Blackstone (BX) Q2 FY2026 earnings: revenue $5.0 billion, up 35.9% on the year

Blackstone Inc. (BX) reported revenue of $5.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 35.9% on the same quarter a year earlier. Net income was $1.2 billion, up 60.8% on the year, and diluted earnings per share $1.54. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue

$5.0 billion

+35.9% on the year · +39.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

52.9%

47.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.2 billion

+60.8% on the year · +89.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.54

+57.1% on the year · +85.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised.

GAAP net income reached $2.4 billion: Net income for the quarter was $2.4 billion; net income attributable to Blackstone Inc. was $1.2 billion, against $764 million in 2Q’25. Year-to-date net income was $3.6 billion.
Fee Related Earnings rose to $1.8 billion: FRE was $1.8 billion, or $1.43 per share, for the quarter, and $6.3 billion, or $5.14 per share, over the last twelve months.
Appreciation lifted accrued performance revenues: Net accrued performance revenues reached $7.5 billion, or $6.00 per share, up from $7.0 billion in the first quarter, on appreciation across strategies.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	5,044	3,618	3,712	+39.4%	+35.9%
Operating income	2,668	1,355	1,779	+96.9%	+50.0%
Operating margin	52.9%	37.5%	47.9%
Interest expense	145	137	136	+5.8%	+6.8%
Pre-tax income	2,808	1,455	1,916	+93.0%	+46.6%
Income tax	452	197	289	+129.5%	+56.3%
Effective tax rate	16.1%	13.5%	15.1%
Net income	1,229	650	764	+89.2%	+60.8%
Net margin	24.4%	18.0%	20.6%
Diluted EPS	$1.54	$0.83	$0.98	+85.5%	+57.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,941	991	889	+95.9%	+118.5%
Capital expenditure	32.0	33.4	40.1	-4.3%	-20.4%
Free cash flow	1,909	958	848	+99.4%	+125.1%
Free cash flow margin	37.9%	26.5%	22.9%
Cash from investing	-32.0	-33.4	-40.1
Cash from financing	-1,845	-1,094	-1,711
Share-based compensation	355	561	312	-36.8%	+13.5%
Dividends paid	1,529	1,918	1,215	-20.3%	+25.8%
Dividend per share	$1.16	$1.49	$0.93	-22.1%	+24.7%
Diluted shares, weighted	800m	786m	782m	+1.7%	+2.2%
Shares outstanding at period end	753m	752m	739m	+0.1%	+1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	9,015	8,371	8,352	+7.7%	+7.9%
Non-controlling interest	12,048	11,646	11,239	+3.5%	+7.2%
Redeemable equity	1,371	1,400	1,487	-2.1%	-7.8%
Debt	13,319	13,409	12,136	-0.7%	+9.7%
Other liabilities	14,140	13,502	12,158	+4.7%	+16.3%
Total liabilities and equity	49,892	48,327	45,373	+3.2%	+10.0%
Fixed assets	537	531	525	+1.2%	+2.3%
Goodwill	1,890	1,890	1,890	0.0%	0.0%
Intangible assets	113	122	147	-7.4%	-23.1%
Cash and equivalents	2,507	2,448	2,235	+2.4%	+12.1%
Other assets	44,845	43,335	40,575	+3.5%	+10.5%
Total assets	49,892	48,327	45,373	+3.2%	+10.0%

Questions

What was Blackstone's revenue in Q2 FY2026?

Blackstone (BX) reported revenue of $5.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 35.9% on the same quarter a year earlier.

How much did Blackstone earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.2 billion, up 60.8% on the year, and diluted earnings per share $1.54.

When did Blackstone report Q2 FY2026 results?

Blackstone filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 7 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,763	5,126	629	1,058	1,704	1,382	2,815	2,541	1,285	3,688	2,796	3,663	3,083	3,289	3,712	3,089	4,360	3,618	5,044	3,063
Operating income	3,264	2,929	-115	96.8	634	192	1,339	1,166	343	1,897	1,164	1,767	1,582	1,395	1,779	1,338	2,235	1,355	2,668	1,438
Operating margin	57%	57%	-18%	9%	37%	14%	48%	46%	27%	51%	42%	48%	51%	42%	48%	43%	51%	37%	53%	47%
Interest expense	56.5	66.7	69.6	80.5	100	104	108	111	109	108	109	111	116	118	136	126	128	137	145	133
Pre-tax income	3,378	2,981	-219	97.9	602	258	1,427	1,117	155	1,880	1,209	1,810	1,561	1,453	1,916	1,447	2,357	1,455	2,808	1,531
Tax rate	13%	16%	n/a	96%	-23%	18%	16%	18%	30%	15%	22%	14%	15%	17%	15%	14%	16%	14%	16%	17%
Net income	1,398	1,217	-29.4	2.3	558	85.8	601	552	152	847	444	781	704	615	764	625	1,015	650	1,229	662
Net margin	24%	24%	-5%	0%	33%	6%	21%	22%	12%	23%	16%	21%	23%	19%	21%	20%	23%	18%	24%	22%
Diluted EPS	$1.91	$1.66	-$0.04	$0.00	$0.75	$0.11	$0.79	$0.73	$0.20	$1.11	$0.58	$1.02	$0.92	$0.80	$0.98	$0.80	$1.30	$0.83	$1.54	$0.83
Operating cash flow	-814	2,749	1,890	983	715	353	1,726	1,083	896	940	1,159	1,222	161	1,109	889	1,598	1,068	991	1,941	1,963
Capital expenditure	19.9	56.2	45.2	85.4	48.7	69.6	60.7	62.7	31.3	17.8	12.4	19.4	11.9	29.3	40.1	23.9	22.4	33.4	32.0	46.0
Free cash flow	-834	2,692	1,844	898	666	283	1,665	1,020	864	922	1,146	1,202	150	1,080	848	1,574	1,045	958	1,909	1,917
Dividends paid	1,399	1,958	1,664	1,709	1,188	1,137	1,053	1,039	1,039	1,177	1,088	1,071	1,088	1,859	1,215	1,342	1,598	1,918	1,529	1,684
Shares outstanding	704m	707m	706m	709m	710m	713m	714m	718m	719m	722m	723m	731m	732m	738m	739m	748m	749m	752m	753m	760m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 7 August 2026: the filing.