Loading
Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bill Katz | TD Cowen | 7 (14%) |
| Alex Blostein | Goldman Sachs | 7 (29%) |
| Steve Chubak | Wolfe Research | 7 (0%) |
| Mike Cyprys | Morgan Stanley | 7 (0%) |
| Craig Siegenthaler | Bank of America | 7 (0%) |
| Glenn Schorr | Evercore ISI | 7 (14%) |
| Ken Worthington | JPMorgan | 7 (0%) |
| Arnaud Giblat | BNP Paribas | 6 (17%) |
| Patrick Davitt | Autonomous Research | 6 (17%) |
| Dan Fannon | Jefferies | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 2 | 8 (25%) |
| Wolfe Research | 2 | 8 (0%) |
| TD Cowen | 1 | 7 (14%) |
| Goldman Sachs | 1 |
Blackstone's Q1 FY2026 delivered revenue up 39.3% with distributable earnings and fee growth accelerating, as record AUM and broad-based fundraising momentum continued. AI infrastructure leadership drove returns, the insurance and investment-grade credit expansion progressed, and the Middle East conflict disrupted exit and IPO pipelines. BCRED experienced net outflows amid private credit market noise, and software valuations came under pressure from AI disruption.
Subscriber Growth | Credit | Capital Allocation | Competitive Dynamics | Demand | Revenue Growth | Margin | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 2 | 2 | 3 | 2 | 4 | 3 | 3 |
| 2025Q1 | 5 | 4 | 4 | 3 | 2 | 1 | 1 | 1 |
| 2025Q2 | 3 | 2 | 4 | 1 | 1 | 3 | 2 | 1 |
| 2025Q3 | 5 | 6 | 3 | 6 | 1 | 1 | 1 | 1 |
| 2025Q4 | 6 | 3 | 4 | 1 | 3 | 4 | 3 | 2 |
| 2026Q1 | 6 | 2 | 5 | 9 | 4 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Subscriber Growth | 5 | 5 | 3 | 5 | 6 | |
| Credit | 2 | 4 | 2 | 6 | 3 | 6 |
| Capital Allocation | 2 | 4 | 4 | 3 | 4 | 2 |
| Competitive Dynamics | 3 | 3 | 1 | 6 | 1 | 5 |
| Demand | 2 | 2 | 1 | 1 | 3 | 9 |
| Revenue Growth | 4 | 1 | 3 | 1 | 4 | 4 |
| Margin | 3 | 1 | 2 | 1 | 3 | 1 |
| Geographic Expansion | 3 | 1 | 1 | 1 | 2 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.82B | +132.0% | $0.92 | +360.0% | 55.4% | 25.0% |
| FY2025 Q1 | $2.94B | -6.7% | $0.80 | -27.9% | 49.3% | 20.9% |
| FY2025 Q2 | $3.71B | +54.5% | $0.98 | +69.0% | 51.6% | 20.6% |
| FY2025 Q3 |
| 7 (29%) |
| Autonomous Research | 2 | 7 (14%) |
| Morgan Stanley | 1 | 7 (0%) |
| Bank of America | 1 | 7 (0%) |
| JPMorgan | 1 | 7 (0%) |
| $2.81B |
| -6.2% |
| $0.80 |
| -21.6% |
| 51.4% |
| 22.2% |
| FY2025 Q4 | $4.36B | +54.7% | $1.30 | +41.3% | 54.2% | 23.3% |
| FY2026 Q1 | $4.10B | +39.3% | $0.83 | +3.7% | 38.8% | 15.8% |
| FY2026 Q2 | $5.04B | +35.9% | $1.54 | +57.1% | 55.7% | 24.4% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What BX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We are also excited by the continued momentum with our joint venture with Blackstone Infrastructure.”
PPL's generation joint venture with Blackstone Infrastructure is gaining momentum to serve data-center load growth.
“look at the example just at Blackstone alone, their second highest conviction is in open-air grocery-anchored shopping centers behind data centers.”
Kimco cites Blackstone's second-highest conviction being open-air grocery-anchored centers (behind data centers), a read-through on Blackstone's real estate allocation priorities.
“In March, we closed a joint venture recap with Blackstone on a fully occupied outpatient portfolio at a 6.1% cash cap rate.”
Healthpeak closed a JV recap with Blackstone on a fully occupied outpatient medical portfolio at a 6.1% cap rate and calls it a template for future recaps/acquisitions, a read-through for Blackstone's healthcare real estate appetite.
“we took 2 companies public in the U.S., in Allegiance and Medline”
Medline is a Blackstone portfolio company taken public in the U.S.; strong post-IPO performance (stock up ~60%) contributed to private equity gains.
“including through our strategic alliance with Wellington and Vanguard”
Blackstone plans to bring multi-asset strategies to the wealth channel partly through its strategic alliance with Vanguard.
“including through our strategic alliance with Wellington and Vanguard”
Blackstone plans to bring multi-asset strategies to the wealth channel partly through its strategic alliance with Wellington.
“we can do similar things for Equitable”
Corebridge's pending merger with Equitable is viewed by Blackstone as a growth opportunity to expand its asset-management mandate to the combined balance sheet.
“we've delivered very strong performance for Core Bridge and its balance sheet”
Blackstone runs a large investment-management agreement for Corebridge (and holds a ~12% stake), delivering roughly 180bps of excess spread for the insurer's balance sheet.
“such as anthropic and open AI, primarily through our wealth platform”
Blackstone has invested in OpenAI as one of the leading AI innovators, primarily through its private wealth platform.
“such as anthropic and open AI, primarily through our wealth platform”
Blackstone has invested in Anthropic as one of the leading AI innovators, primarily through its private wealth platform.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BX Blackstone Inc. | 8 | +39.3% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| ARES Ares Management Corporation | 9 | +40.8% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BLK BlackRock | 9 | +26.9% | |
| BNY BNY Mellon | 9 | +2.2% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |