Favorable Capital Markets Environment
U.S. capital markets activity expanded significantly, with IPO volumes up 628% year-over-year and M&A deals up 99%, partly driven by SpaceX's record $75 billion IPO.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Blackstone's second quarter of fiscal 2026 was marked by a significant acceleration in net income, up 61% year-over-year, as capital markets rebounded and the firm benefited from its diversified alternative asset management platform. The surge in IPO and M&A activity, with volumes up 628% and 99% respectively, fueled investment income and performance fees. However, an increase of $39.9 million in realized performance compensation to certain professionals tempered net realizations for the quarter.
Revenue
$5.04B
+35.89% YoY
EPS (Diluted)
$1.54
+57.14% YoY
Source: SEC XBRL
Blackstone (BX) reported Q2 FY2026 revenue of $5.04B, up 35.9% year over year. BX's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 1.52 | 1.39 | Beat +9.3% |
| Mar 2026 | 1.36 | 1.39 | Miss -1.9% |
| Dec 2025 | 1.75 | 1.58 | Beat +10.7% |
| Sep 2025 | 1.52 | 1.26 | Beat +20.3% |
Adjusted (non-GAAP) EPS of $1.52 versus the $1.39 analyst consensus — a +9.3% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.54.
Compiled by AI from 10-Q Item 2 of this filing
U.S. capital markets activity expanded significantly, with IPO volumes up 628% year-over-year and M&A deals up 99%, partly driven by SpaceX's record $75 billion IPO.
Source: 10-Q Item 2 MD&A
Realized Performance Compensation increased by $39.9 million for the quarter, reducing Net Realizations but not affecting full-year Distributable Earnings, as part of an ongoing compensation program.
Source: 10-Q Item 2 MD&A
Fee-Related Earnings, a key measure of recurring profitability, excludes unrealized activity and is driven by management fees and fee-related performance revenues.
Source: 10-Q Item 2 MD&A
The company continues to emphasize Perpetual Capital as a stable source of recurring revenues, with assets under management in vehicles with indefinite terms and limited redemption features.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
Difficult market conditions, including geopolitical tensions and interest rate volatility, could materially reduce the company's revenue, earnings, and cash flow, as highlighted in the updated risk factor from the 10-K.
Source: 10-Q Item 1A Risk Factors
The debt-to-equity ratio stood at 3.05 as of June 30, 2026, with long-term debt of $13.3 billion, up 9.7% year-over-year. Elevated leverage could strain financial flexibility if cash flows decline.
Source: 10-Q Balance Sheet (XBRL)
A significant portion of net income is derived from performance allocations and incentive fees, which are inherently volatile and dependent on market conditions, potentially leading to earnings swings.
Source: 10-Q Income Statement (XBRL)
The business environment discussion notes that economic strength has been 'meaningfully aided by artificial intelligence-related spending.' A slowdown in AI capex could adversely affect investment valuations and fee income.
Source: 10-Q Item 2 MD&A
While Perpetual Capital vehicles have limited redemption rights, a prolonged market downturn could lead to an increase in redemption requests, potentially forcing asset sales and reducing fee-earning AUM.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 5.04 $B | 3.71 $B | +35.89% |
Net Income $B | 1.23 $B | 0.76 $B | +60.84% |
EPS (Basic) $ | 1.54 $ | 0.98 $ | +57.14% |
EPS (Diluted) $ | 1.54 $ | 0.98 $ | +57.14% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
Blackstone (BX) delivered solid FY2025 results with revenue growing 9.2% to $14.45B and net income rising 8.7% to $3.02B, supported by a 33.9% surge in operating cash flow to $4.66B.
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