BLK · BlackRock, Inc.

BlackRock's Q1 2026 results showcased exceptional performance, driven by $130 billion in total net inflows, including a record $132 billion into iShares ETFs and $9 billion in private markets, led by private credit and infrastructure. This contributed to ending AUM of $13.9 trillion, up from $11.6 trillion a year ago, amid favorable market impacts partially offset by FX headwinds. GAAP revenue surged 27% year-over-year to $6.7 billion, fueled by 24% base fee growth, 353% higher performance fees, and 22% expansion in technology services from Aladdin momentum and the Preqin Transaction. Investment advisory and securities lending revenue reached $5.4 billion, representing 81% of total revenue. Operating expenses rose 24% on an adjusted basis, primarily from higher employee compensation, but adjusted operating margin expanded 130 basis points to 44.5%, reflecting scale efficiencies. Adjusted diluted EPS grew 11% to $12.53 despite a higher share count from the HPS Transaction and elevated tax rate. Management highlighted accelerating momentum with $744 billion LTM inflows powering 10% organic base fee growth, positioning BlackRock as a scale operator across public/private markets and technology. Capital returns remained robust with $450 million in repurchases and a 10% dividend hike to $5.73 per share. CEO Laurence Fink emphasized deep client engagement and a growing pipeline, underscoring confidence in the integrated platform's compounding potential across market environments.