Alternative investment manager Blackstone (NYSE: BX) reported revenue ahead of Wall Street’s expectations in Q1 CY2026, with sales up 29.7% year on year to $3.62 billion. Its GAAP profit of $0.83 per share was 37.3% below analysts’ consensus estimates.

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Company Overview

With over $1 trillion in assets under management and investments spanning real estate, private equity, credit, and hedge funds, Blackstone (NYSE: BX) is a global alternative asset manager that invests capital on behalf of pension funds, sovereign wealth funds, and other institutional investors.

Revenue Growth

Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul. Over the last five years, Blackstone grew its revenue at a solid 13.4% compounded annual growth rate. Its growth surpassed the average financials company and shows its offerings resonate with customers, a great starting point for our analysis.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Blackstone’s annualized revenue growth of 19.7% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.

This quarter, Blackstone reported robust year-on-year revenue growth of 29.7%, and its $3.62 billion of revenue topped Wall Street estimates by 5.9%.

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Assets Under Management (AUM)

Assets Under Management (AUM) is the total capital a firm oversees or manages on behalf of clients. Fees on this AUM, typically a small percentage, are contractually recurring and provide a high level of stability to revenue even if investment performance lags (although too much poor investment performance eventually hurts fundraising ability).

Blackstone’s AUM has grown at an annual rate of 15.8% over the last five years, better than the broader financials industry and faster than its total revenue. When analyzing Blackstone’s AUM over the last two years, we can see that growth decelerated to 10.6% annually. Fundraising or short-term investment performance were net detractors to the company over this shorter period since assets grew slower than total revenue. Just remember that while assets are relevant to watch, we don't place too much emphasis on them because they ebb and flow with the market.

In Q1, Blackstone’s AUM was $1.30 trillion, beating analysts’ expectations by 0.9%. This print was 11.7% higher than the same quarter last year.

Key Takeaways from Blackstone’s Q1 Results

We enjoyed seeing Blackstone beat analysts’ revenue expectations this quarter. We were also happy its AUM narrowly outperformed Wall Street’s estimates. On the other hand, its EPS missed. Overall, this quarter could have been better. The stock traded down 1.1% to $128.27 immediately following the results.

Blackstone underperformed this quarter, but does that create an opportunity to invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).