BlackRock Q3 2026 Revenue Rises 19% as Net Inflows Reach $205 Billion

BlackRock, Inc. (BLK ) on October 14, 2026 reported financial results for the three and nine months ended September 30, 2026, posting third-quarter diluted earnings per share of $10.57 on a GAAP basis, up 25% from $8.43 a year earlier, and $15.93 as adjusted, up 38% from $11.55.

Total revenue rose 19% to $7,752 million from $6,509 million in the third quarter of 2025, according to the full earnings release. GAAP operating income increased 19% to $2,328 million from $1,955 million, with a GAAP operating margin of 30.0%, unchanged from a year earlier. As adjusted operating income rose 27% to $3,330 million from $2,621 million, and the as adjusted operating margin was 47.8%, compared with 44.6% in the prior-year quarter. Net income attributable to BlackRock was $1,659 million, versus $1,323 million in the third quarter of 2025.

The GAAP figures were impacted by a noncash change in fair value of contingent consideration associated with prior acquisitions, which BlackRock excluded from its as adjusted results. That expense was $564 million in the quarter, versus $93 million a year earlier, primarily in connection with the Global Infrastructure Management, LLC (GIP) and HPS Investment Partners (HPS) transactions; the release states the fair value of the contingent consideration is impacted by the share price of BlackRock common stock at the end of the period. The effective tax rate was 29.4% on a GAAP basis, versus 25.2% a year earlier, and 24.2% as adjusted, unchanged.

BlackRock repurchased $550 million of its shares in the quarter and declared and paid cash dividends of $5.73 per share, up from $5.21 a year earlier.

Flows and Assets Under Management

Assets under management ended the quarter at $15,488,263 million ($15.5 trillion), up 15% from $13,463,625 million at September 30, 2025, while average AUM of $15,460,140 million was up 19%.

Total net inflows were $205,466 million ($205 billion) in the quarter, representing 11% annualized organic base fee growth, BlackRock reported. Net inflows over the last twelve months totaled $868,601 million ($869 billion), representing 10% organic base fee growth. Long-term net inflows were $175 billion in the quarter and $510 billion year-to-date. By region, the Americas contributed $125 billion of long-term inflows, EMEA $31 billion, and APAC $19 billion.

By client type, retail added $23 billion, ETFs added $135 billion, and institutional clients added $17 billion, comprising $44 billion of institutional active inflows and $27 billion of institutional index net outflows. Cash management added $31 billion. Within ETFs, fixed income took in $61 billion, precision and other $41 billion, active $22 billion, digital assets $8 billion, and core equity $3 billion.

By product type, fixed income led quarterly net flows with $78,213 million, followed by equity at $52,446 million, alternatives at $24,236 million ($15,311 million in private markets and $8,925 million in liquid alternatives), digital assets at $7,907 million, currency and commodities at $6,961 million, and multi-asset at $5,051 million, in addition to $30,652 million in cash management.

Revenue Detail and Management Commentary

Investment advisory and administration fees rose to $5,783 million from $4,843 million, and securities lending revenue increased to $253 million from $203 million, the release states. It attributes the securities lending increase primarily to higher spreads and higher average balances of securities on loan. Performance fees rose $114 million to $630 million, primarily reflecting higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from private markets products. Technology services and subscription revenue grew 14% to $588 million from $515 million, driven by Aladdin and multi-product solutions, with annual contract value up 12% from the third quarter of 2025. Distribution fees increased to $414 million from $355 million, primarily reflecting higher average AUM.

Employee compensation and benefits expense was $2,440 million, versus $2,357 million a year earlier, and general and administration expense was $731 million, versus $689 million. Nonoperating income was $316 million, versus $42 million, including a net gain on investments of $353 million, versus $64 million. The release notes noncash pre-tax gains of approximately $22 million on BlackRock’s minority investment in Circle Internet Group, Inc. (CRCL ) and approximately $80 million on its minority investment in Securitize Corp. (SECZ ) during the quarter.

Chairman and CEO Laurence D. Fink said clients entrusted BlackRock with $205 billion of net inflows in the quarter and $869 billion over the last year, and that investment performance drove $66 billion of active net inflows, led by the firm’s fixed income and systematic franchises. He said iShares generated $135 billion of net inflows, BlackRock raised $68 billion in private markets over the last twelve months, and the firm’s AI Infrastructure Partnership made its first deployment in the quarter. “We’re entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms,” Fink said.

For the nine months ended September 30, 2026, revenue was $21,534 million, versus $17,208 million a year earlier. GAAP diluted EPS was $36.82, versus $28.21, and as adjusted diluted EPS was $42.37, versus $34.89.

Fink, President Robert S. Kapito, and Chief Financial Officer Martin S. Small were scheduled to host a teleconference for investors and analysts at 7:30 a.m. Eastern Time on October 14, 2026, with a webcast replay available by 10:30 a.m. through the investor relations section of BlackRock’s website.