Q3 2026 Revenue down 8% year over year to $1.8B · 17¢ of every $1 of revenue lost · operating margin 81.8%
Blackstone Real Estate Income Trust made $1.8B in Q3 2026 (-8% Y/Y): Rental Housing Property $1.1B, Industrial $305M, Net Lease $152M. Operating margin 81.8%, net loss $296M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$1.8B
Year over year-8%
Operating margin81.8%
Net earnings−$296M
Operating cash flow$553M
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Blackstone Real Estate Income Trust Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
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What changed this quarter
Revenue was $1.8B in Q3 2026, down 8% year over year and down 4% from the previous quarter. Rental Housing Property was the largest line at 61% of revenue. Rental Housing Property lost $0.12B year over year (down 10%), 81% of the total change.
Operating profit was $1.5B, a 81.8% margin (up 28.4 points year over year). Total costs fell 64% while revenue fell 8%. The quarter ended with a net loss of $0.30B, narrower than the previous quarter's $0.47B loss. Minority interests bore $0.14B of it: to shareholders the quarter was a loss of $0.16B. Net interest and other expense of $1.8B was the main reason.
Operating cash flow was $0.55B (up 2% year over year). Non-cash charges added back $0.72B of depreciation and amortization. Working capital and other items added $0.13B. Capital expenditures of $0.34B left free cash flow of $0.22B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$1.8B
-8%
81.8%
−$296M
$553M
Q2 2026
10-Q
Aug 7, 2026
$1.9B
-7%
60.0%
−$466M
$740M
Q1 2026
10-Q
May 8, 2026
$1.9B
-6%
56.8%
−$386M
$474M
Q4 2025
10-K
Feb 27, 2026
$2.0B
-6%
62.3%
−$525M
$564M
Q3 2025
10-Q
Nov 7, 2025
$1.9B
-7%
53.4%
−$714M
$540M
Q2 2025
10-Q
Aug 13, 2025
$2.0B
-7%
63.6%
−$569M
$609M
Q1 2025
10-Q
May 9, 2025
$2.1B
-6%
24.4%
−$1.8B
$572M
Charts
Latest (Q3 2026): Y/Y -8%, Q/Q -4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$296M, Operating cash flow $553M.+122.6% since FY2020: more shares outstanding (issuance, stock pay).Cash $1.6B, short-term investments —, long-term debt $55.5B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
FMCC · Stated in 10-K (named, share not stated) · source
About Blackstone Real Estate Income Trust
References herein to “Blackstone Real Estate Income Trust,” the “Company,” “BREIT,” “we,” “us,” or “our” refer to Blackstone Real Estate Income Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. BREIT invests primarily in stabilized, income-generating commercial real estate across asset classes in the United States and, to a lesser extent, outside the United States. We also invest to a lesser extent in real estate debt investments. Our objective is to bring Blackstone’s leading institutional quality real estate investment platform to income focused investors. We are externally managed by the Adviser, a subsidiary of Blackstone Inc. (“Blackstone”). We were incorporated in Maryland on November 16, 2015. We are the sole general partner of BREIT Operating Partnership L.P.
In its own words, from its 10-K, filed Feb 27, 2026.
Blackstone Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +11%. Operating margin: 81.8% against the peers' median 20.6%.
