BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted
BlackRock, Inc. (BLK) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 INVESTOR RELATIONS: Caroline Rodda 212.810.3442 MEDIA RELATIONS: Patrick Scanlan 212.810.3622 BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted New York, October 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results f
How this was made
The 30-second read
Why it matters
The earnings beat and record inflows are likely to boost the stock and reinforce bullish bias in the asset‑management sector.
Market read
First‑report earnings of a mega‑cap manager; material for traders and sector investors.
What to watch
Potential regulatory scrutiny on fee structures and competition from low‑cost providers.
BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted
Revenue increased 19% year-over-year, total net flows were $205 billion, as adjusted operating income increased 27%, and as adjusted diluted EPS increased 38%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 assets under managementother | $15.49T | $143,639 million | 15% |
| Q3 2026 average AUMother | $15.46T | – | 19% |
| Q3 2026 total net flowsother | $205.5B | – | – |
| Q3 2026 long-term net flowsother | $174.8B | – | – |
| Q3 2026 cash management net flowsother | $30.65B | – | – |
| Q3 2026 total revenueGAAP | $7.75B | $668 million | $1,243 million |
| Q3 2026 investment advisory, administration fees and securities lending revenueGAAP | $6.04B | $310 million | $990 million |
| Q3 2026 investment advisory performance feesGAAP | $630M | $325 million | $114 million |
| Q3 2026 technology services and subscription revenueGAAP | $588M | $22 million | $73 million |
| Q3 2026 distribution feesGAAP | $414M | $19 million | $59 million |
| Q3 2026 advisory and other revenueGAAP | $84M | $(8) million | $7 million |
| Q3 2026 operating incomeGAAP | $2.33B | $(133) million | $373 million |
| Q3 2026 operating marginGAAP | 30.0% | (470) bps | - bps |
| Q3 2026 net income attributable to BlackRock, Inc.GAAP | $1.66B | $(255) million | $336 million |
| Q3 2026 diluted EPSGAAP | $10.57 | $(1.62) | $2.14 |
| Q3 2026 effective tax rateGAAP | 29.4% | 420 bps | 420 bps |
| Q3 2026 operating incomenon-GAAP | $3.33B | $414 million | $709 million |
| Q3 2026 operating marginnon-GAAP | 47.8% | 190 bps | 320 bps |
| Q3 2026 net income attributable to BlackRock, Inc.non-GAAP | $2.62B | $330 million | $714 million |
| Q3 2026 diluted EPSnon-GAAP | $15.93 | $2.02 | $4.38 |
| Nine months 2026 total revenueGAAP | $21.53B | – | $4,326 million |
| Nine months 2026 operating incomeGAAP | $7.60B | – | $2,219 million |
| Nine months 2026 net income attributable to BlackRock, Inc.GAAP | $5.79B | – | $1,359 million |
| Nine months 2026 diluted EPSGAAP | $36.82 | – | $8.61 |
| Nine months 2026 operating incomenon-GAAP | $8.91B | – | $2,163 million |
| Nine months 2026 diluted EPSnon-GAAP | $42.37 | – | $7.48 |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Equity subtotal investment advisory, administration fees and securities lending revenueOrganic base fee growth and the impact of market beta on average AUM. | $2.79B | $177 million | $638 million |
| Fixed income subtotal investment advisory, administration fees and securities lending revenueOrganic base fee growth and the impact of market beta on average AUM. | $1.01B | $32 million | $108 million |
| Active multi-asset investment advisory, administration fees and securities lending revenueOrganic base fee growth and the impact of market beta on average AUM. | $405M | $18 million | $61 million |
| Alternatives subtotal investment advisory, administration fees and securities lending revenuePrivate markets and liquid alternatives revenue. | $908M | $57 million | $77 million |
| Non-ETF index investment advisory, administration fees and securities lending revenueOrganic base fee growth and the impact of market beta on average AUM. | $399M | $14 million | $46 million |
| Digital assets, commodities and multi-asset ETFs investment advisory, administration fees and securities lending revenueAmounts include commodity ETFs and ETPs. | $164M | $1 million | $24 million |
| Cash management investment advisory, administration fees and securities lending revenueOrganic base fee growth and the impact of market beta on average AUM. | $354M | $11 million | $36 million |
| Technology services and subscription revenueSustained demand for Aladdin and multi-product solutions. | $588M | $22 million | $73 million |
| Distribution feesHigher average AUM. | $414M | $19 million | $59 million |
| Advisory and other revenueNo specific driver reported. | $84M | $(8) million | $7 million |
Capital returns
- $550 million of share repurchases in the current quarter.
- Cash dividends declared and paid per share were $5.73.
What drove it
- $205 billion of net inflows and 11% annualized organic base fee growth in the quarter reflected broad-based strength across iShares ETFs, systematic active equities, private markets, and cash.
- iShares generated $135 billion of net inflows, diversified across categories and global product lines.
- Active net inflows were $66 billion, led by fixed income and systematic franchises.
- Technology services and subscription annual contract value increased 12% from the third quarter of 2025.
- Performance fees increased $114 million year-over-year, primarily reflecting higher liquid alternative revenue, partly offset by lower private markets revenue.
- Securities lending revenue was $253 million, up from $203 million, primarily reflecting higher spreads and higher average balances of securities on loan.
