Blackstone: 2Q26 Results Beat Expectations on Performance Driven Revenue and Transaction Fees — Strong Fundraising, but Wealth Mixed

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Blackstone: 2Q26 Results Beat Expectations on Performance Driven Revenue and Transaction Fees — Strong Fundraising, but Wealth Mixed

J P M O R G A N North America Equity Research

24 July 2026

Blackstone

2Q26 Results Beat Expectations on Performance Neutral

Driven Revenue and Transaction Fees — Strong BX, BX US

Fundraising, but Wealth Mixed Price (23 Jul 26):$124.50

▼Price Target (Dec-26):$131.00

Prior (Dec-26):$132.00

Blackstone 2Q26 results handily beat expectations with adj. DE of $1.52 vs. the

consensus of $1.33 (JPMe $1.30.) Pockets of better returns in key wealth products Brokers, Asset Managers &

Exchangeshelped drive results with both BREIT and BXPE returns driving a surge in FRPR,

which in turn drove FRE. Headline fundraising was also strong at $68.3bn. Kenneth B. Worthington, CFA AC

Deployment was solid at $34bn in 2Q, but realizations remain somewhat depressed (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

at $32bn. Wealth products are having a meaningful impact on results, both to the J.P. Morgan Securities LLC

positive as it relates to BXPE and to the negative with regard to BCRED. We remain

more uncertain about the M&A outlook, but feel more conviction in the outlook for

wealth product growth. We maintain a somewhat less robust view on M&A even Key Changes (FYE Dec)

as we model a rebound in 2027. We keep our 2027 EPS estimate of $6.86 Prev Cur Δ

unchanged, and maintain our Neutral rating on Blackstone. Adj. EPS - 26E ($) 5.60 5.79 3.5%

• The good part of the results — strong flows and income generation. It was Quarterly Forecasts (FYE Dec)

a strong quarter from a flows perspective with $68bn of capital raised in the Adj. EPS ($)

quarter. Credit continues to dominate fundraising at $31bn of inflows, with 2025A 2026E 2027E

Q1 1.09 1.36A 1.39