BlackRock, Inc. Earnings Recaps
Q2 2026
Jul 17, 2026
BlackRock’s shares rose 6.0% following the quarter, driven by clear outperformance in organic base fee growth, record net inflows, and expanding operating margins that impressed investors.
Key takeaways
- Delivered $192 billion in net inflows, fueling 8% organic base fee growth for the quarter and more than 50% growth over the past year.
- Revenue increased 31% year-over-year to $7.1 billion, supported by organic growth, market-driven AUM appreciation, and contributions from the HPS acquisition.
- Operating income rose 39% to $2.9 billion, with a 260 basis point expansion in operating margin to 45.9%, marking the highest level in nearly five years.
- Performance fees increased to $305 million, boosted by $115 million from alternatives and HPS, while technology services revenue grew 13% year-over-year.
- Expenses rose 25% driven by higher compensation, distribution, and costs related to integration of HPS and Preqin, but margin expansion suggests disciplined cost management amid growth.
Q1 2026
Apr 14, 2026
BlackRock delivered a strong Q1 2026 with 27% revenue growth, broad-based organic fee expansion, and record $130 billion inflows amid volatile markets. The firm’s fundamentals remain robust, with sustained momentum across key product areas.
Key takeaways
- Q1 revenue rose 27% YoY to $6.7 billion, driven by organic growth, higher AUM, and acquisitions (HPS, Preqin).
- Net inflows reached $130 billion, fueled primarily by ETF record inflows of $132 billion, with bond ETFs leading.
- Operating margin expanded 130 basis points to 44.5%, supported by market-driven revenue growth and strong fee retention.
- EPS increased 11% YoY to $12.53, reflecting operating leverage and expense management.
- Ongoing share repurchase program of at least $450 million per quarter demonstrates capital discipline amidst robust growth momentum.
Q3 2025
Oct 14, 2025
BlackRock, Inc. delivered robust financial performance in Q3 2025, with record assets under management (AUM) of $13.5 trillion and a significant increase in organic base fees, driven by strong client demand across multiple investment strategies.
Key takeaways
- Q3 revenue rose 25% year-over-year to $6.5 billion, benefiting from acquisitions and organic growth.
- Record net inflows of $205 billion during the quarter, resulting in a 10% annualized organic base fee growth.
- Operating income increased 23% year-over-year to $2.6 billion, maintaining strong profitability despite higher expenses linked to recent acquisitions.
- Performance fees grew 33% to $516 million, driven largely by contributions from the newly integrated HPS business.
- Technology services revenue surged 28%, underscoring strong demand for Aladdin technology offerings and the addition of Preqin's revenue.