third quarter 2026
Filed Oct 22, 2026Blackstone 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.