Blackstone Inc. Earnings Summary — Q1 2026

• Blackstone reported Q1 2026 revenue of $3.62 billion, a sequential decline from Q4 2025 but showing a shift in revenue composition towards transaction-based income.
• Transaction-Based Revenues remained robust at $2.31 billion, making up over 60% of total quarterly revenue.
• Net Income for the quarter was $1.26 billion, reflecting significant minority interest impacts which reduced income attributable to common shareholders to $649.73 million.
• Operating Income of $1.49 billion demonstrates a strong underlying margin, despite being lower than the exceptional Q4 2025 results.
• GAAP revenue volatility remains a key characteristic of the business, heavily influenced by quarterly 'Other Revenues' which include mark-to-market performance allocations.
• The firm continues to show significant operational leverage with a lean expense profile relative to the scale of assets managed.
• Interest expense has increased steadily, reaching $137.05 million this quarter compared to $108.2 million in the same period two years prior.

Management remains focused on Fee-Related Earnings (FRE) as the primary indicator of business health, emphasizing the growth of 'sticky' capital through retail and insurance channels like BREIT and BCRED.

Stable

While GAAP metrics show sequential declines, the core fee-earning engine remains robust and transaction-based revenues are holding steady compared to historical averages.

Blackstone is positioned to capitalize on its $1 trillion AUM milestone with a focus on diversifying into private wealth and insurance sectors to provide a floor for valuation regardless of public market cycles.