Blackstone (BX) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with distributable earnings up 26% year-over-year to $2B and GAAP net income of $2.4B, driven by robust AI-related investments and nearly $70B in inflows.

• Total AUM reached $1.35T, up 11% year-over-year, with fee-earning AUM at $961.6B, reflecting strong fundraising and market appreciation.

• Segment performance was led by Private Equity and Real Estate, both showing substantial growth in distributable earnings and fee-related revenues, while Credit & Insurance saw a slight decline in distributable earnings.

• Declared a quarterly dividend of $1.29 per share, payable August 10, 2026.

Financial highlights

• Distributable earnings: $2B (+26% YoY); $1.52 per share; GAAP net income: $2.4B; dividend declared at $1.29 per share.

• Fee Related Earnings (FRE): $1.8B (+22% YoY; $1.43/share); fee revenues: $3B (+22% YoY).

• Net realizations: $414M (+27% YoY); gross performance revenues: $731M (+32% YoY); net accrued performance revenue: $7.5B.

• Inflows totaled $68.3B in Q2 and $262.5B over the last 12 months.

• Total AUM rose to $1,346.3B, up 11% YoY; fee-earning AUM at $961.6B, up 8%.

Outlook and guidance

• Expecting double-digit base management fee growth in 2027, driven by new fund cycles, perpetual strategies, and stabilization in real estate.

• Management highlighted continued growth opportunities in AI-driven strategies and partnerships with key innovators.

• Anticipate robust Q4 and 2027 for realizations, with sequential deceleration in Q3.

• Confident in continued fundraising momentum across institutional, insurance, and wealth channels.

• Forward-looking statements caution about risks and uncertainties, referencing risk factors in the latest annual report.