Abstract
Blackstone Group LP will report second-quarter results on July 23, 2026 Pre-MKt; this preview outlines consensus revenue and EPS expectations, last quarter’s performance, key business drivers in private markets and fee-related earnings, and the balance of analyst opinions since January 1, 2026.
Market Forecast
Consensus for the current quarter points to total revenue of 3.42 billion US dollars, up 22.50% year over year, with estimated EPS at 1.35, up 22.53% year over year; the model-implied EBIT is 2.12 billion US dollars, up 7.82% year over year. The company has not issued margin guidance in the dataset, so outlook for gross profit margin and net profit margin is not included.
Management and advisory fees remain the core revenue engine, while investment income and incentive fees are expected to benefit from improved marks and realizations if risk assets hold their gains. The most promising segment is management and advisory fees at 2.15 billion US dollars last quarter, supported by resilient management fee base and continued fundraising; year-over-year growth by segment was not disclosed.
Last Quarter Review
The previous quarter delivered revenue of 3.43 billion US dollars, a gross profit margin of 100.00%, GAAP net profit attributable to the parent company of 650.00 million US dollars, a net profit margin of 18.94%, and adjusted EPS of 1.36, up 24.77% year over year.
One notable highlight was the outperformance versus revenue consensus, with a positive surprise of 36.36 million US dollars, alongside adjusted EPS ahead of estimate by 0.01. Main business composition featured management and advisory fees of 2.15 billion US dollars, investment income of 1.14 billion US dollars, and incentive fees of 165.42 million US dollars; year-over-year growth by segment was not disclosed.
Current Quarter Outlook
Main fee-based earnings engine
The foundation of Blackstone Group LP’s quarterly earnings remains its management and advisory fees, which totaled 2.15 billion US dollars last quarter. With fee-related earnings tied to fee-paying assets under management, stability in recurring fees can buffer quarter-to-quarter volatility in realizations and investment income. As fundraising pipelines continue and deployment resumes in private credit and infrastructure, fee-bearing AUM supports the projected revenue expansion of 22.50% year over year this quarter. Even if transaction-related revenues moderate, the breadth of strategies across real estate, private equity, credit, and secondaries can maintain a diversified fee base that underpins EPS durability.
Most promising growth area
Within the current mix, management and advisory fees remain the most visible growth contributor due to continued inflows and incremental fee-eligible capital from newer vintages and strategies. The last quarter’s 2.15 billion US dollars in management and advisory fees reflects the scale advantages of a large, multi-strategy platform, and the forecast revenue growth suggests sustained tailwinds from organic AUM accretion. If markets remain constructive, incentive fees and investment income could add upside through realizations and valuation gains, but these are inherently less predictable; the fee base thus anchors the risk-reward profile for this quarter.
Key stock-price drivers this quarter
Two variables are likely to dominate share-price reaction: net accrued performance revenues and the pace of realizations, and management’s tone on deployment and fundraising momentum for the balance of 2026. A supportive market backdrop raises the probability of positive marks and selective exits, which would flow through investment income and potentially incentive fees. Conversely, any slowdown in exits or a more cautious outlook on real estate or private equity marks could temper EPS leverage despite healthy fee growth. Investors will also parse commentary for signals on private credit growth and secondaries, which can influence expectations for medium-term fee growth and recurring earnings quality.
Analyst Opinions
Across previews published between January 1, 2026 and July 16, 2026, the balance of opinions skews cautiously bullish, with the majority expecting year-over-year growth in fee revenues and solid fee-related earnings, while acknowledging sensitivity to realization timing. Analysts broadly anticipate mid- to high-teens growth in top-line drivers aligned with the model estimates of 22.50% revenue expansion and EPS near 1.35. Recent notes from large brokerages reflect a constructive stance contingent on market stability and steady fundraising, with focus on whether management can translate higher marks and robust private credit momentum into incremental incentive fees without sacrificing discipline. The prevailing view emphasizes durable fee growth, diversified product demand, and an improving backdrop for realizations, suggesting positive bias into the print so long as marks and exits track in line with the quarter’s risk-asset performance.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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