BlackRock (BLK) investor relations material

Executive summary

• Achieved record Q1 2026 net inflows of $130 billion, with assets under management reaching $13.9 trillion as of March 31, 2026, and 8% organic base fee growth, the highest first quarter in five years.

• Revenue grew 27% year-over-year, with double-digit growth in operating income and EPS, and margin expansion to 44.5%.

• Growth was broad-based across products, regions, and client types, with significant momentum in ETFs, private markets, and technology services.

• Strategic acquisitions (HPS, Preqin, GIP) and technology platforms (Aladdin, Aperio) contributed to performance and client engagement.

• Net flows remained positive, with long-term and cash flows supporting organic asset growth.

Financial highlights

• Q1 2026 revenue was $6.7 billion, up 27% year-over-year; adjusted operating income was $2.7 billion, and adjusted EPS was $12.53, up 11%.

• Base fee and securities lending revenue reached $5.4 billion, up 24% year-over-year.

• Performance fees totaled $272 million, with $121 million from HPS; performance fees surged 353% year-over-year but declined sequentially.

• Technology services and subscription revenue grew 22% year-over-year, with Preqin adding $65 million.

• Adjusted operating margin was 45.8% in Q1 2026; GAAP operating margin was 42.0%.

Outlook and guidance

• Expect to maintain at least $450 million in share repurchases per quarter for the rest of 2026.

• Projected tax run rate for the remainder of 2026 is 25%, subject to discrete items or legislative changes.

• Committed to low to mid-teens annual contract value (ACV) growth in technology services.

• Forward-looking statements highlight ongoing risks from market volatility, regulatory changes, and integration of recent acquisitions.

• Confident in sustaining 6%-7% organic base fee growth from structural growth segments.