Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q1 2026
Blackstone Real Estate Income Trust (BSTT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Blackstone Real Estate Income Trust (BSTT) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), -6% from a year earlier and -1% from the quarter before. Operating margin was 56.8%, net loss $386M (19.9% of revenue).
Blackstone Real Estate Income Trust, Q1 2026: revenue $1.9B (-6% year over year), operating margin 56.8%, net loss $386M, operating cash flow $474M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -1% | -6% |
| Operating profit | $1.1B | -10% | +119% |
| Net earnings | −$386M | — | — |
| Operating cash flow | $474M | -16% | -17% |
| Free cash flow | $203M | +1% | -43% |
What changed
Revenue was $1.9B in Q1 2026, down 6% year over year and down 1% from the previous quarter. Rental Housing Properties: was the largest line at 62% of revenue. Rental Housing Properties: lost $0.10B year over year (down 8%), 86% of the total change.
Operating profit was $1.1B, a 56.8% margin (up 32.3 points year over year). Total costs fell 46% while revenue fell 6%. The fastest-growing cost line was Other operating costs (+41%). The quarter ended with a net loss of $0.39B, narrower than the previous quarter's $0.53B loss. Minority interests bore $0.03B of it: to shareholders the quarter was a loss of $0.36B. Net interest and other expense of $1.5B was the main reason.
Operating cash flow was $0.47B (down 17% year over year). Non-cash charges added back $0.76B of depreciation and amortization. Working capital and other items added $0.10B. Capital expenditures of $0.27B left free cash flow of $0.20B.
Questions
What was Blackstone Real Estate Income Trust's revenue in the first quarter 2026?
Blackstone Real Estate Income Trust (BSTT) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), -6% from a year earlier and -1% from the quarter before.
Was Blackstone Real Estate Income Trust profitable in the first quarter 2026?
Operating profit was $1.1B (56.8% of revenue) and net loss $386M.
Source: Blackstone Real Estate Income Trust 10-Q on SEC EDGAR.