BlackRock : Q1 2026 Earnings Release

Published: 2026-04-14 06:02:09 ET BLK

Published on 04/14/2026 at 06:02 am EDT

Caroline Rodda 212.810.3442

Patrick Scanlan 212.810.3622

Laurence D. Fink, Chairman and CEO:

"BlackRock delivered one of the strongest starts to a year in our history. Clients awarded us with $130 billion of net inflows in the first quarter, driving 8% organic base fee growth - our highest first quarter in five years. Technology services ACV grew 14%, and our adjusted margins expanded by over 100 basis points. Our results tell more than one quarter's story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10% organic base fee growth.

"BlackRock is a scale operator across public markets, private markets, and technology. That combination is proving more valuable every day. Capital is in motion as market fundamentals and provider relationships are re-evaluated, and BlackRock is the trusted destination.

"iShares posted record first quarter net inflows of $132 billion and doubled net new base fees compared to a year ago, as clients rotated to our international and precision exposures. Active equity is a growth area at BlackRock, driving $3 billion of net inflows. Private markets net inflows of $9 billion were led by private credit and infrastructure, where we have strong fundraising and deployment momentum.

"We're engaged with clients across every channel, geography, and asset class. Our results and growing pipeline of business show that when clients are making big decisions about their portfolios, they are choosing BlackRock. They're coming to BlackRock because we can meet them across their whole portfolio. We do that by bringing together asset management and technology across public and private markets seamlessly, on one integrated platform. Our model is working, and we're more confident than ever in the opportunity we see ahead for our firm, clients, and shareholders."

$130 billion of quarterly total net inflows, led by a record first quarter for iShares® ETFs alongside active and private markets net inflows

$744 billion of net inflows and 10% organic base fee growth over the last twelve months, broad-based across the platform and driven by private markets, ETFs, and systematic active strategies

27% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, and higher technology services and subscription revenue

22% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and the impact of the Preqin Transaction

66% increase in GAAP operating income and 46% increase in GAAP diluted EPS year-over-year impacted by noncash acquisition-related items, which have been excluded from as adjusted results

31% increase in year-over-year operating income, as adjusted

11% increase in year-over-year diluted EPS, as adjusted also reflects lower nonoperating income, a higher diluted share count, and a higher effective tax rate in the current quarter

$450 million of share repurchases in the current quarter and 10% increase in

quarterly cash dividend to $5.73 per share

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS(1)

(in millions,

except per share data)

Q1 2026

Q1 2025

(in billions) 2026

LTM(2)

AUM

$ 13,894,600

$ 11,583,928

Long-term

net flows:

136

620

% change

20 %

Average AUM

$ 14,240,929

$ 11,688,880

By region:

% change

22 %

Americas

123

490

Total net flows

$ 129,724

$ 84,171

EMEA

192

APAC

(62 )

GAAP basis:

Revenue

6,698

5,276

By client type:

% change

27 %

Operating income

2,814

1,698

Retail:

109

% change

66 %

Operating margin

42.0 %

32.2 %

International

Net income(1)

2,212

1,510

% change

46 %

ETFs:

132

551

Diluted EPS

14.06

9.64

Active

% change

46 %

Core equity

155

Weighted-average

Digital assets

diluted shares

165.0

156.6

Fixed income

171

% change

5 %

Precision & other

129

As Adjusted(2): Institutional: $ (11 ) $ (40 )

Operating income

2,669

2,032

Active

% change

31 %

Index

(35 )

(108 )

Operating margin

44.5 %

43.2 %

Net income

2,068

1,770

Cash management net flows

(6 )

124

% change

17 %

Diluted EPS

12.53

11.30

Total net flows

130

744

% change

11 %

(1) Net income represents net income attributable to BlackRock, Inc.

(2) See pages 11 through 13 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated

statements of income and supplemental information for more information on as adjusted items.

(1) Totals may not add due to rounding.

(2) Amounts represent last twelve months net flows from April 1, 2025 to March 31, 2026.

