Analyst Consensus ?
ConsensusBuy30 ratings
Bullish1963.3%
Neutral1033.3%
Bearish13.4%
Blackstone Inc. · BX · FY2025 Q3 · Calendar Q4 2025
Blackstone Q3: Strong earnings and record AUM, with credit risks in focus
The supplied analysis supports a constructive view of Blackstone’s operating trajectory: strong distributable and fee-related earnings, record AUM, sustained inflows and growth across private credit, wealth, infrastructure and data centers. The thesis is balanced by credit-cycle, competition, regulatory and real-estate risks.
Reported Before market openNYSEFinancial Services
$134.98B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.52
Consensus $1.23
EPS surprise
+23.6%
Reported versus consensus
Reported revenue
$2.81B
Consensus $3.11B
Revenue surprise
-9.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.2%
Event window
SPY move
+0.6%
Same window
Abnormal move
-4.8%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-10.7%
Up to 20 sessions
BXSPY benchmark
Ask FN2 about BX FY2025 Q3
Transcript, numbers and history already loaded
Why did BX fall 4.2% after beating EPS estimates in FY2025 Q3?What changed in BX's guidance and outlook in FY2025 Q3?Give me the bull and bear case for BX after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied Q3 analysis emphasizes record AUM, continued inflows and expansion plans across private credit, wealth, infrastructure and data centers. It also flags a defined-contribution initiative and planned 2026 product launches, while raising concerns about credit quality, bank competition, BCRED flows and real-estate fundraising.
Guidance delta
Maintained; the supplied analysis does not identify a revised numerical outlook.
Key takeaways
- Management reported distributable earnings growth, record AUM and continued inflows in the supplied Q3 analysis.
- Private credit, wealth, infrastructure and data-center platforms were highlighted as growth areas.
- The outlook remains confident, while credit quality, bank competition and real-estate fundraising remain investor concerns.
Management priorities
- Expand private-credit, wealth, infrastructure and data-center platforms.
- Develop defined-contribution partnerships and products.
- Launch planned multi-asset, asset-based finance and private-equity strategies.
- Continue global data-center and energy-infrastructure deployments.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$111.75Current
$85Low
$136.88Average
$184High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Oppenheimer | Outperform | Outperform | Maintain | Aug 27, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 13, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 9, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 27, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 21, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Mar 24, 2026 |
| UBS | Neutral | Neutral | Maintain | Feb 20, 2026 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 24, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Oct 13, 2025 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Jul 25, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 25, 2025 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 11, 2025 |
| B of A Securities | Buy | Buy | Maintain | Apr 21, 2025 |
| Credit Suisse | Underperform | Underperform | Maintain | Apr 21, 2023 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Apr 7, 2022 |
| Susquehanna | Outperform | Positive | Maintain | Nov 25, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Nov 25, 2020 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Jefferies | Buy | Buy | Maintain | Nov 25, 2020 |
| Citi | Neutral | Buy | Downgrade | Nov 25, 2020 |
