BlackRock, Inc.
BLK · NYSE
Next quarter
Expected to report Oct 13, 2026 — estimated from last year’s reporting date.
Consensus is $14.24 EPS for Sep 2026 across 6 estimates, ranging $13.63 to $14.95.
BLK Jun 2026
- 9.79%
- -0.58%
- $12.67
- $13.91
- —
- $7.08B
Reported results
- $7.08B
- $2.46B
- 34.74%
- $1.91B
- $12.19
Highlights
- Second-quarter revenue was $7,084 million versus $5,423 million a year earlier, while net income attributable to BlackRock was $1,914 million and diluted EPS was $12.19, up 20% year over year.
- GAAP operating income was $2,461 million and operating margin was 34.7%, compared with 31.9% in the prior-year quarter; adjusted operating income was $2,916 million and adjusted margin was 45.9%.
- BlackRock operates as one asset management segment. Second-quarter revenue was $4,694 million in the Americas, $2,054 million in Europe and $336 million in Asia-Pacific.
- AUM reached $15,344,624 million at June 30, 2026, with second-quarter net inflows of $191,700 million; equity attracted $71,597 million and fixed income attracted $92,096 million.
- Management provided no revenue, earnings, margin or capex guidance ranges in the supplied material. The filing also does not disclose a capital-expenditure forecast.
Analysis
No consensus figures are on file, so the quarter cannot be assessed against an external estimate. Revenue rose from $5,423 million in the year-ago quarter to $7,084 million, exceeding the $6,700 million reported in Q1 FY2026. Management attributed the increase to market performance, organic base-fee growth, HPS-related fees, higher performance fees and stronger technology services and subscription revenue. The Americas remained the largest geographic contributor at $4,694 million, followed by Europe at $2,054 million and Asia-Pacific at $336 million; the company reports these as geographic regions rather than operating segments. GAAP operating margin improved to 34.7% from 31.9%, helped by revenue growth and the absence of the $39 million restructuring charge recorded in the second quarter of 2025, partly offset by HPS-related noncash acquisition costs and higher sales, asset and account expenses. Nonoperating contribution fell to $223 million from $449 million because the prior-year period included a $330 million Circle gain.
Guidance
Management did not provide forward revenue, earnings, operating-margin, AUM, flow or capex guidance ranges in the supplied filing. Accordingly, there is no new guide to compare with a prior guide and no stated numerical assumptions for the next quarter or full year. The filing describes future results as dependent on market conditions, interest rates, foreign exchange, demand, investment performance, competition, product development and the integration of the HPS, Preqin and GIP transactions. It also cautions that forward-looking statements rely on assumptions and that actual results could differ materially from expectations.
What drove it
- AUM growth — Total AUM was $15,344,624 million at June 30, 2026, versus $12,527,590 million at June 30, 2025.
- Regional revenue — Second-quarter revenue totaled $4,694 million in the Americas, $2,054 million in Europe and $336 million in Asia-Pacific.
- Net inflows — Second-quarter total net inflows were $191,700 million, including $71,597 million into equity and $92,096 million into fixed income.
- Technology revenue — Management identified higher technology services and subscription revenue as a contributor to the year-over-year increase in operating income.
- HPS transaction — Fees related to the HPS Transaction lifted revenue, while HPS-related noncash acquisition costs, a higher diluted share count and acquisition-related expenses affected results.
Watch items
- Cash management recorded second-quarter net outflows of $7,434 million and six-month net outflows of $13,611 million.
- Digital assets had second-quarter net outflows of $3,116 million and six-month net outflows of $2,182 million.
- Institutional index products posted net outflows of $41,454 million in the quarter and $76,192 million for the first six months.
- Higher expenses tied to the HPS Transaction, including noncash acquisition-related costs, remain a margin consideration, while the filing identifies successful integration of HPS, Preqin and GIP as a risk.
