NYSE$BX

BlackStone Group LP · Q3 2020 earnings

Q3 2020 earnings · · Investor relations

Briefing

Blackstone reported excellent results driven by strong investment performance and earnings growth.

Blackstone reported excellent third quarter results with strong investment performance and earnings growth. The company saw positive forward momentum in realizations and deployment, remaining the partner of choice for limited partners globally. Blackstone declared a quarterly dividend of $0.54 per share.

  • Fee Related Earnings (“FRE”) of $611 million ($0.51/share) in the quarter, up 39% year- over-year.
  • Distributable Earnings (“DE”) of $772 million ($0.63/share) in the quarter, up 9% year- over-year.
  • Total Assets Under Management (“AUM”) of $584.4 billion, up 5% year-over-year.
  • Dividend of $0.54 per common share payable on November 16, 2020.

Headline financials

Total Revenue

$3.03B

Previous: $1.74B+74.8%
EPS (adj)

$0.63

Previous: $0.58+8.6%
Assets Under Mgmt

$584B

No prior period
Fee-Earning AUM

$445B

No prior period
Capital Expenditures

-$70.9M

Previous: -$49.1M-44.3%
Free Cash Flow

$724M

Previous: $730M-0.9%
Net Income

$795M

Previous: $779M+2.0%
Operating Income

$2.64B

Previous: $1.63B+61.8%
Gross Profit

$3.03B

Previous: $1.74B+74.8%
Cash & Equivalents

$2.63B

Previous: $2.47B+6.5%
Total Assets

$25B

Previous: $32.4B-22.7%
Stock-Based Comp

$111M

Previous: $108M+2.7%

Revenue & EPS history

BlackStone · Revenue · Quarterly

$3.03B

Q3 2020+74.8%vs Q3 2019
Beat estimate in 12 of 16 quarters(75%)
ActualEstimate

Revenue by segment

BlackStone · $1.05B total across 1 segment · Q3 2020

  • Mgmt & Advisory Fees
    $1.05B

Forward guidance

This presentation may contain forward-looking statements which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2020

Historical avgQ3 2020

+1.2%

Avg return

Earnings day

+1.2%

Avg return

5 days after

+0.6%

Avg return

30 days after

62%

40 / 65 earnings

Positive

+11.5%

Q4 2021

Best reaction

-8.1%

Q1 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.0%-6.3%-8.6%
Q4 2025-2.6%-8.8%-22.8%
Q3 2025-4.2%-6.2%-11.8%
Q2 2025-1.1%-5.3%+2.7%
Q1 2025+0.8%-3.5%+13.4%
Q4 2024-4.1%-7.8%-13.1%
Q3 2024+7.9%+5.5%+13.6%
Q2 2024+2.8%+6.5%-0.4%
Q1 2024-3.9%+0.9%+2.0%
Q4 2023+3.3%+5.4%+3.7%
Q3 2023-7.7%-7.0%+2.6%
Q2 2023-3.0%-3.5%-8.7%
Q1 2023-3.3%-6.6%-10.2%
Q4 2022+7.9%+8.0%+0.2%
Q3 2022-2.6%+4.3%+4.5%
Q2 2022-4.6%-7.4%+2.2%
Q1 2022-8.1%-10.9%-10.6%
Q4 2021+11.5%+21.1%+15.5%
Q3 2021+6.9%+10.5%+13.8%
Q2 2021+5.2%+8.0%+7.1%
Q1 2021+8.6%+10.3%+13.0%
Q4 2020+3.3%+6.8%+6.7%
Q3 2020-1.7%-1.0%+16.7%
Q2 2020-4.0%-6.6%-8.7%
Q1 2020+4.5%+10.9%+16.4%
Q4 2019-2.5%+1.0%-14.1%
Q3 2019+6.0%+7.5%+4.4%
Q2 2019+0.8%+7.3%+4.3%
Q1 2019+8.6%+10.6%+13.1%
Q4 2018+2.6%+4.5%+1.2%
Q3 2018-4.0%-6.4%-10.1%
Q2 2018-0.8%-0.1%-0.1%
Q1 2018+1.4%+1.3%-1.5%
Q4 2017-3.4%-5.2%-8.8%
Q3 2017+2.9%+3.3%-5.1%
Q2 2017-1.0%-0.7%-9.4%
Q1 2017+0.7%+2.8%-0.6%
Q4 2016+2.2%+0.0%-3.5%
Q3 2016+0.5%-1.8%+4.6%
Q2 2016+6.1%+7.1%+9.1%
Q1 2016-3.4%
Q4 2015+2.6%
Q3 2015+2.9%
Q2 2015+0.6%
Q1 2015+2.0%
Q4 2014+1.6%
Q3 2014+0.8%
Q2 2014+5.0%
Q1 2014+2.6%
Q4 2013+5.9%
Q3 2013+2.9%
Q2 2013+8.4%
Q1 2013-1.9%
Q4 2012+9.5%
Q3 2012+4.1%
Q2 2012+1.9%
Q1 2012+2.1%
Q2 2011-1.2%
Q4 2011-1.2%
Q3 2011-7.2%
Q1 2011+0.5%
Q4 2010+2.9%
Q3 2010-0.5%
Q2 2010-1.3%
Q1 2010+7.0%

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