AI Takeaway
Blackstone (BX) delivered solid Q1 FY2026 results with revenue growing 10.0% YoY to $3.62B and net income rising 5.7% to $649.7M, though operating cash flow declined 10.7% and financing activities swung sharply negative.
Revenue
$3.62B
++9.98% YoY
EPS (Basic)
$0.83
++3.75% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
BX generated $3.62B in revenue for Q1 FY2026, up 10.0% from $3.29B in the prior-year period, reflecting continued strength in fee-related earnings and investment activity across its alternative asset management platform.
Source: Source: 10-Q Income Statement, Q1 FY2026
Net income rose 5.7% YoY to $649.7M, with a net margin of approximately 18.0%, indicating that while revenue growth was strong, cost growth slightly outpaced revenue gains, compressing the bottom-line margin relative to top-line growth.
Source: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
Total assets grew 6.8% YoY to $48.3B, supported by a 4.9% increase in stockholders' equity to $8.37B, suggesting continued deployment of capital into new investments and fund structures.
Source: Source: 10-Q Balance Sheet, Q1 FY2026
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Upgrade to unlockBlackstone carries a debt-to-equity ratio of approximately 3.21x, with long-term debt of $13.4B representing a 6.6% YoY increase. This elevated leverage amplifies sensitivity to interest rate changes and credit market conditions, which could pressure earnings and liquidity in a tightening environment.
Source: Source: 10-Q Balance Sheet & Key Ratios, Q1 FY2026
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.36 versus the $1.39 analyst consensus — a -1.9% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.62B | $3.29B | +9.98% |
Net Income | $649.73M | $614.85M | +5.67% |
EPS (Basic) | $0.83 | $0.80 | +3.75% |
EPS (Diluted) | $0.83 | $0.80 | +3.75% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $48.33B | $45.26B | +6.79% |
Total Liabilities | $26.91B | $25.39B | +5.98% |
Stockholders' Equity | $8.37B | $7.98B | +4.92% |
Cash & Equivalents | $2.45B | $2.39B | +2.58% |
Long-Term Debt | $13.41B | $12.58B | +6.56% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $991.05M | $1.11B | -10.65% |
Investing Cash Flow | $-33.41M | $-29.28M | -14.11% |
Financing Cash Flow | $-1.09B | $139.24M | -885.68% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 18.0% | — | — |
ROE | 7.8% | — | — |
ROA | 1.3% | — | — |
Debt to Equity | $3.215 | — | — |
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Blackstone reported Q1 FY2026 revenue of $3.62B, up 10.0% YoY, and net income of $649.7M, up 5.7% YoY. EPS came in at $0.83 (basic and diluted), a 3.7% improvement from the prior-year quarter.
The key takeaways include strong revenue growth of 10% YoY, solid net income of $649.7M, and total assets expanding to $48.3B. However, operating cash flow declined 10.7% to $991M and financing activities swung sharply negative by nearly $1.1B, signaling important cash flow dynamics to monitor.
Based on the financial data, key risks include high financial leverage with a debt-to-equity ratio of 3.21x and $13.4B in long-term debt, declining operating cash flow, and dependence on performance fees and carried interest that are sensitive to market conditions and deal activity.
BX's revenue grew 10.0% YoY to $3.62B in Q1 FY2026, up from $3.29B in the same period last year, driven by its diversified alternative asset management business including real estate, private equity, credit, and hedge fund strategies.
Blackstone's balance sheet shows total assets of $48.3B and stockholders' equity of $8.37B, with cash of $2.45B providing near-term liquidity. However, the firm carries $13.4B in long-term debt and a debt-to-equity ratio of 3.21x, reflecting the leveraged nature of its business model, while its 18% net margin demonstrates solid underlying profitability.