Sep 2026 (Q3 FY26) — Oct 14, 2026
BlackRock Q3 FY26 — Record Revenue, Operating Income, and EPS Driven by Broad-Based Inflows and Strategic Investments
Read the full callBlackRock (BLK) earnings
- Jun 2026
- Sep 2026 (Q3 FY26)
- Dec 2025
BlackRock earnings: last reported Wed, 14 Oct 2026, for the quarter ended Sep 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,084 | +30.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 34.7 | +2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,914 | +20.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 19 judged targets kept · 23 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Active ETF revenue | $500 million or greater | Mar 2026 | We're already tracking ahead of the $500 million avenue revenue ambition that we laid out last summer. | On Track |
| Share repurchases | $1.8 billion | Dec 2025 | we anticipate repurchasing at least $550 million of shares per quarter going forward, higher than our previous guidance communicated in January. | Revised Up |
3 of BlackRock, Inc.'s 42 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 40 more targets are in the full ledger.
Claimed
- Generated $205 billion of net inflows in Q3, contributing to $870 billion over the last 12 months.
- Achieved 11% organic base fee growth in Q3, marking the ninth consecutive quarter at or above 5%.
- Reported record revenue of $7.8 billion, up 19% year-over-year.
- Delivered record operating income of $3.3 billion, up 27% year-over-year, with an operating margin of 47.8%.
- Increased earnings per share to $15.93, a 38% rise compared to the prior year.
Qualified
Price
$1,124.6 −0.86% · −$9.78
Performance −3.1% 1Y
1Y: $1,161.16 on 17 Oct 2025 → $1,124.6. High $1,182.84 (13 Aug 2026), low $922.9 (12 Mar 2026).
- Previous close
- $1,134.38
- 52-week range
- $922.9 – $1,182.84
- One year
- −3.05%
Overview
- Symbol
- BLK
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 19 judged targets kept · 23 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Active ETF revenue | $500 million or greater | Mar 2026 | We're already tracking ahead of the $500 million avenue revenue ambition that we laid out last summer. | On Track |
| Share repurchases | $1.8 billion | Dec 2025 | we anticipate repurchasing at least $550 million of shares per quarter going forward, higher than our previous guidance communicated in January. | Revised Up |
Claimed
- Generated $205 billion of net inflows in Q3, contributing to $870 billion over the last 12 months.
- Achieved 11% organic base fee growth in Q3, marking the ninth consecutive quarter at or above 5%.
- Reported record revenue of $7.8 billion, up 19% year-over-year.
- Delivered record operating income of $3.3 billion, up 27% year-over-year, with an operating margin of 47.8%.
- Increased earnings per share to $15.93, a 38% rise compared to the prior year.
Qualified
The full ledger
Open BlackRock, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Jun 2026 (Q2 FY26) — Jul 15, 2026
BlackRock Q2 FY26 — Record Inflows and Margin Expansion Driven by Diversified Platform
Read the full callMar 2026 (Q1 FY26) — Apr 14, 2026
BlackRock Q1 FY26 — Record start with $130B net inflows and 8% organic base fee growth
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
BlackRock earnings calls (BLK)
Financials
What the filings say
Net profit, year on year: +20% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,197 | — | 5,276 | 5,423 | 6,509 | 7,008 | 6,698 | 7,084 |
| Operating profit | 2,006 | 2,075 | 1,698 | 1,731 | 1,955 | 1,661 | 2,814 | 2,461 |
| Operating margin | 38.6% | — | 32.2% | 31.9% | 30.0% | 23.7% | 42.0% | 34.7% |
| Other income | 259 | 28 | 65 | 521 | 42 | -54 | 28 | 258 |
| Interest | 154 | 166 | 166 | 173 | 135 | 140 | 134 | 134 |
| Profit before tax | 2,265 | 2,103 | 1,763 | 2,252 | 1,997 | 1,607 | 2,842 | 2,719 |
| Tax rate | 25.3% | 21.0% | 14.1% | 26.1% | 23.5% | 23.1% | 18.2% | 24.9% |
| Net profit | 1,631 | 1,670 | 1,510 | 1,593 | 1,323 | 1,127 | 2,212 | 1,914 |
| EPS ($ per share) | 11.02 | — | 9.74 | 10.29 | 8.54 | — | 14.24 | 12.34 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 2 | 2 | 2 |
| Total liabilities | — | 81,971 | 89,260 | 108,456 |
| Fixed assets | — | 1,112 | 1,103 | 1,256 |
| Total assets | — | 123,211 | 138,615 | 169,998 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 4,956 | 4,165 | 4,956 | 3,927 |
| Cash from investing | -1,130 | -959 | -3,004 | -4,418 |
| Cash from financing | -5,442 | -1,992 | 2,236 | -1,127 |
| Net cash flow | -1,907 | 1,320 | 4,026 | -1,289 |
| Capital expenditure | -533 | -344 | -255 | -375 |
| Free cash flow | 4,423 | 3,821 | 4,701 | 3,552 |
