# BlackRock (BLK) Q2 2026 earnings

Results filed 2026-07-15 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/blk/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/2012383/000119312526304013/0001193125-26-304013-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $7,084 | up 31% from a year ago | GAAP |
| Operating income | $2,461 | up 42% from a year ago | GAAP |
| Operating margin | 34.7% | up from 31.9% a year ago | GAAP |
| Operating margin, as adjusted | 45.9% | up from 43.3% a year ago | non-GAAP |
| Net income attributable to BlackRock, Inc. | $1,914 | up 20% from a year ago | GAAP |
| Diluted EPS | $12.19 | up 20% from a year ago | GAAP |
| Diluted EPS, as adjusted | $13.91 | up 15% from a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Assets under management (end of period) | $15,344,624 | up from $12,527,590 a year ago |
| Total net flows | $191,700 |  |
| 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 |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Planned quarterly share repurchases | each quarter going forward | $550 million |
| Planned 2026 share repurchases | 2026 | $2 billion |

## Key takeaways

1. **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.
2. **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.
3. **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%.
4. **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.
5. **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.

## 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.