Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q2 2026 › vs Q2 2025
Blackstone Real Estate Income Trust (BSTT) Q2 2026 vs Q2 2025 (year over year)
Blackstone Real Estate Income Trust's revenue fell $138M (-7%) from $2.0B in Q2 2025 to $1.9B in Q2 2026. The biggest changes: Rental Housing Properties: −$109M (-9%); Industrial −$23.8M (-7%); Self Storage −$10.1M (-53%).
Blackstone Real Estate Income Trust, Q2 2026: revenue $1.9B (-7% year over year), operating margin 60.0%, net loss $466M, operating cash flow $740M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 24.1% | 15.5% | +8.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Rental Housing Properties: | $1.1B | $1.3B | −$109M | -9% |
| Industrial | $302M | $326M | −$23.8M | -7% |
| Net Lease | $152M | $150M | $1.3M | +0.9% |
| Hospitality | $145M | $139M | $6.1M | +4% |
| Retail | $49.9M | $52.5M | −$2.6M | -5% |
| Office | $43.1M | $45.3M | −$2.2M | -5% |
| Data Centers | $15.6M | $13.5M | $2.1M | +15% |
| Self Storage | $9.1M | $19.2M | −$10.1M | -53% |
| Revenue | $1.9B | $2.0B | −$138M | -7% |
| Net loss | $466M | $569M | −$103M | -18% |
| Costs & expenses | $2.3B | $2.6B | −$241M | -9% |
| Operating costs | $744M | $728M | $16.0M | +2% |
| Interest & other, net | $1.6B | $1.8B | −$257M | -14% |
| General & admin | $18.1M | $16.9M | $1.2M | +7% |
| Other operating costs | $726M | $711M | $14.8M | +2% |
| Operating cash sources | $1.2B | $1.2B | $28.2M | +2% |
| Depreciation & amortization | $743M | $809M | −$66.1M | -8% |
| Working capital & other | $464M | $369M | $94.3M | +26% |
| Net loss absorbed | $466M | $569M | −$103M | -18% |
| Operating cash flow | $740M | $609M | $131M | +21% |
| Free cash flow (OCF − capex) | $449M | $309M | $140M | +45% |
| Capital expenditures | $291M | $300M | −$8.8M | -3% |
Questions
How much did Blackstone Real Estate Income Trust's revenue grow year over year in Q2 2026?
Blackstone Real Estate Income Trust's revenue fell $138M (-7%) from $2.0B in Q2 2025 to $1.9B in Q2 2026.
What drove Blackstone Real Estate Income Trust's revenue change in Q2 2026?
Rental Housing Properties: −$109M (-9%); Industrial −$23.8M (-7%); Self Storage −$10.1M (-53%).