BX · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Blackstone Inc. · 2026-08-07 · Importance 59 · Surprise 48 · No source text
Six-month revenue increased 24% year over year to $8.7 billion from $7.0 billion, driven by an $842.2 million increase in Investment Income and a $474.8 million increase in Management and Advisory Fees, Net. Six-month Investment Income rose 30% to $3.6 billion, as Realized Investment Income increased approximately $1.0 billion, partially offset by a $200.2 million decline in Unrealized Investment Income. Realized Investment Income benefited from a $719.9 million increase in Private Equity, primarily from Corporate Private Equity realizations and higher BXPE performance revenues. Management and Advisory Fees, Net increased 12% to $4.4 billion, led by a $268.4 million increase in Private Equity from higher BXPE and BIP Fee-Earning Assets Under Management and greater BXCM deal activity.
Key facts
- Private Equity Fee Related Earnings were $716,924 thousand for the three months ended June 30, 2026, an increase of $197,520 thousand (38%) versus prior year quarter, primarily attributable to increases of $199,056 thousand in Fee Related Performance Revenues and $88,276 thousand in Management and Advisory Fees, Net, partially offset by $70,603 thousand increase in Fee Related Compensation. source
- Net Income Attributable to Blackstone Inc. was $1,229,189 thousand for the three months ended June 30, 2026, an increase of $464,945 thousand or 61% compared to $764,244 thousand for the three months ended June 30, 2025. source
- Credit & Insurance Management and Advisory Fees, Net were $572,756 thousand for the three months ended June 30, 2026, an increase of $102,129 thousand (22%) versus prior year quarter. source
- Income Before Provision for Taxes was $2,808,452 thousand for the three months ended June 30, 2026, an increase of $892,825 thousand or 47% compared to $1,915,627 thousand for the three months ended June 30, 2025. source
- Net Income was $2,356,066 thousand for the three months ended June 30, 2026, an increase of $729,933 thousand or 45% compared to $1,626,133 thousand for the three months ended June 30, 2025. source
- Revenues were $5,043,978 thousand for the three months ended June 30, 2026, an increase of $1,332,078 thousand or 36% compared to $3,711,900 thousand for the three months ended June 30, 2025. source
- Credit & Insurance Management and Advisory Fees, Net for the six months ended June 30, 2026 were $1,081,243 thousand, an increase of $163,572 thousand (18%) versus prior year period, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. source
- Revenues were $8,661,573 thousand for the six months ended June 30, 2026, an increase of $1,660,215 thousand or 24% compared to $7,001,358 thousand for the six months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +32.9% | Revenues were $8,661,573 thousand for the six months ended June 30, 2026, an increase of $1,660,215 thousand or 24% compared to $7,001,358… |
| revenue | positive | realized | +26.4% | Revenues were $5,043,978 thousand for the three months ended June 30, 2026, an increase of $1,332,078 thousand or 36% compared to… |
| operating_income | positive | realized | +17.7% | Income Before Provision for Taxes was $2,808,452 thousand for the three months ended June 30, 2026, an increase of $892,825 thousand or… |
| net_income | positive | realized | +14.5% | Net Income was $2,356,066 thousand for the three months ended June 30, 2026, an increase of $729,933 thousand or 45% compared to… |
| revenue | positive | realized | +9.4% | Management and Advisory Fees, Net were $4,414,626 thousand for the six months ended June 30, 2026, an increase of $474,814 thousand or 12%… |
| net_income | positive | realized | +9.2% | Net Income Attributable to Blackstone Inc. was $1,229,189 thousand for the three months ended June 30, 2026, an increase of $464,945… |
| revenue | positive | realized | +4.6% | Management and Advisory Fees, Net were $2,266,006 thousand for the three months ended June 30, 2026, an increase of $230,511 thousand or… |
| operating_income | positive | realized | +3.9% | Private Equity Fee Related Earnings were $716,924 thousand for the three months ended June 30, 2026, an increase of $197,520 thousand… |
| revenue | positive | realized | +3.2% | Credit & Insurance Management and Advisory Fees, Net for the six months ended June 30, 2026 were $1,081,243 thousand, an increase of… |
| revenue | positive | realized | +2.0% | Credit & Insurance Management and Advisory Fees, Net were $572,756 thousand for the three months ended June 30, 2026, an increase of… |
| revenue | positive | realized | +1.8% | Private Equity Management and Advisory Fees, Net were $794,580 thousand for the three months ended June 30, 2026, an increase of $88,282… |
| operating_income | positive | realized | +1.4% | Real Estate Fee Related Earnings were $613,007 thousand for the three months ended June 30, 2026, an increase of $69,382 thousand (13%)… |