Q1 2026

(in millions), (unaudited) Net flows

March 31, 2026 AUM

Q1 2026

Base fees(1) and securities lending revenue

Q1 2026

Base fees(1)

March 31, 2026 and securities AUM lending revenue

% of Total % of Total

RESULTS BY PRODUCT TYPE

Equity

$ 71,842 $

7,661,385

2,626

55 %

48 %

Fixed income

34,314

3,270,863

1,058

24 %

19 %

Multi-asset

Alternatives: Private markets

17,827

9,076

1,222,612

320,431

381

658

9 %

2 %

12 %

Liquid alternatives

5,551

108,639

197

1 %

Alternatives subtotal

14,627

429,070

855

3 %

16 %

Digital assets

935

60,671

0 %

Currency and commodities(2)

(3,644 )

176,676

136

1 %

Long-term

135,901

12,821,277

5,098

92 %

94 %

Cash management

(6,177 )

1,073,323

340

8 %

Total

$ 129,724 $

13,894,600

5,438

100 %

RESULTS BY CLIENT TYPE

Retail

$ 15,233 $

1,262,374

1,263

9 %

23 %

ETFs

Institutional: Active

131,692

23,713

5,485,544

2,509,266

2,406

1,174

39 %

18 %

44 %

22 %

Index

(34,737 )

3,564,093

255

26 %

Institutional subtotal

(11,024 )

6,073,359

1,429

44 %

27 %

Long-term

135,901

12,821,277

5,098

92 %

94 %

Cash management

(6,177 )

1,073,323

340

8 %

Total

$ 129,724 $

13,894,600

5,438

100 %

RESULTS BY INVESTMENT STYLE

Active

$ 29,620 $

3,410,923

2,350

25 %

43 %

ETFs

131,692

5,485,544

2,406

39 %

44 %

Non-ETF index

(25,411 )

3,924,810

342

28 %

Long-term

135,901

12,821,277

5,098

92 %

94 %

Cash management

(6,177 )

1,073,323

340

8 %

Total

$ 129,724 $

13,894,600

5,438

100 %

(1) Base fees include investment advisory and administration fees.

(2) Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

81%

86%

82%

Tax-exempt

43%

52%

55%

Index AUM within or above applicable tolerance

98%

99%

100%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

39%

51%

42%

Systematic

73%

91%

94%

Index AUM within or above applicable tolerance

92%

96%

99%

(1) Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 15 for performance disclosure detail.

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Tuesday, April 14, 2026 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (312) 471-1353, or from outside the United States, (800) 330-6710, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 7276005). A live, listen-only webcast will also be available via the investor relations section of https://www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Tuesday, April 14, 2026. To access the replay of the webcast, please visit the investor relations section of https://www.blackrock.com.

BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit https://www.blackrock.com/corporate.

(in millions, except per share data), (unaudited)

Three Months

Three Months Ended Ended

March 31, December 31,

2026 2025 Change 2025 Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

$ 5,259

$ 4,244

$ 1,015

$ 5,104

155

Securities lending revenue

179

157

174

Total investment advisory, administration fees

and securities lending revenue

5,438

4,401

1,037

5,278

160

Investment advisory performance fees

272

212

754

(482)

Technology services and subscription revenue

530

436

531

(1)

Distribution fees

389

321

359

Advisory and other revenue

(17)

Total revenue

6,698

5,276

1,422

7,008

(310)

Expense

Employee compensation and benefits

2,225

1,741

484

2,584

(359)

Sales, asset and account expense:

Distribution and servicing costs

705

570

135

676

Direct fund expense

481

392

470

Sub-advisory and other

(9)

Total sales, asset and account expense

1,257

1,009

248

1,226

General and administration expense

674

615

814

(140)

Change in fair value of contingent consideration

(549 )

(645)

455

(1,004 )

Amortization of intangible assets

277

117

160

268

Total expense

3,884

3,578

306

5,347

(1,463 )

Operating income

2,814

1,698

1,116

1,661

1,153

Nonoperating income (expense)

Net gain (loss) on investments

(38 )

110

Net interest income (expense)

(44 )

(51)

(16 )

(28)

Total nonoperating income (expense)

(37)

(54 )

Income before income taxes

2,842

1,763

1,079

1,607

1,235

Income tax expense

516

248

268

372

144

Net income

2,326

1,515

811

1,235

1,091

Less:

Net income (loss) attributable to noncontrolling

interests ("NCI") - consolidated sponsored

investment products ("CIPs")

(45)

Net income (loss) attributable to NCI - Subco

108

Net income attributable to BlackRock, Inc.