Concerns
- GAAP operating income declined $(133) million from the second quarter of 2026 and GAAP diluted EPS declined $(1.62), while change in fair value of contingent consideration increased $553 million sequentially.
- Institutional index had net outflows of $(27,444) million in Q3 2026.
- Current-quarter market change was $(60,128) million, including $(117,408) million for fixed income and $(62,326) million for long-term AUM.
- Q3 2026 GAAP effective tax rate was 29.4%, compared with 25.2% in both Q3 2025 and Q2 2026.
- Private markets performance fees were $191 million, down $(107) million from Q3 2025.
What to watch
- Whether the stated accelerating momentum and broad pipeline spanning whole portfolio, private markets, retirement, and international platforms convert into flows.
- Sustainability of iShares ETF net inflows of $135 billion and active net inflows of $66 billion.
- Technology services and subscription revenue and ACV growth, following 12% ACV growth from Q3 2025.
- The effect of BlackRock common stock price movements on contingent consideration for the GIP and HPS transactions.
- Institutional index flows after $(27,444) million of Q3 2026 outflows.
Balance sheet and cash flow
- AUM was $15,488,263 million as of September 30, 2026.
- Total net flows were $205,466 million in Q3 2026.
- Market change was $(60,128) million in the current quarter component changes.
- Realizations were $(6,017) million in the current quarter component changes.
- Foreign exchange impact was $4,318 million in the current quarter component changes.
- Cash, debt, operating cash flow and free cash flow were not reported.
Analysis
BlackRock reported broad revenue and earnings growth in Q3 2026. GAAP revenue was $7,752 million, up $1,243 million from Q3 2025 and $668 million from Q2 2026. GAAP operating income was $2,328 million, up $373 million year-over-year but down $(133) million sequentially. GAAP diluted EPS was $10.57, up $2.14 year-over-year and down $(1.62) sequentially. On an as adjusted basis, operating income was $3,330 million and diluted EPS was $15.93, up $709 million and $4.38, respectively, from Q3 2025.
Flows and AUM showed extensive client demand. Total net flows were $205,466 million, including $174,814 million of long-term net flows and $30,652 million of cash management net flows. ETFs generated $134,509 million of net inflows, while active strategies generated $66,405 million. Institutional index was the notable exception, with $(27,444) million of net outflows. Ending AUM was $15,488,263 million, compared with $13,463,625 million a year earlier and $15,344,624 million at June 30, 2026.
Revenue mix was supported by base fees, performance fees and technology. Investment advisory, administration fees and securities lending revenue rose $990 million year-over-year to $6,036 million. Performance fees increased $114 million to $630 million, primarily due to liquid alternatives, although private markets performance fees declined year-over-year. Technology services and subscription revenue increased $73 million to $588 million, with ACV up 12% from Q3 2025. Securities lending revenue increased to $253 million from $203 million, reflecting higher spreads and higher average balances of securities on loan.
Margins diverged between GAAP and as adjusted reporting because of acquisition-related items. GAAP operating margin was unchanged year-over-year at 30.0% and declined from 34.7% in Q2 2026. As adjusted operating margin increased 320 basis points year-over-year to 47.8% and increased 190 basis points sequentially. The change in fair value of contingent consideration was $564 million, up $471 million year-over-year and $553 million sequentially, primarily in connection with the GIP and HPS transactions.
Capital return included $550 million of share repurchases in the current quarter, and cash dividends declared and paid per share were $5.73. Management described entry into the seasonally strongest fourth quarter with accelerating momentum and a broad pipeline, but the release did not provide quantitative financial guidance. Key reported areas for the next period are continued ETF and active flow strength, technology ACV growth, institutional index flows, market effects on AUM, and the impact of contingent-consideration fair-value changes on GAAP results.
Management, verbatim
BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology. That client trust is translating into higher earnings power, with shareholders benefiting from a more than 35% increase in adjusted earnings per share year-over-year, a 47.8% adjusted operating margin, and 11% annualized organic base fee growth in the third quarter.
Laurence D. Fink, Chairman and CEO
Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our results reflect the scale of BlackRock, with 12% technology ACV growth and net inflows across every asset class, client type, region, and across active and index.
Laurence D. Fink, Chairman and CEO
We’re entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms.
Laurence D. Fink, Chairman and CEO
Not in the filing
stated, not guessed- Quantitative forward revenue guidance
- Quantitative forward gross-margin guidance
- Quantitative forward operating-expense guidance
- Quantitative forward tax-rate guidance
- Previous-period outlook for comparison
- Gross margin
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Q3 2026 segment operating income or profitability
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BlackRock’s 8‑K provides the first public disclosure of its Q3 2026 financials, including EPS, revenue, AUM, and net inflows.
Ticker impact
BlackRock filed an 8‑K reporting Q3 2026 results with EPS $10.57 (adjusted $15.93) and $15.5 trillion AUM, a fresh primary disclosure.
likely upward pressure as investors price in higher earnings and inflows
EPS beat, 19% revenue growth, and $205 bn net inflows indicate strong performance, prompting buying.
Market effects
Highlights strength in asset‑management sector and ETFs, supporting peers.
Positive for U.S. financial services and global capital‑allocation markets.
Large‑cap asset manager’s results influence global fund flows and market sentiment.
Counterpoint
If inflows slow or fee pressure rises, the rally could be short‑lived.
Key entities
- ExecutiveLaurence D. Fink
Chairman and CEO of BlackRock, quoted on results.
