Fundies.
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Blackstone Real Estate Income Trust, Inc.

EDGAR
BSTT Current report (8-K) · filed 2026-10-30

Annual consolidated revenue for 2025: about USD 7.962B, using the latest reported figures. The previous period, 2024, was about USD 8.531B.

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Watchlist

Latest quarter

Revenue

1.86 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Revenue: 1860627000 USD Source

Operating margin

60.02%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 1116682000 USD Source
  • Revenue: 1860627000 USD Source

Operating cash flow

740 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 1213888000 USD Source
  • Operating Cash Flow: 473810000 USD Source
Cash and cash equivalents
1.41 billion USD Source
Exact value

1405134000 USD

Long-term debt including current maturities
52.5 billion USD Source
Exact value

52525971000 USD

Shares outstanding
3.53 billion shares Source
Exact value

3533422000 shares

Reported share-count change

-0.56% · -20 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 3553471000 shares · 2025-06-30· Source
  • 3533422000 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

7.71 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 1943444000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 7962272000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 5996997000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 1937666000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 1860627000 USD · 2026-04-01 – 2026-06-30 Source

Net income

-1.86 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: -638682000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: -3284153000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -2823797000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -357458000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -401422000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

2.32 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 1721607000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 1181577000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 2285749000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 1721607000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 473810000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 1213888000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 473810000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-30.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 9 of 11 periods available· newest 2025-12-31
  • Operating income: 9 of 11 periods available· newest 2025-12-31
  • Net income: 9 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 9 of 11 periods available· newest 2025-12-31
  • capital expenditure: No compatible figures in this window
  • Total assets: 9 of 11 periods available· newest 2025-12-31
  • Total liabilities: 9 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • Cash and cash equivalents: 9 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 9 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 9 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -6.7%

    Prior period

    USD 8.53 billion

    –

    Current period

    USD 7.96 billion

    –

    Exact inputs and evidence

    7962272000 − 8531034000 = -568762000 USD

    8531034000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    7962272000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    −USD 2.39 billion

    Prior period

    −USD 890.55 million

    –

    Current period

    −USD 3.28 billion

    –

    Exact inputs and evidence

    -3284153000 − -890549000 = -2393604000 USD

    -890549000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -3284153000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +9.5%

    Prior period

    USD 2.09 billion

    –

    Current period

    USD 2.29 billion

    –

    Exact inputs and evidence

    2285749000 − 2087325000 = 198424000 USD

    2087325000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2285749000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 7.96 billion 100% of revenue
  • Operating costs Derived USD 3.93 billion 49% of revenue
  • Operating income USD 4.03 billion 51% of revenue
  • Tax, interest and other Derived USD 7.32 billion 92% of revenue
  • Net income −USD 3.28 billion −41% of revenue

Cash

  • Operating cash flow USD 2.29 billion 29% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2017 Net loss: net income was −55% of revenue.
  • 2018 Net loss: net income was −39% of revenue.
  • 2019 Net loss: net income was −24% of revenue.
  • 2020 Net loss: net income was −33% of revenue.
  • 2021 Net loss: net income was −22% of revenue.
  • 2022 Net loss: net income was −12% of revenue.
  • 2023 Net loss: net income was −7.7% of revenue.
  • 2024 Net loss: net income was −10% of revenue.
  • 2025 Net loss: net income was −41% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2017 2017-01-01 – 2017-12-31157932000 53783000 Derived 104149000 190407000 Derived -86258000 Unavailable
Source
2018 2018-01-01 – 2018-12-31723258000 285018000 Derived 438240000 719296000 Derived -281056000 Unavailable
Source
2019 2019-01-01 – 2019-12-311686272000 561614000 Derived 1124658000 1526429000 Derived -401771000 Unavailable
Source
2020 2020-01-01 – 2020-12-312551648000 979141000 Derived 1572507000 2425906000 Derived -853399000 Unavailable
Source
2021 2021-01-01 – 2021-12-313696671000 -34748000 Derived 3731419000 4536202000 Derived -804783000 Unavailable
Source
2022 2022-01-01 – 2022-12-317646378000 3929294000 Derived 3717084000 4600603000 Derived -883519000 Unavailable
Source
2023 2023-01-01 – 2023-12-318934405000 2968904000 Derived 5965501000 6657323000 Derived -691822000 Unavailable
Source
2024 2024-01-01 – 2024-12-318531034000 3130640000 Derived 5400394000 6290943000 Derived -890549000 Unavailable
Source
2025 2025-01-01 – 2025-12-317962272000 3927784000 Derived 4034488000 7318641000 Derived -3284153000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 8B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.9.6B7.2B4.8B2.4B0.0201720212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Revenue157932000
2018Revenue723258000
2019Revenue1686272000
2020Revenue2551648000
2021Revenue3696671000
2022Revenue7646378000
2023Revenue8934405000
2024Revenue8531034000
2025Revenue7962272000

Revenue growth

Change in revenue from the same financial period one year earlier.

