BX · Blackstone Inc.

Blackstone's Q1 2026 results demonstrated resilience in a turbulent environment, as highlighted by CEO Stephen A. Schwarzman, with nearly $70 billion in inflows and positive appreciation across most flagship strategies. GAAP revenues rose to $3.6 billion from $3.3 billion YoY, driven by higher Management and Advisory Fees, Net ($2.1 billion, +13%) and Performance Allocations ($1.4 billion, +68%), offsetting lower Incentive Fees. Expenses increased to $2.3 billion, primarily from elevated Compensation and Benefits ($1.7 billion), yet Income Before Taxes remained stable at $1.5 billion. Net Income edged up 4% to $1.3 billion, with attributable net income at $650 million and EPS at $0.83.

Non-GAAP metrics underscored operational strength: FRE surged 23% to $1.5 billion ($1.26/share) on 13% higher management fees and 66% jump in Fee Related Performance Revenues, with modest expense growth. DE climbed 25% to $1.8 billion ($1.36/share), fueled by 70% higher Realized Performance Revenues ($780 million) and solid Net Realizations ($448 million), despite a 73% drop in Realized Principal Investment Income. Total Segment DE reached $2.0 billion.

Capital activity was robust: AUM grew 12% YoY to $1.3 trillion, Fee-Earning AUM +9% to $938 billion, and Perpetual Capital AUM +16% to $540 billion. Inflows hit $68.5 billion (Real Estate $6.8B, Private Equity $20.4B, Credit & Insurance $37.0B), with deployments and realizations both near $36 billion. Net Accrued Performance Revenues stood at $7.0 billion ($5.69/share), boosted by Infrastructure (7.8% return) and Private Equity gains (3.2-3.6%). Capital returns included a $1.16/share dividend and 0.2 million shares repurchased, totaling $1.5 billion for the quarter.