BX

Beat

Earnings Call

Apr 23, 2026

Q1 FY2026

EPS Estimate

1.34

EPS Actual

1.36

Post-Earnings Close

$122.33

Earnings Reaction

-5.7%

Overview

Blackstone's first quarter results were defined by a striking divergence: nearly all flagship strategies posted positive appreciation while major equity and credit indices declined, a testament to the firm's deliberate positioning in physical and AI-adjacent assets. Distributable earnings rose 25% year-over-year to $1.8 billion, or $1.36 per share, beating the consensus estimate, with fee-related earnings up 23% to $1.5 billion, one of the three best FRE quarters in the firm's history and the strongest outside a calendar fourth quarter. Total AUM reached a record $1.3 trillion, up 12% year-over-year, on the back of $69 billion in quarterly inflows and nearly $250 billion over the trailing twelve months.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Apr 24, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

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Overview

Q&A Summary