BlackRock vs Blackstone
BlackRock reported revenue of $24.2 billion in fiscal 2025, 1.7 times Blackstone's $14.5 billion in fiscal 2025. BlackRock's revenue grew 18.7% in its latest year, and Blackstone's grew 9.2%. Free cash flow was $3.6 billion at BlackRock and $4.5 billion at Blackstone.
Side by side
| BlackRock | Blackstone | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $24.2B | $14.5B |
| Revenue growth | 18.7% | 9.2% |
| Revenue growth a year, last 5 years | 8.4% | 18.8% |
| Gross margin | — | — |
| Operating margin | 29.1% | — |
| Net margin | 22.9% | 20.9% |
| Free cash flow | $3.6B | $4.5B |
| Free cash flow margin | 14.7% | 31.5% |
| Return on capital | 10.5% | 22.1% |
| Net debt to EBITDA | 0.2x | 1.3x |
| Dividends and buybacks | $0M | $6.0B |
| Change in diluted share count | 6.1% | 1.8% |
| Last close | $1,127.66 | $119.06 |
| P/E at the last close | 27.0× | 26.6× |
| Insider trades, last 12 months | sold $192.2 million | bought $4.2 million, sold $28.2 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BlackRockBlackstone
Operating margin
Percent of revenue
BlackRockBlackstone
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BlackRockBlackstone
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the BlackRock and Blackstone pages.