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BX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income
$2,356M
up 44.9% y/y
Total Revenues
$5,044M
up 35.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Management & Advisory Fees, Net | $2,266 · +11.3% |
| Incentive Fees | $159 · -18.6% |
| Performance Allocations | $1,952 · +70.8% |
| Principal Investments | $520 · +12.5% |
| Interest & Dividend Revenue | $134 · +33.7% |
| Other Revenue | $12 · n/m |
| Total Revenues | $5,044 · +35.9% |
| Compensation & Benefits | $1,814 · +27.6% |
| G&A and Other | $409 · +13.4% |
| Interest Expense | $145 · +6.8% |
| Fund Expenses | $7 · -49.1% |
| Other Income (Fund Gains)* | $140 · +2.8% |
| Income Before Taxes | $2,808 · +46.6% |
| Provision for Taxes | $452 · +56.3% |
| 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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<figure> <a href="https://whoreportstoday.com/t/bx/q2-2026"><img src="https://whoreportstoday.com/t/bx/q2-2026/sankey.png" alt="BX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/bx/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/bx/q2-2026">BX Q2 2026 earnings chart (Who Reports Today)</a>
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- GAAP Net Income Attributable to Blackstone Inc. was only $1.23B — the $2.36B 'Net Income' includes ~$1.13B allocated to non-controlling interests in Blackstone Holdings and consolidated entities.
- Performance Allocations (realized + unrealized) nearly doubled y/y to $1.95B, the single biggest growth driver, reflecting broad investment appreciation across strategies.
- Distributable Earnings ($1.98B, +26% y/y) and Fee Related Earnings ($1.78B, +22% y/y) are the firm's preferred non-GAAP metrics and exclude unrealized gains, intangible amortization and equity-based compensation — GAAP net income growth (+44.9%) outpaces DE growth partly due to unrealized gains.
- Compensation and benefits rose 27.6% y/y to $1.81B, largely tracking higher realized/unrealized performance allocations compensation, keeping opex growth roughly in line with revenue growth.
- 'Other' revenue swung from -$225M in 2Q'25 to +$12M in 2Q'26, a modest non-recurring/FX-related item embedded within total revenue.
- Net Accrued Performance Revenues reached a record $7.5B ($6.00/share), up 13% y/y, signaling a growing pipeline of future realizable earnings not yet in GAAP income.
What distorts the picture in this report and what to watch beyond the headlines.
BX — Blackstone is a leading global investment firm focused on private equity, real estate, credit, and hedge fund solutions.
It is headquartered in New York City and manages assets for institutional and individual investors worldwide.
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