Alternative investment manager Blackstone (NYSE: BX) reported Q2 CY2026 results topping the market’s revenue expectations, with sales up 62.9% year on year to $5.04 billion. Its GAAP profit of $1.54 per share was 15.9% above analysts’ consensus estimates.

Is now the time to buy Blackstone? Find out by accessing our full research report, it’s free.

Company Overview

With over $1 trillion in assets under management and investments spanning real estate, private equity, credit, and hedge funds, Blackstone (NYSE: BX) is a global alternative asset manager that invests capital on behalf of pension funds, sovereign wealth funds, and other institutional investors.

Revenue Growth

A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Thankfully, Blackstone’s 13.3% annualized revenue growth over the last five years was solid. Its growth surpassed the average financials company and shows its offerings resonate with customers, a great starting point for our analysis.

Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Blackstone’s annualized revenue growth of 26.1% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Blackstone reported magnificent year-on-year revenue growth of 62.9%, and its $5.04 billion of revenue beat Wall Street’s estimates by 45.9%.

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Assets Under Management (AUM)

Assets Under Management (AUM) represents the total value of investments that a financial institution manages for its clients. These assets generate steady income through management fees, creating predictable revenue streams that remain stable so long as clients remain invested with the firm.

Blackstone’s AUM has grown at an annual rate of 15.3% over the last five years, better than the broader financials industry and faster than its total revenue. When analyzing Blackstone’s AUM over the last two years, we can see that growth decelerated to 11.1% annually. Fundraising or short-term investment performance was a net detractor to the company over this shorter period since assets grew slower than total revenue. Just remember that while assets are relevant to watch, we don’t place too much emphasis on them because they ebb and flow with the market.

In Q2, Blackstone’s AUM was $1.35 trillion, beating analysts’ expectations by 1%. This print was 11.2% higher than the same quarter last year.

Key Takeaways from Blackstone’s Q2 Results

We were impressed that Blackstone beat analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $121.96 immediately following the results.

Big picture, is Blackstone a buy here and now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).