Filing Flows › Blackstone (BX) › Q1 2026
Blackstone (BX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Blackstone (BX) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +10% from a year earlier and -17% from the quarter before. Operating margin was 37.5%, net earnings $650M (18.0% of revenue).
Blackstone, Q1 2026: revenue $3.6B (+10% year over year), operating margin 37.5%, net earnings $650M, operating cash flow $991M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | -17% | +10% |
| Operating profit | $1.4B | -39% | -3% |
| Net earnings | $650M | -36% | +6% |
| Operating cash flow | $991M | -7% | -11% |
| Free cash flow | $958M | -8% | -11% |
What changed
Revenue was $3.6B in Q1 2026, up 10% year over year and down 17% from the previous quarter.
Operating profit was $1.4B, a 37.5% margin (down 4.9 points year over year). Operating profit fell $0.04B even though revenue rose $0.33B versus Q1 2025, so costs grew faster than sales. Total costs grew 19% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $0.65B, up 6% year over year. The effective tax rate was 13.5%.
Operating cash flow was $1.0B (down 11% year over year), 79% of net income including minority interests. Non-cash charges added back $0.56B of share-based compensation. Working capital and other items used $0.83B. Capital expenditures of $0.03B left free cash flow of $1.0B.
Questions
What was Blackstone's revenue in the first quarter 2026?
Blackstone (BX) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +10% from a year earlier and -17% from the quarter before.
Was Blackstone profitable in the first quarter 2026?
Operating profit was $1.4B (37.5% of revenue) and net earnings $650M.
Source: Blackstone 10-Q on SEC EDGAR.