BX · 10-Q · 2026Q2 · Full report
Income Tax Rate Changes
Blackstone Inc. · 2026-08-07 · Importance 59 · Surprise 48 · No source text
Blackstone’s provision for taxes increased $116.2 million, or 21.8%, to $649.5 million for the six months ended June 30, 2026, from $533.3 million in the prior-year period. The effective tax rate decreased to 15.2% from 15.8% despite income before taxes increasing to $4.3 billion from $3.4 billion. The lower rate primarily reflected reduced state tax provisions, partially offset by the impact of non-controlling interests in consolidated entities. For the three months ended June 30, 2026, the effective tax rate increased primarily because of non-controlling interests in consolidated entities.
Key facts
- On February 18, 2026, the IRS issued guidance providing for additional adjustments to the calculation of the corporate alternative minimum tax (CAMT). source
- Blackstone does not believe the CAMT adjustments from the February 18, 2026 IRS guidance will materially impact its Provision for Taxes. source
- Provision for Taxes was $452,386 thousand for the three months ended June 30, 2026, an increase of $162,892 thousand or 56% compared to $289,494 thousand for the three months ended June 30, 2025. source
- Blackstone’s Provision for Taxes for the six months ended June 30, 2026 was $649.5 million, an increase of $116.2 million, compared to $533.3 million for the six months ended June 30, 2025. source
- Blackstone’s effective tax rate was 16.1% for the three months ended June 30, 2026 and 15.1% for the three months ended June 30, 2025, based on Income Before Provision for Taxes of $2,808,452 thousand and $1,915,627 thousand, respectively. source
- Blackstone’s effective tax rate for the six months ended June 30, 2026 was 15.2% based on Income Before Provision for Taxes of $4.3 billion. source
- Blackstone’s effective tax rate for the six months ended June 30, 2025 was 15.8% based on Income Before Provision for Taxes of $3.4 billion. source
- Revisions in estimates and/or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -3.2% | Provision for Taxes was $452,386 thousand for the three months ended June 30, 2026, an increase of $162,892 thousand or 56% compared to… |
| net_income | negative | realized | -2.3% | Blackstone’s Provision for Taxes for the six months ended June 30, 2026 was $649.5 million, an increase of $116.2 million, compared to… |
| net_income | unclear | contingent | — | Blackstone does not believe the CAMT adjustments from the February 18, 2026 IRS guidance will materially impact its Provision for Taxes. |