BLK earnings analysis
What we found in BLK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BlackRock's Q1 2026 results show significant growth, with revenue rising 27% year-over-year to $6.7 billion, driven by increased base fees and the impact of market performance. Diluted earnings per common share rose 11% to $12.53, reflecting higher operating income despite increased expenses. The firm's AUM increased to approximately $13.9 trillion, supported by net inflows and market appreciation.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Robust Revenue Growth
- Q1 2026 revenue reached $6.7 billion, up 27% from Q1 2025's $5.3 billion.
- Increased Diluted EPS
- Diluted EPS climbed to $12.53, an increase of 11% from the prior year's $11.30.
- Strong Operating Income Rise
- Operating income improved to $2.8 billion, up 64% year-over-year from $1.7 billion.
- Accelerating AUM Growth
- AUM grew to $13.9 trillion, up $2.3 trillion from $11.6 trillion a year earlier.
- Higher Investment Advisory Fees
- Base fees from investment advisory constituted $5.4 billion, a $1.0 billion increase driven by both organic growth and market effects.
- Improved Operating Margin
- Operating margin increased to 42.0%, up from 32.2% in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Expenses
- Total expenses rose to $3.9 billion, reflecting a 9% increase year-over-year, particularly from compensation and general administration.
- Continued Market Exposure Risks
- The firm's reliance on market performance for revenue could pose risks in volatile conditions.
- High Contingent Consideration Liabilities
- Contingent liabilities related to acquisitions amount to $7.9 billion, predominantly linked to the HPS and GIP Transactions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $12.53
- Operating margin
- 42.0%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- BlackRock reported strong AUM and revenue growth in 2025, with total AUM of $14.04 trillion and total revenue of $24.216 billion, supported by record ETF inflows and acquisitions (including HPS). GAAP operating margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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