Blackstone Inc.

Blackstone Inc. Earnings Recaps

BX Financials 3 recaps
Q1 2026 Apr 23, 2026

Blackstone delivered a robust first quarter with 25% YoY increase in distributable earnings, record AUM surpassing $1.3 trillion, and strong fundraising momentum across its strategies amid macroeconomic uncertainties.

Key takeaways
  • Distributable earnings reached $1.8 billion, growing 25% YoY, with fee-related earnings up 23% and net realizations up 26%.
  • Fundraising remained resilient, with $69 billion inflows in Q1 and nearly $250 billion over the last year, driving AUM to a new peak of over $1.3 trillion.
  • Portfolio performance was broadly positive, led by infrastructure and data centers, contrasting with declines in major equity and credit indices.
  • The firm emphasizes its strategic positioning in AI infrastructure, with over $150 billion invested in data centers and a pipeline of $160 billion, aligning with its view of AI as a key growth driver.
  • Despite external skepticism around private credit, Blackstone reports continued strong institutional and insurance investor commitments, with the sector viewed as resilient and benefiting from positive tailwinds.
Full recap
Q3 2025 Oct 23, 2025

Blackstone delivered robust third quarter results with distributable earnings surging nearly 50% year-over-year to $1.9 billion, driven by record fundraising and strong performance across multiple sectors.

Key takeaways
  • Distributable earnings reached $1.9 billion, or $1.52 per share, supported by a 26% increase in fee-related earnings.
  • Inflows totaled $54 billion, marking the fourth consecutive quarter above $50 billion, contributing to an AUM of $1.24 trillion — an industry record.
  • Blackstone successfully executed three IPOs in the last quarter, with a promising pipeline indicating potential record issuance in the next year.
  • The firm is well-positioned for growth, with increasing investor appetite for private market solutions and a favorable capital market environment supporting future realizations and deployments.
Full recap
Q2 2025 Jul 25, 2025

Blackstone delivered exceptional second-quarter results, with distributable earnings surging 25% year-over-year, driven by strong fee-related earnings and record fundraising.

Key takeaways
  • Distributable earnings reached $1.6 billion ($1.21 per share), reflecting robust operational performance in a challenging market.
  • Fee-related earnings grew 31% year-over-year, marking one of the firm's most successful quarters historically.
  • The firm attracted $52 billion in inflows this quarter, raising total assets under management to a record $1.2 trillion, a 13% increase year-over-year.
  • Blackstone invested $33 billion in the quarter and $145 billion over the past year, focusing on sectors benefiting from long-term megatrends such as digital infrastructure and private credit.
  • The company is well-positioned for future growth, holding $181 billion in dry powder to capitalize on emerging opportunities.
Full recap