{"schemaVersion":1,"research":true,"symbol":"bx","name":"Blackstone","topic":"moat","path":"/stock/bx/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:57:13.675Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Blackstone has a narrow, contract-based switching-cost advantage: committed capital, restricted redemptions and limited termination rights in insurance accounts protect existing mandates. These protections do not establish superior future fundraising or fee pricing. Fundraising and realized earnings support a functioning franchise, but intense competition, readily terminable accounts and missing fee-rate evidence limit confidence in broader durability.","advantages":[{"mechanism":"switching_costs","claim":"Investors cannot freely move all existing mandates to another manager. Capital-call obligations and potential forfeiture penalties, restricted perpetual-vehicle redemptions, and insurance-account termination protections create current contractual friction.","durability":"Protection lasts within the applicable commitment periods and contractual terms. Similar redemption and insurance-account provisions appear in both 2026 quarterly filings; earlier disclosures report no meaningful capital-call defaults. This supports a narrow advantage without establishing exceptional duration or uniqueness versus peers.","risks":"Certain other separately managed accounts can terminate on 15 to 95 days' notice. Investors can select competitors for future commitments, and competitors offer lower fees or higher distributor payments. Contractual retention does not demonstrate investor satisfaction or unrestricted pricing power.","invalidation":"The thesis would weaken materially if protected mandates became broadly terminable without meaningful penalties, capital-call defaults became material, or sustained runoff in protected vehicles demonstrated that contractual friction failed to preserve the fee-paying capital base.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Liquidity and Capital Resources: long-term committed or invested capital","excerpt":"We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units."},{"id":"e2","sourceId":"filing-2","location":"Perpetual capital vehicles: redemption restrictions","excerpt":"In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles."},{"id":"e3","sourceId":"filing-2","location":"Insurance platform SMAs: termination conditions and cure rights","excerpt":"SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure."},{"id":"e4","sourceId":"filing-3","location":"Risk Factors: contractual capital-call rights","excerpt":"Investors in all of our carry funds (and certain of our hedge funds) make capital commitments to those funds that we are entitled to call from those investors at any time during prescribed periods."},{"id":"e5","sourceId":"filing-3","location":"Risk Factors: historical capital-call defaults","excerpt":"We have not had investors default on capital calls to any meaningful extent."},{"id":"e6","sourceId":"filing-3","location":"Risk Factors: investor default penalties","excerpt":"Any investor that did not fund a capital call would generally be subject to several possible penalties, including having a significant amount of its existing investment forfeited in that fund."},{"id":"e7","sourceId":"filing-5","location":"Perpetual capital vehicles: redemption restrictions","excerpt":"In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles."},{"id":"e8","sourceId":"filing-5","location":"Insurance platform SMAs: termination conditions","excerpt":"SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure."},{"id":"e9","sourceId":"filing-2","location":"Certain non-insurance SMAs: termination notice periods","excerpt":"Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice."},{"id":"e10","sourceId":"filing-1","location":"Competition: lower competitor fees and distributor payments","excerpt":"In addition, competition for fundraising in the private wealth and insurance channels is also driven by the willingness of certain of our competitors to charge lower fees or pay higher or different types of distributors fees."},{"id":"e11","sourceId":"filing-4","location":"Competition: institutional investors making direct investments","excerpt":"Certain institutional investors have demonstrated a preference to in-source their own investment professionals and to make direct investments in alternative assets without the assistance of private equity advisers like us."