BLK operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Net new assets | $68BSecond quarter net inflows of $68 billion were impacted by low fee institutional index redemptions, which saw $48 billion of net outflows.Source: earnings call transcript | $205BWe generated $205 billion of net inflows in the third quarter, reflecting 10% annualized organic base fee growth, our highest quarter since 2021.Source: earnings call transcript | $342BBlackRock awarded -- clients awarded BlackRock with nearly $700 billion in new assets in 2025, including $342 billion in the fourth quarter.Source: earnings call transcript | $130BBlackRock is winning mind share and wallet share reflected in $130 billion of net inflows in the first quarter.Source: earnings call transcript | $192BWe generated $192 billion of net inflows, representing 8% organic base fee growth, 2 full years of above-target organic base fee growth underscores that this level of performance is sustainable.Source: earnings call transcript | $205BIn the third quarter, BlackRock generated $205 billion of net inflows.Source: earnings call transcript | +6.8% |
| Net new assets ETF | $85BETF net inflows of $85 billion were diversified by channel, and over 1/3 were driven by our clients in Europe using local ranges.Source: earnings call transcript | $153BWe iShares ETFs generating $153 billion of net inflows in the third quarter.Source: earnings call transcript | $181BiShares net inflows of $181 billion in the fourth quarter once again demonstrated strong momentum into year-end, supported by seasonal portfolio reallocations.Source: earnings call transcript | $132BRecord first quarter ETF net inflows of $132 billion were led by index bond ETFs with $41 billion of net inflows.Source: earnings call transcript | — | $135BETFs generated $135 billion of net inflows in the third quarter.Source: earnings call transcript | — |
| Net new assets Cash Management | $22BCash AUM is up 25% over the last year, and we generated $22 billion of net inflows in the second quarter.Source: earnings call transcript | $34BOur cash management platform recently crossed $1 trillion in AUM, with $34 billion of net inflows in the quarter.Source: earnings call transcript | $74BFinally, BlackRock Cash Management saw $74 billion of net inflows in the fourth quarter and $131 billion in 2025, driven by US government, international, Prime and Circle Reserve Funds.Source: earnings call transcript | -$6BFinally, BlackRock's cash management platform saw $6 billion of net outflows in the first quarter.Source: earnings call transcript | -$7BFinally, cash net outflows of $7 billion in the quarter were due to redemptions from US government funds, partially offset by the creation of bespoke liquidity solutions.Source: earnings call transcript | $31BFinally, our cash management platform generated $31 billion of net inflows in the third quarter.Source: earnings call transcript | — |
| Net new assets Fixed Income | — | — | $80B+We saw more than $80 billion of fixed income flows in Q4 and more than $40 billion outside the new Citi mandate.Source: earnings call transcript | — | — | $78BFixed income generated $78 billion of net inflows in the third quarter and $205 billion year-to-date, reflecting demand for high-quality income and more resilient portfolio construction.Source: earnings call transcript | — |
| Assets under management (AUM) Target date | — | $585BWe're the #1 DC investment-only firm, $585 billion in target date AUM.Source: earnings call transcript | — | $600BWe have a $600 billion LifePath targeted franchise where we saw $15 billion of net inflows in the quarter.Source: earnings call transcript | — | — | — |
| Assets under management (AUM) Private markets and alternatives | — | $660B+And today, we have over $660 billion in private markets and alternatives, which allows us to bring the best of public and private to the target date funds.Source: earnings call transcript | $675B+BlackRock houses the world's #1 ETF franchise, a top 5 alternatives platform with more than $675 billion in client assets, $0.5 trillion in target date AUM, leading advisory services and a tech and data SaaS franchise with nearly $2 billion in revenue.Source: earnings call transcript | — | — | — | — |
| Net new assets Private credit | — | — | $7BWe had $7 billion of private credit net inflows in the quarter, primarily due to deployment activity.Source: earnings call transcript | — | $6BWe had $15 billion of inflows in private markets in Q2, $6 billion of that was really from private credit, and we've seen incredible opportunities, I think, in the marketplace.Source: earnings call transcript | — | — |
