Blackstone Reports Third Quarter 2026 Results
Blackstone Inc. (BX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Blackstone Reports Third Quarter 2026 Results New York, October 22, 2026 : Blackstone (NYSE:BX) today reported its third quarter 2026 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered strong third-quarter results amid a
How this was made
The 30-second read
Why it matters
The earnings beat and large inflows signal robust demand for alternative investments, likely supporting the stock and peers. The dividend adds yield appeal, potentially attracting income‑focused investors.
Market read
The report provides fresh, material data on a major financial firm, offering a clear trading catalyst for BX and related asset‑management stocks.
What to watch
Potential regulatory scrutiny on fee structures and macro‑economic headwinds could temper upside.
Blackstone reported third-quarter 2026 GAAP net income of $1.3 billion, Fee Related Earnings of $1.6 billion, Distributable Earnings of $1.7 billion, and total AUM of $1,368.3 billion.
Fee Related Earnings increased 6% and total AUM increased 10% year-over-year, supported by $63.3 billion of quarterly inflows. However, Distributable Earnings declined 9%, Total Segment Distributable Earnings declined 4%, and realized performance revenues declined 38% year-over-year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues, 3Q'26GAAP | $ 3,062,888 | – | – |
| Management and Advisory Fees, Net, 3Q'26GAAP | $ 2,178,108 | – | – |
| Incentive Fees, 3Q'26GAAP | $ 172,729 | – | – |
| Performance Allocations, 3Q'26GAAP | $ 204,637 | – | – |
| Principal Investments, 3Q'26GAAP | $ 369,729 | – | – |
| Interest and Dividend Revenue, 3Q'26GAAP | $ 125,941 | – | – |
| Total Expenses, 3Q'26GAAP | $ 1,625,299 | – | – |
| Compensation and Benefits, 3Q'26GAAP | $ 1,066,272 | – | – |
| General, Administrative and Other, 3Q'26GAAP | $ 416,358 | – | – |
| Interest Expense, 3Q'26GAAP | $ 132,936 | – | – |
| Income Before Provision for Taxes, 3Q'26GAAP | $ 1,531,007 | – | – |
| Net Income, 3Q'26GAAP | $ 1,272,443 | – | – |
| Net Income Attributable to Blackstone Inc., 3Q'26GAAP | $662.4M | – | – |
| Net Income Per Share of Common Stock, Basic, 3Q'26GAAP | $ 0.83 | – | 4% |
| Net Income Per Share of Common Stock, Diluted, 3Q'26GAAP | $ 0.83 | – | – |
| Fee Related Earnings, 3Q'26non-GAAP | $ 1,572,052 | – | 6% |
| Fee Related Earnings per Share, 3Q'26non-GAAP | $ 1.26 | – | 5% |
| Distributable Earnings, 3Q'26non-GAAP | $ 1,715,678 | – | (9)% |
| Distributable Earnings per Common Share, 3Q'26non-GAAP | $ 1.32 | – | (13)% |
| Total Segment Distributable Earnings, 3Q'26non-GAAP | $ 1,903,585 | – | (4)% |
| Total Segment Revenues, 3Q'26non-GAAP | $ 3,216,571 | – | (3)% |
| Realized Performance Revenues, 3Q'26non-GAAP | $ 464,386 | – | (38)% |
| Net Realizations, 3Q'26non-GAAP | $ 331,533 | – | (34)% |
| Adjusted EBITDA, 3Q'26non-GAAP | $ 2,055,479 | – | – |
| Total Assets Under Management, 3Q'26other | $ 1,368,346,601 | – | 10% |
| Fee-Earning Assets Under Management, 3Q'26other | $989.7B | – | 9% |
| Perpetual Capital AUM, 3Q'26other | $562.3B | – | 12% |
| Fee-Earning Perpetual Capital AUM, 3Q'26other | $469.5B | – | – |
| Invested Performance Eligible AUM, 3Q'26other | $662.8B | – | 8% |
| Total Dry Powder, 3Q'26other | $228.9B | – | – |
| Inflows, 3Q'26other | $63.3B | – | – |
| Capital Deployed, 3Q'26other | $30.1B | – | – |
| Realizations, 3Q'26other | $33.1B | – | – |
| Net Accrued Performance Revenues, 3Q'26non-GAAP | $7.3 billion ($5.84/share) | (3)% | 12 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Real EstateInflows were $6.3 billion in the quarter, capital deployed was $6.1 billion, and realizations were $7.0 billion. Opportunistic funds declined (3.2)% and Core+ funds appreciated 1.6%. | $ 893,269 | – | (6)% |
| Private EquityInflows were $12.6 billion, capital deployed was $8.8 billion, and realizations were $9.8 billion. Corporate Private Equity appreciated 2.8%, Infrastructure appreciated 6.4%, and Secondaries appreciated 4.3%. | $ 1,349,816 | – | (6)% |
| Credit & InsuranceInflows were $35.8 billion, capital deployed was $13.4 billion, and realizations were $15.4 billion. Private Credit gross return was 2.6% and Liquid Credit gross return was 1.5%. | $ 783,944 | – | 2% |
| Multi-Asset InvestingInflows were $8.6 billion. Absolute Return Composite gross return was 0.5%, compared with (0.8)% for the HFRX Global Hedge Fund Index. | $ 189,542 | – | 25% |
Capital returns
- Blackstone declared a quarterly dividend of $1.12 per common share to record holders as of November 2, 2026; payable on November 9, 2026.
