Blackstone CEO Earns Over $1.2 Billion In 2025 Amid Record Profits

Blackstone reported record earnings for the year, with CEO Steve Schwarzman's compensation just below his 2022 record.

Published on Feb. 28, 2026

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Blackstone Inc. CEO Steve Schwarzman earned more than $1.2 billion in total compensation in 2025, slightly below his record earnings of $1.27 billion in 2022. This includes $1.1 billion in dividends from his stake in the firm and an additional $125.6 million in carried interest and incentive fees. Schwarzman's earnings put him among the Top 50 richest people in the world, with a net worth of about $44.2 billion. Blackstone reported record earnings for the full year 2025, with total revenue of $14.45 billion.

Why it matters

Schwarzman's massive compensation highlights the immense wealth and profitability of the alternative asset management industry, particularly for top executives at leading firms like Blackstone. This raises questions about income inequality and the concentration of wealth at the top, as well as the role of private equity and alternative investments in the broader economy.

The details

In addition to Schwarzman's compensation, Blackstone's President and Chief Operating Officer Jon Gray earned $302.6 million, including $206.5 million in dividends and $96.1 million in carry and stock awards. Vice Chairman and Chief Financial Officer Michael Chae earned $29.3 million in total compensation, up from $21.5 million in 2024. Blackstone has a market capitalization of $135.39 billion and the stock has fallen 27.97% over the past 12 months.

  • Schwarzman's record earnings of $1.27 billion were in 2022.
  • Schwarzman earned over $1.2 billion in total compensation in 2025.
  • Blackstone reported record earnings for the full year 2025, with total revenue of $14.45 billion.

The players

Steve Schwarzman

The CEO of Blackstone Inc., a leading alternative asset management firm. Schwarzman's compensation in 2025 put him among the Top 50 richest people in the world, with a net worth of about $44.2 billion.

Jon Gray

The President and Chief Operating Officer of Blackstone Inc., who earned $302.6 million in 2025, including $206.5 million in dividends and $96.1 million in carry and stock awards.

Michael Chae

The Vice Chairman and Chief Financial Officer of Blackstone Inc., who earned $29.3 million in total compensation in 2025, up from $21.5 million in 2024.

Blackstone Inc.

A leading alternative asset management firm that reported record earnings for the full year 2025, with total revenue of $14.45 billion.

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What they’re saying

“2026 as the "year of the IPO," noting that dealmaking is reaching escape velocity.”

— Jon Gray, President and Chief Operating Officer (Bloomberg)

The takeaway

Schwarzman's massive compensation, along with the record profits at Blackstone, highlights the immense wealth and power of the alternative asset management industry. This raises important questions about income inequality, the concentration of wealth at the top, and the broader role of private equity and alternative investments in the economy.