Blackstone (BX) Operating Expenses (2009 - 2026)
Blackstone (BX) recorded Operating Expenses of $2.38 billion in Q2 2026, up 22.9% from $1.93 billion a year earlier and up 5.0% from the prior quarter.
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Analysis
Blackstone (BX) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Blackstone's Operating Expenses came in at $8.51 billion as of Jun 30, 2026, up 17.9% year-over-year; for FY2025, it came in at $7.7 billion, up 13.0% from FY2024.
- Annual Operating Expenses has increased for three straight years, with a five-year compound annual growth rate of 17.2% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $6.82 billion in FY2024 (+36.9%), $4.98 billion in FY2023 (+0.2%), $4.97 billion in FY2022 (-47.5%) and $9.48 billion in FY2021 (+172.4%).
- The Q2 2026 figure is the highest quarterly Operating Expenses since Q4 2021.
- On a year-over-year basis, Operating Expenses has increased for three consecutive quarters, with growth averaging 24.7% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 99.1% in Q3 2021, against a decline of 67.3% in Q2 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $2.26 billion (Q1 2026), $2.12 billion (Q4 2025) and $1.75 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 174.92 Bn | 121.05 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 136.71 Bn | -421.29 Bn | - | 149.76 Mn |
| 3 | Blackstone | 88.22 Bn | 78.20 Bn | - | 2.38 Bn |
| 4 | Brookfield | 83.92 Bn | -99.40 Bn | - | 14.94 Bn |
| 5 | Kkr | 79.85 Bn | -3.72 Mn | - | 5.41 Bn |
| 6 | Brookfield Asset Management | 73.42 Bn | 68.22 Bn | - | 659.00 Mn |
| 7 | Apollo Global Management | 65.92 Bn | -16.87 Bn | 10.56 Bn | 8.74 Bn |
| 8 | Wheaton Precious Metals | 59.50 Bn | 54.92 Bn | 687.86 Mn | 133.83 Mn |
| 9 | Franco Nevada | 46.38 Bn | 43.74 Bn | 451.00 Mn | 5.30 Mn |
| 10 | Ameriprise Financial | 44.72 Bn | 6.14 Bn | 4.72 Bn | 3.50 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 2.38 Bn |
| Mar 31, 2026 | 2.26 Bn |
| Dec 31, 2025 | 2.12 Bn |
| Sep 30, 2025 | 1.75 Bn |
| Jun 30, 2025 | 1.93 Bn |
| Mar 31, 2025 | 1.89 Bn |
| Dec 31, 2024 | 1.50 Bn |
| Sep 30, 2024 | 1.90 Bn |
| Jun 30, 2024 | 1.63 Bn |
| Mar 31, 2024 | 1.79 Bn |
| Dec 31, 2023 | 941.57 Mn |
| Sep 30, 2023 | 1.37 Bn |
| Jun 30, 2023 | 1.48 Bn |
| Mar 31, 2023 | 1.19 Bn |
| Dec 31, 2022 | 1.07 Bn |
| Sep 30, 2022 | 961.36 Mn |
| Jun 30, 2022 | 744.11 Mn |
| Mar 31, 2022 | 2.20 Bn |
| Dec 31, 2021 | 2.50 Bn |
| Sep 30, 2021 | 2.65 Bn |
API Access
Blackstone Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=BX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "BX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=BX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();