BlackRock (BLK) Q3 2026 earnings summary

Executive summary

• Q3 net inflows reached $205B; revenue was $7.752B, up 19% YoY, and adjusted EPS was $15.93, up 38%.

• AUM reached $15.488T at quarter-end after $869B of trailing-12-month inflows; organic base fee growth was 10% over the year and 11% annualized in Q3.

• Inflows spanned asset classes, client types, regions, and active and index strategies, with momentum across whole-portfolio solutions, private markets, retirement, and international platforms.

Financial highlights

• Q3 revenue was $7.752B, up 19% YoY; GAAP operating income was $2.328B, up 19%, and 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%. Adjusted net income was $2.621B, up 37%.

• Base fees and securities lending revenue totaled $6.036B, up $990M YoY; performance fees were $630M, up 22%.

• Technology services and subscription revenue rose 14% YoY to $588M; ACV grew 12%, or 13% in constant currency.

• Adjusted expenses were $4.422B, up 14% YoY and 6% sequentially.

Outlook and guidance

• Long-term organic base fee growth outlook remains 6%-8%; elevated client activity can lift growth to high single digits or low double digits.

• 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, with recurring fee-related margins expected to move toward 50%+.