Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, healthcare, life sciences, infrastructure, enterprise tech and consumer, as well as consumer technologies. The firm considers investment in Asia and Latin America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It has a three year investment period. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe, North America and Central America.

Blackstone looks like a high-quality business, but the current valuation is already noticeably ahead of the underlying fundamentals. The P/E, P/S, P/B, and P/FCF multiples of 31.49, 6.51, 4.61, and 21.74 are significantly above the industry median, indicating a price premium and limiting the potential for further upside without an acceleration in earnings. At the same time, over recent periods P/E and P/FCF have generally declined from higher levels, while P/S and P/B have also pulled back from their peaks, which slightly improves the picture but does not eliminate concerns about an expensive valuation. Profitability is strong: ROE of 15.27%, ROA of 6.50%, ROI of 9.42%, and return on tangible equity of 16.99% are above industry benchmarks, while the operating margin of 45.38% and net margin of 20.66% confirm the model’s high efficiency. However, earnings momentum does not look flawless: net income and operating income are noticeably below the levels seen at the end of 2025, and EBITDA has also declined from the peak quarter, indicating an uneven earnings pace. Revenue on a TTM basis remains high, but it fluctuates quarter to quarter, so there is no clear sign of sustained acceleration yet. The balance sheet is moderately strained: debt/equity of 0.66 is above the median, long-term debt is rising, the current ratio is 0.76, below 1, and the quick ratio is zero, which is not critical in itself for a financial company, but still limits the margin of safety. Equity and assets are growing, supporting the scale of the business, but liabilities are increasing as well, so the effect of balance sheet expansion is not fully neutral. Dividend yield has fallen to zero after last year’s payouts, removing one of the supports for shareholder returns. Overall, Blackstone’s fundamentals are strong in terms of quality and return on capital, but the valuation is already rich, while liquidity and the dividend profile have weakened. For an investor, this means a premium but not cheap asset, where further price appreciation would require either better earnings growth or a softer market re-rating of the sector. Therefore, it makes sense to slightly reduce the target level while still acknowledging the business’s high quality.

Blackstone Inc.

Средний индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Medium index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Сильный индекс, незначительно упал. Рынок на стороне быков.

Strong index, slightly down. The market is on the bulls' side.

Средний индекс, незначительно упал. Приток средств в лонги снизился, но остается положительным.

Medium index, slightly down. The inflow of funds into longs has decreased, but remains positive.

Blackstone remains highly profitable but expensive on valuation multiples; strong ROE/ROA and margins are offset by weak liquidity, rising debt, and zero dividend yield.