},{"id":"e12","sourceId":"filing-1","location":"Management discussion: BCRED fundraising in 2025","excerpt":"In our perpetual capital strategies, BCRED maintained healthy demand with over $14 billion raised in 2025."},{"id":"e13","sourceId":"filing-1","location":"Segment analysis: fee earnings revenue and expense changes","excerpt":"The increase in Fee Related Earnings was primarily attributable to increases of $347.8 million in Management Fees, Net and $40.7 million in Fee Related Performance Revenues, partially offset by increases of $114.0 million in Fee Related Compensation and of $79.0 million in Other Operating Expenses."},{"id":"e14","sourceId":"filing-1","location":"Segment analysis: management fee growth","excerpt":"Management Fees, Net were $1.9 billion for the year ended December 31, 2025, an increase of $347.8 million, compared to $1.6 billion for the year ended December 31, 2024, primarily attributable to an increase in Base Management Fees."},{"id":"e15","sourceId":"filing-2","location":"Segment analysis: quarterly Fee Related Earnings","excerpt":"Fee Related Earnings Fee Related Earnings were $613.0 million for the three months ended June 30, 2026, an increase of $69.4 million, compared to $543.6 million for the three months ended June 30, 2025."},{"id":"e16","sourceId":"filing-2","location":"Segment analysis: performance revenue and compensation changes","excerpt":"The increase in Fee Related Earnings was attributable to an increase of $153.1 million in Fee Related Performance Revenues, partially offset by an increase of $92.0 million in Fee Related Compensation."},{"id":"e17","sourceId":"filing-2","location":"Key financial measures: compensation allocation effects","excerpt":"For the three and six months ended June 30, 2026, Realized Performance Compensation increased by $39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings in the three and six months ended June 30, 2026."},{"id":"e18","sourceId":"filing-2","location":"Cash flow statement: operating cash generation, investment activity, equity compensation and borrowing","excerpt":"Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in Thousands) $ $ Six Months Ended June 30, 2026 2025 Operating Activities Net Income $ 3,613,973 $ 2,834,907 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Net Realized Gains on Investments (2,937,722 ) (1,905,804 ) Changes in Unrealized Gains on Investments (207,451 ) (632,886 ) Non-Cash Performance Allocations (870,592 ) (576,484 ) Non-Cash Performance Allocations and Incentive Fee Compensation 1,428,628 953,235 Equity-Based Compensation Expense 915,468 783,445 Amortization of Intangibles 18,072 17,949 Other Non-Cash Amounts Included in Net Income (263,024 ) 136,035 Cash Flows Due to Changes in Operating Assets and Liabilities Cash Acquired with Consolidation of Fund Entities 830 — Cash Relinquished with Deconsolidation of Fund Entities (12,946 ) (65,803 ) Accounts Receivable (402,662 ) (117,317 ) Due from Affiliates 476,083 241,640 Other Assets 194,767 118,683 Accrued Compensation and Benefits (953,907 ) (705,817 ) Accounts Payable, Accrued Expenses and Other Liabilities 166,094 (23,200 ) Due to Affiliates 10,999 (150,153 ) Investments Purchased (1,417,701 ) (2,351,387 ) Cash Proceeds from Sale of Investments 3,173,541 3,440,678 Net Cash Provided by Operating Activities 2,932,450 1,997,721 Investing Activities Purchase of Furniture, Equipment and Leasehold Improvements (65,372 ) (69,424 ) Net Cash Used in Investing Activities (65,372 ) (69,424 ) Financing Activities Distributions to Non-Controlling Interest Holders in Consolidated Entities (839,320 ) (481,852 ) Contributions from Non-Controlling Interest Holders in Consolidated Entities 733,252 1,845,102 Payments Under Tax Receivable Agreement (63,820 ) (43,954 ) Net Settlement of Vested Common Stock and Repurchase of Common Stock (108,558 ) (135,363 ) Proceeds from Loans Payable 1,637,859 1,024,556 continued… See notes to condensed consolidated financial statements."