Blackstone’s BX third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.
Results benefited from a rise in the assets under management (AUM) balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor.
Net income attributable to Blackstone was $662.4 million, rising 6% from the year-ago quarter.
BX’s Segment Revenues Decline, GAAP Expenses Fall
Total segment revenues for the reported quarter were $3.22 billion, declining 3% year over year. On a GAAP basis, revenues were $3.06 billion, which declined 1%. The Zacks Consensus Estimate for revenues was $3.12 billion.
Total expenses (GAAP basis) were $1.63 billion, down 7% year over year.
Fee-related earnings were $1.57 billion, up 6% year over year. Management and advisory fees, net, increased 6% to $2.16 billion, while fee-related performance revenues rose 19% to $540.1 million.
As of Sept. 30, 2026, Blackstone had $13.2 billion in total cash, cash equivalents, corporate treasury and other investments, and $23.5 billion in cash and net investments. The company has a $4.3-billion credit revolver, of which $3.6 billion was undrawn.
Blackstone’s AUM Balance Rises to Record Levels
Fee-earning AUM grew 9% year over year to $989.7 billion as of Sept. 30, 2026.
The total AUM amounted to $1.37 trillion, up 10%. The rise in total AUM was supported by $63.3 billion in inflows in the reported quarter.
As of Sept. 30, 2026, the total dry powder available for future investments was $228.9 billion.
BX’s Share Repurchase Update
During the reported quarter, Blackstone repurchased 0.2 million shares. The remaining share repurchase authorization was $1.6 billion as of Sept. 30, 2026.
Our Take on Blackstone
BX’s AUM growth and continued inflows across its investment strategies support its fee-related earnings. However, lower segment revenues, a decline in distributable earnings and weakness in real estate opportunistic fund performance remain concerning.
Blackstone Inc. Price, Consensus and EPS Surprise
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Dates & Expectations of Blackstone’s Peers
KKR & Co. Inc. KKR is set to report third-quarter 2026 results on Nov. 9.
Over the past seven days, the Zacks Consensus Estimate for KKR’s quarterly earnings has been revised lower to $1.59. The estimated figure indicates a 12.8% rise from the prior-year quarter.
Ares Management ARES is scheduled to report third-quarter 2026 results on Oct. 29.
Over the past week, the Zacks Consensus Estimate for Ares Management’s quarterly earnings has been revised lower to $1.25. The estimated figure indicates a 5% rise from the prior-year quarter’s actual.
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Blackstone Inc. (BX): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).