Key Points
Private credit businesses invest in the debt of non-public companies.
Business development companies invest in the debt of non-public companies.
Is it better to have more players, or is it a mixed blessing?
Business development companies (BDCs) are specifically designed to pass income on to investors. Some have particularly large yields, as well, often in the 10% area. However, there are important risks for investors to consider when buying a BDC. One of the biggest is the basic business model of investing in the debt of non-public companies.
This puts BDCs like Main Street Capital (NYSE: MAIN) and Ares Capital (NASDAQ: ARCC) in the same space as financial giants like Blackstone (NYSE: BX). One of Blackstone's big focuses is expanding in the private credit market, which is a mixed blessing for BDCs. Here's what you need to know.
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What do BDCs do?
Business development companies are designed to provide capital to smaller companies that lack access to public markets. They are supposed to provide guidance to the companies in which they invest, helping them grow their businesses. Like a real estate investment trust (REIT), a BDC must distribute 90% of its taxable income to investors as dividends. And, in exchange, the BDC avoids corporate-level taxation.
This is a key reason why BDCs tend to have large yields. But it also helps that smaller, private companies don't have many capital options. So BDCs can charge extremely high interest rates on their loans. In the first quarter, Main Street's average interest rate on its private loans was a lofty 10.3%. Ares Capital's average loan had the same rate.
The problem is that economic downturns can strain a BDC's investment portfolio, leading to an uptick in defaults. It isn't unusual for BDCs to reduce their dividends during recessions. Ares Capital, for example, cut its dividend in each of the last two recessions. This is where the growth of private credit comes into play.
Blackstone's private-credit growth changes the nature of the game
Blackstone is a financial giant that has been expanding in the private credit space. That draws more attention to the private-credit niche, thereby increasing the legitimacy of the BDC business model. This is a net positive. Also notable, BDCs have the potential of partnering with larger players on deals, expanding their investment opportunities. And as big financial companies look for investments, more private companies may consider raising capital this way. So it isn't inherently bad for BDCs for financial giants like Blackstone to expand into the private credit space.
The problem is that financial giants like Blackstone are likely to have deeper pockets and bigger investment teams. They will probably be getting access to the biggest and best deals. And that means that smaller players like Main Street and Ares Capital will get what's left. This is not a small issue, noting that Main Street's market cap is just $5 billion compared to Blackstone's $165 billion. Ares Capital, one of the largest BDCs, has a market cap of only $14.5 billion.
The upside of being small is that Main Street and Ares Capital don't need huge deals to move the needle. The downside is that the financial strength of the companies in which they invest is a key factor in a BDC's ability to continue paying dividends during difficult economic times. So neither Main Street nor Ares Capital is likely to be shut out of the market, as bigger players are entering it, but they may end up with riskier portfolios.
Understand the risks you are taking on with BDCs
There's nothing wrong with owning a business development company. But dividend investors need to understand the risks BDCs face during periods of economic weakness. As troubled loans mount in a BDC's portfolio, paying dividends to shareholders becomes more difficult. It is that simple.
That dynamic, however, has always been at play. The issue with larger players like Blackstone aggressively entering the private credit space is that it could exacerbate the quality issues BDCs face during downturns. And investors may not see that risk until it is too late. BDCs can boost your income, but they probably shouldn't be seen as reliable dividend stocks. Using them to supplement your dividend portfolio, not as the core income producers you rely on to pay for necessary expenses, is probably the best course of action.
Should you buy stock in Ares Capital right now?
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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ares Capital and Blackstone. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is the Private Credit Boom a Gift or a Risk for BDC Income Investors?

T. Rowe Price Group, Inc. TROW is scheduled to report second-quarter 2026 results on July 31, before the opening bell. The company’s quarterly earnings and revenues are expected to have increased from the year-ago reported levels.
In the last reported quarter, TROW’s results benefited from higher investment advisory fees and a rise in assets under management. Positive capital allocation-based income was also encouraging. However, higher expenses acted as a headwind.
T. Rowe Price’s earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 4.88%.
T. Rowe Price Group, Inc. Price and EPS Surprise
Key Factors & Estimates for TROW in Q2
In the April-June quarter, the S&P 500 Index rose more than 14%, driven by strong performance in U.S. equities, particularly AI-related technology stocks and resilient global markets. As such, TROW’s assets under management (AUM) are likely to have witnessed decent growth in the quarter to be reported.
Investor flows may have been uneven across asset classes, with continued demand for exchange-traded funds, private-market strategies and customized investment solutions. However, persistent fee pressure and the shift toward lower-cost passive products are likely to have constrained revenue growth for traditional active managers. Per the company’s monthly metrics data, its net inflows were $0.8 billion for the quarter ended June 30, 2026.
The company’s preliminary AUM of $1.89 trillion as of June 30, 2026, rose marginally from the prior month’s reported level.
The Zacks Consensus Estimate for total AUM is pegged at $1.91 trillion, indicating a sequential rise of 11.7%.
The Zacks Consensus Estimate for investment advisory fees is pegged at $1.73 trillion, suggesting a rise of 2.7% on a sequential basis.
The Zacks Consensus Estimate for administrative, distribution and servicing fees of $149 million implies an increase of 7.9% from the prior quarter’s actual.
Coming to expenses, T. Rowe Price continues to incur significant expenditure to attract investment advisory clients and additional investments from existing clients. The company is also investing heavily in technology, distribution and employee compensation to keep pace with evolving customer needs and strengthen its platform. This is expected to have increased its expenses in the quarter to be reported. However, the company's cost-management efforts are likely to have offset the rise to some extent.
What the Zacks Model Unveils for TROW
Our proven model does not conclusively predict an earnings beat for TROW this time around. This is because the company does not have the right combination of the two key elements, a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold).
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Earnings ESP: The company has an Earnings ESP of 0.00%.
Zacks Rank: T. Rowe Price currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for second-quarter earnings has been unchanged at $2.52 per share over the past seven days, indicating a year-over-year increase of 12.5%.
The consensus estimate for revenues of $1.92 billion implies an 11.6% rise from the prior-year quarter’s actual.
Performance of Other Asset Managers
BlackRock’s BLK second-quarter 2026 adjusted earnings of $13.91 per share handily surpassed the Zacks Consensus Estimate of $12.72. The figure reflects a 15% rise from the year-ago quarter’s actual.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows, to record levels. However, higher expenses created a headwind.
Blackstone’s BX second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure jumped 26% from the prior-year quarter.
BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor.
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T. Rowe Price Set to Report Q2 Earnings: What's in Store for the Stock?

