10-QPeriod: Q1 FY2026

BlackRock, Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 6, 2026For Securities:BLK

Summary

BlackRock, Inc. reported strong financial performance for the first quarter of 2026, with total revenue increasing by 27% to $6.7 billion compared to the same period in the prior year. This growth was driven by higher average Assets Under Management (AUM) due to positive market movements and organic growth, alongside contributions from recent acquisitions like HPS and Preqin. Operating income surged by 65% to $2.8 billion, resulting in a significant improvement in operating margin to 42.0% from 32.2% in Q1 2025. Diluted earnings per share (EPS) also saw substantial growth, rising 46% to $14.06. The company's AUM reached $13.9 trillion as of March 31, 2026, reflecting a robust increase from $11.6 trillion in the prior year, demonstrating continued client trust and market engagement. BlackRock's diversified revenue streams, including investment advisory fees, technology services, and performance fees, all contributed to the positive results. The company maintained a strong liquidity position, with total liquidity resources of $15.7 billion at quarter-end.

Financial Highlights

40 data points
Beta

Revenue

$6.70B

Net Income

$2.21B

33.0% Net Margin

EPS (Diluted)

$14.06

Total Assets

$170.24B

Cash & Equivalents

$9.86B

Free Cash Flow

-$1.09B

Financial Statements
Beta
Revenue$6.70B
Operating Expenses$3.88B
Operating Income$2.81B
Net Income$2.21B
EPS (Basic)$14.24
EPS (Diluted)$14.06
Shares Outstanding (Basic)155.31M
Shares Outstanding (Diluted)165.00M

Key Highlights

  • 1Total revenue increased 27% year-over-year to $6.7 billion in Q1 2026.
  • 2Operating income grew significantly to $2.8 billion, with operating margin expanding to 42.0%.
  • 3Diluted EPS rose 46% to $14.06 compared to Q1 2025.
  • 4Assets Under Management (AUM) reached $13.9 trillion as of March 31, 2026, up from $11.6 trillion in the prior year.
  • 5Strong performance in ETFs and long-term products contributed to AUM growth, with ETFs seeing $132 billion in net inflows.
  • 6Technology services and subscription revenue increased by $94 million, driven by demand for Aladdin and Preqin.
  • 7BlackRock maintained a healthy liquidity position with $15.7 billion in total liquidity resources.

Frequently Asked Questions

BlackRock's total revenue for the first quarter of 2026 was $6.7 billion, representing a 27% increase compared to $5.3 billion in the first quarter of 2025. This growth was primarily driven by higher investment advisory, administration fees, and securities lending revenue, which increased by $1.0 billion, supported by positive market performance and organic growth. Investment advisory performance fees also saw a significant jump to $272 million from $60 million in the prior year, mainly due to strong performance in private markets, including contributions from the HPS acquisition.

Assets Under Management (AUM) stood at $13.9 trillion as of March 31, 2026, an increase from $11.6 trillion as of March 31, 2025. For the first quarter of 2026, AUM experienced a decrease of $147 billion sequentially to $13.9 trillion, primarily due to net market depreciation and negative foreign exchange impacts, partially offset by net inflows. Long-term products saw net inflows of $136 billion, led by strong performance in ETFs and retail clients, while institutional clients experienced net outflows.

BlackRock reported a strong liquidity position with total liquidity resources of $15.7 billion at March 31, 2026, a decrease of $1.2 billion from the prior quarter. This decrease was attributed to year-end incentive payments, dividend payments, share repurchases, and investment purchases, partially offset by an increase in credit facility commitments and operating cash flows. The company believes its liquid assets, ongoing operating cash flows, and available borrowing capacity provide sufficient resources to meet its short-term and long-term obligations.

Total expenses increased by 9% to $3.9 billion in the first quarter of 2026 compared to the prior year. This rise was primarily due to higher employee compensation and benefits, which increased by $484 million, reflecting higher operating income, performance fees, and the impact of acquisitions. General and administration expenses also rose, driven by occupancy, office-related, and technology costs. Amortization of intangible assets increased significantly due to acquisitions, while the change in fair value of contingent consideration decreased, impacting overall expense.