| Net new assets Index bond ETFs | — | — | — | $41BRecord first quarter ETF net inflows of $132 billion were led by index bond ETFs with $41 billion of net inflows.Source: earnings call transcript | $61BCore equity and index bond ETFs led the way with net inflows of $85 billion and $61 billion, respectively.Source: earnings call transcript | $61BIndex bond ETFs and precision ETFs led the way, generating $61 billion and $41 billion of net inflows, respectively.Source: earnings call transcript | 0% |
| Net new assets Precision exposures | — | — | — | $39BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $15BPrecision added $15 billion as clients use iShares international and sector equity ETFs to express tactical views, iShares ETF delivered a fifth consecutive quarter of double-digit organic base fee growth powered by higher-value ETF categories such as active and precision.Source: earnings call transcript | $41BIndex bond ETFs and precision ETFs led the way, generating $61 billion and $41 billion of net inflows, respectively.Source: earnings call transcript | +173.3% |
| Net new assets Core equity | — | — | — | $32BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $85BCore equity and index bond ETFs led the way with net inflows of $85 billion and $61 billion, respectively.Source: earnings call transcript | — | +165.6% |
| Net new assets Active ETFs | — | — | — | $19BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $20BMomentum in active ETFs continued with $20 billion of net inflows as clients seek performance through a liquid tax-efficient wrapper.Source: earnings call transcript | $22BContinued demand for our growing lineup of active ETFs added $22 billion of net inflows.Source: earnings call transcript | +10% |
| Net new assets Retail | — | — | — | $15BRetail net inflows of $15 billion reflected continued strength in our systematic liquid alternatives, active fixed income and evergreen private markets offerings.Source: earnings call transcript | $19BRetail net inflows of $19 billion were led by broad-based flows into our active fixed income offerings as well as continued inflows into Aperio and liquid alternative funds.Source: earnings call transcript | $23BRetail net inflows of $23 billion were driven by sustained momentum in liquid alternatives, broad-based demand for our US active fixed income offerings and continued inflows across Aperio and SpiderRock.Source: earnings call transcript | +21.1% |
| Net new assets Aperio | — | — | — | $13BAperio generated a record $13 billion of net inflows and SpiderRock added over $1 billion in the quarter.Source: earnings call transcript | $7BAperio had $7 billion of net inflows in the second quarter split about half and half between long-only and long/short strategies.Source: earnings call transcript | $5BAperio had $5 billion of net inflows in the third quarter, including $4 billion into long short and $1 billion into long only.Source: earnings call transcript | -28.6% |
| Net new assets SpiderRock | — | — | — | $1B+Aperio generated a record $13 billion of net inflows and SpiderRock added over $1 billion in the quarter.Source: earnings call transcript | — | $2BNow have 3 back-to-back record quarters in 2026, including $2 billion in the third quarter.Source: earnings call transcript | — |
| Net new assets Institutional active | — | — | — | $24BInstitutional active net inflows were $24 billion, driven by our LifePath target date franchise, private markets and systematic strategies.Source: earnings call transcript | $44BInstitutional active net inflows of $44 billion were driven by strength in private markets, fixed income, systematic strategies as well as OCIO and target date offerings.Source: earnings call transcript | $44BInstitutional active net inflows of $44 billion were positive across all product types and were led by strength in private markets, fixed income, systematic equities and liquid alternatives.Source: earnings call transcript | 0% |
| Net new assets Institutional index | — | — | — | -$35BInstitutional index net outflows of $35 billion were concentrated in low fee index equities.Source: earnings call transcript | -$41BInstitutional index net outflows of $41 billion were concentrated in low fee index equities.Source: earnings call transcript | -$27BInstitutional index net outflows of $27 billion were concentrated in low fee index equities.Source: earnings call transcript | +34.1% |
| Net new assets Private markets | — | — | — | $9BWe saw an aggregate $9 billion of net inflows led by private credit and infrastructure and primarily driven by deployment activity.Source: earnings call transcript | — | $15BIn private markets, we saw $15 billion of net inflows, mainly from deployment across infrastructure and private credit and the onboarding of a real estate mandate.Source: earnings call transcript | — |