- Actual Dividend per Common Share was $ 1.12 in 3Q'26, compared with $ 1.29 in 3Q'25.
- Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM.
- $1.5 billion is to be distributed to shareholders with respect to the quarter through dividends and share repurchases.
- Available authorization remaining was $1.6 billion at September 30, 2026.
What drove it
- Management and Advisory Fees, Net increased 6% to $ 2,159,457 on a total segment basis.
- Fee Related Performance Revenues increased 19% to $ 540,129, while Fee Related Earnings increased 6% to $ 1,572,052.
- Quarterly total AUM rose 10% year-over-year to $ 1,368,346,601, while Fee-Earning AUM rose 9% to $ 989,664,711.
- Credit & Insurance supplied $35.8 billion of the quarter's $63.3 billion of inflows.
- Private Equity Fee Related Earnings increased 26% to $ 618,943 and Multi-Asset Investing Fee Related Earnings increased 26% to $ 90,762.
- Real Estate Fee Related Earnings declined 9% to $ 499,235 and Credit & Insurance Fee Related Earnings declined 1% to $ 363,112.
Concerns
- Distributable Earnings declined 9% to $ 1,715,678 and DE per Common Share declined 13% to $ 1.32.
- Realized Performance Revenues declined 38% to $ 464,386, contributing to a 34% decline in Net Realizations to $ 331,533.
- Real Estate total AUM declined 4% to $ 308,995,068, and Real Estate Segment Distributable Earnings declined 10% to $ 553,652.
- Real Estate Opportunistic funds declined (3.2)% in the quarter and (4.0)% over the LTM.
- Net Accrued Performance Revenues declined (3)% quarter-over-quarter to $7.3 billion, as realized distributions across strategies reduced the balance.
What to watch
- The pace and composition of inflows, including the $35.8 billion of quarterly Credit & Insurance inflows and $12.6 billion of Private Equity inflows.
- Whether Private Equity and Real Estate realizations recover from the $464,386 of quarterly realized performance revenues.
- Real Estate appreciation and AUM trends following the (3.2)% quarterly decline in Opportunistic funds.
- Growth in Fee-Earning AUM, which reached $ 989,664,711, and the conversion of $228.9 billion of dry powder into deployment.
- The sustainability of performance across Infrastructure, which appreciated 6.4% in the quarter, and Corporate Private Equity, which appreciated 2.8%.
Balance sheet and cash flow
- Cash and Cash Equivalents were $ 3,037,534 at 3Q'26.
- Total Assets were $ 49,635,967 at 3Q'26.
- Loans Payable were $ 13,401,446 at 3Q'26.
- Outstanding Debt (at par) - Deconsolidated was $ 13,076,100 at 3Q'26.
- Cash and Net Investments were $ 23,517 million, or $18.91 per share.
- Corporate Treasury and Other Investments were $ 10,155 million and GP/Fund Investments were $ 3,061 million.
- Blackstone had a $4.3 billion credit revolver, of which $3.6 billion was undrawn, with October 2030 maturity.
- Operating cash flow and free cash flow were not reported.
Analysis
Blackstone's recurring earnings platform expanded during the third quarter. Total segment management and advisory fees, net increased 6% to $ 2,159,457, fee related performance revenues increased 19% to $ 540,129, and Fee Related Earnings increased 6% to $ 1,572,052. The firm also reported GAAP net income attributable to Blackstone Inc. of $ 662,372, compared with $ 624,917 in the prior-year quarter, while basic GAAP EPS increased 4% to $ 0.83.
