BlackRock (BLK) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 net inflows of $130 billion, led by iShares ETFs and strong private markets activity, with assets under management reaching $13.9 trillion as of March 31, 2026.

• Revenue grew 27% year-over-year to $6.7 billion, driven by organic base fee growth, market appreciation, and contributions from recent acquisitions, notably HPS and Preqin.

• Operating income rose to $2.8 billion, up 66% year-over-year, with adjusted operating margin expanding to 44.5%.

• Adjusted diluted EPS increased 11% to $12.53, while GAAP diluted EPS reached $14.06, up 46% year-over-year.

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

Financial highlights

• Q1 2026 revenue was $6.7 billion, up 27% year-over-year, with base fee and securities lending revenue at $5.4 billion, up 24%.

• Operating income rose to $2.8 billion (GAAP), with adjusted operating income at $2.7 billion, up 31% year-over-year.

• Adjusted EPS was $13.16, while GAAP diluted EPS was $14.06; adjusted operating margin reached 45.8%.

• Performance fees totaled $272 million, with $121 million from HPS; technology services and subscription revenue grew 22%, with Preqin adding $65 million.

• Share repurchases totaled $450 million in Q1, with quarterly dividend increased 10% to $5.73 per share.

Outlook and guidance

• Management expects continued organic growth, integration of recent acquisitions, and ongoing investment in technology platforms.

• 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.

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

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