-6.7% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.387%281%176%70%-36%201720212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2017Year over yearNo prior comparable period
2018Year over year358%
2019Year over year133.1%
2020Year over year51.3%
2021Year over year44.9%
2022Year over year106.8%
2023Year over year16.8%
2024Year over year-4.5%
2025Year over year-6.7%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 50.7% 2025
Net margin -41.2% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.113%68%23%-22%-67%201720212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2017Operating margin65.9%
2018Operating margin60.6%
2019Operating margin66.7%
2020Operating margin61.6%
2021Operating margin100.9%
2022Operating margin48.6%
2023Operating margin66.8%
2024Operating margin63.3%
2025Operating margin50.7%
2017Net margin-54.6%
2018Net margin-38.9%
2019Net margin-23.8%
2020Net margin-33.4%
2021Net margin-21.8%
2022Net margin-11.6%
2023Net margin-7.7%
2024Net margin-10.4%
2025Net margin-41.2%
2017Free cash flow marginNot reported
2018Free cash flow marginNot reported
2019Free cash flow marginNot reported
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 2.3B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.9B2.2B1.5B736.7M0.0201720212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Operating cash flow72285000
2018Operating cash flow252682000
2019Operating cash flow600927000
2020Operating cash flow971904000
2021Operating cash flow1783085000
2022Operating cash flow2728677000
2023Operating cash flow2706489000
2024Operating cash flow2087325000
2025Operating cash flow2285749000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

Not enough comparable data to show this history.
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Free cash flowUnavailable
2018Free cash flowUnavailable
2019Free cash flowUnavailable
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

73% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.79%59%39%20%0%201720212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2017Liabilities / assets67.4%
2018Liabilities / assets70.4%
2019Liabilities / assets67.8%
2020Liabilities / assets60.1%
2021Liabilities / assets62.6%
2022Liabilities / assets64.4%
2023Liabilities / assets66.5%
2024Liabilities / assets70%
2025Liabilities / assets73%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2017 2017-01-01 – 2017-12-31
−USD 86.26 million
Exact value

Exact value: -86258000 USD

2017-01-01 – 2017-12-31: -86258000 USD Inspect Net Income Open source
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USD 72.29 million
Exact value

Exact value: 72285000 USD

2017-01-01 – 2017-12-31: 72285000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2018 2018-01-01 – 2018-12-31
−USD 281.06 million
Exact value

Exact value: -281056000 USD

2018-01-01 – 2018-12-31: -281056000 USD Inspect Net Income Open source
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USD 252.68 million
Exact value

Exact value: 252682000 USD

2018-01-01 – 2018-12-31: 252682000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
−USD 401.77 million
Exact value

Exact value: -401771000 USD

2019-01-01 – 2019-12-31: -401771000 USD Inspect Net Income Open source
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USD 600.93 million
Exact value

Exact value: 600927000 USD

2019-01-01 – 2019-12-31: 600927000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2020 2020-01-01 – 2020-12-31
−USD 853.4 million
Exact value

Exact value: -853399000 USD

2020-01-01 – 2020-12-31: -853399000 USD Inspect Net Income Open source
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USD 971.9 million
Exact value

Exact value: 971904000 USD

2020-01-01 – 2020-12-31: 971904000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
−USD 804.78 million
Exact value

Exact value: -804783000 USD

2021-01-01 – 2021-12-31: -804783000 USD Inspect Net Income Open source
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USD 1.78 billion
Exact value

Exact value: 1783085000 USD

2021-01-01 – 2021-12-31: 1783085000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
−USD 883.52 million
Exact value

Exact value: -883519000 USD

2022-01-01 – 2022-12-31: -883519000 USD Inspect Net Income Open source
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USD 2.73 billion
Exact value

Exact value: 2728677000 USD

2022-01-01 – 2022-12-31: 2728677000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
−USD 691.82 million
Exact value

Exact value: -691822000 USD

2023-01-01 – 2023-12-31: -691822000 USD Inspect Net Income Open source
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USD 2.71 billion
Exact value

Exact value: 2706489000 USD

2023-01-01 – 2023-12-31: 2706489000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
−USD 890.55 million
Exact value

Exact value: -890549000 USD

2024-01-01 – 2024-12-31: -890549000 USD Inspect Net Income Open source
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USD 2.09 billion
Exact value

Exact value: 2087325000 USD

2024-01-01 – 2024-12-31: 2087325000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
−USD 3.28 billion
Exact value

Exact value: -3284153000 USD

2025-01-01 – 2025-12-31: -3284153000 USD Inspect Net Income Open source
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USD 2.29 billion
Exact value

Exact value: 2285749000 USD

2025-01-01 – 2025-12-31: 2285749000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

69 filings · 11,517 latest values · 11,514 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001662972, 1662972, BSTT, edgar:1662972

Also known as BLACKSTONE REAL ESTATE INCOME TRUST, INC., Blackstone Real Estate Income Trust, Inc.