},{"id":"e19","sourceId":"filing-2","location":"Cash flow statement: debt repayments, distributions and cash balances","excerpt":"Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in Thousands) $ $ Six Months Ended June 30, 2026 2025 Financing Activities (Continued) Repayment and Repurchase of Loans Payable $ (851,318 ) $ (706,362 ) Dividends/Distributions to Stockholders and Unitholders (3,446,832 ) (3,074,008 ) Net Cash Used in Financing Activities (2,938,737 ) (1,571,881 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (9,720 ) 16,841 Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other Net Increase (Decrease) (81,379 ) 373,257 Beginning of Period 2,854,682 2,176,192 End of Period $ 2,773,303 $ 2,549,449 Supplemental Disclosure of Cash Flows Information Payments for Interest $ 261,314 $ 248,437 Payments for Income Taxes $ 141,294 $ 296,994 Supplemental Disclosure of Non-Cash Investing and Financing Activities Non-Cash Contributions from Non-Controlling Interest Holders $ 8,994 $ 8,299 Non-Cash Distributions to Non-Controlling Interest Holders $ (9,241 ) $ (9,551 ) Transfer of Interests to Non-Controlling Interest Holders $ (42,613 ) $ 1,626 Net Settlement of Vested Common Stock $ 601,407 $ 580,665 Deferred Tax Asset Increase from Equity Transactions $ 77,800 $ 255,309 Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements $ 56,796 $ 199,908 The following table provides a reconciliation of Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other reported within the Condensed Consolidated Statements of Financial Condition: $ $ June 30, 2026 December 31, 2025 Cash and Cash Equivalents $ 2,507,073 $ 2,631,241 Cash Held by Blackstone Funds and Other 266,230 223,441 $ 2,773,303 $ 2,854,682 See notes to condensed consolidated financial statements."},{"id":"e20","sourceId":"filing-1","location":"Commitments and Contingencies: investment commitments","excerpt":"Commitments and Contingencies Commitments Investment Commitments Blackstone had $ 6.5 billion of investment commitments as of December 31 , 2025 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments."},{"id":"e21","sourceId":"filing-1","location":"Compensation: senior personnel equity interests","excerpt":"Most of our current senior managing directors and other senior personnel have equity interests in our business that entitle such personnel to cash distributions."},{"id":"e22","sourceId":"filing-1","location":"Executive Compensation: actual mandatory bonus deferral into stock","excerpt":"Baratta was granted 51,216 shares of deferred restricted common stock with a grant date fair value of $8,019,401, reflecting 100% of his annual bonus payment mandatorily deferred into deferred restricted common stock pursuant to the Bonus Deferral Plan."},{"id":"e23","sourceId":"filing-2","location":"Capital commitments: professional funding obligations","excerpt":"Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds."},{"id":"e24","sourceId":"filing-1","location":"Executive Compensation: discretionary bonus payments","excerpt":"The ultimate bonus payments that are made are fully discretionary as further discussed below under “—Determination of Incentive Compensation.”"},{"id":"e25","sourceId":"filing-2","location":"Dividends: tax receivable payments and distribution differences","excerpt":"Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units."},{"id":"e26","sourceId":"filing-1","location":"Organizational structure: preferred-stock voting power","excerpt":"Risks Related to Our Organizational Structure • The significant voting power of holders of our Series I preferred stock and Series II preferred stock may limit the ability of holders of our common stock to influence our business."},{"id":"e27","sourceId":"filing-2","location":"Other Information: director election by sole Series II preferred stockholder","excerpt":"Item 5. Other Information Election of Directors On August 6, 2026, Blackstone Group Management L.L.C., by a written consent as the sole holder of our Series II preferred stock, elected Stephen A."},{"id":"e28","sourceId":"filing-2","location":"Valuation governance: independent valuation corroboration","excerpt":"To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments."},{"id":"e29","sourceId":"filing-2","location":"Valuation governance: quarterly audit committee review","excerpt":"Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our non-employee directors."},{"id":"e30","sourceId":"filing-2","location":"Revenue recognition: management fee offsets","excerpt":"Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which includes amounts such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees, rebates and other consideration determined to be an adjustment to the transaction price."},{"id":"e31","sourceId":"filing-2","location":"Valuation: fair-value inputs to certain fees","excerpt":"141 Table of Contents The fair value of the investments held by Blackstone Funds is the primary input to the calculation of certain of our management fees, Incentive Fees, Performance Allocations and the related Compensation we recognize."