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How Blackstone (BX) makes money
Blackstone (BX) made $3.1B of revenue in the third quarter 2026 (Q3 2026), -0.8% from a year earlier. Of every dollar of revenue, 47¢ was left as operating profit, 22¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $3.1B | 100.0% |
| Operating profit | $1.4B | 46.9% |
| Income tax | $259M | 8.4% |
| Net earnings | $662M | 21.6% |
| Operating cash flow | $2.0B | 64.1% |
| Free cash flow | $1.9B | 62.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $3.1B | -0.8% |
| Q2 2026 | $5.0B | +36% |
| Q1 2026 | $3.6B | +10% |
| Q4 2025 | $4.4B | +41% |
| Q3 2025 | $3.1B | -16% |
| Q2 2025 | $3.7B | +33% |
| Q1 2025 | $3.3B | -11% |
From Blackstone's 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Blackstone make money?
Blackstone (BX) made $3.1B of revenue in the third quarter 2026 (Q3 2026), -0.8% from a year earlier. Of every dollar of revenue, 47¢ was left as operating profit, 22¢ was left as net earnings.
What is Blackstone's profit margin?
Net earnings were $662M, 21.6% of revenue, in the third quarter 2026; the operating margin was 46.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.