| Net new assets Liquid alternative strategies | — | — | — | $3BThat was driven by a record $13 billion into Aperio, $3 billion into liquid alternative strategies as well as demand for strategic income opportunities, active fixed income and our evergreen private markets.Source: earnings call transcript | $7BAnd our top quartile global equity market neutral fund drove a record $7 billion of net inflows into liquid alternatives.Source: earnings call transcript | — | +133.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
145 filings between Oct 20, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$206.14M
42 sales by 8 insiders
Compensation
not trading decisions- 80
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 9 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Goldstein Robert L. | — | $64.66M | Feb 11, 2026 |
| FINK LAURENCE | — | $37.67M | Jul 16, 2026 |
| Small Martin | — | $32.99M | Jan 16, 2026 |
| Kushel J. Richard | — | $25.08M | Feb 24, 2026 |
| Meade Christopher J. | — | $19.94M | Jul 16, 2026 |
| Lord Rachel | — | $13.98M | Oct 20, 2025 |
| KAPITO ROBERT | — | $9.23M | Apr 27, 2026 |
| Cohen Stephen | — | $2.58M | Feb 23, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Nixon Gordon M. Director | Award | 34 | $0 |
| Sep 30, 2026 | Murphy Kathleen Director | Award | 36 | $0 |
| Sep 30, 2026 | Vestberg Hans Erik Director | Award | 33 | $0 |
| Sep 30, 2026 | LEMKAU GREGG Director | Award | 27 | $0 |
| Sep 30, 2026 | Robbins Charles Director | Award | 27 | $0 |
| Sep 30, 2026 | Freda Fabrizio Director | Award | 18 | $0 |
| Sep 30, 2026 | PECK KRISTIN C Director | Award | 30 | $0 |
| Sep 30, 2026 | Daley Pamela Director | Award | 27 | $0 |
| Sep 30, 2026 | Johnson Margaret L Director | Award | 33 | $0 |
| Sep 30, 2026 | FORD WILLIAM E Director | Award | 34 | $0 |
| Sep 30, 2026 | Nasser Amin H. Director | Award | 27 | $0 |
| Jul 21, 2026 | FINK LAURENCE Chairman and CEO | Gift | 7,852 | $0 |
| Jul 16, 2026 | Meade Christopher J. General Counsel and CLO | Option exercise | 18,095 | $9.29M |
| Jul 16, 2026 | Meade Christopher J. General Counsel and CLO | Sale | 15,895 | $17.52M |
| Jul 16, 2026 | FINK LAURENCE Chairman and CEO | Sale | 1,905 | $2.06M |
| Jul 16, 2026 | Meade Christopher J. General Counsel and CLO | Sale | 2,200 | $2.43M |
| Jun 30, 2026 | Robbins Charles Director | Award | 30 | $0 |
| Jun 30, 2026 | PECK KRISTIN C Director | Award | 34 | $0 |
| Jun 30, 2026 | Nixon Gordon M. Director | Award | 37 | $0 |
| Jun 30, 2026 | Nasser Amin H. Director | Award | 30 | $0 |
| Jun 30, 2026 | Daley Pamela Director | Award | 30 | $0 |
| Jun 30, 2026 | Murphy Kathleen Director | Award | 41 | $0 |
| Jun 30, 2026 | LEMKAU GREGG Director | Award | 30 | $0 |
| Jun 30, 2026 | FORD WILLIAM E Director | Award | 37 | $0 |
| Jun 30, 2026 | Johnson Margaret L Director | Award | 36 | $0 |
| Jun 30, 2026 | Vestberg Hans Erik Director | Award | 36 | $0 |
| Jun 30, 2026 | Freda Fabrizio Director | Award | 21 | $0 |
| Jun 1, 2026 | FINK LAURENCE Chairman and CEO | Gift | 4,780 | $0 |
| Apr 28, 2026 | FINK LAURENCE Chairman and CEO | Sale | 8,225 | $8.65M |
| Apr 28, 2026 | FINK LAURENCE Chairman and CEO | Sale | 13,834 | $14.53M |
| Apr 28, 2026 | FINK LAURENCE Chairman and CEO | Sale | 2,126 | $2.24M |
| Apr 28, 2026 | FINK LAURENCE Chairman and CEO | Sale | 9,715 | $10.20M |
| Apr 27, 2026 | KAPITO ROBERT President | Sale | 187 | $197.8K |
| Apr 27, 2026 | KAPITO ROBERT President | Sale | 3,188 | $3.37M |
| Apr 27, 2026 | KAPITO ROBERT President | Sale | 5,364 | $5.67M |
| Mar 31, 2026 | Nasser Amin H. Director | Award | 30 | $0 |
| Mar 31, 2026 | Murphy Kathleen Director | Award | 40 | $0 |
| Mar 31, 2026 | LEMKAU GREGG Director | Award | 29 | $0 |
| Mar 31, 2026 | Johnson Margaret L Director | Award | 37 | $0 |
| Mar 31, 2026 | FORD WILLIAM E Director | Award | 38 | $0 |
| Mar 31, 2026 | Freda Fabrizio Director | Award | 21 | $0 |
| Mar 31, 2026 | Nixon Gordon M. Director | Award | 38 | $0 |
| Mar 31, 2026 | Daley Pamela Director | Award | 40 | $0 |
| Mar 31, 2026 | PECK KRISTIN C Director | Award | 34 | $0 |
| Mar 31, 2026 | Vestberg Hans Erik Director | Award | 36 | $0 |
| Mar 31, 2026 | Robbins Charles Director | Award | 30 | $0 |
| Feb 24, 2026 | Kushel J. Richard Senior Managing Director | Sale | 2,000 | $2.17M |
| Feb 24, 2026 | Kushel J. Richard Senior Managing Director | Sale | 385 | $417.7K |
| Feb 23, 2026 | Cohen Stephen Senior Managing Director | Sale | 225 | $240.7K |
| Feb 19, 2026 | Cohen Stephen Senior Managing Director | Gift | 657 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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