Blackstone Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $3.02B | $2.78B | $1.39B | $1.75B | $5.86B | $1.05B | $2.05B | $1.54B |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $98.0M | $98.8M | $94.1M | $69.2M | $52.2M | $35.1M | $26.3M | $23.9M |
| Amortization | $36.0M | $36.0M | $40.1M | $67.1M | $74.9M | $71.1M | $71.0M | $59.0M |
| Stock-Based Compensation | $1.45B | $1.17B | $987.5M | $846.3M | $637.4M | $438.3M | $417.1M | $366.9M |
| Net Cash from Operating Activities | $4.66B | $3.48B | $4.06B | $6.34B | $3.99B | $1.94B | $1.96B | $45.7M |
| Investing Activities | ||||||||
| Capital Expenditures | $115.7M | $61.4M | $224.2M | $235.5M | $64.3M | $111.7M | $60.3M | $18.4M |
| Business Acquisitions | $0 | $0 | $5.4M | $0 | $0 | $55.2M | $0 | $98.2M |
| Net Cash from Investing Activities | $-115.7M | $-61.4M | $-229.7M | $-235.5M | $-64.3M | $-166.8M | $-60.3M | $-116.6M |
| Financing Activities | ||||||||
| Dividends Paid | $6.01B | $4.42B | $4.27B | $6.52B | $4.60B | $2.39B | $2.40B | $3.05B |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-3.88B | $-4.50B | $-5.05B | $-3.79B | $-3.78B | $-2.24B | $-1.92B | $-1.33B |
| Net Change in Cash | $678.5M | $-1.10B | $-1.22B | $2.29B | $135.3M | $-459.2M | $-21.5M | $-1.39B |
| Free Cash Flow | $4.55B | $3.42B | $3.83B | $6.10B | $3.92B | $1.82B | $1.90B | $27.4M |