Blackstone Inc. Blackstone (BX) reported second-quarter results on Thursday that topped Wall Street expectations, as strong fee-related earnings, fundraising and AI-driven investments boosted profitability.

Blackstone Earnings Top Estimates

Distributable earnings came in at $1.52 per share, beating the analyst consensus estimate of $1.35. Total segment revenue rose to $3.80 billion, ahead of the $3.46 billion consensus estimate.

Fee-Related Earnings And AUM Continue To Climb

Distributable earnings increased 26% year over year to $1.98 billion, while fee-related earnings rose 22% to $1.78 billion.

Management and advisory fees increased 11% to $2.25 billion, while fee-related performance revenues jumped 68% to $793.4 million.

Total assets under management reached a record $1.35 trillion, up 11% from a year earlier, with fee-earning AUM rising 8% to $961.6 billion. Quarterly inflows totaled $68.3 billion.

Fee-related earnings increased 13% year over year in real estate, 11% in credit and insurance, 38% in private equity and 31% in the multi-asset investing business.

AI Infrastructure Drives Growth

Chairman and CEO Stephen Schwarzman said Blackstone's investments tied to artificial intelligence continued to drive earnings growth and fundraising momentum.

“Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth,” Schwarzman said in a statement.

On the earnings call, Schwarzman said Blackstone has become one of the largest private capital providers in the AI ecosystem through investments spanning data centers, energy infrastructure and frontier AI companies.

The firm's data center platform expanded to $185 billion in total value, including assets under construction, up from $130 billion at the start of 2026. Management said it expects leasing activity this year to exceed any previous year and believes the platform could double over the next several years.

AI Partnerships And Data Center Expansion

Blackstone also highlighted several AI-related initiatives completed during the quarter, including a partnership with Alphabet Inc.'s Google (GOOGL) to develop an AI cloud platform, a venture with Anthropic to accelerate enterprise AI adoption, a financing platform supporting Broadcom's AI infrastructure deployment and the launch of its BXDC data center REIT.

The company also recently announced a $5.3 billion investment in energy infrastructure company Williams to help support projects powering data centers.

Blackstone Dividend Announcement

Blackstone declared a quarterly dividend of $1.29 per share, payable Aug. 10 to shareholders of record as of Aug. 3.

As of June 30, 2026, the company has $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments.

BX Price Action: Blackstone shares were up 0.17% at $123.03 at the time of publication on Thursday.