BlackRock (BLK) Q3 2026 earnings summary

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%+.