(Part 1 of 4) - Economics and Earnings Calendar (26Jul26) - Blackstone - to sink or swim?
Economic Preview: Key Data Releases (week of 20Jul2026)
Several major data releases are due in the coming week, each offering insight into demand conditions, labour-market momentum, the housing sector, and the broader economic outlook.
Crude oil inventories: Markets typically view this release as a gauge of consumption trends, particularly from the perspective of major oil companies.
Initial jobless claims: The latest claims data will be released after a previous reading of 208,000. This remains one of the key labour-market indicators the Federal Reserve monitors when assessing upcoming interest-rate decisions.
New home sales: June new home sales will be released following a previous reading of 580,000 units. The data will serve as an important barometer for the health of the real estate market.
PMI Releases and Global Demand Outlook
The S&P Global Manufacturing PMI and S&P Global Services PMI for July will also be released in the coming week. These indicators are important references for demand across goods and services, and together they should provide a clearer view of the broader global economic trend.
Earnings Calendar (20Jul2026)
Earnings season continues in the coming week, with several major announcements of particular interest:
· Tesla· Alphabet (Google)· IBM· AT&T· Nokia· Blackstone Group· Intel
Blackstone Overview
Blackstone’s share price has fallen by 24.78% over the past year. From a technical analysis perspective, the stock carries a “strong buy” recommendation, while analyst sentiment also points to a “buy” rating. The current price target is $139.75, implying potential upside of 10.12%. However, valuation remains a concern, with the price-to-earnings ratio standing at a relatively steep 32.6.
Revenue and Profitability Trends, 2021–2025
Blackstone’s revenue trend has weakened over the 2021–2025 period. Annual total revenue was $22.1 billion in 2021, fell below $8 billion in each of the following two years, and recovered to $14.2 billion by 2025. While the rebound is positive, revenue remains well below the 2021 level.
Operating income followed a similar pattern. It started at $12.8 billion in 2021, declined to around $3 billion in each of the next two years, then improved to $6.2 billion in 2024 and $7 billion in 2025. Net income also declined, falling from $5.8 billion in 2021 to $3 billion in 2025. The company remains profitable, which is encouraging, but the decline in total annual revenue over the period remains a key concern.
Balance Sheet and Debt Position
From 2021 to 2025, Blackstone’s total assets increased from $41.1 billion to $47.7 billion. Total liabilities also rose over the same period, from $19.4 billion to $25.8 billion. Total equity was broadly stable, moving only slightly from $21.7 billion in 2021 to $21.8 billion in 2025.
The more concerning point is the rise in total debt, which increased from $8.6 billion in 2021 to $13.3 billion in 2025. This suggests that leverage has grown even though equity has remained largely unchanged.
Cash Flow Performance
Operating cash flow improved from $3.9 billion in 2021 to $4.6 billion in 2025. The strongest year during the period was 2022, when operating cash flow reached $6.3 billion.
Cash flow from financing has been negative over the past five years, which is encouraging because it suggests the company has been making efforts to reduce debt. Net cash flow also improved meaningfully, rising from $135 million in 2021 to $678 million in 2025.
Q2/2026 Blackstone News (Summary from Gemini)
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Surging Exit Revenues: Blackstone reported robust transaction activity, projecting realization-related revenue to exceed $500 million for the quarter (as of June 23). This surge was driven primarily by successful asset liquidations and realized performance fees, keeping total firmwide assets under management (AUM) strong at over $1.3 trillion.
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Massive AI Infrastructure Bets: The firm solidified its position as a dominant force in the artificial intelligence boom. In its Mid-Year Investment Perspectives, leadership dubbed AI infrastructure—specifically power generation and data centers—as their primary global investment thesis, noting that roughly 50% of their portfolio companies have now integrated generative AI.
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Valuation Debate & Q2 Earnings: Wall Street analysts debated Blackstone’s commercial real estate concentration risks against its massive private credit growth. The firm scheduled its formal Q2 2026 earnings release for July 23, 2026.
Earnings
For the coming earnings, the forecast for EPS and Revenue are $1.33 and $3.4 billion, respectively.
For now, I prefer to monitor Blackstone.
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