Blackstone earnings rose in the third quarter of 2026, with net income attributable to Blackstone Inc. reaching $662.37 million, or $0.83 per share, compared with $624.92 million, or $0.80 per share, a year earlier. The results announced on October 22 showed a mixed picture: assets under management grew 10%, while revenue edged lower and distributable earnings declined.
Key Takeaways
- Total assets under management reached $1.37 trillion, supported by $63.3 billion of quarterly inflows.
- Fee-related earnings increased 6%, but distributable earnings fell 9% as net realizations weakened.
- Blackstone declared a $1.12 quarterly dividend, payable on November 9, 2026.
Table of Contents
- Blackstone earnings show a split between profit measures
- Asset growth expands the fee-earning base
- Dividend timetable follows the quarterly results
- Conclusion
Blackstone earnings show a split between profit measures
Blackstone’s third-quarter 2026 results presentation showed revenue of $3.06 billion, down 0.8% from $3.09 billion a year earlier. Total expenses also declined, to $1.63 billion from $1.75 billion, with lower compensation and benefits helping the GAAP profit result despite the revenue dip.
Fee-related earnings rose 6% to $1.57 billion, or $1.26 per share, from $1.48 billion, or $1.20 per share. Distributable earnings moved in the opposite direction, falling 9% to $1.72 billion from $1.89 billion. Distributable earnings per common share declined 13% to $1.32 from $1.52.
The difference matters because stronger fee-related earnings did not translate into higher distributable profit. Realized performance revenues fell 38% to $464.4 million, and net realizations declined 34% to $331.5 million. These company-reported earnings measures are distinct from GAAP net income.
| Item | Details |
|---|---|
| Total segment revenue | $3.22 billion, compared with $3.30 billion a year earlier. |
| Perpetual capital AUM | $562.3 billion, up 12% year over year. |
| Capital deployed | $30.1 billion during the third quarter. |
| Additional capital committed | $17.0 billion committed but not yet deployed during the quarter. |
| Available dry powder | $228.9 billion for future investments. |
Asset growth expands the fee-earning base
Total assets under management increased to $1.37 trillion, while fee-earning assets rose 9% to $989.7 billion. Quarterly inflows totaled $63.3 billion, including $35.8 billion in Credit & Insurance, the largest contribution among Blackstone’s segments.
Growth was uneven across the business. Private Equity assets under management increased 18% to $465.4 billion, while Real Estate assets fell 4% to $309.0 billion. Real Estate fee-related earnings also declined 9%, contrasting with a 26% increase in Private Equity.
Chief Executive Officer Stephen Schwarzman said fundraising had “positive momentum across our major fund-raising channels.” Blackstone’s larger fee-earning asset base accompanied higher fee-related earnings, but it did not offset the quarter’s weaker realization contribution.
Dividend timetable follows the quarterly results
Blackstone declared a quarterly dividend of $1.12 per common share for shareholders of record at the close of business on November 2, 2026. Payment is scheduled for November 9.
In the October 22 pre-market trading snapshot, Blackstone shares were down 2.73% at $106.61 on the New York Stock Exchange. That was a pre-market price, not the closing price, and the figures alone do not establish the cause of the decline.
Conclusion
Blackstone earnings combined higher shareholder net income and a growing fee base with weaker distributable profit. The next confirmed shareholder dates are the November 2 dividend record date and November 9 payment.
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