BX · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
Blackstone Inc. · 2026-11-06 · Importance 48 · Surprise 40 · In source text
For the three months ended September 30, 2026, revenue was $3.063 billion, down $25.7 million (1%) year over year, as a $121.1 million decline in investment income and a $27.9 million decline in incentive fees offset a $121.9 million increase in net management and advisory fees. For the nine months ended September 30, 2026, revenue increased $1.634 billion (16%) to $11.724 billion, driven by a $721.1 million increase in investment income and a $596.7 million increase in net management and advisory fees. Quarterly net management and advisory fees rose $121.9 million, including a $120.7 million increase in Private Equity from higher BXPE, BIP and BXINFRA fee-earning AUM and higher BXCM transaction activity. Quarterly investment income decreased $121.1 million as realized investment income fell $198.3 million, partly offset by a $77.2 million increase in unrealized investment income; the nine-month investment-income increase reflected $844.1 million more realized income, partly offset by $123.0 million less unrealized income.
Key facts
- Realized Investment Income decreased $198.3 million in the third quarter of 2026, primarily because realized gains were lower than in the third quarter of 2025. source
- Unrealized Investment Income increased $77.2 million in the third quarter of 2026, primarily due to lower unrealized depreciation than in the third quarter of 2025. source
- For the nine months ended September 30, 2026, revenues were $11.7 billion, up $1.6 billion compared with $10.1 billion in the same period of 2025. source
- The nine-month revenue increase was primarily attributable to increases of $721.1 million in Investment Income and $596.7 million in Management and Advisory Fees, Net. source
- Investment Income for the nine months ended September 30, 2026 was $4.2 billion, up $721.1 million from $3.5 billion in the same period of 2025. source
- Nine-month 2026 Investment Income growth reflected an $844.1 million increase in Realized Investment Income, partly offset by a $123.0 million decrease in Unrealized Investment Income. source
- For the three months ended September 30, 2026, Investment Income was $574.4 million, down $121.1 million from $695.5 million in the prior-year period. source
- Third-quarter 2026 Incentive Fees were $172.7 million, down $27.9 million from $200.7 million in the prior-year quarter. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +52.2% | For the nine months ended September 30, 2026, revenues were $11.7 billion, up $1.6 billion compared with $10.1 billion in the same period… |
| revenue | negative | realized | -6.5% | Realized Investment Income decreased $198.3 million in the third quarter of 2026, primarily because realized gains were lower than in the… |
| revenue | positive | realized | +2.5% | Unrealized Investment Income increased $77.2 million in the third quarter of 2026, primarily due to lower unrealized depreciation than in… |