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Company research11 Jan 2024
From Crisis to Opportunity: Companies That Had Their IPO in 2009
Explore the 2009 IPO landscape amidst the financial crisis, highlighting resilient companies, diverse industries, and the impact of government support.
Blackstone
Blackstone (BX) investor relations material
Blackstone Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 distributable earnings were $1.716B, down 9% YoY; quarterly inflows reached $63.3B amid volatile markets.
Total AUM rose 10% YoY to $1,368.3B, and flagship strategies outperformed comparable public-market indices.
Financial highlights
GAAP revenue was $3.063B; GAAP net income was $1.272B, with $662M attributable to common shareholders; diluted EPS was $0.83.
Fee Related Earnings were $1.572B, up 6% YoY; Distributable Earnings were $1.716B, down 9%, or $1.32 per share, down 13%.
Total fee revenues rose 8% YoY to $2.7B; base management fees reached a record $2.0B and transaction and advisory fees rose 34% to $210M.
Fee-related performance revenues rose 19% to $540M; YTD FRE rose 17% to $4.903B and YTD DE rose 12% to $5.458B.
LTM FRE was $6.4B ($5.20/share) and LTM DE was $7.7B ($5.95/share); net accrued performance revenues were $7.263B ($5.84/share).
Outlook and guidance
Q4 net realizations are expected to step up significantly; carry realizations under contract and expected to close are expected to exceed Q3 firmwide net realizations.
Base management fees are expected to show modest sequential growth in Q4 before returning to double-digit YoY growth in 2027, driven by drawdown funds, perpetual strategies, credit insurance and BXMA.
Real estate fees are expected to remain broadly stable through year-end and into 2027.
Q4 includes scheduled BXMA and credit crystallizations; performance revenue and transaction activity remain subject to market conditions and lumpy realizations.
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Latest events from Blackstone
- Strong earnings, robust fundraising, and AI-driven growth position the firm for continued outperformance.BX
Barclays 24th Annual Global Financial Services Conference - Q2 2026 earnings and AUM surged, led by AI-driven growth and record inflows.BXQ2 2026
- AI-driven growth, private credit expansion, and product innovation fuel optimism for 2026.BXGoldman Sachs U.S. Financial Services Conference
- AI infrastructure, private credit, and wealth channels fuel growth amid resilient economic trends.BXMorgan Stanley US Financials Conference 2026
- Q1 2026: $1.3B net income, 12% AUM growth to $1.3T, $68.5B inflows, $1.16 dividend.BXQ1 2026
- Record fundraising, AI-driven growth, and global expansion set a strong multi-year outlook.BXBank of America Financial Services Conference 2026
- Record inflows and AUM growth fueled robust earnings and significant shareholder returns.BXQ4 2025
- Q3 saw $1.2B net income, $54.2B inflows, and AUM up 12% to $1.24T; $1.29/share dividend.BXQ3 2025
- Q3 2024 net income reached $1.6B, AUM hit $1.1T, and fund appreciation set a new high.BXQ3 2024
Next Blackstone earnings date
Q4 202628 Jan, 2027
Blackstone
Next Blackstone earnings date
Q4 202628 Jan, 2027
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Frequently asked questions
One of the largest asset managers in the world
Blackstone is one of the largest alternative asset managers in the world. They dwarf any other PE firm with their over $900 billion in AUM, up 38 percent year-over-year as of Q2 2022.
The Blackstone portfolio comprises over 200 companies with more than half a million employees worldwide. Among their portfolio companies are;
Refinitiv, the financial markets data and infrastructure provider.
Ancestry, the digital family history services provider.
Bumble, the dating and social networking apps owner and operator, to name a few.
History and background
You can’t talk about Blackstone without mentioning Stephen Schwarzman—the man once dubbed the undisputed king of the private equity industry and one of the wealthiest persons in the world. Schwarzman formed The Blackstone Group in 1985 after leaving the then-independent investment bank, Lehman Brothers. He brought his former boss with him—and they both set out to operate as an M&A advisory firm, making themselves known in the industry. As you know, they did not stop there, and Schwarzman still serves as the CEO and Chairman of Blackstone.
Heavy in real estate
The Blackstone we know today divides its operations into four main segments; real estate, private equity, hedge fund solutions, and credit & insurance, with real estate being the largest - accounting for over 50 percent of revenue. Their gigantic real estate leg is a result of them buying over 50,000 single-family houses across the US from 2012 through 2016, turning them into rental properties.
The company collects fees for managing hundreds of billions of dollars for a wide range of investors, enabling steady streams of Fee-Related Earnings (FRE).
Blackstone, like KKR, is well positioned to capitalize on an eventual market downturn, as the company has dry powder amounting to over $170 billion.