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Blackstone Group (BX) Q3 2026 Earnings Report
BX Q3 2026 EPS Results
- Actual EPS
- $1.32
- Consensus EPS
- $1.26
- Beat/Miss
- Beat by +$0.06
- One Year Ago EPS
- $1.52
BX Q3 2026 Revenue Results
- Actual Revenue
- $2.91B
- Expected Revenue
- $3.27B
- Beat/Miss
- Missed by -$363.59M
- YoY Revenue Growth
- -18.44%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
BX Upcoming Earnings
Blackstone Group's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
BX Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Blackstone reported record AUM, robust fundraising, double-digit year-to-date growth in key earnings metrics, strong investment performance across most flagship strategies, and significant expansion opportunities in private wealth, insurance, infrastructure, AI, energy, credit, and multi-asset investing. The company also expects higher fourth-quarter realizations and double-digit base management fee growth in 2027. These strengths outweighed the acknowledged challenges, including market volatility, higher rates, lower third-quarter realizations, BCRED net outflows, muted transaction activity, and real estate valuation pressure.
Company Guidance
Management anticipates “a significant step up in net realizations in the fourth quarter,” with carry realizations alone expected to “surpass the total net realization levels for the firm from the third quarter,” and expects “modest sequential growth quarter over quarter” in Q4 before acceleration into 2027; as it looks ahead to 2027, it expects to “return to double-digit year-over-year growth in base management fees,” with a further step up “in the middle of the year” as drawdown funds season in, while real estate base management fees are expected to remain “broadly stable through the year through year end and into 2027”; the company also expects its 5th asset based finance drawdown and credit fund to hit its $4.2 billion hard cap “soon,” and data center leasing is expected to reach 6 gigawatts this year, “which is 3x what we did last year.”
- Strong Quarterly Earnings and DividendBlackstone reported GAAP net income of $1.3 billion, distributable earnings of $1.7 billion, or $1.32 per common share, and declared a dividend of $1.12 per share.
- Record Fundraising MomentumInflows reached $63 billion in the quarter and exceeded $270 billion over the last 12 months, the highest level in four years.
- Record Assets Under Management and Fee RevenueTotal AUM rose 10% year-over-year to approximately $1.4 trillion. Total fee revenues increased 8% year-over-year to $2.7 billion, base management fees reached a record $2 billion, and fee-related performance revenues grew 19% year-over-year to $540 million.
- Growth in Fee-Related Earnings and Year-to-Date ResultsFee-related earnings were $1.6 billion, up 6% year-over-year, while for the first nine months of the year total fee revenues and fee-related earnings each grew 17% year-over-year. Realized performance revenues and distributable earnings each increased 12% year-over-year.
- Expected Fourth-Quarter Realization IncreaseManagement expects a significant step up in net realizations in the fourth quarter, including multiple company sales. Carry realizations under contract and expected to close in the fourth quarter are expected to surpass the firm's total net realization levels from the third quarter.
- Private Wealth Channel ExpansionPrivate wealth AUM grew 15% year-over-year to a record $330 billion, with nearly $9 billion of sales in the quarter. Management said the channel has remained resilient despite volatility and expects growth to continue globally through wirehouses, RIAs, and new products.
- Strong BXP, BREIT, and BXInfra PerformanceBXP generated record third-quarter sales of $2.9 billion and reached $29 billion of NAV in less than three years, with an 18% net annualized return since inception. BREIT grew 9% year-over-year to $58 billion, recorded its best regular-way net flows in four years, and generated approximately 11% net returns over the last 12 months for its largest share class. BXInfra generated $1.1 billion of quarterly sales, reached more than $7 billion of NAV, and delivered a 17% annualized net return for its largest share class.
- New Wealth Products and Distribution PartnershipsThe new perpetual hedge fund product, BXHF, raised approximately $400 million including October 1 subscriptions. Blackstone also launched Blackstone Private Markets funds and its first two funds in its alliances with Wellington and Vanguard, including a vehicle providing access to Blackstone's platform through a single allocation.
- Insurance Platform GrowthInsurance-channel AUM grew 14% year-over-year to more than $300 billion. More than half of the dedicated insurance platform's 40 clients expanded their relationships with Blackstone during the past 12 months. The investment-grade private credit platform grew 24% year-over-year to nearly $150 billion.
- Infrastructure and Multi-Asset GrowthDedicated infrastructure AUM grew 40% year-over-year to $97 billion, with a 19% net annual return since inception in the commingled VIP strategy. BXMA AUM increased 22% year-over-year to $114 billion, with record organic net inflows in the third quarter and a 26th consecutive quarter of positive returns for its largest strategy.