},{"id":"e32","sourceId":"filing-2","location":"Segment analysis: realized earnings improvement","excerpt":"Net Realizations Net Realizations were $132.3 million for the three months ended June 30, 2026, an increase of $110.0 million, compared to $22.2 million for the three months ended June 30, 2025."},{"id":"e33","sourceId":"filing-3","location":"Risk Factors: weaker forfeiture deterrent early in fund life","excerpt":"However, the impact of the forfeiture penalty is directly correlated to the amount of capital previously invested by the investor in the fund and if an investor has invested little or no capital, for instance early in the life of the fund, then the forfeiture penalty may not be as meaningful."}],"changes":["Changed from uncertain to narrow because the supplied contractual passages establish specific redemption, termination and capital-call restrictions beyond the previous analysis's general committed-capital observation.","Added demonstrated fundraising, actual compensation alignment and governance disclosures. Fee growth and cash generation remain operating evidence rather than proof of higher fee rates."],"limitations":["Sources are issuer filings with dateKind filed: February 23, 2024; February 28, 2025; February 27, May 8 and August 7, 2026. Filing dates are distinct from the operating periods described.","Competition passages identify generic categories, not named competitors. Other named entities in the catalog are not established as competitors.","The share of fee-paying capital covered by each contractual protection, exact commitment durations and comparable competitor terms are missing. Contractual friction supports the narrow verdict but does not establish a unique industry position.","BCRED fundraising is reported operating evidence; management's expectations about future flows or portfolio protection are not demonstrated outcomes. Gross fundraising does not establish net retention.","Effective fee rates, comparable pricing changes, unilateral fee-reset rights and investor renewal cohorts are absent. Full executive ownership percentages and complete compensation and governance terms are also missing.","Generic risks are treated as possible erosion channels, not evidence that losses, defaults or customer departures have occurred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Enforceable commitments, redemption limits and protected insurance mandates create switching friction. Readily terminable accounts and missing evidence of superior peer terms limit the breadth of the advantage.","evidenceIds":["e1","e2","e3","e4","e6","e9"]},{"criterion":"durability","grade":2,"rationale":"Long-term capital and repeated contractual disclosures support persistence within existing mandates. Exact durations and protected-capital coverage are missing; early-life forfeiture penalties can be less meaningful.","evidenceIds":["e1","e2","e3","e7","e8","e33"]},{"criterion":"customer_dependency","grade":3,"rationale":"Capital-call obligations, meaningful potential forfeiture and restricted exit rights strongly constrain migration of existing protected capital. This is contractual dependency, not proof of customer satisfaction or dependence for future allocations.","evidenceIds":["e2","e3","e4","e5","e6","e9"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Contract protections and no meaningful historical capital-call defaults provide a buffer. Lower competitor fees, investor insourcing and short-notice termination elsewhere leave future fundraising exposed; BCRED fundraising supports demand without resolving those risks.","evidenceIds":["e2","e3","e5","e9","e10","e11","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Management and performance fee revenues increased, but the passages do not isolate effective fee rates, discounts or comparable pricing outcomes. Competitors' lower fees do not establish realized Blackstone price cuts.","evidenceIds":["e10","e14","e16","e30"]},{"criterion":"retention","grade":3,"rationale":"Assessed from disclosed switching friction and indirect operating evidence: protected mandates, capital-call compliance and BCRED fundraising support retention capacity. Net flows, repeat-investor rates and voluntary renewal behavior are not supplied.","evidenceIds":["e2","e3","e5","e6","e9","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Reported fee earnings increased despite compensation and other expense growth. Performance-revenue dependence and compensation allocation effects limit evidence of durable margin protection or pricing-led