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what it is
Blackstone runs funds and advisory work that collect fees on about $1.13 trillion of client assets.
how it gets paid
Last year Blackstone made $14.5B in revenue. Management fees was the main engine at $7.1B, or 49% of sales.
why it's growing
Revenue grew 9.2% last year. Operations should benefit from a few tailwinds driving demand for alternative investments.
what just happened
A recent print: on the order of ~$3.6B in quarterly revenue (ballpark one-fourth of the ~$14.5B annual line) and $2.57 EPS (q)—ignore any vendor line that implies a $10B+ quarter against that annual total.
At a glance
A balance sheet — strong enough to weather a downturn
35/100 earnings predictability — expect surprises
44.7x trailing p/e — you're paying up for this one
4.4% dividend yield — cash in your pocket every quarter
32.0% return on capital — every dollar works hard here
xvary composite: 58/100 — below average
What they do
Blackstone runs funds and advisory work that collect fees on about $1.13 trillion of client assets.
Blackstone sits on about $1.13 trillion of assets and $830.7B of fee-earning assets. That is a giant fee stream, not a single trade. Leaving is painful because the money belongs to clients, and 64.2% insider ownership means management feels the same squeeze you do.
How they make money
$14.5B
annual revenue · their business grew +9.2% last year
Management fees
$7.1B
Performance fees
$2.8B
Investment income
$2.1B
Advisory services
$1.5B
Other revenue
$1.0B
The products that matter
recurring asset-management fees
Management fees
$1T+ AUM base
this is the steadier layer of the model. More than $1T in assets is the raw material that feeds recurring fees and gives the franchise room to keep compounding.
recurring engine
carry and investment realizations
Performance fees
35 / 100 predictability
this is why the earnings line jumps around. The predictability score is just 35/100, and the latest quarter estimate points to revenue down 16% from last year.
lumpy upside
institutional and wealth fundraising
Capital formation
1,135 buyers vs. 784 sellers
fund flows are the whole game here. Institutions were net buyers for three straight quarters, and that supports the idea that the franchise still has fundraising credibility even while earnings look uneven.
distribution moat
Key numbers
~$1.13T
client asset pile
Roughly $1.13 trillion in assets under supervision—same scale as the ~$1,127B figure in the feed, just easier to read.
$830.7B
fee-earning pile
This is the part that pays the bills. It is 73.7% of total AUM, so the fee base is huge.
44.7x
trailing price tag
You are paying 44.7 times last year's profit. That is a rich price for a 4.4% yield.
4.4%
cash payout
You get 4.4% back in cash. That helps when the stock trades like a bond with a caffeine problem.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- net profit margin 40.1% — keeps 40 cents of every dollar in revenue
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in BX 3 years ago → it's now worth $20,150.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Blackstone posted about $3.6B in quarterly revenue (order of magnitude vs. ~$14.5B annual) and $2.57 EPS (q).
Revenue was up 227% from a year earlier, and annual revenue reached $14.5B, up 9.2%. The quarter was helped by a much easier comparison base.
~$3.6B
quarterly revenue
$2.57
eps (q)
~+227%
rev vs. prior year (q)
the number that mattered
The number that mattered was $14.5B. That is the full-year revenue base you are buying, and it rose 9.2%.
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blackstone inc. likely posted solid fourth-quarter results.revenues probably advanced to about $3.91 billion in some pre-print previews—here we anchor the quarter to ~$3.6B in the filing used on this page. Strength in management fees as assets under management expanded. ongoing fundraising momentum across its institutional, insurance, and private wealth channels likely helped the top line, while performance fees probably contributed, though below the strong outcomes seen in early 2025.
-
compensation expenses were likely higher, given a greater headcount and good performance fees.
-
EPS previews vs. the print used on this page.Some pre-print street estimates were nearer ~$2.12 for the december quarter; the headline figures here use ~$2.57 EPS and ~$3.6B revenue—reconcile any third-party line to the filing.
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we anticipate favorable conditions throughout 2026.
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operations should benefit from a few tailwinds driving demand for alternative investments.
source: EDGAR and company earnings report, 2026
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What could go wrong
Blackstone's actual risk is not abstract "market uncertainty." It is simpler than that: if fundraising slows, exits stall, and performance fees stay quiet, the premium story starts looking expensive in a hurry.
med
fundraising slows
Blackstone's scale advantage only helps if fresh capital keeps arriving. If fundraising cools, fee-bearing assets stop compounding and the market notices fast.
$1T+ in AUM is the base of the story. The latest quarter estimate already shows revenue down 16% from last year, so there is not much room for a slower asset-gathering engine.
med
realizations stay stuck
When exits take longer, carry gets delayed and performance fees fade into the background. That matters more here because investors often pay up for Blackstone as if the earnings stream were cleaner than it is.
The 35/100 earnings predictability score is the tell. This franchise is profitable, but the quarter-to-quarter path will not look smooth if realizations stay slow.
med
expectations stay ahead of the proof
At $156.58 with a $200 midpoint target, investors are still underwriting a cleaner rebound. If the next few quarters keep looking more like the current estimate than the long-term story, the multiple resets before fundamentals do.
A 58/100 composite rating says the setup is not broken. It also says you are not getting paid to ignore execution risk.
The latest quarterly setup already points to revenue down 16% and EPS down 22% from last year. That's what the risk looks like when you translate it out of finance language and into numbers.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
does the revenue line stabilize
The current quarter is estimated at -16% from last year. If that number stays negative again, the market will treat this as more than a one-quarter wobble.
metric
AUM momentum
More than $1T in AUM is the raw material. You want to see that base keep expanding, because that is where the steadier fee stream comes from.
risk
earnings quality versus earnings volatility
A 35/100 predictability score means the cleanest quarter may not be the most important quarter. Watch whether management fees are doing the heavy lifting.
trend
institutional conviction
Three straight quarters of net institutional buying matters. If that flips while the earnings line stays soft, the tone changes fast.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think the next 12 months look bumpier than the average stock.
risk profile
average
stability score 3 — this sits in the middle. not especially defensive, not a chaos stock either.
chart momentum
average
technical score 3 — the chart is not making a dramatic argument one way or the other.
earnings predictability
35 / 100
The numbers can surprise you. That is the trade-off for owning a business with performance-fee upside.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 1,135 buyers vs. 784 sellers in 3q2025. total institutional holdings: 0.5B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$132
$267
$157
current price
$200
target midpoint · +28% from current · 3-5yr high: $175 (+10% · 6% ann'l return)
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The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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