- Adjusted operating margin was 36.3% for the full year and 33.8% for Q4, with adjusted EPS growing to $16.98 for FY '25 and $4.05 for Q4.
- Client count grew nearly 10% year-over-year to 9,000, with over 237,000 users, driven by wealth and corporate client additions.
- Dividend increased by 6% in Q3, marking 26 consecutive years of dividend increases, with total shareholder returns exceeding $460 million in FY '25.
- Fiscal 2025 annual revenue increased to $2.3 billion with 5.4% overall growth and 4.4% organic growth, marking over 45 consecutive years of top-line growth.
- Gross debt leverage ratio improved to 1.5x, providing strong financial flexibility.
- Operating expenses grew 9.5% year-over-year in Q4, driven by people-related expenses (+13%) and technology expenses (+13%) due to acquisitions and AI investments.
- Q4 organic ASV reached $81.8 million, the largest quarter in company history, with a sequential growth acceleration to 5.7%.
- Share repurchases totaled $107 million in Q4, concluding a $300 million program, with a new $400 million authorization started in September.
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- Adjusted net income was $587 million, driven by positive operating leverage and net revenue growth.
- Deposits grew by $3.3 billion or 2% sequentially, marking the 7th consecutive quarter of deposit growth.
- Loans increased by $3.5 billion or 2.5% sequentially, led by Global Fund Banking in SVB Commercial segment.
- Net charge-offs increased to $234 million (65 basis points), including an $82 million charge-off related to First Brands bankruptcy.
- Net interest income grew 2.3% sequentially, with headline NIM stable at 3.26%.
- Reported adjusted earnings per share of $44.62, adjusted ROE of 10.62%, and adjusted ROA of 1.01%.
- Tangible book value per share increased approximately 8% year-over-year and 2% sequentially despite $900 million in share repurchases during the quarter.
- Adjusted EBITDA for the quarter was $220 million, a 1% increase year-over-year, including $5 million in net performance fee earnings.
- Alternative assets under management increased by 20% in the first half of 2025, with $55 billion added, reaching $331 billion in total alternative AUM.
- Fee-related earnings grew 4% year-over-year, driven by higher average AUM and organic growth in alternative strategies, partially offset by outflows in fundamental equity strategies.
- In Q2 2025, AMG reported a 15% year-over-year growth in economic earnings per share, reaching $5.39.
- Net client cash flows exceeded $8 billion in Q2, with record inflows into alternative strategies.
- Share repurchases totaled approximately $100 million in Q2 and $273 million year-to-date, contributing to earnings per share growth.
- Assets under management increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in Q2 and $212 billion over the last 12 months.
- Base management fees rose 14% to a record $1.9 billion in Q2, with total fee revenues up 27% year-over-year to $2.5 billion.
- Blackstone reported GAAP net income of $1.6 billion for Q2 2025, with distributable earnings also at $1.6 billion or $1.21 per common share.
- Distributable earnings increased 25% year-over-year to $1.6 billion in Q2 and 26% over the last twelve months to $6.4 billion or $5 per share.
- Dividend was increased by 26% to $4.26 per share, yielding 2.4% on the current share price, double the S&P 500 yield.
- Fee-related earnings grew 31% year-over-year, representing one of the best quarters in the firm's history.
- Fee-related performance revenues reached $472 million in Q2, more than 2.5 times the prior year quarter, driven by multiple perpetual strategies.
- Investment performance was strong with corporate private equity funds appreciating 5.1% in Q2 and 17% over the last 12 months.
- Other strategies such as Tactical Opportunities, secondaries, infrastructure, and Life Sciences also delivered strong returns.
- Private credit non-investment-grade strategies returned 3.0% in Q2 and over 13% for the last 12 months with low default rates.
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