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Blackstone Inc. 8-K Report, Financial Results (Jul 23, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 23, 2026
Period End
July 23, 2026
Security
BX
In the record · 2016–202610-K1110-Q328-K117

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’18Oct ’18
  2. Leadership change8-K · Sep ’20Sep ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Material agreement8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed July 23, 2026. Cited figures are marked; the original filing is the authoritative source.

Blackstone (BX) reported second quarter 2026 results on July 23, 2026, with strong growth in earnings and capital raising.

GAAP Net Income was $2.4 billiona for the quarter ($1.2 billion attributable to Blackstone Inc.), up from $1.6 billion and $764 million a year earlier, and GAAP diluted EPS rose to $1.54 from $0.98. Non-GAAP results were stronger still: Fee Related Earnings (FRE) reached $1.8 billion ($1.43 per share), up 22% year over year, and Distributable Earnings (DE) were $2.0 billion ($1.52 per share), up 26%. Management highlighted approximately $68.3 billion of quarterly inflows, which is roughly 16% of the $1.35 trillion of total AUM.

Performance-driven revenue was the main engine. Realized performance revenues rose 32% to $731 millionb, and Net Accrued Performance Revenues climbed to $7.5 billion ($6.00 per share), up 13% year over year and 7% quarter over quarter, supported by appreciation in Infrastructure, Secondaries and Corporate Private Equity. Total AUM grew 11% year over year to $1,346.3 billion, Fee-Earning AUM grew 8% to $961.6 billion, and Perpetual Capital AUM grew 15% to $555.6 billion.

Management attributes this to its AI-related investment themes, though the filing provides limited detail on those exposures. Real Estate was the notable soft spot, with Opportunistic funds declining 1.4% over the LTM and Real Estate Fee-Earning AUM down 3%. For shareholders, the Board declared a quarterly dividend of $1.29c per share, payable August 10, 2026 to holders of record on August 3, 2026.

Blackstone ended the quarter with $22.7 billiond of cash and net investments ($18.23 per share), a $4.3 billion revolver ($3.5 billion undrawn), and A+/A+ ratings. Important caveats: all figures are preliminary and unaudited, the results are furnished rather than filed under Item 2.02, and the performance-revenue-heavy earnings mix can be volatile. Realized Principal Investment Income fell 60% year to date, and Credit & Insurance Segment DE declined 6% in the quarter.

02—Key points

Key Highlights

  1. GAAP Net Income Attributable to Blackstone Inc. of $1.2 billion in 2Q'26, up 61% from $764 million in 2Q'25; GAAP diluted EPS of $1.54 vs. $0.98 a year earlier.
  2. Fee Related Earnings of $1.8 billion ($1.43/share), up 22% YoY; Distributable Earnings of $2.0 billion ($1.52/share), up 26% YoY.
  3. Net Accrued Performance Revenues of $7.5 billion ($6.00/share), up 13% YoY and 7% QoQ, reflecting appreciation across strategies.
  4. Record-level inflows of $68.3 billion in the quarter and $262.5 billion LTM; Total AUM of $1,346.3 billion (+11% YoY) and Perpetual Capital AUM of $555.6 billion (+15% YoY).
  5. Quarterly dividend of $1.29 per share payable August 10, 2026 (record date August 3, 2026); $1.7 billion to be distributed to shareholders for the quarter.
  6. Balance sheet: $22.7 billion of cash and net investments ($18.23/share), $13.2 billion of debt at par, $4.3 billion revolver with $3.5 billion undrawn, and A+/A+ ratings.
  7. Weak spots: Real Estate Opportunistic funds declined 1.4% LTM and Real Estate Fee-Earning AUM fell 3% YoY; Realized Principal Investment Income fell 60% YTD.

03—Questions

Frequently Asked Questions

  1. How strong were Blackstone's Q2 2026 earnings relative to last year?

    Earnings grew substantially. GAAP net income attributable to Blackstone Inc. rose to $1.23 billion from $764 million, and GAAP diluted EPS rose to $1.54 from $0.98. On a non-GAAP basis, Distributable Earnings rose 26% to $2.0 billion ($1.52/share) and Fee Related Earnings rose 22% to $1.8 billion ($1.43/share). Much of the growth came from performance revenues, which are less predictable than management fees.

  2. What drove the increase in performance revenues?

    Realized performance revenues rose 32% to $731 million, and Net Accrued Performance Revenues reached $7.5 billion. The filing attributes the gains to fund appreciation across strategies, including Infrastructure (7.2% in the quarter), Corporate Private Equity (3.7%), Tactical Opportunities (3.9%), and Multi-Asset Investing's Absolute Return Composite (5.8% gross). Real Estate was weaker, with Opportunistic funds up only 0.4% in the quarter and down 1.4% over the LTM.

  3. Is the dividend changing, and how well is it covered?

    The filing shows a quarterly dividend of $1.29 per share, unchanged from the Q3 2025 level and up from $1.16 in Q1 2026. It equals 85% of DE per share for the quarter ($1.52), which suggests it is covered by current earnings. Investors should note that the dividend is set off DE, not GAAP earnings, and that the payout depends on continued performance revenue realizations.

  4. What are the main risks or caveats investors should consider?

    All figures are preliminary and unaudited. Results depend heavily on performance revenues, which can swing with market conditions and realization timing. The Real Estate business showed weak fund returns and declining Fee-Earning AUM, realized principal investment income fell sharply year to date, and Credit & Insurance segment DE declined 6% in the quarter. The filing also references risk factors in the 2025 Form 10-K, and forward-looking statements are subject to those risks.

04—Continue

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