Blackstone shares fell 1.78% to $116.64 Friday, giving back some of the gains from a sharp rally earlier in the week tied to the firm's third-quarter report. The stock is still up 8.75% over the last five trading days, a stretch that included Thursday's post-earnings surge, even as shares remain down 5.31% over the last 30 trading days and well below their 52-week high of $165.14.
Blackstone reported third-quarter 2026 revenue of $3,062.89 million and net income of $662.37 million, translating to diluted earnings per share of $0.83. On a distributable basis, the metric investors watch most closely for payout capacity, earnings came in at $1.32 per common share, topping the analyst consensus estimate of $1.26. The firm said assets under management reached a record $1.4 trillion, with infrastructure assets surging 40% year over year, even as parts of its real estate portfolio and private credit business faced pressure. Chairman and CEO Stephen Schwarzman said inflows reached $63 billion during the quarter.
Blackstone also declared a quarterly dividend of $1.12 per share, payable November 9, 2026, underscoring the cash-generation story that has drawn income-focused investors even as headline profit metrics cooled from a year earlier. On the earnings call, Schwarzman pointed to a critical scarcity of supply in AI infrastructure, while President Jon Gray described demand for AI as almost parabolic, pushing back on the idea that the sector is in a bubble. That framing aligns with the firm's recent moves into infrastructure and data centers as a counterweight to softer dealmaking elsewhere in the portfolio.
Friday's dip suggests investors are still weighing how much of the quarter's strength is durable fee-related growth versus one-time fundraising momentum. With shares still well above their 52-week low of $101.73 but far from their high, the next signal will be whether fundraising and infrastructure gains continue to offset the drag from real estate and private credit in the quarters ahead.