KKR & Co. Inc. KKR is slated to report second-quarter 2026 results on July 30, 2026, before the opening bell. Its earnings and revenues in the to-be-reported quarter are expected to have increased year over year.
In the last reported quarter, the company's earnings surpassed the Zacks Consensus Estimate. Its results benefited from higher assets under management (AUM) and transaction fees in the capital markets business. However, higher expenses acted as a headwind.
The company boasts an impressive earnings surprise history. Its earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average beat being 3.82%.
KKR & Co. Inc. Price and EPS Surprise
Earnings & Sales Estimates for KKR
The Zacks Consensus Estimate for earnings for the second quarter of 2026 is pegged at $1.42 per share, which has been revised upward over the past week. The figure indicates marginal growth from the year-ago quarter's reported figure.
The consensus estimate for sales for the second quarter of 2026 is pegged at $1.52 billion, reflecting a 18.5% year-over-year increase.
KKR & Co.'s Recent Developments
In May 2026, KKR completed its previously announced acquisition of Arctos Partners, expanding its presence in sports franchise investing and enhancing its GP solutions and secondaries capabilities. The transaction aligns with KKR's long-term strategy to scale its asset management platform and achieve at least $1 trillion in AUM by 2030.
The acquisition strengthens KKR's sourcing capabilities across private markets and expands its relationships with sports industry participants. It is also expected to enhance its wealth and institutional distribution capabilities, with perpetual and long-dated capital projected to account for nearly 53% of its $759 billion AUM.
Now, let us discuss the factors that are likely to have influenced KKR's second-quarter performance.
Key Factors & Estimates for KKR in Q2
KKR has been witnessing growth in fee-earning AUM and total AUM, supported by its diversified product and revenue mix, strong position in the alternative investments space and steady net inflows. With client activity remaining robust during the second quarter, the company is expected to have recorded further growth in AUM, driven by stronger inflows.
The Zacks Consensus Estimate for AUM is pegged at $782.4 billion, suggesting a rise of 14.1% from the prior-year quarter. Likewise, the consensus estimate for fee-paying AUM is pegged at $636.4 billion, indicating a 14.4% year-over-year increase.
The Zacks Consensus Estimate for management fees (segment revenues) for the to-be-reported quarter is pegged at $1.17 billion, suggesting growth of 17.6% from the prior-year quarter. The consensus estimate for fee-related performance revenues (segment revenues) of $98.17 million implies an increase of 82.7% on a year-over-year basis.
Additionally, KKR is expected to have generated profits from deal exits during the to-be-reported quarter. Based on the company's preliminary estimate for the period between March 31 and June 24, 2026, total realized performance income and net realized investment income are expected to exceed $900 million, up from $475 million in the prior-year quarter.
Talking about expenses, KKR is likely to have reported elevated expenses in the to-be-reported quarter, due to higher employee compensation, commission and reinsurance expenses. The company anticipates expenses to remain elevated as placement fees increase with continued fundraising activity.
What Our Model Predicts for KKR
Our proven model does not conclusively predict an earnings beat for KKR this time. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for KKR is -2.53%.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Performance of KKR's Peers
BlackRock’s BLK second-quarter 2026 adjusted earnings of $13.91 per share handily surpassed the Zacks Consensus Estimate of $12.72. The figure reflects a 15% rise from the year-ago quarter.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows, to record levels. However, higher expenses created a headwind.
Blackstone’s BX second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure soared 26% from the prior-year quarter.
BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

