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Blackstone (BX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Blackstone (BX) Q3 2026 earnings results →

Q3 2026 Revenue down 1% year over year to $3.1B · 22¢ of every $1 of revenue kept as net profit · operating margin 46.9%

Blackstone made $3.1B in Q3 2026 (-0.8% Y/Y). Operating margin 46.9%, net earnings $662M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$3.1B
Year over year-0.8%
Operating margin46.9%
Net earnings$662M
Operating cash flow$2.0B

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Blackstone Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Blackstone Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.1B in Q3 2026, down 1% year over year and down 39% from the previous quarter.

Operating profit was $1.4B, a 46.9% margin (up 3.6 points year over year). Total costs fell 7% while revenue fell 1%. Net earnings were $0.66B, up 6% year over year. The effective tax rate was 16.9%.

Operating cash flow was $2.0B (up 23% year over year), 154% of net income including minority interests. Non-cash charges added back $0.33B of share-based compensation. Working capital and other items added $0.36B. Capital expenditures of $0.05B left free cash flow of $1.9B.

Quarterly history

Blackstone revenue by quarterBlackstone revenue by quarter$3.3BQ1 2025$3.7BQ2 2025$3.1BQ3 2025$4.4BQ4 2025$3.6BQ1 2026$5.0BQ2 2026$3.1BQ3 2026
Blackstone net earnings by quarterBlackstone net earnings by quarter$615MQ1 2025$764MQ2 2025$625MQ3 2025$1.0BQ4 2025$650MQ1 2026$1.2BQ2 2026$662MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$3.1B-0.8%46.9%$662M$2.0B
Q2 202610-QAug 7, 2026$5.0B+36%52.9%$1.2B$1.9B
Q1 202610-QMay 8, 2026$3.6B+10%37.5%$650M$991M
Q4 202510-KFeb 27, 2026$4.4B+41%51.3%$1.0B$1.1B
Q3 202510-QNov 7, 2025$3.1B-16%43.3%$625M$1.6B
Q2 202510-QAug 8, 2025$3.7B+33%47.9%$764M$889M
Q1 202510-QMay 2, 2025$3.3B-11%42.4%$615M$1.1B

Charts

Blackstone: revenue growth, year over year and quarter over quarterBlackstone: revenue growth, year over year and quarter over quarterY/YQ/Q-11%Q1 2025+33%+13%Q2 2025-16%-17%Q3 2025+41%+41%Q4 2025+10%-17%Q1 2026+36%+39%Q2 2026-1%-39%Q3 2026
Latest (Q3 2026): Y/Y -1%, Q/Q -39%.
Blackstone: where the cash came from (+) and went (−), TTM to Q3 2026Blackstone: where the cash came from (+) and went (−), TTM to Q3 2026Dividends−$6.7BOperating cash flow$6.0BNet borrowing (+) / repaid (−)$1.7BCash drawn (+) / kept (−)−$434MOther financing−$333MCapital spending−$134MPartners−$21.6MExchange rates−$9.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Blackstone: profit against cash, quarter by quarterBlackstone: profit against cash, quarter by quarterNet incomeOperating cash flow$1.3B$161MQ4 2024$1.2B$1.1BQ1 2025$1.6B$889MQ2 2025$1.2B$1.6BQ3 2025$2.0B$1.1BQ4 2025$1.3B$991MQ1 2026$2.4B$1.9BQ2 2026$1.3B$2.0BQ3 2026
Latest (Q3 2026): Net income $1.3B, Operating cash flow $2.0B.
Blackstone: diluted shares by fiscal yearBlackstone: diluted shares by fiscal year697MFY2020720MFY2021741MFY2022755MFY2023767MFY2024780MFY2025
+11.9% since FY2020: more shares outstanding (issuance, stock pay).
Blackstone: long-term debt falling due (FY2025)Blackstone: long-term debt falling due (FY2025)$705M2026$900M2027$650M2028$705M2029$1.2B2030$8.4BLater
Cash $2.6B, short-term investments —, long-term debt $12.6B at 2025-12-31.
Blackstone in its industry: growth against margin (43 companies, SIC 6282)Blackstone in its industry: growth against margin (43 companies, SIC 6282)revenue growth, year over year →↑ operating marginmedian +8%median 21%KKRAMPAPOBENTROWIVZBAMARESAlliancebernstein L.P.TPGEVRLAZOWLSTEPHLIMORNAMGFHIVCTRPJTCGAPAMLCLNHLNEVRTSAAMICNSGCMGOAK-PARPCABXALTIPSRILYSAMGWHGHKHCMLCIHNNAVALUILLRGROWBX (-1%, 47%)
Investment Advice; 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

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com . Follow @blackstone on LinkedIn , X (Twitter) , and Instagram .

In its own words, from its 8-K, filed Jul 23, 2026.

Blackstone against its Investment Advice peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.8% against the peers' median +6%. Operating margin: 46.9% against the peers' median 24.0%.

CompanyQuarterRevenueY/YOp. margin
BX BlackstoneQ3 2026$3.1B-0.8%46.9%
KKR KKRQ2 2026$5.7B+12%24.0%
AMP Ameriprise FinancialQ3 2026$5.2B+6%28.9%
APO Apollo Global ManagementQ3 2026$4.7B-52%-30.9%
BEN Franklin TempletonQ4 FY26$2.4B+4%14.6%
TROW Price T Rowe GroupQ3 2026$2.0B+6%38.4%
IVZ InvescoQ3 2026$1.9B+14%23.3%
BAM Brookfield Asset ManagementQ2 2026$1.8B+61%62.4%
ARES Ares ManagementQ3 2026$1.3B+9%13.1%

Source: Blackstone 10-Q on SEC EDGAR · CIK 1393818 · Investment Advice

Guidance and outlook

Blackstone: what its forward-looking statements are about (10-Q filed 2026-11-06)Blackstone: what its forward-looking statements are about (10-Q filed 2026-11-06)Other4Financing3Supply chain1Backlog1Costs1
10 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.
Blackstone: outlook statements against the filing beforeBlackstone: outlook statements against the filing beforeNew1Dropped1Confident1Cautious1

13F: who owns BX and who is buying

Largest holders of BX (13F)Largest holders of BX (13F)Q Global Advisors, LLC$12.9BVanguard Group$11.0BBlackRock$6.1BVanguard Capital Management LLC$5.7BMorgan Stanley$4.1BState Street$3.8BCharles Schwab Investment Managem…$2.8BGeode Capital Management, LLC$2.2BVanguard Portfolio Management LLC$1.9BCapital Research Global Investors$1.6B
Funds' net buying of BX by quarter (13F)Funds' net buying of BX by quarter (13F)$798M2024-09−$170M2024-12$99.8M2025-03$1.6B2025-06−$1.7B2025-09−$482M2025-12$3.1B2026-03$716M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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