Blackstone (BX) Q3 2026 earnings summary

Executive summary

• Q3 distributable earnings were $1.716B, down 9% YoY; quarterly inflows reached $63.3B and total AUM rose 10% YoY to $1,368.3B.

• Flagship strategies outperformed comparable public-market indices amid volatility, with positive Q3 appreciation across many strategies.

• 9M FRE rose 17% to $4.903B and DE rose 12% to $5.458B; AI and energy infrastructure were highlighted as investment themes.

Financial highlights

• GAAP revenue was $3.063B, down from $3.089B YoY; GAAP net income was $1.272B, while net income attributable to common shareholders was $662M and diluted EPS was $0.83.

• FRE was $1.572B, up 6% YoY; DE was $1.716B, down 9%, or $1.32 per share.

• Total fee revenues rose 8% to $2.7B; base management fees reached a record $2.0B, and transaction and advisory fees rose 34% to $210M.

• Q3 management and advisory fees, net, increased 6% to $2.18B; investment income fell 17% to $574M and incentive fees declined 14% to $173M.

• 9M revenue rose 16% to $11.72B; net income attributable to common shareholders increased 27% to $2.54B.

Outlook and guidance

• Q4 net realizations expected to step up significantly; carry realizations under contract and expected to close are expected to exceed Q3 firmwide net realizations.

• 2027 base management fees expected to return to double-digit YoY growth, driven by new drawdown funds, perpetual strategies, credit insurance and BXMA momentum.

• Base management fees expected to show modest sequential growth in Q4 before accelerating in 2027; real estate fees expected broadly stable through year-end and into 2027.

• Scheduled BXMA and credit crystallizations fall in Q4; performance revenue and transaction outcomes remain subject to market conditions and lumpy realizations.

• Corporate Private Equity had a strong expected-realizations pipeline for Q4; elevated rates and geopolitical turbulence may continue to weigh on transaction activity.