| Bank of America | Buy | Buy | Maintain | Nov 25, 2020 |
| Argus | Buy | Buy | Maintain | Nov 25, 2020 |
| Stifel | Buy | Buy | Maintain | Apr 19, 2013 |
| Sterne Agee | Buy | Buy | Maintain | May 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $111.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Michael Brown | $122 | $119.35 | +9.2% | Sep 23, 2026 |
| Argus Research | Analyst unavailable | $150 | $127.66 | +34.2% | Jul 30, 2026 |
| RBC Capital | Analyst unavailable | $169 | $128.65 | +51.2% | Jul 24, 2026 |
| Oppenheimer | Analyst unavailable | $140 | $126.03 | +25.3% | Jul 24, 2026 |
| Goldman Sachs | Alexander Blostein | $127 | $124.49 | +13.6% | Jul 24, 2026 |
| Barclays | Benjamin Budish | $128 | $124.49 | +14.5% | Jul 24, 2026 |
| HSBC | Analyst unavailable | $135 | $126.89 | +20.8% | Jul 20, 2026 |
| Barclays | Analyst unavailable | $119 | $121 | +6.5% | Jul 9, 2026 |
| Piper Sandler | Analyst unavailable | $130 | $121.66 | +16.3% | Apr 27, 2026 |
| RBC Capital | Analyst unavailable | $173 | $121.76 | +54.8% | Apr 24, 2026 |
| Oppenheimer | Analyst unavailable | $156 | $122.33 | +39.6% | Apr 24, 2026 |
| Morgan Stanley | Analyst unavailable | $184 | $132.71 | +64.7% | Apr 21, 2026 |
| Evercore ISI | Analyst unavailable | $150 | $132.76 | +34.2% | Apr 21, 2026 |
| RBC Capital | Bart Dziarski | $179 | $113.71 | +60.2% | Feb 23, 2026 |
| UBS | Michael Brown | $137 | $123.64 | +22.6% | Feb 20, 2026 |
| Piper Sandler | Analyst unavailable | $158 | $142.42 | +41.4% | Feb 2, 2026 |
| UBS | Analyst unavailable | $171 | $141.49 | +53.0% | Jan 30, 2026 |
| RBC Capital | Analyst unavailable | $195 | $142.94 | +74.5% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $164 | $142.94 | +46.8% | Jan 30, 2026 |
| UBS | Michael Brown | $172 | $155.59 | +53.9% | Jan 13, 2026 |
| Barclays | Benjamin Budish | $172 | $154.1 | +53.9% | Dec 12, 2025 |
| UBS | Michael Brown | $175 | $156.6 | +56.6% | Dec 11, 2025 |
| Piper Sandler | Crispin Love | $168 | $154.98 | +50.3% | Oct 24, 2025 |
| Deutsche Bank | Brian Bedell | $166 | $156.69 | +48.5% | Oct 24, 2025 |
| Morgan Stanley | Analyst unavailable | $215 | $161.62 | +92.4% | Oct 21, 2025 |
| Piper Sandler | Analyst unavailable | $173 | $162.46 | +54.8% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $171 | $164.91 | +53.0% | Oct 8, 2025 |
| Barclays | Benjamin Budish | $192 | $171.34 | +71.8% | Jan 13, 2025 |
| Evercore ISI | Glenn Schorr | $181 | $169.73 | +62.0% | Oct 18, 2024 |
| BMO Capital | Etinenne Ricard | $134 | $169.73 | +19.9% | Oct 18, 2024 |
| Goldman Sachs | Alexander Blostein | $150 | $169.73 | +34.2% | Oct 18, 2024 |
| Evercore ISI | Glenn Schorr | $155 | $153.04 | +38.7% | Oct 14, 2024 |
| Barclays | Benjamin Budish | $155 | $151.92 | +38.7% | Oct 7, 2024 |
| BMO Capital | Etinenne Ricard | $112 | $138.59 | +0.2% | Jul 19, 2024 |
| Piper Sandler | Crispin Love | $149 | $136.41 | +33.3% | Jul 19, 2024 |
| Barclays | Benjamin Budish | $126 | $121.28 | +12.8% | Jul 10, 2024 |
| HSBC | Vikram Gandhi | $122 | $119.01 | +9.2% | Apr 19, 2024 |
| BMO Capital | Etinenne Ricard | $110 | $120.62 | -1.6% | Apr 19, 2024 |
| Deutsche Bank | Brian Bedell | $138 | $120.32 | +23.5% | Apr 19, 2024 |
| Piper Sandler | Crispin Love | $146 | $132 | +30.6% | Apr 10, 2024 |
| Barclays | Benjamin Budish | $129 | $129.87 | +15.4% | Apr 8, 2024 |
| Deutsche Bank | Brian Bedell | $142 | $126.01 | +27.1% | Apr 5, 2024 |
| Loop Capital Markets | Étienne Ricard | $101 | $124.54 | -9.6% | Jan 26, 2024 |
| Evercore ISI | Glenn Schorr | $117 | $107.51 | +4.7% | Jul 21, 2023 |
| Oppenheimer | Chris Kotowski | $111 | $83.4 | -0.7% | Apr 13, 2023 |