KKR & Co.'s Q2 Earnings Coming Up: Here's What You Should Know

Key Points
Investors continue to withdraw capital from Blackstone's flagship private credit fund.
That didn't affect its financial results.
The company's AI investments are driving its growth.
Concerns about the private credit market have prompted investors to withdraw capital from Blackstone's (NYSE: BX) flagship private credit fund, BCRED (Blackstone Private Credit Fund). They requested to redeem 10% of their money in the second quarter, up from 7.9% in the first quarter, well above Blackstone's quarterly withdraw cap of 5%. These withdraws and concerns about the continued negative impact of private credit have sent Blackstone's stock down more than 30% from its 52-week high.
While the withdrawals are impacting the leading alternative investment manager's stock price, here's a look at what its latest quarter says about their effect on its overall results.
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Zero impact
Given all the headlines and the decline in Blackstone's share price, you'd expect that the financial giant's earnings would be under significant pressure. However, that hasn't been the case. Blackstone recently reported strong second-quarter financial results. Its distributable earnings surged 26% to nearly $2 billion, driven by strong fee-related earnings growth (up 22%) and net realizations (up 27%). Meanwhile, its year-to-date distributable earnings are also up 26% (to $3.7 billion).
While existing clients are pulling some of their funds from BCRED, Blackstone isn't having any trouble raising capital from investors. Total inflows approached $70 billion during the quarter, pushing its assets under management up to $1.35 trillion.
Blackstone's credit and insurance platform led the way with $31 billion of inflows during the quarter, growing its AUM by 15% to $469.3 billion. And, while some investors pulled their money out of BCRED, the fund still raised $1 billion of equity during the quarter.
Forget BCRED, AI is the story
Instead of focusing on BCRED's minimal impact, investors should turn their attention to AI's positive impact on Blackstone's financial results. The company cashed in on several AI-related investments during the quarter, including the sale of data centers to Digital Realty and a majority stake in power infrastructure company Sabre Industries, which bolstered its second-quarter results. Meanwhile, other AI-related investments helped boost the value of its funds. Nine of its 10 best-appreciating assets in the quarter had an AI link.
Blackstone continues to invest heavily in AI. For example, it recently formed a joint venture with Google to create a new company that will offer data center capacity, operations, networking, and Google's Tensor Processing Units as a compute-as-a-service offering. Blackstone also plans to double the size of its data center platform in the next two years. It recently launched Blackstone Digital Infrastructure Trust to acquire and own mission-critical data centers.
Blackstone is a screaming buy
The market is focusing too much on BCRED and not enough attention on Blackstone's AI investments. "We are in the early days of what I believe will be the most consequential transformation of industry and markets in a generation," stated CEO Steve Schwarzman on the earnings conference call. With its share price declining on BCRED worries, Schwarzman thinks, "Our stock is on sale today. We believe it represents one of the most inexpensive ways to participate in this extraordinary megatrend." I couldn't agree more, which is why I plan to add to my position very soon.
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Matt DiLallo has positions in Alphabet, Blackstone, and Digital Realty Trust. The Motley Fool has positions in and recommends Alphabet, Blackstone, and Digital Realty Trust. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Retail Investors Are Pulling Money From Blackstone's Private Credit Fund. Here's What Its Latest Quarter Says.

(RTTNews) - Kuwait Petroleum Corporation or KPC announced that its wholly owned subsidiary, Kuwait Oil Company or KOC, has signed a US$16.0 billion lease-and-lease-back agreement covering its entire domestic and export pipeline network. The deal was reached with a consortium of international infrastructure and institutional investors led collectively by Blackstone, Brookfield and KKR.
As part of the transaction, a newly formed Kuwaiti-incorporated joint venture will lease from KOC the usage rights to all 13 pipelines, spanning about 320 kilometers of Kuwait's network. Under the agreement, the JV will grant back to KOC exclusive use, operational and maintenance rights for a 20.5-year period, in exchange for a volume-based tariff.
KOC and the consortium will establish the new joint venture with KOC holding a 51% majority stake and the consortium collectively holding the remaining 49% on equal terms. KOC will retain full ownership and operational control of the pipeline network. The JV will not impose restrictions on Kuwait's refining throughput or production volumes, which remain subject to decisions by the State of Kuwait.
The transaction is expected to generate upfront proceeds of US$7.85 billion for KOC upon closing. These funds will support KPC's capital expenditure plans, including its target of achieving 4 million barrels per day of crude oil production capacity by 2035, while also advancing Kuwait's broader strategy to diversify capital sources and deepen engagement with global investors.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kuwait Oil Co. Signs $16 Bln Pipeline Infrastructure Partnership With Blackstone, Brookfield And KKR

