BlackRock Assets Reach Record $15.5T on $205B Quarterly Inflows
BlackRock reported a 19% year-over-year revenue increase to $7.75B for Q3 2026, driven by strong organic base fee growth. Adjusted EPS rose 38% to $15.93, while GAAP results were impacted by a noncash acquisition-related fair value adjustment.
What they reported
- Assets under management (AUM) reached $15.49 trillion, representing a 15% increase from $13.46 trillion a year earlier.
- Total net inflows for the quarter were $205.5 billion, led by $135 billion into ETFs and $66 billion into active strategies.
- Quarterly revenue rose 19% year-over-year to $7.75 billion, up from $6.51 billion in Q3 2025.
- GAAP net income rose 25% year-over-year to $1.66 billion, resulting in GAAP diluted EPS of $10.57.
- Adjusted net income rose 37% year-over-year to $2.62 billion, with adjusted diluted EPS reaching $15.93.
GAAP vs. Adjusted Results
- GAAP operating margin remained flat year-over-year at 30.0%.
- Adjusted operating margin expanded to 47.8%, up from 44.6% in Q3 2025.
- The difference between GAAP and adjusted results was driven by a noncash change in the fair value of contingent consideration associated with prior acquisitions.
What management said
CEO Laurence D. Fink highlighted that client trust is translating into higher earnings power, pointing to 11% annualized organic base fee growth in the quarter. Management also noted continued momentum in Aladdin and multi-product solutions, which drove a 14% year-over-year increase in technology services and subscription revenue.
What to watch next
- The expansion of private markets, which raised $68 billion over the last twelve months and generated $668 million in base fees and securities lending revenue this quarter.
- Growth in technology services, where annual contract value (ACV) grew 12% in the quarter.
- The trend in GAAP operating margin, which fell sequentially to 30.0% from 34.7% in Q2 2026, even as adjusted margins expanded.