July 23, 2026

‍

Blackstone Inc. (NYSE: BX) reported second-quarter 2026 results above expectations, supported by higher distributable earnings, strong fee-related earnings growth, higher assets under management, and nearly $70 billion of quarterly inflows.
‍

Blackstone is the world’s largest alternative asset manager, with strategies across real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries, and hedge funds.
‍

The company reported distributable earnings of $1.52 per share, above estimates of $1.33, representing a 14.3% earnings surprise. Revenue came in at $5.04 billion, above estimates of $3.36 billion, with revenue growth of 35.9%.

‍

Results Beat Expectations

‍

GAAP net income was $2.36 billion for the quarter.
‍

GAAP net income attributable to Blackstone was $1.23 billion.
‍

GAAP diluted EPS was $1.54, compared with $0.98 in the prior-year quarter.
‍

Fee-related earnings increased 22% year-over-year to $1.78 billion, or $1.43 per share.
‍

Distributable earnings increased 26% to $1.98 billion, or $1.52 per share.
‍

Total segment distributable earnings increased 23% to $2.20 billion.

‍

Assets Under Management Increased

‍

Total assets under management increased 11% year-over-year to $1.35 trillion.
‍

Fee-earning assets under management increased 8% to $961.6 billion.
‍

Perpetual capital assets under management increased 15% to $555.6 billion.
‍

Blackstone reported $68.3 billion of inflows during the quarter and $262.5 billion over the last 12 months.
‍

The company deployed $34.2 billion in the quarter and $138.5 billion over the last 12 months.

‍

AI Theme Supported Performance

‍

Management said Blackstone’s decision to lean into the artificial intelligence megatrend helped drive investment performance across multiple strategies.
‍

Blackstone said it has become a large-scale partner to key innovators in the AI ecosystem.
‍

The AI theme showed up across the portfolio, including infrastructure, data centers, energy transition, and other growth areas tied to rising compute and power demand.

‍

Segment Performance

‍

Real Estate segment distributable earnings increased 32% year-over-year to $745.3 million.
‍

Private Equity segment distributable earnings increased 31% to $981.5 million.
‍

Credit and Insurance segment distributable earnings declined 6% to $373.2 million.
‍

Multi-Asset Investing segment distributable earnings increased 35% to $97.7 million.
‍

Private Equity was the largest segment contributor, while Real Estate also improved despite total Real Estate AUM declining year-over-year.

‍

Capital Returns

‍

Blackstone declared a quarterly dividend of $1.29 per share.
‍

The dividend is payable on August 10, 2026, to shareholders of record as of August 3, 2026.
‍

Blackstone said it will distribute $1.7 billion to shareholders for the second quarter through dividends and share repurchases.
‍

Over the last 12 months, the company returned $6.9 billion through dividends and buybacks.

‍

The Bigger Picture

‍

Blackstone delivered a strong quarter across earnings, inflows, and capital returns.
‍

Distributable earnings beat expectations, total revenue rose sharply, AUM reached $1.35 trillion, and the firm continued to attract large inflows across its platform. Management also highlighted AI as a major investment theme supporting performance and long-term opportunity.
‍

The key question is whether Blackstone can keep converting high inflows and portfolio appreciation into realizations, distributable earnings, and fee-related earnings growth.
‍

Platforms like LevelFields track earnings beats, layoffs, dividend increases, leadership changes, dividend updates, and stock reactions together, helping investors identify when asset management stocks are moving on real operating momentum.