10-Q · May 6, 2026
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%…
Earnings analysis · 10-Q
BLK earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
BlackRock reported strong third-quarter momentum, with revenue of $7.752 billion and adjusted EPS of $15.93, up 19.1% and 89.0%, respectively, from the year-ago quarter. Operating margin expanded to 47.8% from 39.8%…
Read full summary
BlackRock reported strong third-quarter momentum, with revenue of $7.752 billion and adjusted EPS of $15.93, up 19.1% and 89.0%, respectively, from the year-ago quarter. Operating margin expanded to 47.8% from 39.8% year over year, while $205.466 billion of net inflows lifted ending AUM to $15.488 trillion. The filing provides no formal quantitative guidance, but the principal downside remains sensitivity of fee revenue and corporate investments to market, interest-rate, credit-spread and foreign-exchange movements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $15.93
What stood out
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Revenue growth accelerated
Revenue was $7.752 billion, up approximately 9.5% from $7.08 billion in the prior quarter and 19.1% from $6.51 billion in the year-ago quarter.
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Adjusted EPS strongly exceeded estimates
Adjusted diluted EPS was $15.93, up from $12.19 in the prior quarter and $8.43 in the year-ago quarter; it exceeded the $14.25 consensus estimate by 11.8%.
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Operating leverage improved
Adjusted operating margin was 47.8%, expanding from 34.7% in the prior quarter and 39.8% in the year-ago quarter.
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Strong inflows lifted AUM
Ending AUM was $15.488 trillion and net inflows were $205.466 billion, supporting fee-generating asset growth.
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Share repurchases continued
The company repurchased 489,881 shares under its announced program during the quarter, and 7,918,281 shares remained authorized for repurchase at September 30, 2026.
What to watch
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AUM exposure to market declines
Most investment advisory and administration fees are based on AUM, so declines in equity prices, interest rates or credit spreads, or foreign exchange rates could reduce fees. The company reported $15.488 trillion of ending AUM, creating meaningful market sensitivity.
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Corporate investment volatility
BlackRock's economic exposure to its investment portfolio was $4.9 billion, including approximately $1.3 billion exposed to equity market price risk. A hypothetical 10% adverse market-price change would reduce carrying value by approximately $128 million.
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Interest-rate and FX sensitivity
The company had approximately $3.6 billion invested in debt securities and debt-focused sponsored products; a hypothetical adverse 100-basis-point interest-rate or credit-spread fluctuation would affect carrying value by approximately $80 million. Foreign-currency investments of approximately $1.2 billion had estimated downside of approximately $125 million under a 10% adverse FX move.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management's previously cited pipeline momentum and fourth-quarter expectations were not presented as formal numeric guidance.
Earlier filings 2
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 itself. Analysis can contain errors; check the source document for full context.