BX · 10-Q · 2026Q3 · Full report

Income Tax Rate Changes

Blackstone Inc. · 2026-11-06 · Importance 53 · Surprise 48 · Matches filing data

The provision for taxes increased $165.1 million (22%) to $908.1 million for the nine months ended September 30, 2026, while income before taxes increased 20% to $5.795 billion. The effective tax rate was approximately 15.7% for the 2026 nine-month period, compared with approximately 15.4% in 2025, an increase of about 0.3 percentage points. For the third quarter, the tax provision rose $48.9 million (23%) to $258.6 million, compared with a 6% increase in income before taxes to $1.531 billion. Blackstone stated that IRS guidance issued February 18, 2026 on CAMT calculation adjustments was not expected to materially affect its tax provision.

Key facts

• For the three months ended September 30, 2026, Blackstone's provision for taxes was $258.6 million, up $48.9 million from $209.7 million, and its effective tax rate was 16.9% versus 14.5%. source
• On February 18, 2026, the IRS issued guidance providing additional adjustments to the CAMT calculation; based on available guidance, Blackstone did not expect those adjustments to materially affect its tax provision. source
• The quarterly effective tax rate increase primarily reflected Non-Controlling Interests in Consolidated Entities and Blackstone's state tax provisions in jurisdictions where it operates. source
• The nine-month effective tax rate increase primarily reflected the impact of Non-Controlling Interests in Consolidated Entities. source
• Net income before taxes allocated to Blackstone personnel and other Blackstone Holdings limited partners was 36.9% in the three months ended September 30, 2026, versus 37.5% in 2025; for the nine-month periods it was 37.1% versus 37.7%. source
• The respective 0.6% decreases in allocated net income before taxes were primarily attributable to conversions of Blackstone Holdings Partnership Units to common shares and vesting of common shares. source
• For the nine months ended September 30, 2026, Blackstone's provision for taxes was $908.1 million, up $165.1 million from $743.0 million, and its effective tax rate was 15.7% versus 15.4%. source

Impact estimates