BX's Q2 Earnings Beat as AUM Hits Record High Amid Tough Environment

Net income attributable to Blackstone was $1.23 billion, surging 61% from the year-ago quarter.

BX’s Segment Revenues Up, GAAP Expenses Rise

Total segment revenues for the reported quarter were $3.8 billion, jumping 24% year over year. The top line beat the Zacks Consensus Estimate of $3.37 billion. On a GAAP basis, revenues were $5.04 billion, which grew 36%.

Total expenses (GAAP basis) were $2.38 billion, up 23% year over year.

As of June 30, 2026, Blackstone had $12.2 billion in total cash, cash equivalents and corporate treasury investments, and $22.7 billion in cash and net investments. The company has a $4.3-billion credit revolver.

Blackstone’s AUM Balance Rises

Fee-earning AUM grew 8% year over year to $961.6 billion as of June 30, 2026.

The total AUM amounted to $1.35 trillion, up 11%. The rise in total AUM was primarily driven by $68.3 billion in inflows in the reported quarter.

As of June 30, 2026, the undrawn capital available for investment was $228.1 billion.

BX’s Share Repurchase Update

During the reported quarter, Blackstone repurchased 0.2 million shares.

Our Take on Blackstone

Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, elevated expenses, private credit-related concerns and a tough operating backdrop are headwinds.

Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings Dates & Expectations of Blackstone’s Peers

KKR & Co. Inc. KKR is set to report second-quarter 2026 results on July 30.

Over the past seven days, the Zacks Consensus Estimate for KKR & Co’s quarterly earnings has been revised lower to $1.41. The estimated figure indicates a 19.5% rise from the prior-year quarter.

Ares Management ARES is scheduled to report second-quarter 2026 results on July 31.

Over the past week, the Zacks Consensus Estimate for Ares Management’s quarterly earnings has been revised lower to $1.29. The estimated figure indicates a 25.2% jump from the prior-year quarter.

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This article originally published on Zacks Investment Research (zacks.com).

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