Blackstone Inc
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Strong reported results + shareholder payouts (good)
- GAAP net income: $1.3B in Q3 2020.
- Distributable earnings (DE): $1.7B ($1.32/share).
- Dividend declared: $1.12/share, payable to holders of record Nov 2.
- AUM growth: Total AUM ~$1.4T, +10% YoY, with double-digit growth in 3 of 4 segments.
- Revenue/earnings durability: Fee revenues +8% YoY to $2.7B; fee-related earnings $1.6B (+6% YoY).
Fundraising/inflows momentum remains very strong (opportunity)
- Inflows: $63B in the quarter; >$270B over the last 12 months (highest in 4 years).
- Private wealth channel: Wealth AUM $330B (+15% YoY) with ~$9B sales in Q3.
- Key product momentum: BXP record $2.9B sales, +18% net annualized return since inception; BREIT +9% YoY with best regular-way net flows in 4 years; BXInfera highest quarterly sales since launch (~$1.1B).
- Insurance channel: Insurance AUM >$300B (+14% YoY) with ~40 insurance clients; investment-grade private credit platform ~$150B (+24% YoY).
AI + infrastructure thesis is the core growth engine, but markets are worried about AI financing (good + surprising + bad)
- Management argues AI buildout is an enormous multi-year capital cycle: compute demand is accelerating, with supply constrained (chips, data centers, power, equipment).
- Risk/market perception: Rising rates and AI project financing needs have reduced transaction activity and increased volatility; investors focus on the sustainability of AI-related investment.
- What Blackstone says it is doing to manage this: prioritize “picks and shovels” (infrastructure), and deploy primarily against long-term contracted assets.
- Data center contract model: In data centers, the company emphasizes 15–20 year contracts with highly creditworthy counterparties (large hyperscaler-type clients).
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$79.15
34.1% downside
Current Fair Value
34.1% downsideOvervalued by 34.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $96.12 Billion |
|---|---|
| Enterprise Value | $107.28 Billion |
| Annual dividend | $5.06 |
| Dividend yield | 4.21% |
| Earnings per Share | $3.88 |
| Beta | 1.53 |
| Outstanding Shares | 799,758,418 |
Return
| Return on Equity | 40.24% |
|---|---|
| Return on Assets | 7.17% |
| Return on Invested Capital | 20.48% |
Valuation & Multiples
| P/E Ratio | 26.53 |
|---|---|
| PEG | 442.67 |
| Price to Sales | 6.01 |
| Price to Book Ratio | 4.62 |
| Enterprise Value to Revenue | 6.47 |
| Enterprise Value to EBIT | 12.73 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 1.61 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS
$1.32
Est. $1.26Revenue
$3.22 B
Est. $3.27 BNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$1.71
Consensus analyst estimateRevenue Estimate
$4.26 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.15, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.1536▼ 42.56% |
|---|---|
| Total Calls | 86,350▼ 99.32% |
| Total Puts | 99,617▼ 99.50% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 10.60%▼ 61.22% |
|---|---|
| Total Invested | $9.31B▼ 85.92% |
| Investors Holding | 1,262▼ 992.00% |
About Blackstone Group Inc (The)
5,285 employees
CEO: Stephen Allen Schwarzman
Blackstone Inc. operates as a prominent alternative asset manager, offering expertise across a diverse range of investment strategies including real estate, private equity, hedge fund offerings, credit solutions, secondary funds of funds...