$ 2,212

$ 1,510

$ 702

$ 1,127

$ 1,085

Weighted-average common shares outstanding

Basic

155.3

155.0

0.3

155.1

0.2

Diluted (including Subco Units)

165.0

156.6

8.4

165.4

(0.4 )

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

$ 14.24

$ 9.74

$ 4.50

$ 7.27

$ 6.97

Diluted

$ 14.06

$ 9.64

$ 4.42

$ 7.16

$ 6.90

Cash dividends declared and paid per share

$ 5.73

$ 5.21

$ 0.52

$ 5.21

$ 0.52

Supplemental information:

AUM (end of period)

$ 13,894,600

$ 11,583,928

$ 2,310,672

$ 14,041,518

$ (146,918)

Shares outstanding including Subco Units

163.0

155.0

7.9

162.8

0.2

GAAP:

Operating margin

42.0 %

32.2 %

980

bps

23.7 %

1,830 bps

Effective tax rate

18.2 %

14.1 %

410

bps

23.9 %

(570) bps

As adjusted:

Operating income (1)

$ 2,669

$ 2,032

$ 637

$ 2,848

$ (179)

Operating margin (1)

44.5 %

43.2 %

130

bps

45.0 %

(50) bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

(53)

(122 )

144

Net income attributable to BlackRock, Inc. (3)

$ 2,068

$ 1,770

$ 298

$ 2,176

$ (108)

Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)

$ 12.53

$ 11.30

$ 1.23

$ 13.16

$ (0.63 )

Effective tax rate

23.2 %

16.0 %

720

bps

20.2 %

300 bps

See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of March 31, 2026, there were 155.4 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding.

Net

December 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

$ 7,793,875

$ 71,842

$ (179,623)

$ (24,709 )

$ 7,661,385

$ 7,930,545

Fixed income

3,272,021

34,314

(957 )

(19,649)

(14,866 )

3,270,863

3,303,591

Multi-asset

1,223,625

17,827

(12,714)

(6,126 )

1,222,612

1,247,632

Alternatives:

Private markets

322,624

9,076

(8,471 )

(1,989 )

(809 )

320,431

322,399

Liquid alternatives

100,990

5,551

(695)

2,707

108,639

105,904

Alternatives subtotal

423,614

14,627

(9,166 )

718

(723 )

429,070

428,303

Digital assets

78,435

935

(18,694)

(5)

60,671

67,740

Currency and commodities(4)

169,216

(3,644 )

11,305

(201)

176,676

190,349

Long-term

12,960,786

135,901

(10,123 )

(218,657)

(46,630 )

12,821,277

13,168,160

Cash management

1,080,732

(6,177 )

2,206

(3,438 )

1,073,323

1,072,769

Total

$ 14,041,518

$ 129,724

$ (10,123 )

$ (216,451)

$ (50,068 )

$ 13,894,600

$ 14,240,929

December 31,

2025

Net inflows (outflows)

Realizations(1)

Market change

impact(2)

March 31,

2026

Average AUM(3)

Retail:

Equity

$ 629,081

$ 7,434

$ -

$ (18,708)

$ (2,764 )

$ 615,043

$ 638,493

Fixed income

384,887

2,816

(3,815 )

(1,065 )

382,823

386,517

Multi-asset

199,655

999

(4,447 )

(227 )

195,980

201,964

Private markets

30,681

1,261

(295 )

(338)

(119 )

31,190

31,195

Liquid alternatives

34,428

2,723

(185)

414

(42)

37,338

36,190

Retail subtotal

1,278,732

15,233

(480 )

(26,894)

