Blackstone Inc. (BX) Earnings Call Transcripts

Blackstone Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Blackstone Inc. (BX:US) reported strong financial results, with distributable earnings rising 26% year-over-year to $2 billion, or $1.52 per share. Revenue reached $3 billion, driven by a 22% increase in fee-related earnings, and the company declared a dividend of $1.29 per share. Management highlighted record inflows of nearly $70 billion for the quarter, contributing to assets under management (AUM) of $1.35 trillion, up 11% year-over-year. The firm remains optimistic about future growth, particularly in AI-related investments and fundraising momentum, signaling confidence in continued performance improvements for the remainder of the year and into 2027.

Reported metrics

Guidance from management

Management expects continued double-digit growth in management fees and performance revenues for 2027, supported by strong fundraising momentum and a robust pipeline of investment opportunities.

What management said

Dan, it's Michael. It's early around margins for next year. But as I said, we're pretty confident about the top line, and we're also confident about our ability to manage expenses and deliver over time operating leverage. So I think we're not going to give a specific viewpoint on that other than to reiterate structurally, we like our margin position.

Yes. I would just say to Michael's point, as the asset base grows, there's just more activity around that asset base. So you could see that areas like digital infrastructure, energy, there's just more and more capital needs. And it's really tied directly to our AUM in a lot of ways. So I do think you're beginning to see this really structural step-up in earnings from this area.

What analysts pressed on

Analysts expressed concerns regarding the performance of the real estate sector and the potential impact of geopolitical tensions on future realizations. There were also questions about the sustainability of the current fundraising momentum amid market volatility.

Main topics on the call

• Strong Fundraising Momentum — Blackstone reported nearly $70 billion in inflows for the quarter, contributing to a total of over $260 billion in the last 12 months. Management stated, "Investor affinity for Blackstone is as strong as ever, and we're ...
• AI-Driven Investment Strategy — The firm emphasized its significant investments in AI-related sectors, stating, "Blackstone has become one of the largest private capital providers in the AI ecosystem." This strategy is expected to drive future growth a...
• Record Fee-Related Earnings — Fee-related earnings grew 22% year-over-year to $1.8 billion, with transaction and advisory fees nearly doubling to a record $321 million. Management noted, "The expansion of our platform has led to a material step-up in...
• Concerns Over Real Estate Performance — Despite strong overall results, management acknowledged challenges in the real estate sector, stating that the market has been impacted by rising rates and geopolitical tensions. However, they expect a recovery as fundam...

Read the full Blackstone Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 54 Blackstone Inc. earnings call transcripts on record, spanning January 30, 2020 to July 23, 2026. Based on this history, Blackstone Inc. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BX

Exchange

NYSE

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

54

First call

January 30, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly