Blackstone Inc. BX

Revenue Intelligence Report • 25 quarters of SEC filing data • Updated 2026-10-14 • Data through 2026-06-30

Blackstone Inc.'s latest quarterly revenue is $5.0B for the period ending 2026-06-30. The model projects $10.9B across the next four quarters (-32.3% versus the preceding four quarters). The forecast uses G&A data; model selection and estimation exclude the latest quarter, whose retrospective holdout error is 57.2%. These are statistical associations, not estimates of the causal effect of spending.

Investment Thesis

The ARDL forecast is based on reported revenue and G&A data through 2026-06-30. Training MAPE measures fit to historical data; the separately reported holdout error measures a withheld quarter. Spending coefficients describe associations and do not establish causation.

Next 4 Quarters
$10.9B
-32.3% YoY
G&A Elasticity
-0.28x
Training Fit
41.0% MAPE
Retrospective holdout (Q2 FY2026): The model predicted $2.16B vs the actual $5.04B — an error of 57.2%.
Retrospective one-quarter holdout: model fitting and selection exclude this quarter. Historical inputs use the latest available restatements, so this is not a preserved real-time forecast.
Note: The current filings use G&A (GeneralAndAdministrativeExpense). Spending estimates refer to this expense measure, not separately reported SG&A.
⚠ Model limitation: One or more estimated spending associations are negative. These observational coefficients do not establish a causal return on spending.
Note: Blackstone Inc. does not report R&D expenses separately. The model uses the available expense measure without a separate R&D term.
Investor insight: Actual revenue ($5.0B) came in 57% above the spending-based forecast ($2.2B). This suggests that Blackstone Inc.'s recent revenue growth is driven significantly by external demand factors — such as market pricing, product cycle tailwinds, or structural demand shifts — beyond what its R&D and SG&A spending alone would predict.

Revenue Forecast

BX Revenue Forecast

Quarterly Detail

QuarterModel ForecastActual95% RangeYoY GrowthStatus
Q2 FY2026
Period end 2026-06-30		 $2.16B $5.04B $884.0M–$5.26B -41.9% ✓ In range
Q3 FY2026
Period end 2026-09-30		 $3.01B $851.6M–$10.62B -2.6%
Q4 FY2026
Period end 2026-12-31		 $3.31B $706.8M–$15.54B -24.0%
Q1 FY2027
Period end 2027-03-31		 $2.73B $458.1M–$16.24B -24.6%
Q2 FY2027
Period end 2027-06-30		 $1.85B $252.4M–$13.63B -63.2%

Seasonal Factors

Multiplicative seasonal adjustment: These factors capture Blackstone Inc.'s systematic quarterly revenue patterns relative to the trend model. A factor of 1.05 means that quarter typically runs 5% above the underlying trend; 0.95 means 5% below. Factors are computed as the median of (actual / fitted) across all available quarters.
Fiscal QuarterSeasonal Factorvs TrendInterpretationObs.
FQ1 (Jan–Mar) 1.2404 +24.0% +24.0% above trend 6
FQ2 (Apr–Jun) 1.3306 +33.1% +33.1% above trend 5
FQ3 (Jul–Sep) 0.9737 -2.6% In line with trend 5
FQ4 (Oct–Dec) 0.9456 -5.4% -5.4% below trend 6

Spending and Revenue

BX Spending Timing
Reading this chart: Each line shows the cumulative revenue association with a 1% change in spending over subsequent quarters. These estimates describe historical associations and do not establish causation.

Time-Varying Spending Associations

Time-varying analysis: A penalized spline model (GAM) tracks the association between log spending and log revenue over 25 quarters. Its coefficients describe conditional historical associations, not causal returns on spending.
Current G&A elasticity: 1.9395x
The model-term chart shows relative absolute term magnitudes. Its percentages are not shares of revenue or causal contributions to growth.

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Data sourced from SEC EDGAR XBRL filings. SEC source data. Forecast model: ARDL; spending associations: ARDL (log-log) with 25 quarters. This analysis is for informational purposes only and does not constitute investment advice.

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