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How Blackstone Inc. (BX) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
Blackstone Inc. is an American alternative investment management company based in New York City. · Wikipedia
More about the company
It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of September 2025, Blackstone had $1.2 trillion in total assets under management, making it the world's largest alternative investment firm.
Key growth driver: Performance Allocations — the fastest-growing revenue line: $1,952, +71% y/y. · by the Q2 2026 report
How does Blackstone make money?
Blackstone brought in $5.04 billion of revenue in Q2 2026, up 35.9% year over year. The largest source was Management & Advisory Fees, Net: $2.27 billion, or 45% of the total, followed by Performance Allocations ($1.95B, 39%) and Principal Investments ($520M, 10%); other lines add the remaining 6%. Net income for the quarter was $2.36 billion, up 44.9% year over year.
Revenue by source, Q2 2026
- Management & Advisory Fees, Net$2.27B · 45% · +11.3%
- Performance Allocations$1.95B · 39% · +70.8%
- Principal Investments$520M · 10% · +12.5%
- Incentive Fees$159M · 3% · −18.6%
- Interest & Dividend Revenue$134M · 3% · +33.7%
- Other Revenue$11.9M · 0.2%
Shares of $5.04B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is BX’s next earnings date?
Thursday, October 22, 2026estimated
Blackstone Inc. (BX) has not confirmed the date yet; Oct 22, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $1.36 (8 analysts), vs $1.52 in the same quarter last year.
What time does BX report? Usually before market open: the last 4 results releases reached the SEC at 6:55 am, 6:55 am, 6:55 am, 6:57 am ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$5,044
+35.9%
Net income
$2,356
+44.9%
of which $1,229M to BX Inc. (+60.8%)
Verdict: an excellent quarter for Blackstone as total revenue jumped 35.9% to $5.04B driven by a near-doubling of performance allocations amid strong investment performance, pushing GAAP net income up 44.9% to $2.36B even as compensation costs rose in step with performance-linked earnings.
Quarterly dividend of $1.29/share (record date 8/3/26, payable 8/10/26); Distributable Earnings of $2.0B ($1.52/share, +26% y/y); ~$68.3B of inflows in the quarter; repurchased 0.2M shares in the quarter; $1.6B buyback authorization remaining.
Source and notation
* marks non-cash / ≈ estimated. Source: Blackstone press release / 10-Q (SEC EDGAR).
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BX earnings history: past report dates
| Jul 23, 2026 Thu | 6:55 ambefore market open | Jun 30, 2026 | $5.0B+36% y/y | $1.54+57% y/y |
| Apr 23, 2026 Thu | 6:55 ambefore market open | Mar 31, 2026 | $3.6B+10% y/y | $0.83+4% y/y |
| Jan 29, 2026 Thu | 6:55 ambefore market open | Dec 31, 2025 | ≈$4.4B+41% y/y | ≈$1.29+42% y/y |
| Oct 23, 2025 Thu | 6:57 ambefore market open | Sep 30, 2025 | $3.1B−16% y/y | $0.80−22% y/y |
| Jul 24, 2025 Thu | 6:55 ambefore market open | Jun 30, 2025 | $3.7B+33% y/y | $0.98+69% y/y |
| Apr 17, 2025 Thu | 6:56 ambefore market open | Mar 31, 2025 | $3.3B−11% y/y | $0.80−28% y/y |
| Jan 30, 2025 Thu | 6:55 ambefore market open | Dec 31, 2024 | ≈$3.1B+140% y/y | ≈$0.91+333% y/y |
| Oct 17, 2024 Thu | 6:55 ambefore market open | Sep 30, 2024 | $3.7B+44% y/y | $1.02+40% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Blackstone Inc.: 5-year financials
| 2025 | 14,450 | 3,019 | 4,548 | 6,013 |
| 2024 | 13,230 | 2,777 | 3,420 | 4,424 |
| 2023 | 8,023 | 1,391 | 3,833 | 4,268 |
| 2022 | 8,518 | 1,748 | 6,101 | 6,519 |
| 2021 | 22,577 | 5,857 | 3,922 | 4,603 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Blackstone Inc. (BX) earnings: FAQ
How does Blackstone make money?
Blackstone brought in $5.04 billion of revenue in Q2 2026, up 35.9% year over year. The largest source was Management & Advisory Fees, Net: $2.27 billion, or 45% of the total, followed by Performance Allocations ($1.95B, 39%) and Principal Investments ($520M, 10%); other lines add the remaining 6%. Net income for the quarter was $2.36 billion, up 44.9% year over year.
When is BX's next earnings date?
Blackstone Inc. (BX) has not confirmed the date yet; Oct 22, 2026 is an estimate based on its past reporting schedule.
What time does BX report earnings?
Blackstone Inc. usually reports before market open: its latest results release was filed with the SEC at 6:55 am ET on Jul 23, 2026.
When did BX last report earnings?
Blackstone Inc. reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for BX's next earnings?
The consensus EPS forecast is $1.36 (8 analysts), vs $1.52 in the same quarter last year.
Where can I find Blackstone Inc.'s financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to BX's filings; this page breaks the latest report down in a Sankey chart.
What was BX's net income in Q2 2026?
Blackstone Inc. reported net income of $2,356M for Q2 2026 (+44.9% year over year), under US GAAP.
Does Blackstone Inc. pay dividends?
Yes. In 2025, Blackstone Inc. paid $6,013M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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