Blackstone Earnings Call Transcripts
Fiscal Year 2026
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First quarter results showed strong year-over-year growth in earnings, AUM, and fundraising, led by infrastructure, AI, and credit strategies. Despite market volatility and negative sentiment in private credit, institutional and private wealth channels continued to expand.
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Strong macro fundamentals and robust capital markets are fueling record investment deployment and fundraising momentum, with a focus on AI, infrastructure, and private credit. Expansion into global wealth and retirement channels, operational AI adoption, and sector-focused real estate strategies underpin a positive multi-year financial outlook.
Fiscal Year 2025
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Record earnings and AUM growth were driven by strong inflows, robust investment performance, and accelerating deal activity. Infrastructure, credit, and private wealth segments led gains, while the firm remains well positioned for continued growth amid favorable market trends.
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Resilient economic conditions and the AI CapEx cycle are driving strong investment activity, with major focus on infrastructure, private credit, and select global markets. Wealth and real estate channels show growth potential, while robust fundraising and a disciplined, adaptive culture support long-term optimism.
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Distributable earnings surged 50% year-over-year to $1.9B, with AUM reaching a record $1.24T and strong inflows across all channels. Robust fundraising, improved capital markets activity, and sector leadership in private credit, infrastructure, and real estate underpin a positive outlook.
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Resilient macro conditions and declining capital costs are fueling a surge in transaction activity, with strong momentum in private equity, credit, and infrastructure. Regulatory shifts could open retirement markets to alternatives, while product innovation and global expansion drive growth across wealth, insurance, and real estate.
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Q2 2025 saw distributable earnings and net income of $1.6B, with AUM up 13% to $1.2T and strong growth in private credit, wealth, and infrastructure. Robust investment performance and a record IPO pipeline support a positive outlook, despite ongoing market uncertainties.
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Q1 saw record AUM of $1.2T, distributable earnings up 11% year-over-year, and strong inflows across private credit, insurance, and wealth channels. Strategic alliances and product launches position the firm for growth despite tariff-driven uncertainty.
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Portfolio companies are showing strong growth and margins, with inflation under control and a positive macro outlook. Fundraising momentum is high, with new products and global expansion driving AUM growth. The firm’s capital-light insurance model, digital infrastructure focus, and AI integration provide competitive advantages.
Fiscal Year 2024
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Distributable earnings surged 56% year-over-year to $2.2B, driven by record fee-related earnings, robust inflows, and strong performance in infrastructure, credit, and private wealth. AUM surpassed $1.1T, with positive outlooks for 2025 across all segments.
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Economic momentum is strong with moderating inflation and robust capital deployment, especially in digital infrastructure, real estate, and private credit. Realizations and fundraising are set to improve in 2025, while private wealth and insurance partnerships continue to expand.
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Q3 2024 saw record AUM, strong earnings, and robust capital deployment, especially in data centers, private credit, and real estate. Management expects a step-up in fee-related earnings and realizations in 2025, supported by improving market conditions and strong fundraising momentum.
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Inflation and economic activity are cooling, with optimism for a soft landing and a robust 2025 transaction market. Scale and innovation drive growth across private markets, credit, real estate, and infrastructure, while technology and AI are leveraged for operational and investment advantages.
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Q2 saw record AUM of $1.1 trillion, $34 billion deployed, and strong fundraising in private wealth and credit. Real estate and infrastructure outperformed, with significant investments in AI and renewables. Outlook is positive, with expectations for higher realizations and earnings as markets improve.
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US growth is slowing but remains resilient, with optimism for rate cuts and strong consumer spending. Real estate faces challenges in office space but offers opportunities in warehouses and student housing, especially in Europe. Private credit and AI-driven data centers are key growth drivers, while a strong culture and leadership support ongoing expansion.