Filing Flows › Blackstone Real Estate Income Trust (BSTT) › Q3 2026 › vs Q3 2025
Blackstone Real Estate Income Trust (BSTT) Q3 2026 vs Q3 2025 (year over year)
Blackstone Real Estate Income Trust's revenue fell $151M (-8%) from $1.9B in Q3 2025 to $1.8B in Q3 2026. The biggest changes: Rental Housing Property −$122M (-10%); Industrial −$18.8M (-6%); Hospitality +$9.6M (+8%).
Blackstone Real Estate Income Trust, Q3 2026: revenue $1.8B (-8% year over year), operating margin 81.8%, net loss $296M, operating cash flow $553M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 12.0% | 10.4% | +1.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Rental Housing Property | $1.1B | $1.2B | −$122M | -10% |
| Industrial | $305M | $324M | −$18.8M | -6% |
| Net Lease | $152M | $150M | $1.5M | +1% |
| Hospitality | $133M | $123M | $9.6M | +8% |
| Retail | $51.2M | $51.3M | −$87K | -0.2% |
| Office | $41.6M | $48.0M | −$6.4M | -13% |
| Data Centers | $17.9M | $13.3M | $4.6M | +35% |
| Revenue | $1.8B | $1.9B | −$151M | -8% |
| Net loss | $296M | $714M | −$417M | -58% |
| Costs & expenses | $2.1B | $2.7B | −$568M | -21% |
| Operating costs | $326M | $906M | −$580M | -64% |
| Interest & other, net | $1.8B | $1.8B | $11.3M | +0.6% |
| General & admin | $12.7M | $18.0M | −$5.3M | -29% |
| Other operating costs | $313M | $888M | −$574M | -65% |
| Operating cash sources | $849M | $1.3B | −$404M | -32% |
| Depreciation & amortization | $722M | $788M | −$66.7M | -8% |
| Working capital & other | $128M | $465M | −$337M | -73% |
| Net loss absorbed | $296M | $714M | −$417M | -58% |
| Operating cash flow | $553M | $540M | $13.2M | +2% |
| Free cash flow (OCF − capex) | $216M | $202M | $13.6M | +7% |
| Capital expenditures | $338M | $338M | −$400K | -0.1% |
Questions
How much did Blackstone Real Estate Income Trust's revenue grow year over year in Q3 2026?
Blackstone Real Estate Income Trust's revenue fell $151M (-8%) from $1.9B in Q3 2025 to $1.8B in Q3 2026.
What drove Blackstone Real Estate Income Trust's revenue change in Q3 2026?
Rental Housing Property −$122M (-10%); Industrial −$18.8M (-6%); Hospitality +$9.6M (+8%).