Hostilities heating up in the Strait of Hormuz are taking spot oil prices up 4-5% and pre-market futures down precipitously. With the Yemeni Houthis now involved bombing Saudi oil tankers and repeated U.S. air strikes in Iran, WTI oil prices have risen +4% to over $91 per barrel (/bbl) and Brent crude is up +5% to nearly $100/bbl.
The Dow, as a result, is down -560 points at this hour. The S&P 500 is -83 and the tech-heavy Nasdaq is -450. The small-cap Russell 2000 is -27 points at this hour. This, despite mostly positive data in earnings reports yesterday afternoon from Texas Instruments TXN, Southwest Airlines LUV and most especially Alphabet GOOGL. All these stocks are down in today’s pre-market trading session.
Jobless Claims Back to 1960s Lows: 187K, 1.796M
Prior to the Covid pandemic, which pushed jobless claims up to record highs in the first half of 2020, we saw Weekly Jobless Claims reduce to lows not seen since Jimi Hendrix was on the album charts (album charts? ask your parents) in the late 1960s. We’re back there again this morning: Initial Jobless Claims reached 187K for last week, well below the 212K expected and the slightly upwardly revised 209K the previous week.
For Continuing Claims, more of the same: 1.796 million is below the downwardly revised 1.798 million from the prior week, the lowest print since the week of May 30th, which included the Memorial Day holiday. A year ago, we were well above 1.9 million longer-term jobless claims (without ever hitting the psychologically important 2 million jobless claims), but we haven’t touched 1.9 million at all in 2026 so far.
Q2 Earnings Results at a Glance
The world’s largest airline, American Airlines AAL, posted a whopping +400% positive earnings surprise this morning, swinging to a positive earnings result from a year ago to $0.15 per share. Revenues of $16.74 billion also beat estimates, by a decidedly less eye-popping +0.22%, but up big from the $14.39 billion reported in the year-ago quarter. Fuel costs in upcoming quarters is weighing on the share price this morning, however.
T-Mobile U.S. TMUS shares are trading down -5% at this hour, despite reporting a +25.7% earnings beat to $3.13 per share this morning, well ahead of the $2.84 per share posted in the year-ago quarter. Revenues came in at $22.79 billion, a +0.21% improvement from estimates and the $21.13 billion from Q2 2025.
Investment bank Blackstone BX shares are flattish this morning — considered good news in the current trading climate — after surpassing earnings expectations by +14.3% to $1.52 per share. Revenues surprised by a solid +12.7% to $3.8 billion in the quarter. Shares are still down -20% year to date, but it’s nice to see the stock not being further gutted in this morning’s selloff.
Aerospace and defense giant Lockheed Martin LMT shares are up in today’s pre-market by +5.5%, partly on increased tensions in the Middle East which may push up demand for military operation products and services, and partly on a strong Q2 performance. Earnings of $7.94 per share outpaced estimates by +9.97%, up from the $7.29 per share reported a year ago. Revenues of $20.06 billion beat forecasts by +3.26% this morning.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Jobless Claims Come in Decades Low

