BlackRock, Inc. Earnings Summary — Q2 FY2026

• Assets Under Management (AUM) reached a record $15.3 trillion, representing a 22% increase year-over-year.
• Quarterly net inflows totaled $192 billion, driven by strength in ETFs ($178 billion) and active fixed income.
• Revenue growth of 31% was fueled by organic base fee growth (8% this quarter), higher performance fees, and the HPS transaction.
• Technology services and subscription revenue grew 13% YoY, with Aladdin ACV growth reaching 15%.
• Adjusted operating margin of 45.9% marked the company's highest level in nearly five years.
• Management increased the planned 2026 share repurchase target to $2 billion, up from prior estimates.
• iShares crossed the $6 trillion AUM milestone, effectively doubling in size over the last three fiscal years.

Management expressed high conviction in future growth by increasing planned quarterly share repurchases to $550 million for the remainder of 2026. The firm is targeting 10% organic base fee growth over the long term and noted accelerating momentum in private markets and systematic equity strategies.

Improving

The firm is seeing an acceleration in organic growth (8% vs the target of 5%) and has reached peak margins for the last five years, supported by record inflows across diversified platforms.

BlackRock expects continued demand for private markets and Aladdin technology solutions. The integration of HPS and the scaling of the infrastructure and liquid alternatives franchises are expected to drive durable earnings growth despite potential market volatility.