Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

The Income Before Provision for Taxes consists of the following:


	Year Ended December 31,
	2025		2024		2023
Income Before Provision (Benefit) for Taxes
U.S. Domestic Income	$	6,721,171	$	6,029,702	$	2,577,184
Foreign Income		450,475		429,778		380,530

	$	7,171,646	$	6,459,480	$	2,957,714

Provision (Benefit) for Income Taxes

The Provision for Taxes consists of the following:


	Year Ended December 31,
	2025			2024			2023
Current
Federal Income Tax	$	354,543		$	424,659		$	362,144
Foreign Income Tax		142,098			128,757			112,861
State and Local Income Tax		186,952			120,454			186,851

		683,593			673,870			661,856

Deferred
Federal Income Tax		362,993			265,749			(94,732	)
Foreign Income Tax		(3,823	)		(471	)		(7,020	)
State and Local Income Tax		82,260			82,523			(46,643	)

		441,430			347,801			(148,395	)

Provision for Taxes	$	1,125,023		$	1,021,671		$	513,461

Effective Income Tax Rate		15.7	%		15.8	%		17.4	%

Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate

The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:


	Year Ended December 31, 2025
Income before Provision for Taxes	$	7,171,646


Statutory U.S. Federal Tax Rate	$	1,506,046		21.0	%
State and Local Income Taxes, Net of Federal Benefit (a)		206,841		2.9	%
Foreign Tax Effects		76,209		1.1	%
Nontaxable or Nondeductible Items
Income Passed Through to Non-Controlling Interest Holders		(632,663	)	-8.8	%
Other Nontaxable or Nondeductible Items		30,471		0.4	%
Other Adjustments		(61,881	)	-0.9	%

Effective Income Tax Rate	$	1,125,023		15.7	%

(a)	State and local taxes in New York State and New York City made up the majority (50% or greater) of the tax effect in this category.


							2024 vs.
	Year Ended December 31,						2024 vs.
	2024			2023			2023
Statutory U.S. Federal Income Tax Rate		21.0	%		21.0	%		—
Income Passed Through to Non-Controlling Interest Holders		-9.0	%		-8.2	%		-0.8	%
State and Local Income Taxes		2.9	%		4.3	%		-1.4	%
Other		0.9	%		0.3	%		0.6	%

Effective Income Tax Rate		15.8	%		17.4	%		-1.6	%

Summary of Tax Effects of Temporary Differences

A summary of the tax effects of the temporary differences is as follows:


	December 31,
	2025			2024
Deferred Tax Assets
Investment Basis Differences/Net Unrealized Gains and Losses	$	1,879,975		$	1,737,508
Other		211,605			287,639

Total Deferred Tax Assets Before Valuation Allowance		2,091,580			2,025,147
Valuation Allowance		(35,357	)		(21,199	)

Total Deferred Tax Assets		2,056,223			2,003,948

Deferred Tax Liabilities
Investment Basis Differences/Net Unrealized Gains and Losses		14,794			12,282
Other		1,681			1,953

Total Deferred Tax Liabilities		16,475			14,235

Net Deferred Tax Assets	$	2,039,748		$	1,989,713

Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations

As of December 31, 2025, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to

examination:


Jurisdiction	Year

Federal		2022
New York City		2009
New York State		2016
United Kingdom		2011

Schedule Of Income Tax Paid By Individual Jurisdiction

The Cash Payments for Income Taxes consists of the following:


Jurisdiction	Year Ended December 31, 2025
Federal (a)	$	409,537
New York City		68,500
State — Other		2,999
Foreign		81,524

	$	562,560

(a)	Federal payments include cash paid for the transferable tax credits.

Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties

Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:


	December 31,
	2025			2024			2023
Unrecognized Ta x B enefits — January 1	$	251,457		$	210,778		$	153,624
Additions Based on Tax Positions Related to Current Year		59,877			46,572			19,807
Reductions for Tax Positions of Current Year		—			—			(19,737	)
Additions for Tax Positions of Prior Years		4,396			—			57,081
Reductions for Tax Positions of Prior Years		—			(6,111	)		—
Settlements		(471	)		—			—
Exchange Rate Fluctuations		339			218			3

Unrecognized Tax Benefits — December 31	$	315,598		$	251,457		$	210,778

Blackstone Inc. 10-K