10-QPeriod: Q2 FY2026

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 7, 2026For Securities:BX

Summary

Blackstone Inc. reported strong financial results for the six months ended June 30, 2026, driven by significant growth in Investment Income and Management and Advisory Fees, Net. Total revenues increased by 24% year-over-year to $8.7 billion, with a notable 30% rise in Investment Income to $3.6 billion, fueled by robust realized gains across segments, particularly in Private Equity. Net income attributable to Blackstone Inc. rose by 36% to $1.9 billion, reflecting the strong top-line performance and effective expense management, though compensation expenses, particularly Performance Allocations Compensation, increased significantly. Total Assets Under Management (AUM) grew to $1.35 trillion, up 4% from the prior quarter and 7% year-over-year, with Fee-Earning AUM also showing healthy growth. The company continues to maintain a strong liquidity position with substantial cash and cash equivalents and an undrawn revolving credit facility, supporting its ongoing capital commitments and share repurchase program.

Key Highlights

  • 1Total Revenues grew 24% year-over-year to $8.7 billion for the six months ended June 30, 2026.
  • 2Investment Income surged by 30% to $3.6 billion, driven by strong realized gains, especially in the Private Equity segment (+77% realized, +51% unrealized).
  • 3Net Income Attributable to Blackstone Inc. increased by 36% to $1.9 billion.
  • 4Total Assets Under Management (AUM) reached $1.35 trillion as of June 30, 2026, showing continued growth across all segments.
  • 5Fee Related Earnings increased by 47% year-over-year for the six months ended June 30, 2026, indicating strong recurring revenue generation.
  • 6Compensation and Benefits expenses increased by 25% for the six months, largely due to a 74% rise in Realized Performance Allocations Compensation.
  • 7The company maintained a strong liquidity position with $2.5 billion in Cash and Cash Equivalents and an $800 million draw on its revolving credit facility as of June 30, 2026.

Frequently Asked Questions

Blackstone's revenue growth was primarily driven by a significant increase in Investment Income, which rose 30% year-over-year to $3.6 billion. This was largely due to strong realized gains across its segments, particularly in Private Equity, and an increase in Management and Advisory Fees, Net.

While revenues saw robust growth, total expenses increased by 21% to $4.6 billion for the six months ended June 30, 2026. This increase was largely driven by a 25% rise in Compensation and Benefits, notably an increase in Performance Allocations Compensation (up 74% on realized basis), reflecting the strong investment performance. Despite rising expenses, net income attributable to Blackstone Inc. still grew by a significant 36% to $1.9 billion, indicating effective operational leverage.

Blackstone's Total Assets Under Management (AUM) reached $1.35 trillion as of June 30, 2026, an increase of $42.2 billion from the previous quarter and $71.3 billion from the end of 2025. This growth reflects strong inflows and positive market activity across its Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing segments.

Blackstone maintained a strong liquidity position. As of June 30, 2026, the company had $2.5 billion in Cash and Cash Equivalents. They also had $800 million drawn on their $4.325 billion revolving credit facility, indicating ample access to funding. The company's ability to fund capital commitments and repurchase shares remains robust.