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Edge30 May 2025
MSCI: Indexing the World
The story of how MSCI has become the backbone of global finance through its indexes, powering decision-making across trillions in assets.
BlackRock
BlackRock (BLK) investor relations material
BlackRock Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary14 Oct, 2026
Executive summary
Q3 net inflows were $205B, including $175B in long-term flows and $31B in cash management; ending AUM reached $15.488T.
Revenue rose 19% YoY to $7.752B; adjusted operating income increased 27% to $3.330B and adjusted diluted EPS rose 38% to $15.93.
Broad inflows spanned asset classes, client types, regions, and active and index strategies; trailing-12-month inflows of $869B represented 10% organic base fee growth.
Financial highlights
Q3 GAAP operating income was $2.328B, up 19% YoY; adjusted operating income was $3.330B, up 27%.
GAAP diluted EPS was $10.57, up 25% YoY; adjusted diluted EPS was $15.93, up 38%.
GAAP net income attributable to shareholders was $1.659B; adjusted net income was $2.621B, up 37% YoY.
Base fees and securities lending revenue totaled $6.036B; performance fees were $630M and technology services and subscription revenue was $588M.
Q3 expenses rose 19% YoY to $5.42B, including a $564M noncash contingent-consideration fair-value charge; adjusted expenses were $4.422B, up 14%.
Outlook and guidance
Long-term organic base fee growth outlook remained 6%-8%; elevated client activity can lift growth to high single digits or low double digits.
Management cited accelerating momentum entering the seasonally strongest Q4 and a pipeline across whole-portfolio solutions, private markets, retirement, and international platforms.
Full-year G&A is expected to increase at a mid-single-digit rate after annualizing HPS and Preqin; Q4 adjusted tax run rate estimate is 25%.
Q4 is seasonally strongest for iShares, typically accounting for 30%-40% of annual flows; private-markets fundraising is expected to strengthen versus Q3.
The 2030 plan targets over 30% of revenue from private markets and technology; recurring fee-related margins are expected to move toward 50%+.
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Latest events from BlackRock
- AUM reached $8.68T as inflows and markets lifted revenue, adjusted margin and EPS.BLK
Q4 2020 - Record AUM, robust inflows, and double-digit earnings growth fueled strong Q2 results.BLKQ2 2026
- Record inflows, strong board support, and global strategic growth initiatives highlighted the meeting.BLKAGM 2025
- Record inflows, higher dividends, and strong governance defined this year's meeting.BLKAGM 2026
- Record Q1 inflows, 27% revenue growth, and strong profitability with AUM at $13.9T.BLKQ1 2026
- Record inflows and AUM drive double-digit growth, led by ETFs, tech, and strategic acquisitions.BLKQ3 2024
- 2030 plan aims to double income and market cap, led by private markets and technology.BLKInvestor Day 2025
- AUM hit $11.6T with $84B net inflows, 12% revenue growth, and record ETF inflows.BLKQ1 2025
- Record inflows and acquisitions propelled AUM to $11.6T and double-digit earnings growth.BLKQ4 2024
Next BlackRock earnings date
Q4 202614 Jan, 2027
BlackRock
Next BlackRock earnings date
Q4 202614 Jan, 2027
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Frequently asked questions
Investment management giants
BlackRock is a global investment management firm headquartered in NYC that offers a range of financial services to clients across the world. With a diverse portfolio of investment products and financial services, BlackRock serves both individual and institutional investors alike, providing asset management and advice for clients.
A global reach
BlackRock was founded in 1988 and has since grown to become one of the largest investment management firms globally. The company's growth can be attributed to a combination of strategic acquisitions, expansion into new markets, and the ability to deliver consistent results for clients. Over the years, BlackRock has built a strong reputation for its risk management capabilities and data-driven investment strategies. Today, the firm manages trillions of dollars in assets, serving a client base that includes individuals, corporations, pension funds, and governments worldwide.
Investment services
BlackRock offers a comprehensive range of investment services. Through its iShares brand, BlackRock provides exchange-traded funds (ETFs) that cover a spectrum of asset classes, including equities, fixed income, and commodities. These ETFs offer investors a cost-effective, accessible, and efficient way to gain exposure to different market segments.
Additionally, BlackRock's active management strategies aim to deliver strong investment performance through its actively managed mutual funds and separate accounts. The firm's investment teams employ rigorous research and analysis to identify attractive investment opportunities and manage portfolios in line with clients' objectives.
BlackRock also provides risk management and advisory services to institutional investors, including pension funds and insurance companies. These services help clients manage risks, optimize portfolio construction, and achieve their long-term investment goals. However, BlackRock operates in a cutthroat industry and competition is fierce. Some of their largest publicly traded competitors include names such as State Street, JPMorgan, and Goldman Sachs.
Serving both individuals and organizations
As previously mentioned, BlackRock serves both individual investors and institutional clients. For individuals, BlackRock offers mutual funds, ETFs, and managed accounts. Institutional clients, such as pension funds and endowments, have access to customized investment strategies and risk management services. BlackRock's expertise in portfolio construction and risk management is crucial in optimizing institutional clients' portfolios. Additionally, the firm provides digital investment platforms and tools, like Aladdin, for convenient access to portfolios and market information.