BlackRock (BLK) · Financial Services
BlackRock Q2 2026 earnings: summary, key numbers & outlook
Results filed 15 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
BlackRock reported second quarter 2026 diluted EPS of $12.19, or $13.91 as adjusted, with $15.3 trillion in AUM and $191.7 billion of quarterly net inflows.
BlackRock's second quarter revenue rose 31% from a year ago to $7,084 million, helped by higher markets, organic base fee growth, fees from the HPS acquisition and higher performance fees. Net inflows were $192 billion, record first-half inflows were $321 billion, and assets under management reached $15.3 trillion. Operating income rose 42%, and diluted EPS was $12.19, or $13.91 as adjusted. Adjusted operating margin was 45.9%.
The release gives no revenue or earnings forecast. Management raised planned quarterly share repurchases to $550 million and the 2026 repurchase plan to $2 billion, and said momentum is accelerating. The main tension is that growth depends on markets and continued client flows. Earnings per share rose less than operating income because nonoperating income was lower and the diluted share count was higher. Profit also leans on acquisitions, including HPS.
Key numbers
- Revenue · GAAP
- $7.1B
- Operating income · GAAP
- $2.5B
- Operating margin · GAAP
- 34.7%
- Operating margin, as adjusted · non-GAAP
- 45.9%
- Net income attributable to BlackRock, Inc. · GAAP
- $1.9B
- Diluted EPS · GAAP
- $12.19
- Diluted EPS, as adjusted · non-GAAP
- $13.91
up 31% from a year ago
up 42% from a year ago
up from 31.9% a year ago
up from 43.3% a year ago
up 20% from a year ago
up 20% from a year ago
up 15% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Assets under management (end of period) | $15.3T | up from $12,527,590 a year ago |
| Total net flows | $191.7B | |
| Technology services and subscription ACV growth | 15% | up from the second quarter of 2025 |
| Active net inflows | $53 billion | |
| iShares AUM | $6 trillion | roughly doubling in three years |
Where each number comes from
- Revenue: “Revenue, GAAP basis | $7,084 | $5,423 | $6,698 | $13,782 | $10,699 Non-GAAP adjustments: Distribution fees | (395)”
- Operating income: “Operating income, GAAP basis | $2,461 | $1,731 | $2,814 | $5,275 | $3,429 Non-GAAP expense adjustments: Compensation expense”
- Operating margin: “Operating margin, GAAP basis | 34.7% | 31.9% | 42.0% | 38.3% | 32.0% Operating margin, as adjusted (1) | 45.9% | 43.3%”
- Operating margin, as adjusted: “Our second quarter adjusted operating margin was 45.9% – the highest in almost five years.”
- Net income attributable to BlackRock, Inc.: “Net income attributable to BlackRock, Inc., GAAP basis | $1,914 | $1,593 | $2,212 | $4,126 | $3,103 Noncontrolling interest - Subco”
- Diluted EPS: “Diluted earnings per common share, GAAP basis | $12.19 | $10.19 | $14.06 | $26.25 | $19.83 Diluted earnings per common share, as adjusted”
- Diluted EPS, as adjusted: “Diluted earnings per common share, GAAP basis | $12.19 | $10.19 | $14.06 | $26.25 | $19.83 Diluted earnings per common share, as adjusted (3) | $13.91 | $12.05”
- Assets under management (end of period): “Supplemental information: AUM (end of period) | $15,344,624 | $12,527,590 | $2,817,034 | $13,894,600 | $1,450,024”
- Total net flows: “Total | $191,700 | $15,344,624 | $5,726 | 100% | 100% RESULTS BY CLIENT TYPE Retail”
- Technology services and subscription ACV growth: “Technology services and subscription annual contract value (“ACV”)(1) increased 15% from the second quarter of 2025.”
- Active net inflows: “Demand is building across our active franchise with $53 billion of net inflows, where our systematic strategies drove equity net inflows and a record $7 billion into liquid alternatives.”
- iShares AUM: “iShares crossed $6 trillion in AUM, roughly doubling in three years.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $7.1B | +30.6% | +5.8% |
| Operating income | $2.5B | +42.2% | −12.5% |
| Net income | $1.9B | +20.2% | −13.5% |
| Diluted EPS | $12.19 | +19.6% | −13.3% |
| Free cash flow | $1.1B | −12.3% | — |
| Operating margin | 34.7% | +2.8 pts | −7.3 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Planned quarterly share repurchases | each quarter going forward | $550 million |
| Planned 2026 share repurchases | 2026 | $2 billion |
Key takeaways
Record inflows lifted AUM to $15.3 trillion
Net inflows were $192 billion in the second quarter and $321 billion in the first half. The trailing twelve months brought $868 billion of net inflows.
Revenue up 31% on markets and acquisitions
Revenue rose to $7,084 million. Drivers were markets, organic base fee growth, fees related to the HPS Transaction, higher performance fees and technology revenue.
Adjusted operating margin reached 45.9%
The margin was up from 43.3% a year ago, and management called it the highest in almost five years. Adjusted operating income rose 39%.
EPS grew slower than operating income
Diluted EPS rose 20% (15% as adjusted) against operating income up 42%. Lower nonoperating income and a higher diluted share count held it back.
Share repurchases are being increased
Planned quarterly repurchases rise to $550 million, and the 2026 plan to $2 billion. The company repurchased $450 million of shares in the quarter.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $5.7B * |
| Q1 2025 | $5.3B |
| Q2 2025 | $5.4B |
| Q3 2025 | $6.5B |
| Q4 2025 | $7.0B * |
| Q1 2026 | $6.7B |
| Q2 2026 | $7.1B |
| Q3 2026 | $7.8B |
Data
| Q1 2025 | $9.64 |
| Q2 2025 | $10.19 |
| Q3 2025 | $8.43 |
| Q1 2026 | $14.06 |
| Q2 2026 | $12.19 |
| Q3 2026 | $10.57 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 36.6% |
| Q1 2025 | 32.2% |
| Q2 2025 | 31.9% |
| Q3 2025 | 30.0% |
| Q4 2025 | 23.7% |
| Q1 2026 | 42.0% |
| Q2 2026 | 34.7% |
| Q3 2026 | 30.0% |
Data
| Q4 2024 | $2.5B |
| Q1 2025 | -$1.2B |
| Q2 2025 | $1.3B |
| Q3 2025 | $1.3B |
| Q4 2025 | $2.1B |
| Q1 2026 | -$1.1B |
| Q2 2026 | $1.1B |
| Q3 2026 | $2.6B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were BlackRock's second quarter 2026 earnings?
Diluted EPS was $12.19 on a GAAP basis and $13.91 as adjusted, up 20% and 15% from a year ago. Net income attributable to BlackRock was $1,914 million.
How much did BlackRock's revenue grow?
Revenue was $7,084 million, up 31% from a year ago. The release cites markets, organic base fee growth, HPS fees, higher performance fees and technology revenue growth.
How large were net inflows and AUM?
Net inflows were $192 billion in the quarter and $321 billion in the first half. AUM ended June 30, 2026 at $15.3 trillion.
What is BlackRock's operating margin?
The GAAP operating margin was 34.7%, up from 31.9% a year ago. The as-adjusted margin was 45.9%, up from 43.3%.
What did BlackRock say about capital return?
It increased planned quarterly share repurchases to $550 million. It also raised its planned 2026 repurchases to $2 billion, after $450 million of repurchases in the quarter.
Documents
SEC filing