BlackRock, Inc. Q3 2026 Earnings Recap

BlackRock’s shares rose 3.4% after earnings, as investors responded to record revenue, operating income and EPS alongside broad-based inflows and margin expansion. The quarter also showed continued demand in higher-fee categories, though expenses grew 14% year over year.

Key Takeaways

• Net inflows were $205 billion in the quarter and nearly $870 billion over the last 12 months; organic base fee growth was 11% in Q3.
• Revenue rose 19% year over year to $7.8 billion; operating income increased 27% to $3.3 billion and EPS rose 38% to $15.93.
• Operating margin reached 47.8%, up 320 basis points year over year. Excluding performance fees and related compensation, adjusted margin was 48.6%, up 230 basis points.
• Base fee and securities lending revenue increased 20% to $6 billion; performance fees rose 22% to $630 million, including $110 million from HPS.
• Total expenses increased 14%, led by higher compensation and sales, asset and account costs. Technology services and subscription revenue grew 14%, while annual contract value increased 12%.