v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Revenues $ 3,944 $ 3,381 $ 3,142
Realized 0 25 51
Unrealized 209 (9) 348
Total investment income 209 16 399
Interest and dividend revenue 98 143 172
Interest and dividend revenue of consolidated funds 31 0 0
Other revenues 535 440 349
Total revenues 4,817 3,980 4,062
Expenses      
Compensation and benefits (1,373) (1,154) (1,048)
Other operating expenses (354) (347) (342)
General, administrative and other (56) (64) (56)
Total compensation, operating, and general and administrative expenses (1,783) (1,565) (1,446)
Carried interest allocation compensation      
Realized (155) (69) (26)
Unrealized 9 (24) (60)
Total carried interest allocation compensation (146) (93) (86)
Interest expense (87) (22) (14)
Interest expense of consolidated funds (28) 0 0
Total expenses (2,044) (1,680) (1,546)
Other expenses, net (297) (93) (129)
Share of income from equity method investments 402 339 167
Other income, net of consolidated funds 47 0 0
Income before provision for taxes 2,925 2,546 2,554
Income tax expense (527) (438) (417)
Net income 2,398 2,108 2,137
Preferred shares redeemable non-controlling interest 480 211 (262)
Net income attributable to non-controlling interest (369) (151) (36)
Non-controlling interests in consolidated funds (24) 0 0
Net income attributable to the common stockholders $ 2,485 $ 2,168 $ 1,839
Class A Shares      
Carried interest allocation compensation      
Earnings per share - basic (in dollars per share) $ 1.54 $ 1.35 $ 1.16
Earnings per share - diluted (in dollars per share) $ 1.52 $ 1.34 $ 1.16
Weighted average of common stock outstanding - basic (in shares) 1,612.2 1,603.4 1,585.8
Weighted average of common stock outstanding - diluted (in shares) 1,628.5 1,613.6 1,590.6
Management Service      
Revenues      
Revenues $ 3,384 $ 2,957 $ 2,766
Incentive fees      
Revenues      
Revenues $ 560 $ 424 $ 376