. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the years ended December 31, 2025, 2024 and 2023 was calculated as follows:
Year Ended December 31, | ||||||||||||
2025 |
2024 |
2023 | ||||||||||
Net Income for Per Share of Common Stock Calculations |
||||||||||||
Net Income Attributable to Blackstone Inc., Basic and Diluted |
$ |
3,019,214 |
$ |
2,776,508 |
$ |
1,390,880 |
||||||
Shares/Units Outstanding |
||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic |
780,018,738 |
766,487,450 |
755,204,556 |
|||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a) |
197,118 |
159,058 |
215,380 |
|||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted |
780,215,856 |
766,646,508 |
755,419,936 |
|||||||||
Net Income Per Share of Common Stock |
||||||||||||
Basic |
$ |
3.87 |
$ |
3.62 |
$ |
1.84 |
||||||
Diluted |
$ |
3.87 |
$ |
3.62 |
$ |
1.84 |
||||||
Dividends Declared Per Share of Common Stock (b) |
$ |
4.69 |
$ |
3.45 |
$ |
3.32 |
||||||
(a) |
For the years ended December 31, 2025 and 2024, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement. |
(b) |
Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. |
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of
non-controlling
interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the non-controlling
interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table summarizes the anti-dilutive securities for the periods indicated:
Year Ended December 31, | ||||||||||||
2025 |
2024 |
2023 | ||||||||||
| Weighted-Average Blackstone Holdings Partnership Units |
447,702,475 |
455,306,643 |
460,897,953 |
|||||||||
Stockholders’ Equity
As of December 31
, 2025
, Blackstone had
10
billion shares of preferred stock authorized with a par value of $
0.00001
per share, of which (a)
999,999,000
shares are designated as Series I preferred stock and (b)
1,000
shares are designated as Series II preferred stock. The remaining
nine
billion shares may be designated from time to time in accordance with Blackstone’s certificate of incorporation. There was
one
share of Series I preferred stock and
one
share of Series II preferred stock issued and outstanding as of December 31
, 2025
.
Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects Blackstone’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from Blackstone, or receipt of any of Blackstone’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock.
Share Repurchase Program
On July 16
, 2024
, Blackstone’s board of directors authorized the repurchase of up to $
2.0
billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $
2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the year ended December 31
, 2023
, Blackstone repurchased
3.7
million shares of common stock at a total cost of $
351.3
million. During the year ended December 31
, 2024
, Blackstone repurchased
4.0
million shares of common stock at a total cost of $
520.4
million. During the year ended December 31
, 2025
, Blackstone repurchased
0.8
million shares of common stock at a total cost of $
122.6
million. As of December 31
, 2025
, the amount remaining available for repurchases under the program was $
1.7 billion.
Shares Eligible for Dividends and Distributions
As of December 31, 2025, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
Shares/Units | ||||
| Common Stock Outstanding |
748,688,068 |
|||
| Unvested Participating Common Stock |
34,494,942 |
|||
| |
|
| ||
| Total Participating Common Stock |
783,183,010 |
|||
| Participating Blackstone Holdings Partnership Units |
445,586,312 |
|||
| |
|
| ||
1,228,769,322 |
||||
| |
|
| ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.