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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 (BLK) investor relations material
BlackRock Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary15 Jul, 2025
Executive summary
Achieved record AUM of $12.5 trillion as of June 30, 2025, up $1.9 trillion year-over-year, driven by market appreciation, net inflows, FX impact, and major acquisitions including HPS, Preqin, and GIP.
Double-digit year-over-year growth in revenue, operating income, and EPS for Q2 2025, with robust organic base fee growth and strong performance from ETFs, private markets, and technology services.
Major acquisitions (HPS, Preqin, GIP) expanded private markets, infrastructure, and technology capabilities, with HPS adding $165B in client AUM and Preqin contributing $60M in tech revenue.
Net inflows totaled $68B in Q2, with $152B YTD, led by ETFs, private markets, and cash; institutional index saw outflows due to a large client redemption.
Strong momentum in digital assets, active ETFs, and international expansion, especially in Europe and India.
Financial highlights
Q2 2025 revenue reached $5.42B, up 13% year-over-year, driven by organic growth, market appreciation, acquisitions, and higher technology services revenue.
Adjusted operating income was $2.1B, up 12% year-over-year; adjusted operating margin was 43.3%.
Net income (GAAP) for Q2 2025 was $1.6B; adjusted net income was $1.88B; diluted EPS was $10.19 (GAAP) and $12.05 as adjusted, up 16%.
Base fee and securities lending revenue grew 15% year-over-year to $4.5B.
Technology services and subscription revenue for Q2 2025 was $499M, up $104M year-over-year, including $60M from Preqin.
Outlook and guidance
Management expects continued above-target organic base fee growth, supported by strong client demand for ETFs, private markets, and technology solutions.
HPS is expected to add $450M in revenue and $225M in management fees in Q3 2025.
Project a low teens percentage increase in 2025 core G&A expense due to recent acquisitions.
Anticipate at least $375M in share repurchases per quarter for the remainder of 2025.
Plan to launch a proprietary LifePath with privates target date fund in 2026, pending regulatory clarity.
Explain drivers of 6% organic base fee growth.
How will HPS acquisition strengthen client ties?
Detail impact of Preqin on tech revenue.
How will HPS help BlackRock's base fee growth?
What's the timeline for launching LifePath w/ privates?
Assess BlackRock's global capital market expansion.
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Q3 202514 Oct, 2025
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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.
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