Blackstone (BX) Reports Q3: Everything You Need To Know Ahead Of Earnings

Alternative investment manager Blackstone (NYSE:BX) will be reporting earnings this Thursday before the bell. Here’s what you need to know.

Blackstone beat analysts’ revenue expectations by 8.6% last quarter, reporting revenues of $3.10 billion, up 22.9% year on year. It was a stunning quarter for the company, with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ fee-related earnings estimates.

Is Blackstone a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Blackstone’s revenue to grow 28.2% year on year to $3.13 billion, improving from the 4.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.23 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Blackstone has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Blackstone’s peers in the capital markets segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Jefferies delivered year-on-year revenue growth of 21.6%, beating analysts’ expectations by 8.4%, and Morgan Stanley reported revenues up 18.5%, topping estimates by 9.2%. Jefferies traded down 1.9% following the results while Morgan Stanley was up 3%.

Read our full analysis of Jefferies’s results here and Morgan Stanley’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.2% on average over the last month. Blackstone is down 12.9% during the same time and is heading into earnings with an average analyst price target of $181.63 (compared to the current share price of $161.75).

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