resilience.","evidenceIds":["e13","e15","e16","e17"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Redemption discretion is disclosed, but authority to set or reset management fee rates is not. Fee offsets and valuation-linked calculations describe constraints and mechanics without establishing pricing discretion.","evidenceIds":["e2","e30","e31"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation improved and capital spending declined, while substantial distributions, additional borrowing, equity compensation and investment commitments create competing demands. Consolidated fund activity complicates interpretation; these results support a mixed assessment rather than demonstrated exceptional allocation.","evidenceIds":["e18","e19","e20"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual senior personnel equity interests, mandatory stock bonus deferral and professional capital obligations support alignment. Fully discretionary bonuses and tax-receivable-related distribution differences temper it; complete ownership and vesting terms are unavailable.","evidenceIds":["e21","e22","e23","e24","e25"]},{"criterion":"execution","grade":3,"rationale":"Reported BCRED fundraising, higher management fees, improved realized earnings and increased operating cash generation demonstrate execution across several outcomes. Attribution to management is indirect, and selected results do not establish superior investment returns through a full cycle.","evidenceIds":["e12","e14","e18","e32"]},{"criterion":"governance","grade":2,"rationale":"Independent valuation corroboration and quarterly audit committee review provide substantive controls. Concentrated preferred-stock voting power and actual director election by its sole holder constrain common-stockholder influence, producing a mixed assessment.","evidenceIds":["e26","e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"9abb6bc8cc4ed340594e424541b5f18933da6edda02e9b6dc12946063b83167f","updatedAt":"2026-10-18T12:57:13.675Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526082531/d48618d10k.htm","publishedAt":"2026-02-27","sha256":"35861ee32970b7fffac289cd918cf236684db4f8b689a9779228c27d41cce86b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526340208/d158269d10q.htm","publishedAt":"2026-08-07","sha256":"99a0ac3525e3b6cc9d82702b7d6e05c54dff9316acf5495635df6e3ed1822f52","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312525042469/d912273d10k.htm","publishedAt":"2025-02-28","sha256":"34f62b320de6be332bc8520f85b0c8ae4434ac1be56733a6b41ad81099cae6d6","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312524044485/d734131d10k.htm","publishedAt":"2024-02-23","sha256":"efa3e0ee1de5b7af301aca9f2f82e485bce86bd4b91f332d0cce7298faeed170","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526214609/d60424d10q.htm","publishedAt":"2026-05-08","sha256":"b8a25021a225ccbf8fdf2f7f8b28c92a0b90426966787abf35cc6287550b6dea","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:1b95c7e38c898b34a698a39f6de673766a29c8e69ef39cd5775aa96ad57aed76","usage":{"input_tokens":77360,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3251,"reasoning_output_tokens":133},"basisSupplement":{"previousHash":"71fd419b948cdab8d87d9cbd8ff58f70076bfed4fb9b96ee8c9a5a31b8ce7a8e","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":17.370094752446143,"sbc_revenue":2.823390270551444},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":71.62467965135548,"sbc_revenue":2.572298795692203},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":31.469720451493448,"sbc_revenue":10.0022525538459},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526082531/d48618d10k.htm","publishedAt":"2026-02-27","sha256":"35861ee32970b7fffac289cd918cf236684db4f8b689a9779228c27d41cce86b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526340208/d158269d10q.htm","publishedAt":"2026-08-07","sha256":"99a0ac3525e3b6cc9d82702b7d6e05c54dff9316acf5495635df6e3ed1822f52","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312525042469/d912273d10k.htm","publishedAt":"2025-02-28","sha256":"34f62b320de6be332bc8520f85b0c8ae4434ac1be56733a6b41ad81099cae6d6","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312524044485/d734131d10k.htm","publishedAt":"2024-02-23","sha256":"efa3e0ee1de5b7af301aca9f2f82e485bce86bd4b91f332d0cce7298faeed170","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1393818/000119312526214609/d60424d10q.htm","publishedAt":"2026-05-08","sha256":"b8a25021a225ccbf8fdf2f7f8b28c92a0b90426966787abf35cc6287550b6dea","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}