01—Abstract
Summary
Summary of the 10-Q filed May 8, 2026. Cited figures are marked; the original filing is the authoritative source.
Blackstone Inc. reported a solid first quarter for 2026, with total revenues increasing by 10% year-over-year to $3.6 billiona.
This growth was primarily driven by a 13% increase in Management and Advisory Fees, Net, which reached $2.1 billionb, signaling continued strength in fee-generating assets under management. While Investment Income (Loss) saw a slight decrease of 2%, this was largely due to a significant ($523.5 million) decrease in unrealized gains, a common occurrence in market volatility, which was partially offset by a substantial $498.6 million increase in realized investment gains, particularly within the Private Equity segment. Total expenses rose by 19%, largely driven by a 22% increase in Compensation and Benefits, reflecting increased performance-based compensation tied to the segment's strong realized gains.
Net income attributable to Blackstone Inc. grew by 6% to $649.7 millionc, translating to diluted EPS of $0.83, up from $0.80 in the prior year. The company also maintained a healthy liquidity position with $2.4 billion in cash and cash equivalents and demonstrated continued capital management with $1.7 billion remaining under its share repurchase program.
02—Key points
Key Highlights
- Total Revenues increased 10% to $3.6 billion for the three months ended March 31, 2026, compared to $3.3 billion for the same period in 2025.
- Management and Advisory Fees, Net grew 13% to $2.1 billion, indicating strong growth in recurring fee-based revenue.
- Net Income Attributable to Blackstone Inc. increased 6% to $649.7 million, or $0.83 per diluted share, up from $614.9 million, or $0.80 per diluted share, in the prior year.
- Total Assets Under Management (AUM) increased to $1,304.0 billion at March 31, 2026, up from $1,274.9 billion at December 31, 2025, showing continued expansion of the firm's managed capital.
- Fee-Earning Assets Under Management (FEAUM) increased to $937.6 billion at March 31, 2026, up from $921.7 billion at December 31, 2025.
- The company's liquidity remains strong, with $2.4 billion in Cash and Cash Equivalents as of March 31, 2026.
- Blackstone continues its capital return initiatives with $1.7 billion remaining under its share repurchase authorization as of March 31, 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 8, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $3.62B$3.29B | +10.0% |
| Operating Expenses | $2.26B$1.89B | +19.4% |
| Interest Expense | $137.05M$118.11M | +16.0% |
| Net Income | $649.73M$614.85M | +5.7% |
| EPS (Basic) | $0.83$0.80 | +3.7% |
| EPS (Diluted) | $0.83$0.80 | +3.7% |
| Shares Outstanding (Basic) | 785.33M771.80M | +1.8% |
| Shares Outstanding (Diluted) | 786.30M772.43M | +1.8% |
05—Questions
Frequently Asked Questions
What was the primary driver of Blackstone's revenue growth in Q1 2026?
Blackstone's revenue growth was primarily driven by a 13% increase in Management and Advisory Fees, Net, which reached $2.1 billion. This indicates continued strong performance in fee-generating assets under management and reflects the recurring revenue nature of Blackstone's core business.
How did market volatility impact Blackstone's financial results?
Market volatility led to a decrease in unrealized investment gains by $523.5 million. However, this was largely offset by a significant increase of $498.6 million in realized investment gains, particularly in the Private Equity segment, demonstrating Blackstone's ability to generate value even amidst market fluctuations.
What is Blackstone's current liquidity position?
Blackstone maintains a strong liquidity position. As of March 31, 2026, the company had $2.4 billion in Cash and Cash Equivalents, along with $167.4 million in Corporate Treasury Investments and $7.8 billion in Other Investments (including liquid investments). This provides ample resources to meet operational needs and strategic initiatives.
How is Blackstone managing capital for its shareholders?
Blackstone continues to actively manage capital for its shareholders. As of March 31, 2026, there was $1.7 billion remaining under its share repurchase program, signaling a commitment to returning capital to investors through share buybacks.
06—Continue