BlackRock beats estimates as assets hit record $15.34 trillion

BlackRock’s assets under management reached a record $15.34 trillion in the second quarter, as the firm drew $192 billion in net inflows and beat Wall Street’s earnings estimates.

For the three months ended June 30, BlackRock posted net income of $1.91 billion and adjusted earnings of $13.91 per share, above the $12.59 analysts expected. Revenue rose 31% from a year earlier to $7.08 billion, while operating income increased 42%, or 39% on an adjusted basis. Technology services and subscription revenue climbed 13%, helped by momentum in Aladdin and other multi-product solutions, and its adjusted operating margin reached 45.9%, the highest in almost five years.

Fixed-income products led the quarter and equity products also contributed strongly. First-half net inflows totaled $321 billion, and inflows over the last 12 months reached $868 billion, a pace that translated into 10% organic base fee growth. Assets were also lifted by the S&P 500’s 15% gain in the quarter, which boosted the value of client holdings and supported fee income for funds tied to market performance.

Larry Fink said, “Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology,” adding that the scale and depth of client relationships globally had never been greater.

BlackRock also saw continued inflows into infrastructure and private credit. It increased planned quarterly share repurchases to $550 million, after spending about $28 billion on acquisitions including Global Infrastructure Partners, HPS Investment Partners and Preqin. Shares rose more than 7% in premarket trading after the report. BlackRock entered 2026 at $14 trillion in assets and full-year 2025 net inflows of $698 billion.