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…
Earnings analysis · 10-Q
BLK earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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%…
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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.
Reported figures
- Earnings per share
- $12.53
- Operating margin
- 42.0%
What stood out
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Robust Revenue Growth
Q1 2026 revenue reached $6.7 billion, up 27% from Q1 2025's $5.3 billion.
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Increased Diluted EPS
Diluted EPS climbed to $12.53, an increase of 11% from the prior year's $11.30.
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Strong Operating Income Rise
Operating income improved to $2.8 billion, up 64% year-over-year from $1.7 billion.
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Accelerating AUM Growth
AUM grew to $13.9 trillion, up $2.3 trillion from $11.6 trillion a year earlier.
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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.
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Improved Operating Margin
Operating margin increased to 42.0%, up from 32.2% in the prior year.
What to watch
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Increased Expenses
Total expenses rose to $3.9 billion, reflecting a 9% increase year-over-year, particularly from compensation and general administration.
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Continued Market Exposure Risks
The firm's reliance on market performance for revenue could pose risks in volatile conditions.
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High Contingent Consideration Liabilities
Contingent liabilities related to acquisitions amount to $7.9 billion, predominantly linked to the HPS and GIP Transactions.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.