Thursday, July 23rd, 2026
Hostilities heating up in the Strait of Hormuz are taking spot oil prices up 4-5% and pre-market futures down precipitously. With the Yemeni Houthis now involved bombing Saudi oil tankers and repeated U.S. air strikes in Iran, WTI oil prices have risen +4% to over $91 per barrel (/bbl) and Brent crude is up +5% to nearly $100/bbl.
The Dow, as a result, is down -560 points at this hour. The S&P 500 is -83 and the tech-heavy Nasdaq is -450. The small-cap Russell 2000 is -27 points at this hour. This, despite mostly positive data in earnings reports yesterday afternoon from Texas Instruments TXN, Southwest Airlines LUV and most especially Alphabet GOOGL. All these stocks are down in today’s pre-market trading session.
Jobless Claims Back to 1960s Lows: 187K, 1.796M
Prior to the Covid pandemic, which pushed jobless claims up to record highs in the first half of 2020, we saw Weekly Jobless Claims reduce to lows not seen since Jimi Hendrix was on the album charts (album charts? ask your parents) in the late 1960s. We’re back there again this morning: Initial Jobless Claims reached 187K for last week, well below the 212K expected and the slightly upwardly revised 209K the previous week.
For Continuing Claims, more of the same: 1.796 million is below the downwardly revised 1.798 million from the prior week, the lowest print since the week of May 30th, which included the Memorial Day holiday. A year ago, we were well above 1.9 million longer-term jobless claims (without ever hitting the psychologically important 2 million jobless claims), but we haven’t touched 1.9 million at all in 2026 so far.
Q2 Earnings Results at a Glance
The world’s largest airline, American Airlines AAL, posted a whopping +400% positive earnings surprise this morning, swinging to a positive earnings result from a year ago to $0.15 per share. Revenues of $16.74 billion also beat estimates, by a decidedly less eye-popping +0.22%, but up big from the $14.39 billion reported in the year-ago quarter. Fuel costs in upcoming quarters is weighing on the share price this morning, however. For more on AAL’s earnings, click here.
T-Mobile U.S. TMUS shares are trading down -5% at this hour, despite reporting a +25.7% earnings beat to $3.13 per share this morning, well ahead of the $2.84 per share posted in the year-ago quarter. Revenues came in at $22.79 billion, a +0.21% improvement from estimates and the $21.13 billion from Q2 2025. For more on TMUS’ earnings, click here.
Investment bank Blackstone BX shares are flattish this morning — considered good news in the current trading climate — after surpassing earnings expectations by +14.3% to $1.52 per share. Revenues surprised by a solid +12.7% to $3.8 billion in the quarter. Shares are still down -20% year to date, but it’s nice to see the stock not being further gutted in this morning’s selloff. For more on BX’s earnings, click here.
Aerospace and defense giant Lockheed Martin LMT shares are up in today’s pre-market by +5.5%, partly on increased tensions in the Middle East which may push up demand for military operation products and services, and partly on a strong Q2 performance. Earnings of $7.94 per share outpaced estimates by +9.97%, up from the $7.29 per share reported a year ago. Revenues of $20.06 billion beat forecasts by +3.26% this morning. For more on LMT’s earnings, click here.
Intel Reports After Today’s Close
After today’s close, we’ll see Q2 earnings results from Zacks Rank #1 (Strong Buy) tech firm Intel INTC. The “world’s largest semiconductor company” has absolutely crushed earnings estimates over the past three quarters, and for the quarter it is expected to have grown +310% on earnings year over year, and +12% on revenues.
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Oil Prices Dampen Mostly Strong Q2 Earnings

