Key Takeaways
- • Blackstone (NYSE: BX) reported Q3 2026 distributable earnings per share of $1.32, down 13% year over year but ahead of the $1.26 average analyst estimate compiled by LSEG, according to Reuters.
- • Total distributable earnings were $1.72 billion, down 9% from a year earlier, as net realizations fell 34% to $331.5 million on weaker investment exits.
- • Fee-related earnings rose 6% to $1.57 billion, offsetting the decline in realizations and supporting the earnings base.
- • Quarterly inflows of $63.3 billion lifted assets under management to $1.37 trillion, up 10% year over year; Credit and insurance drew $35.8 billion and private equity $12.6 billion.
- • Blackstone declared a $1.12-per-share dividend, payable November 9 to holders of record on November 2.
Summary
Blackstone reported lower third-quarter distributable earnings as weaker investment exits offset growth in fee income, according to its official results and Reuters coverage. Total distributable earnings were $1.72 billion, down 9% from a year earlier, while distributable earnings per share fell 13% to $1.32. The figure beat the $1.26 average analyst estimate compiled by LSEG. Reuters reported that Blackstone shares fell 2.2% in premarket trading.
The weakness was concentrated in realizations. Net realizations fell 34% to $331.5 million, reflecting fewer portfolio exits, while fee-related earnings rose 6% to $1.57 billion. Reuters, citing LSEG data, reported that global mergers and acquisitions activity declined 41% from the preceding quarter as market turbulence complicated dealmaking and initial public offerings.
GAAP net income attributable to Blackstone Inc. rose to $662.4 million from $624.9 million. The company noted that the divergent direction of the two measures reflects their different accounting bases, as distributable earnings is a non-GAAP measure.
Fundraising remained strong. Total assets under management increased 10% year over year to $1.37 trillion on quarterly inflows of $63.3 billion. Credit and insurance attracted $35.8 billion and private equity brought in $12.6 billion. Blackstone declared a $1.12-per-share dividend, payable November 9 to shareholders of record November 2.
Looking ahead, Blackstone funds are among the sellers in Galderma's agreement to acquire ZO Skin Health for an enterprise value of $1.5 billion, reported by The FINANCIAL on October 14. The transaction remains subject to regulatory approvals and is expected to complete in the fourth quarter of 2026 or early 2027. Blackstone's Tactical Opportunities platform acquired a majority stake in ZO in 2020, and the California skincare business recorded approximately $330 million in sales in the year through June 30. That exit falls outside the July–September period covered by the latest earnings report.
The weakness was concentrated in realizations. Net realizations fell 34% to $331.5 million, reflecting fewer portfolio exits, while fee-related earnings rose 6% to $1.57 billion. Reuters, citing LSEG data, reported that global mergers and acquisitions activity declined 41% from the preceding quarter as market turbulence complicated dealmaking and initial public offerings.
GAAP net income attributable to Blackstone Inc. rose to $662.4 million from $624.9 million. The company noted that the divergent direction of the two measures reflects their different accounting bases, as distributable earnings is a non-GAAP measure.
Fundraising remained strong. Total assets under management increased 10% year over year to $1.37 trillion on quarterly inflows of $63.3 billion. Credit and insurance attracted $35.8 billion and private equity brought in $12.6 billion. Blackstone declared a $1.12-per-share dividend, payable November 9 to shareholders of record November 2.
Looking ahead, Blackstone funds are among the sellers in Galderma's agreement to acquire ZO Skin Health for an enterprise value of $1.5 billion, reported by The FINANCIAL on October 14. The transaction remains subject to regulatory approvals and is expected to complete in the fourth quarter of 2026 or early 2027. Blackstone's Tactical Opportunities platform acquired a majority stake in ZO in 2020, and the California skincare business recorded approximately $330 million in sales in the year through June 30. That exit falls outside the July–September period covered by the latest earnings report.
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