Blackstone earnings
Blackstone's next results are expected on October 22, 2026. Watch for mid-single-digit base-fee growth.
What has Blackstone guided for the year?
A base management fee is the regular payment investors make for having Blackstone manage their money. On its July 23 results call, management expected these fees to grow at a mid-single-digit rate in the third quarter and return to double-digit growth in 2027. The path depends on putting more fee-paying capital to work, especially in private equity and multi-asset investing, while weaker credit and real-estate conditions weigh on growth.
The initial goal is 500 megawatts of capacity online during 2027. A megawatt measures electrical power capacity, not revenue. The buildings must still be constructed, connected to power, equipped and filled with paying customers before that capacity produces returns.
Has Blackstone kept its past promises?
Blackstone also has a measurable promise. At its 2018 investor day, it targeted approximately US$2 a share of fee-related earnings within several years and delivered US$3.37 a share in 2021. That was genuine progress, though 2021 benefited from performance-related fee revenue. Pay is best judged by durable client results and higher earnings per share after the cost of retaining employees.
What are Blackstone's recent revenue and profit trends?
June 2026 was a strong quarter, but performance and transaction fees grew faster than ordinary base management fees. Revenue, operating income, parent net income and diluted EPS all improved sharply from June 2025, while the sequential comparison benefited from a rebound after March.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,043,978 | 3,617,595 | 4,360,272 | 3,088,635 | 3,711,900 | 3,289,458 | 3,082,565 | 3,663,194 |
| Operating income | 2,813,389 | 1,492,355 | 2,363,476 | 1,464,236 | 1,915,119 | 1,513,141 | 1,697,980 | 1,878,435 |
| Net income | 1,229,189 | 649,729 | 1,015,201 | 624,917 | 764,244 | 614,852 | 703,873 | 780,835 |
| EPS, diluted | 1.54 | 0.83 | 1.30 | 0.80 | 0.98 | 0.80 | 0.92 | 1.02 |
What this means. Operating income is our calculated number, not Blackstone's reported subtotal, because Blackstone does not publish one and our calculation includes investment revenue but leaves out separately reported other income.
What should I watch in Blackstone's next results?
Blackstone has scheduled its third-quarter investor call for October 22, 2026, at 9 a.m. Eastern time. Investors will look for mid-single-digit base-fee growth, realization income received after September 22, and the earnings left after related compensation and other expenses. Management’s explanation of the fourth-quarter transaction pipeline will show whether stronger realizations are actually approaching.