Blackstone Reports 5% Q4 Revenue Drop as Deal Flow Hits $7.2B Medline IPO
Blackstone reported a 5% year-over-year Q4 revenue decline to $3.94 billion while posting distributable earnings of $1.75 per share, exceeding expectations. The firm led Medline’s record $7.2 billion IPO and said global dealmaking has hit 'escape velocity', yet its stock fell 2.62% on the earnings announcement.
1. Blackstone to Present at Bank of America Securities Conference
Blackstone announced that Michael Chae, Vice Chairman and Chief Financial Officer, will deliver a presentation at the Bank of America Securities 2026 Financial Services Conference on Tuesday, February 10, 2026 at 9:40 a.m. ET. The live webcast will be available on the Shareholders section of Blackstone’s investor relations website, with a replay accessible shortly after the event. Investors can expect updates on Blackstone’s strategic priorities, portfolio performance and capital deployment plans for the coming quarters.
2. Deal Cycle Hits 'Escape Velocity' as IPO and M&A Activity Accelerates
In its latest commentary, Blackstone reported that global dealmaking has reached 'escape velocity,' with IPO and M&A deal flow now comparable to levels last seen in 2013. The firm highlighted its leadership of Medline’s $7.2 billion offering—the largest sponsor-backed IPO in history—and pointed to a broad uptick across technology, healthcare and industrial sectors. Blackstone’s deal pipeline expanded by 25% year-over-year, driven by increased sponsor-to-sponsor transactions and a resurgence of cross-border M&A.
3. Fourth-Quarter Results Show Mixed Performance
Blackstone reported Q4 revenue of $3.94 billion, a 5% decline from the prior year, reflecting timing differences in fundraising and asset sales. Distributable earnings came in at $1.75 per share, topping consensus estimates by 10%. The firm reiterated its $1.3 trillion in assets under management, spread across real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Following the earnings release, Blackstone’s shares dipped by 2.6%, as some investors took profits ahead of the new fiscal year.