10-Q · May 8, 2026
Blackstone reported Q1 2026 revenues of $3.433 billion, surpassing consensus estimates of $3.408 billion, with a diluted EPS of $1.36, also beating estimates. The quarter shows an improvement in revenue and EPS compared…
Earnings analysis · 10-Q
BX earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Blackstone delivered a strong second quarter, with GAAP revenue up 36% year over year to $5.044 billion and diluted EPS of $1.54, while recurring Fee Related Earnings rose 22% to $1.783 billion. Fundraising and AUM were…
Read full summary
Blackstone delivered a strong second quarter, with GAAP revenue up 36% year over year to $5.044 billion and diluted EPS of $1.54, while recurring Fee Related Earnings rose 22% to $1.783 billion. Fundraising and AUM were robust, led by Private Equity and Multi-Asset Investing, and operating cash flow reached $2.932 billion for the first half on only $65.4 million of capital expenditures. Offsetting positives were weaker Credit & Insurance realizations, elevated BCRED redemptions, declining Real Estate AUM and higher leverage and clawback exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.54
What stood out
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Revenue and EPS accelerated sharply
GAAP revenue was $5.044 billion, up $1.332 billion or 36% year over year and approximately 39% above the prior quarter's $3.62 billion. Diluted EPS was $1.54 versus $0.98 year over year and $0.83 in the prior quarter.
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Recurring earnings and profitability improved
Net income attributable to Blackstone Inc. rose 61% year over year to $1.229 billion, while Fee Related Earnings increased 22% to $1.783 billion. Segment Distributable Earnings increased 23% year to date to $4.194 billion.
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AUM and fundraising remained strong
Total AUM reached $1.346 trillion, up $42.2 billion sequentially and $71.3 billion from December 31, 2025. Second-quarter inflows were $68.3 billion, producing net inflows of $54.8 billion.
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Private Equity led segment growth
Private Equity Segment Distributable Earnings grew 31% year over year to $981.5 million, led by $197.5 million of higher Fee Related Earnings; six-month Private Equity earnings increased 49% to $2.0 billion.
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Multi-Asset momentum strengthened
Multi-Asset Investing Segment Distributable Earnings increased 35% year over year to $97.7 million. Management reported positive performance across all strategies and $4.8 billion of inflows in its best single month subsequent to quarter end.
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Strong cash generation with low capex
Operating cash flow was $2.932 billion for the six months ended June 30, 2026, versus $1.998 billion a year earlier, while capital expenditures were $65.4 million. Cash generation remained strong relative to the business's limited capital spending needs.
What to watch
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Credit realizations and defaults deteriorated
Credit & Insurance Segment Distributable Earnings declined 6% year over year to $373.2 million, while Net Realizations fell 95% to $3.2 million. Management also said defaults in direct lending have risen and expects them to continue rising from historically low levels.
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Private-credit liquidity pressure
BCRED redemption requests remained elevated and produced net outflows in the second quarter; management said subscriptions decelerated from the prior quarter. Credit & Insurance outflows totaled $7.6 billion in the quarter, although third-quarter redemption requests were described as significantly lower.
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Real-estate AUM and activity weakened
Real Estate Total AUM declined 2% year to date to $314.1 billion, including $13.7 billion of realizations, $5.0 billion of outflows and $1.5 billion of market depreciation. Management cited elevated base rates and Middle East conflict as factors weighing on transaction activity.
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Leverage and commitment obligations rose
Loans payable increased to $13.195 billion from $12.445 billion at December 31, 2025, including $800.0 million outstanding under the revolving credit facility. The company also had $5.905 billion of remaining operating-entity capital commitments.
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Clawback exposure increased
Potential clawback exposure increased to $1.088 billion from $806.3 million at December 31, 2025, with Real Estate accounting for $904.7 million. In the remote scenario that all carry-fund investments became worthless, potential clawback was estimated at $9.1 billion.
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Macro and valuation risks remain material
Management updated the market and geopolitical risk discussion, citing a 31.4% second-quarter decline in West Texas Intermediate crude oil to $69.50 per barrel and ongoing uncertainty from Middle East conflict, interest rates and AI disruption.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that third-quarter BCRED redemption requests were significantly lower than in the second quarter, and that improving geopolitical conditions should support greater realizations over time.
Earlier filings 4
10-K · February 27, 2026
Blackstone positions itself as the world’s largest alternative asset manager with more than $1.3 trillion in Total Assets Under Management as of December 31, 2025, emphasizing scale, diversification and a…
10-Q · November 7, 2025
Blackstone reported Q3 2025 revenues of $3,088,635,000 and diluted EPS of $0.80. Fee-related revenue (management & advisory and incentive fees) increased while Investment Income collapsed vs. the prior year, and the…
10-Q · August 2, 2024
Blackstone reported Q2 total revenues of $2,796,381 (thousands), down modestly versus $2,814,691 in Q2 2023, while diluted EPS fell to $0.58 from $0.79 a year ago. Management & advisory fees and incentive fees grew, but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.