Blackstone (BX) Q3 2026 earnings summary

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.