BlackRock Inc

Latest Results (27.01.2026):

BlackRock, Inc. — Third quarter 2025: BlackRock reported Q3 2025 GAAP diluted EPS of $8.43 and as‑adjusted diluted EPS of $11.55, revenue of $6.509 billion (up 25% year‑over‑year), $205 billion of total net inflows, and assets under management of $13.46 trillion. The quarter reflects strong flows across iShares ETFs, private markets and cash, continued technology subscription growth, acquisition-related impacts (HPS, Preqin, GIP, ElmTree), and elevated acquisition-related and amortization expenses that drove a gap between GAAP and as‑adjusted results.

Headline earnings

GAAP diluted EPS: $8.43 (Q3 2025) vs $10.90 (Q3 2024). As‑adjusted diluted EPS: $11.55 (up 1% YoY). GAAP net income attributable to BlackRock was $1.323 billion; as‑adjusted net income was $1.907 billion.

Revenue and AUM

Total revenue for Q3 2025 was $6.509 billion (25% YoY growth). End‑of‑period AUM was $13.46 trillion and average AUM $12.96 trillion (both up ~17% YoY). iShares AUM surpassed $5 trillion and cash management AUM reached ~$1 trillion.

Flows and product mix

Total net flows were $205 billion for the quarter, led by ETFs (~$153 billion), long‑term net flows of $171 billion, and cash management inflows of $34 billion. Strong demand was noted in iShares ETFs, systematic active equities, private markets, outsourcing and cash.

Operating performance

GAAP operating income was $1.955 billion (operating margin 30.0%). Operating income, as‑adjusted, was $2.621 billion with an as‑adjusted operating margin of 44.6%, reflecting exclusion of acquisition‑related, amortization and certain compensation items in the non‑GAAP view.

Non‑operating items & taxes

Nonoperating income (GAAP) was $42 million in Q3; GAAP diluted EPS was pressured by noncash acquisition‑related expenses and higher diluted share count. Reported effective tax rate for the quarter was 25.2%.

Acquisitions and integration impact

Closed the HPS acquisition on July 1, 2025 (added ~$165 billion client AUM, ~$118 billion fee‑paying AUM). Q3 also reflects contributions from Preqin (closed March 2025), ElmTree (September 2025) and earlier GIP activity; these deals materially contributed to revenue, fees and higher amortization/transaction costs.

Expenses, share count and capital actions

Operating expenses rose: employee compensation and benefits were $2.357 billion (up substantially YoY), and amortization/impairment rose (Q3 amortization and impairment $253 million) largely due to recent acquisitions. Weighted‑average diluted shares were 156.9 million (GAAP); as‑adjusted diluted share count (including Subco Units exchange assumption) was 165.2 million. The company repurchased $375 million of shares in the quarter and declared/paid a $5.21 per‑share quarterly dividend.

Technology & performance fees

Technology services and subscription revenue was $515 million in Q3; Aladdin/technology ACV grew ~29% YoY including Preqin (13% excluding Preqin). Performance fees rose $128 million YoY, driven primarily by private markets and the effect of the HPS transaction.