Blackstone beats on profit, revenue falls short of estimates

Q3 EPS of $1.32 topped forecasts by $0.02, but revenue of $3.22B missed the $3.38B expected

Blackstone reported third-quarter earnings per share of $1.32, $0.02 ahead of analyst estimates. Revenue came in at $3.22 billion, short of the $3.38 billion expected.

The results compare with the second quarter of 2026, when Blackstone posted revenue of $5.04 billion and diluted EPS of $1.54, according to ad-hoc-news.de. Analysts had gone into the quarter expecting a 3.7% year-on-year revenue decline, a reversal from the 36.7% increase Blackstone posted in the same quarter a year earlier, according to Yahoo Finance.

Chairman and CEO Stephen Schwarzman attributed the quarter to $63 billion of inflows and outperformance by flagship strategies, pointing to demand for the firm's AI and energy infrastructure platforms. Ahead of the report, Blackstone's total assets under management had been estimated at $1.38 trillion, up 11.1% from a year earlier, according to Zacks. Blackstone also declared a quarterly dividend of $1.12 per share, payable November 9 to shareholders of record as of November 2.

The revenue miss alongside the EPS beat points to lighter fee-related earnings, even as realization activity, previewed before the report at more than $350 million for the quarter, helped carry the bottom line. That split matters because it shows performance revenue, not core fundraising, remains the swing factor in results, despite the scale of this quarter's inflows. The departure of Blackstone's top private-equity executive, reported last month, adds a leadership question just as the firm leans more heavily on its AI and energy infrastructure platforms to sustain inflows, which makes continuity in those businesses worth watching next quarter.