- Successful Institutional FundraisingBlackstone raised more than $16 billion toward a target of at least $22 billion for its new private equity flagship secondaries vehicle. Its fifth private equity energy transition fund reached its $8.7 billion hard cap after quarter-end, more than 50% larger than the prior fund. Management said this was the fourth major drawdown fund to reach its hard cap during the year, and the planned asset-based finance drawdown fund was expected to reach its $4.2 billion hard cap soon.
- AI Infrastructure Investment PositioningManagement said Blackstone has become one of the most important capital providers in the AI ecosystem, with activities spanning data centers, power, financing, chips, equipment, and related services. Its data center portfolio is supported by 15- to 20-year contracts with highly creditworthy counterparties, and approximately 96% of the counterparties cited for the data center portfolio are investment grade, with average market capitalizations of $2.5 trillion.
- Energy and Power Investment ActivityBlackstone invested in a leading renewable-project developer in Europe and committed to acquire a supplier of components for data-center cooling systems during the quarter. Its portfolio company Luminant announced a strategic investment from NVIDIA to help fund power development for OpenAI's flagship data center in Texas. Blackstone's credit energy business backed approximately 15% of U.S. solar and storage projects last year, while its equity and credit businesses together supported nearly 50% of LNG export capacity.
- Flagship Investment Strategies OutperformedNearly all flagship strategies generated positive appreciation and outperformed comparable indices in the third quarter. Infrastructure appreciated 6.4% in the quarter and 29% over the last 12 months, versus a 4% return for the global infrastructure index. Corporate private equity appreciated 2.8% in the quarter and 15% over the last 12 months, while gains were led by power and electrification holdings.
- Healthy Credit and BXMA ReturnsNon-investment-grade private credit strategies generated a 2.6% gross return in the quarter and 7% over the last 12 months. BXMA's absolute-return composite generated a 0.5% gross return in the quarter and 13% over the last 12 months, more than double the hedge fund index. BXMA has outperformed the traditional 60/40 portfolio by 170 basis points per year since the start of 2020.
- Strong Real Estate Operating Fundamentals in Key SectorsManagement reported a 45% increase in leasing across its U.S. logistics platform, 6% same-store sales growth for hotels nationally, and plans to complete 6 gigawatts of data-center leasing this year, three times last year's level. Data centers, logistics, and hotels represent more than 60% of Blackstone's real estate exposures, according to management.
- Embedded Performance Revenue PotentialNet accrued performance revenue receivable increased 12% year-over-year to $7.3 billion, or nearly $6 per share. The private equity energy receivable more than doubled year-over-year, and nearly one-third of the corporate private equity receivable is public and liquid.
- Positive Outlook for Base Management FeesManagement expects a return to double-digit year-over-year growth in base management fees in 2027, supported by new drawdown funds, expansion of perpetual strategies, growth in credit and insurance, and momentum in BXMA. Fourth-quarter base management fees are expected to show modest sequential growth before further acceleration into 2027.
- Capital Markets and Insurance Fee OpportunityTransaction and advisory fees increased 34% year-over-year to $210 million. Management said the capital-markets business is continuing to grow while remaining capital light. Insurance mandates generally generate fees averaging in a range of 40 to 50 basis points, with attractive and scalable margins.
BX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 28, 2027 | 2026 (Q4) | 1.73- | 1.75 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 1.261.32 | 1.52 | -13.16% (-0.20) | |
| Jul 23, 2026 | 2026 (Q2) | 1.341.52 | 1.21 | 25.62% (+0.31) | |
| Apr 23, 2026 | 2026 (Q1) | 1.341.36 | 1.09 | 24.77% (+0.27) | |
| Jan 29, 2026 | 2025 (Q4) | 1.541.75 | 1.69 | 3.55% (+0.06) | |
| Oct 23, 2025 | 2025 (Q3) | 1.231.52 | 1.01 | 50.50% (+0.51) | |
| Jul 24, 2025 | 2025 (Q2) | 1.101.21 | 0.96 | 26.04% (+0.25) | |
| Apr 17, 2025 | 2025 (Q1) | 1.051.09 | 0.98 | 11.22% (+0.11) | |
| Jan 30, 2025 | 2024 (Q4) | 1.481.69 | 1.11 | 52.25% (+0.58) | |
| Oct 17, 2024 | 2024 (Q3) | 0.911.01 | 0.94 | 7.45% (+0.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
