Blackstone rises after quarterly results show strong fee income and fundraising

What happened

Blackstone (BX) rose 8.4% on October 22, 2026, because of third-quarter results that beat estimates and highlighted record assets under management and fundraising momentum. The firm reported distributable earnings of $1.32 per common share for the quarter, 4.8% above the Zacks Consensus Estimate of $1.26, while reporting record AUM and fee-related earnings growth despite weaker realizations. Media coverage noted the quarter combined strong fee income and capital inflows with a decline in proceeds from private-equity asset sales and commentary from executives about AI-related portfolio company dynamics.

How big was the move

The stock rose 8.4% on the day and rose 8.7% over the last five sessions, versus the S&P 500, which fell 1.2% on the day and fell 1.0% over five sessions. Trading volume was 2.1 times its 20-day average, and the session’s move was 3.5 times a typical daily move for this stock. Compared with its sector, the stock’s performance was 6.9 percentage points better than the Financial Services sector median on the day. Market sensitivity is reflected in a beta of 1.26, meaning the stock tends to move more than the market. The move was directly tied to the earnings release, which drove heightened trading and a roughly 4–5% intraday lift noted in some reports.

The technical picture

The stock was 6.1% above its 20-day moving average, while it was 5.5% below its 50-day average and 5.2% below its 200-day average. The 50-day average is above the 200-day average, a sign of an established uptrend, even as the stock sits 28.1% below the 52-week high. Momentum indicators were neutral: the Relative Strength Index (14 days) stood at 55, between 30 and 70. Shorter-term price action has been mixed — the stock fell 0.4% over one month and fell 8.7% over three months, and it fell 26.4% over one year, leaving it 40.2 percentage points behind the S&P 500 for the year. Volatility was 38% annualized over 60 days, higher than 55% of its own readings over five years, underscoring wider swings in recent sessions.

Fundamentals and valuation

For the four quarters through September 30, 2026 Blackstone reported revenue of $16.29 billion, a 32.6% increase from a year earlier, and diluted earnings per share of $4.53, which rose 29.4% year over year. Gross margin was 89.7% compared with 96.0% a year earlier, while operating margin was 52.0% versus 51.9% a year earlier. Free-cash-flow margin was 17.4% and return on invested capital was 136.7%. The balance sheet showed net cash of $3.04 billion, and share count increased by 2.2% over one year.

On valuation, the stock traded at 26.2 times trailing earnings and 20.1 times expected forward earnings, with a free-cash-flow yield of 2.3%. Its price-to-earnings reading was lower than 71% of its own readings over the past five years, where the five-year median is 41.4 times earnings. Those measures suggest investors are paying for durable fee streams and growth prospects while the price remains below its own five-year valuation peak.

Earnings and analyst expectations

Blackstone’s last report, on October 22, 2026, produced earnings per share of $1.32, 4.8% above the Zacks Consensus Estimate of $1.26, marking the ninth consecutive quarter of beating estimates. The firm said distributable earnings fell 13% from the year-ago quarter even as revenue and fee-related income grew, and noted proceeds from private-equity asset sales fell 49%. Average surprise over the last four reports was 8.3% above estimates. Typical two-day reactions after recent reports have seen the stock fall 0.3%.

Analysts covering the stock remain generally constructive. Among 30 analysts the consensus rating is Buy, with 63% giving a Buy or Strong Buy; the consensus price target is $141.20, 18.9% above the closing price on October 22, 2026. The next report is scheduled for February 4, 2027. Investors weighing the shares will balance recurring fee income, record AUM and strong growth metrics against softer realized proceeds from asset sales and elevated near-term volatility.

What to watch

• October 22, 2026: distributable earnings of $1.32 per common share, 4.8% above estimates
• The firm said proceeds from private-equity asset sales fell 49% in the quarter
• Next report scheduled for February 4, 2027
• Consensus price target $141.20, 18.9% above the closing price
• PromtFinance scores: Growth 83, Quality 93, Revisions 93, Momentum 16, Value 40, Stability 19