Blackstone (BX) Q1 2026 earnings summary

Executive summary

• Achieved GAAP net income of $1.3 billion for Q1 2026 and $6.1 billion over the last twelve months, with distributable earnings of $1.8 billion for the quarter and $7.5 billion LTM, and a declared dividend of $1.16 per share.

• Total assets under management (AUM) reached $1.3 trillion, up 12% year-over-year, with $68.5 billion in inflows for the quarter and nearly $250 billion over the last 12 months.

• Nearly all flagship strategies reported positive appreciation, led by infrastructure and private equity, despite volatile markets and geopolitical turbulence.

• Strong performance in AI-related infrastructure, energy, and private credit, with continued expansion in institutional and private wealth channels.

• Segment performance was mixed: Private Equity and Multi-Asset Investing saw strong earnings growth, while Credit & Insurance earnings declined due to lower realizations.

Financial highlights

• Fee Related Earnings (FRE) rose 23% year-over-year to $1.5 billion ($1.26 per share), and distributable earnings reached $1.8 billion ($1.36 per share), both up over 20% year-over-year.

• Fee revenues increased 20% year-over-year to $2.6 billion, with management fees at a record $2.1 billion, up 13%.

• Realized performance revenues rose 70% to $780.5 million, with Private Equity contributing the largest share.

• Net accrued performance revenue on the balance sheet rose 9% year-over-year to $7 billion ($5.69/share).

• GAAP revenues for Q1 2026 were $3.6 billion, with total expenses of $2.3 billion.

Outlook and guidance

• Management expects continued growth in AUM and performance revenues, with new fundraising cycles and perpetual strategies driving expansion, especially in the second half of the year.

• Anticipates robust IPO activity once geopolitical tensions ease, with a favorable mix of AI and infrastructure-related companies.

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