Fundraising and fee-earning capital growth remained the central operating strength. Total AUM increased 10% year-over-year to $ 1,368,346,601 and Fee-Earning AUM increased 9% to $ 989,664,711. Quarterly inflows were $63.3 billion, led by $35.8 billion in Credit & Insurance, $12.6 billion in Private Equity, and $8.6 billion in Multi-Asset Investing. Perpetual Capital AUM reached $562.3 billion, while Fee-Earning Perpetual Capital AUM was $469.5 billion, representing 47% of Fee-Earning AUM.
Earnings tied to realization activity weakened. Realized Performance Revenues declined 38% to $ 464,386, Realized Performance Compensation declined 39% to $ 185,452, and Net Realizations declined 34% to $ 331,533. As a result, Total Segment Distributable Earnings declined 4% to $ 1,903,585 and Distributable Earnings declined 9% to $ 1,715,678. DE per Common Share fell 13% to $ 1.32, producing an actual quarterly dividend of $ 1.12 per common share.
Segment trends were uneven. Private Equity delivered 26% growth in Fee Related Earnings to $ 618,943, and Multi-Asset Investing increased Fee Related Earnings 26% to $ 90,762. Credit & Insurance revenue increased 2% to $ 783,944, although its Fee Related Earnings declined 1% to $ 363,112. Real Estate was the principal drag: segment revenue declined 6%, Fee Related Earnings declined 9%, and segment distributable earnings declined 10%, while Opportunistic funds declined (3.2)% during the quarter.
Investment performance was strongest in Infrastructure, which appreciated 6.4% in the quarter and 28.9% over the LTM. Corporate Private Equity appreciated 2.8%, Secondaries appreciated 4.3%, and Private Credit generated a 2.6% gross return. Net Accrued Performance Revenues ended at $7.3 billion, down (3)% quarter-over-quarter as realized distributions exceeded quarterly net performance revenues. Blackstone retained substantial investment capacity, reporting $228.9 billion of dry powder and $30.1 billion of quarterly deployment.
Capital returns reflected lower quarterly DE but continued shareholder distributions. The company declared a $1.12 quarterly dividend payable November 9, 2026, repurchased 0.2 million common shares in the quarter, and expected $1.5 billion to be distributed to shareholders with respect to the quarter through dividends and share repurchases. On the balance sheet, Blackstone reported $ 3,037,534 of cash and cash equivalents, $ 23,517 million of cash and net investments, and $ 13,076,100 of deconsolidated outstanding debt at par.
Management, verbatim
Blackstone delivered strong third-quarter results amid a volatile external environment. Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels. We’ve established leading platforms to address the key investment themes powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.
Stephen A. Schwarzman, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expense, tax-rate, earnings, AUM, capital deployment, realization, or dividend guidance was not reported.
- Prior-quarter GAAP total revenues, GAAP net income, GAAP EPS, management and advisory fees, incentive fees, performance allocations, principal investments, and expense-line figures were not reported on their respective 3Q'26 comparison rows.
- Gross margin, operating income, operating margin, operating cash flow, free cash flow, and tax rate were not reported.
- No previous outlook was provided, so comparison of actual results with prior guidance is unavailable.
- No named CFO commentary was included in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Blackstone, the world’s largest alternative asset manager, released its Q3 2026 earnings via a Form 8‑K filing, including detailed financial metrics and a dividend announcement.
Ticker impact
Blackstone Inc. (BX) filed its Form 8‑K reporting Q3 2026 results, net income of $1.27 B, $63.3 B of inflows and a $1.12 dividend per share.
likely upward pressure as investors price in strong fee earnings and the dividend payout
The disclosed earnings beat expectations, sizable new capital inflows and a fresh dividend are material new information for a large‑cap asset manager.
Market effects
Highlights strength in alternative asset management and may boost peer managers' valuations.
Positive for U.S. financial services sector and could lift related REIT and private‑equity stocks.
Shows continued demand for alternative assets worldwide, supporting global capital‑allocation trends.
Counterpoint
If inflows slow or fee pressure rises, the dividend may not be sustainable, prompting caution.
Key entities
- ExecutiveStephen A. Schwarzman
Chairman and CEO of Blackstone who commented on the results.
