BlackRock reported third-quarter 2026 financial results highlighted by record assets under management, strong net inflows, higher revenue, and significant growth in adjusted earnings.
The investment management company ended the quarter with approximately $15.5 trillion in assets under management, up 15% from $13.5 trillion a year earlier. Average AUM rose 19% year over year to about $15.46 trillion. BlackRock generated $205 billion of total net inflows during the quarter and $869 billion over the trailing 12 months, representing 10% organic base fee growth over that period.
Third-quarter revenue increased 19% year-over-year to $7.75 billion from $6.51 billion. GAAP operating income rose 19% to $2.33 billion, while net income attributable to BlackRock increased 25% to $1.66 billion. GAAP diluted earnings per share increased 25% to $10.57 from $8.43 in the prior-year period.
On an adjusted basis, operating income increased 27% to $3.33 billion, while adjusted net income rose 37% to $2.62 billion. Adjusted diluted EPS increased 38% to $15.93 from $11.55, and BlackRock’s adjusted operating margin expanded to 47.8% from 44.6% a year earlier. The company also repurchased $550 million of its shares during the quarter.
The company generated $175 billion of long-term net inflows during the quarter, including $135 billion into ETFs. Active strategies generated approximately $66 billion of net inflows, while cash management products attracted another $31 billion. By asset class, fixed income generated $78.2 billion of quarterly net inflows, equities attracted $52.4 billion, alternatives generated $24.2 billion, and digital assets brought in $7.9 billion.
BlackRock’s ETF business ended September with approximately $6.36 trillion in AUM, representing 41% of companywide assets under management. Institutional assets totaled approximately $6.62 trillion, while retail AUM reached approximately $1.41 trillion. Private markets ended the quarter with approximately $336 billion in AUM, adding $15.3 billion in quarterly net inflows.
Private market inflows totaled about $7.6 billion in infrastructure, $5 billion in private credit, $1.9 billion in real estate, and $710 million in private equity. BlackRock said it raised $68 billion across private markets over the trailing 12 months, and its AI Infrastructure Partnership completed its first deployment in the third quarter.
Technology also remained an important growth driver. Technology services and subscription revenue increased 14% year-over-year, supported by continued momentum in Aladdin and multi-product solutions. Technology services and subscription annual contract value increased 12% from the prior-year quarter. BlackRock reported $588 million in technology services and subscription revenue during Q3, compared with $515 million a year earlier.
For the first nine months of 2026, BlackRock generated $21.53 billion in revenue, compared with $17.21 billion during the same period last year. Adjusted net income for the nine-month period reached $6.98 billion, while adjusted diluted EPS increased to $42.37 from $34.89.
KEY QUOTES:
“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. Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our track record of strong investment performance drove $66 billion of active net inflows, led by our fixed income and systematic franchises. iShares generated $135 billion of net inflows, diversified across categories and global product lines. BlackRock’s ability to originate and structure at scale is leading to premier financing relationships and sourcing opportunities for our clients. We’ve raised $68 billion in private markets over the last twelve months, and our AI Infrastructure Partnership made its first deployment this quarter.”
Laurence D. Fink, Chairman And CEO Of BlackRock
