Q1 26 EPS
$1.36
Q1 26 Revenue
$3.62B
BEAT +5.47%
Est. $3.43B
vs S&P Since Q1 26
-3.8%
TRAILING MARKET
BX -2.1% vs S&P +1.7%
Market Reaction
Did BX Beat Earnings? Q1 2026 Results
Blackstone Inc. Posted a strong first quarter for 2026, beating Wall Street expectations on both the top and bottom lines as robust monetization activity and accelerating fee growth powered results through a turbulent market backdrop. The alternative… Read more Blackstone Inc. Posted a strong first quarter for 2026, beating Wall Street expectations on both the top and bottom lines as robust monetization activity and accelerating fee growth powered results through a turbulent market backdrop. The alternative asset manager reported earnings of $1.36 per share, edging past the $1.34 consensus estimate by 1.51%, while total GAAP revenues of $3.62 billion cleared analyst forecasts of $3.43 billion by 5.47%. The clearest driver of the outperformance was a 70% year-over-year jump in Realized Performance Revenues to $780.49 million, reflecting successful monetizations including Medline and U.S. Industrial real estate assets, alongside a 66% surge in Fee Related Performance Revenues to $488.10 million. Private Equity was the standout segment, with Distributable Earnings rising 75% to $985.68 million. Quarterly inflows of $68.50 billion pushed total AUM to $1.30 trillion, up 12% year-over-year, and with $213.30 billion in dry powder and a growing $539.70 billion perpetual capital base, the firm signaled confidence in sustaining momentum through 2026.
Key Takeaways
- • Almost $70 billion of inflows in the quarter, with $246.3 billion over the LTM
- • Total AUM grew 12% year-over-year to $1,304 billion
- • Fee Related Earnings increased 23% to $1.55 billion driven by 13% growth in management fees and 66% growth in fee-related performance revenues
- • Realized Performance Revenues surged 70% to $780 million from realizations including Medline, ARKA, and U.S. industrial assets
- • Corporate Private Equity appreciated 3.2% and Infrastructure appreciated 7.8% in the quarter
- • Net Accrued Performance Revenues increased to $7.0 billion ($5.69/share)
- • Perpetual Capital AUM reached $539.7 billion, representing 48% of Fee-Earning AUM
BX Forward Guidance & Outlook
Blackstone emphasized its 'all-weather model' as a defensive advantage in turbulent markets, with $213.3 billion of dry powder available for future investments. The firm highlighted ongoing momentum in fundraising, with nearly $70 billion of quarterly inflows and $246.3 billion over the last twelve months, driven by strong demand in credit, infrastructure, and secondaries strategies. The growing perpetual capital base at $539.7 billion provides a stable, long-duration fee base. A compensation reallocation program that modestly reduced reported Distributable Earnings in Q1 is expected to be neutral for the full year 2026.
BX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
BX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Blackstone delivered outstanding first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of disruption while also allowing us to invest where we see the greatest opportunity.”
— Stephen A. Schwarzman, Q1 2026 Earnings Press Release
BX Earnings Trends
BX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BX EPS Trend
Earnings per share: estimate vs actual
BX Revenue Trend
Quarterly revenue: estimate vs actual
BX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.36 | — | $3.62B | +5.47% |
| Q4 25 MISS FY | $1.53 | $1.30 | -15.03% | $4.36B | +30.32% |
| FY Full Year | $5.34 | $3.87 | -27.47% | $14.45B | +12.77% |
| Q3 25 BEAT | $1.23 | $1.52 | +23.83% | $3.09B | -0.71% |
| Q2 25 BEAT | $1.10 | $1.21 | +9.81% | $3.71B | +32.13% |
| Q1 25 BEAT | $1.06 | $1.09 | +2.76% | $3.29B | +20.75% |