(4,217 )

1,262,374

1,294,359

ETFs:

Equity

4,006,014

88,113

(85,765)

(6,829 )

4,001,533

4,112,258

Fixed income

1,205,953

45,438

(9,362 )

(3,004 )

1,239,025

1,233,149

Multi-asset

14,402

884

(90)

(110 )

15,086

15,005

Digital assets

78,435

935

(18,694)

(5)

60,671

67,740

Commodities

162,906

(3,678 )

10,158

(157)

169,229

183,413

ETFs subtotal

5,467,710

131,692

(103,753)

(10,105 )

5,485,544

5,611,565

Institutional:

Active:

Equity

247,993

4,385

(2,238 )

(1,451 )

248,689

255,779

Fixed income

905,566

(7,192 )

(957 )

(2,368 )

(2,918 )

892,131

905,463

Multi-asset

1,006,106

15,877

(8,295 )

(5,784 )

1,007,904

1,027,077

Private markets

291,943

7,815

(8,176 )

(1,651 )

(690 )

289,241

291,204

Liquid alternatives

66,562

2,828

(510)

2,293

128

71,301

69,714

Active subtotal

2,518,170

23,713

(9,643 )

(12,259)

(10,715 )

2,509,266

2,549,237

Index

3,696,174

(34,737 )

(75,751)

(21,593 )

3,564,093

3,712,999

Institutional subtotal

6,214,344

(11,024 )

(9,643 )

(88,010)

(32,308 )

6,073,359

6,262,236

Long-term

$ 12,960,786 $ 135,901 $ (10,123 ) $ (218,657) $ (46,630 ) $ 12,821,277

$ 13,168,160

(1) Realizations represent return of capital/return on investments.

(2) Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4) Amounts include commodity ETFs and ETPs.

December 31,

Net inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

$ 546,028

$ 3,150

$ -

$ (10,493)

$ (2,690 )

$ 535,995

$ 558,046

Fixed income

1,257,358

(5,033 )

(957 )

(5,867 )

(3,510 )

1,241,991

1,258,117

Multi-asset

1,205,743

16,876

(12,741)

(6,011 )

1,203,867

1,229,024

Private markets

322,624

9,076

(8,471 )

(1,989 )

(809 )

320,431

322,399

Liquid alternatives

100,990

5,551

(695)

2,707

108,639

105,904

Active subtotal

3,432,743

29,620

(10,123 )

(28,383)

(12,934 )

3,410,923

3,473,490

ETFs:

Equity

4,006,014

88,113

(85,765)

(6,829 )

4,001,533

4,112,258

Fixed income

1,205,953

45,438

(9,362 )

(3,004 )

1,239,025

1,233,149

Multi-asset

14,402

884

(90)

(110 )

15,086

15,005

Digital assets

78,435

935

(18,694)

(5)

60,671

67,740

Commodities

162,906

(3,678 )

10,158

(157)

169,229

183,413

ETFs subtotal

5,467,710

131,692

(103,753)

(10,105 )

5,485,544

5,611,565

Non-ETF index

4,060,333

(25,411 )

(86,521)

(23,591 )

3,924,810

4,083,105

Long-term

$ 12,960,786 $ 135,901 $ (10,123 ) $ (218,657) $ (46,630 ) $ 12,821,277

$ 13,168,160

December 31,

Net inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

$ 112,116

$ 1,234

$ (320 )

$ (902)

$ (261 )

$ 111,867

$ 112,127

Private equity

30,623

399

(579 )

(162)

(50 )

30,231

30,434

Private credit

145,385

6,619

(3,906 )

(711)

(342 )

147,045

146,753

Real estate

25,062

455

(3,494 )

(262)

(107 )

21,654

23,570

Multi-alternatives

9,438

369

(172)

(49)

9,634

9,515

Total private markets

$ 322,624 $ 9,076 $ (8,471 ) $ (1,989) $ (809) $ 320,431

$ 322,399

(1) Realizations represent return of capital/return on investments.

(2) Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

Disclaimer

BlackRock Inc. published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 10:01 UTC.