| Barclays | Analyst unavailable | $86 | $83.94 | -23.0% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $95 | $80.53 | -15.0% | Jan 11, 2023 |
| BMO Capital | Analyst unavailable | $85 | $78.01 | -23.9% | Jan 5, 2023 |
| Goldman Sachs | Analyst unavailable | $86 | $77.16 | -23.0% | Jan 4, 2023 |
| Piper Sandler | Analyst unavailable | $111 | $73.09 | -0.7% | Dec 21, 2022 |
| Barclays | Analyst unavailable | $80 | $75.39 | -28.4% | Dec 19, 2022 |
| BMO Capital | Analyst unavailable | $90 | $85.16 | -19.5% | Dec 5, 2022 |
| Barclays | Analyst unavailable | $90 | $85.04 | -19.5% | Dec 2, 2022 |
| BMO Capital | Analyst unavailable | $109 | $88.48 | -2.5% | Nov 23, 2022 |
| Deutsche Bank | Analyst unavailable | $128 | $99.61 | +14.5% | Nov 15, 2022 |
| Goldman Sachs | Analyst unavailable | $101 | $83.7 | -9.6% | Oct 3, 2022 |
| Deutsche Bank | Analyst unavailable | $153 | $108.34 | +36.9% | Aug 12, 2022 |
| Deutsche Bank | Analyst unavailable | $147 | $91.4 | +31.5% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $101 | $89.66 | -9.6% | Jul 13, 2022 |
| Goldman Sachs | Analyst unavailable | $112 | $91.07 | +0.2% | Jun 29, 2022 |
| Deutsche Bank | Brian Bedell | $180 | $107.57 | +61.1% | May 22, 2022 |
| BMO Capital | James Fotheringham | $142 | $107.28 | +27.1% | Apr 27, 2022 |
| Jefferies | Gerald O’Hara | $155 | $108.11 | +38.7% | Apr 26, 2022 |
| Deutsche Bank | Brian Bedell | $182 | $110.59 | +62.9% | Apr 24, 2022 |
| Morgan Stanley | Analyst unavailable | $154 | $120.24 | +37.8% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $120 | $117.02 | +7.4% | Apr 19, 2022 |
| Citigroup | William Katz | $117 | $112.98 | +4.7% | Apr 16, 2022 |
| Deutsche Bank | Brian Bedell | $186 | $112.8 | +66.4% | Apr 11, 2022 |
| Goldman Sachs | Alexander Blostein | $160 | $132.25 | +43.2% | Feb 6, 2022 |
| Bank of America Securities | Craig Siegenthaler | $170 | $124.28 | +52.1% | Jan 30, 2022 |
| Wells Fargo | Finian O'Shea | $122 | $112.69 | +9.2% | Jan 18, 2022 |
| Citigroup | William Katz | $120 | $121.02 | +7.4% | Jan 12, 2022 |
| Argus Research | Stephen Biggar | $163 | $133.96 | +45.9% | Oct 27, 2021 |
| BMO Capital | James Fotheringham | $114 | $135.08 | +2.0% | Oct 22, 2021 |
| UBS | Adam Beatty | $135 | $125.2 | +20.8% | Sep 21, 2021 |
| Barclays | Jeremy Campbell | $95 | $84.31 | -15.0% | Apr 23, 2021 |
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Start freeCompany context
Snapshot as of publicationBlackstone Inc. operates as a prominent alternative asset manager, specializing in a broad spectrum of investment strategies. Its expertise encompasses real estate, private equity, credit solutions, comprehensive hedge fund offerings, public debt and equity, multi-asset class approaches, and secondary funds of funds. While often backing nascent businesses, the firm also extends its services to capital markets. Its real estate division targets diverse opportunities: high-potential opportunistic ventures, core-plus assets, and stable, income-generating commercial properties. Additionally, it engages in debt investments secured by commercial real estate. These activities span North America, Europe, and Asia. Blackstone's global private equity arm executes varied transactions, including substantial buyouts, mid-market acquisitions, special situations, and distressed mortgage loans.…
Historical context
All BX earningsFinancial Services peers this season
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|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the BX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-03T04:16:10.918769+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T04:16:10.915094+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.