Key Points
Blackstone's distributable earnings jumped 26% in the second quarter.
The alternative investment manager benefited from its AI investments.
Its share price has declined due to private credit concerns, which are having little impact on Blackstone.
Blackstone (NYSE:BX) reported its second-quarter financial results on July 23. The leading global alternative investment manager “delivered an outstanding second quarter, highlighted by strong growth in earnings and nearly $70 billion of inflows,” stated CEO Stephen Schwarzman in the earnings report. The financial firm benefited from its strategy to lean into the AI megatrend.
Here’s a closer look at the alternative investment manager’s second-quarter results, and whether the financial stock is a buy following the results.
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Image source: The Motley Fool.
A strong quarter for Blackstone
Blackstone’s distributable earnings jumped 26% to nearly $2 billion, or $1.52 per share. The company benefited from strong fee-related earnings (up 22% to nearly $1.8 billion) and net realizations (up 27% to over $400 million). That continued the private equity giant’s strong showing in 2026. Its year-to-date distributable earnings have surged 26% to over $3.7 billion.
The fund manager continues to deliver strong returns for its clients. Despite all the questions facing the private credit sector, Blackstone’s private credit investments have delivered a 6.8% gross return over the last 12 months. It has also delivered strong returns across its private equity strategies, led by infrastructure (28.6%) and corporate private equity (14.4%).
Blackstone’s history of delivering strong returns for clients continues to drive robust fund inflows. Its assets under management increased 11% to nearly $1.35 trillion, thanks in part to nearly $70 billion of inflows during the quarter. While redemption requests on Blackstone’s flagship private credit fund (BCRED) have surged this year, forcing it to cap withdrawals, overall inflows to its private credit and insurance strategies remain robust. Its total AUM has increased by 15% to almost $470 billion following $31 billion in inflows in the second quarter, including $1 billion in equity raised for BCRED. Private equity AUM was also up briskly (17% to $454 billion).
An improving value proposition
Blackstone’s distributable earnings are up 26% this year. It has generated $7.9 billion, or $6.15 per share, in distributable earnings over the last 12 months, up 26% from the year-ago period. That has enabled it to increase its trailing 12-month dividend payout by nearly 23% (from $4.26 to $5.23 per share).
Despite strong earnings growth, Blackstone’s stock price has tumbled nearly 35% from its 52-week high amid concerns about the private credit market. While those concerns are having some impact on BCRED -- its AUM has fallen from $82 billion to $79 billion while equity raised has declined from $3.7 billion in last year’s second quarter to $1 billion this year -- its overall private credit strategy is thriving. Further, private credit is only one aspect of Blackstone’s business. The company has invested heavily in AI across its strategies, which is paying off. Blackstone noted that nine of its 10 best-appreciating investments have an AI link, including its stake in Anthropic and its data center businesses. It continues to pour money into AI-related investments, including a recent $5 billion AI infrastructure venture with Google and a plan to invest $30 billion in AI data centers in Japan.
With its earnings surging and its stock price under pressure, Blackstone’s valuation has gotten increasingly more attractive. The stock price decline, when combined with a rising dividend, has also pushed its yield to a more enticing level for income-seekers (over 4% based on its recent share price and trailing 12-month payment).
Blackstone is a buy
Blackstone’s earnings show that its strategy is paying off. While it’s facing some private credit headwinds at BCRED, its overall private credit strategy is delivering results for investors. Meanwhile, its investments in AI are driving strong growth and returns. With its stock now down nearly 35% from the peak, Blackstone looks like a compelling buy following its strong second-quarter earnings.
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Matt DiLallo has positions in Alphabet and Blackstone. The Motley Fool has positions in and recommends Alphabet and Blackstone. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Blackstone Inc a Buy After Its Latest Earnings Report?

(RTTNews) - Blackstone Inc. (BX) will host a conference call at 9:00 AM ET on July 23, 2026, to discuss Q2 26 earnings results.
To access the live webcast, log on to https://ir.blackstone.com/events/default.aspx
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone Q2 26 Earnings Conference Call At 9:00 AM ET

(RTTNews) - Brookfield Corp. (BN, BN.TO), an alternative asset manager and investment firm, on Wednesday agreed to acquire Aypa Power from funds managed by Blackstone Energy Transition Partners, part of Blackstone Inc. (BX).
The deal is of about $7 billion at closing, or an equity value of about $3 billion.
Under the agreement, the company will acquire Aypa's operating, under-construction and contracted project portfolio, its development platform, and its approximately 200-person team.
The company said the acquisition will give it a position in the North American battery energy storage systems market.
The company said that the deal will strengthen its ability to provide integrated energy solutions to utilities, corporations and other large power customers.
The company added that Aypa's operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers, with an average remaining contract life of 17 years.
Aypa is the standalone battery energy storage developer in North America, with about 6.5 GW of operating, under-construction and contracted battery storage capacity and a development pipeline of more than 20 GW across the U.S. and Canada.
Brookfield Corp closed trading 0.81% lesser at $41.81 on the New York Stock Exchange. In the overnight, the stock traded 0.29% higher at $41.93.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone Inc.

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