BlackRock (UU2) Q3 2026 Earnings Report
DE:UU2 Q3 2026 EPS Results
- Actual EPS
- EUR 14.29
- Consensus EPS
- EUR 12.84
- Beat/Miss
- Beat by +EUR 1.44
- One Year Ago EPS
- EUR 10.36
DE:UU2 Q3 2026 Revenue Results
- Actual Revenue
- EUR 7.27B
- Expected Revenue
- EUR 6.65B
- Beat/Miss
- Beat by +EUR 616.37M
- YoY Revenue Growth
- +23.95%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/14/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 14, 2026
DE:UU2 Upcoming Earnings
BlackRock's next earnings date is estimated for January 21, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:UU2 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. BlackRock reported record revenue, operating income, and EPS; $205 billion of quarterly net inflows; 11% organic base fee growth; expanding margins; broad growth across ETFs, systematic strategies, private markets, technology, retirement, and international operations; and a substantial AI infrastructure and financing pipeline. The main challenges were institutional index outflows, higher expenses, market volatility and higher rates, timing and redemptions in evergreen private markets funds, and evolving custodial and financing arrangements for long-short strategies. These challenges were outweighed by the reported operating momentum and outlook.
Company Guidance
BlackRock continues to estimate that 25% is a reasonable projected tax run rate for the fourth quarter of 2026, expects a mid-single-digit percentage increase in full-year G&A, and anticipates repurchasing at least $550 million worth of shares in the fourth quarter; it remains committed to low- to mid-teens ACV growth over the long term, believes it can sustainably deliver in the 6%-8% range with the ability to move above it to high single digits, low double digits in periods of elevated client activity, and expects 30%-40% of iShares annual flows in the fourth quarter, stronger private-markets fundraising toward annual goals, private-credit insurance demand to accelerate into year-end and into 2027, and evergreen funds to turn a corner in the fourth quarter and into the first half of next year.
- Record Revenue, Operating Income, and EPSThird-quarter revenue reached $7.8 billion, up 19% year over year; operating income was $3.3 billion, up 27%; and earnings per share was $15.93, up 38%. All three measures reached new records.
- Strong Net Inflows and Organic Base Fee GrowthBlackRock generated $205 billion of net inflows in the third quarter and nearly $870 billion over the last 12 months. Organic base fee growth was 11%, marking the ninth consecutive quarter at or above 5% and the fifth consecutive quarter at or above 8%.
- Broad-Based Platform GrowthGrowth was described as broad-based across client channels, asset classes, geographies, active and index strategies, and public and private markets. Year-to-date net inflows and organic base fee growth were both more than 45% higher than the same period last year.
- Assets Under Management Reached $15.5 TrillionAUM increased by more than $2 trillion over the last year and reached $15.5 trillion. BlackRock said net inflows were generated across every asset class, client type, region, and across both active and index strategies.
- Operating Margin ExpansionOperating margin reached 47.8%, up 320 basis points year over year. Excluding performance fees and related compensation, adjusted operating margin was 48.6%, up 230 basis points year over year.
- Higher Base Fee and Securities Lending RevenueThird-quarter base fee and securities lending revenue was $6 billion, up 20% year over year, reflecting higher average AUM from market beta, organic base fee growth, and higher securities lending revenue.
- Growth in Performance Fees and Technology RevenuePerformance fees were $630 million, up 22% year over year, primarily due to higher alternatives revenue, including $110 million from HPS. Technology services and subscription revenue increased 14%, while annual contract value increased 12% year over year, or an estimated 13% on a constant-currency basis.
- Strong ETF InflowsETFs generated $135 billion of net inflows in the quarter. Index bond ETFs generated $61 billion, precision ETFs generated $41 billion, active ETFs generated $22 billion, and digital asset ETPs generated $8 billion. ETFs delivered a sixth consecutive quarter of double-digit organic base fee growth.
- Active ETF MomentumiShares generated $60 billion of active inflows in 2026, including a record $22 billion in the third quarter. iShares active AUM doubled over the last year to more than $160 billion, and BlackRock said it was tracking ahead of its $500 million revenue ambition.
- Systematic Equity Growth and Investment PerformanceMore than 90% of systematic equity AUM was above benchmark or peer median. Systematic equity generated nearly $30 billion of third-quarter net inflows and more than $60 billion in 2026, with flows up 50% compared with last year and active AUM approaching $500 billion.
- Fixed Income Demand and PerformanceApproximately 85% of taxable fixed income assets were above benchmark or peer median over three and five years. Active fixed income generated $14 billion of net inflows, while fixed income overall generated $78 billion in third-quarter inflows and $205 billion year to date.
- Private Markets ExpansionPrivate markets generated $15 billion of third-quarter net inflows, mainly from infrastructure, private credit, and a real estate mandate. BlackRock raised $68 billion in private markets over the last 12 months, including $25 billion in private credit during its first full year with HPS.
- AI Infrastructure and Data Center ActivityBlackRock's AI Infrastructure Partnership made its first deployment through the Aligned Data Centers transaction, which had an approximately $40 billion enterprise value. BlackRock also partnered with Meta on financing its planned $14 billion Texas data center and described additional opportunities involving hyperscalers, GPUs, compute, and data centers.
- Tax-Aware and Wealth Platform GrowthAperio grew from approximately $40 billion of assets at acquisition to nearly $200 billion in five years and continued to deliver double-digit organic growth. Aperio generated $5 billion of third-quarter inflows, including $4 billion into long-short and $1 billion into long-only strategies. Tax-aware strategy inflows were $25 billion in 2026, up 70% from the record $15 billion in 2025.
- SpiderRock MomentumSpiderRock generated $2 billion of third-quarter inflows and recorded its third consecutive record quarter in 2026. The platform provides options-based overlay capabilities alongside direct indexing and tax-aware long-short strategies.
- Retirement Platform and Mandate WinsBlackRock introduced its LifePath Solutions framework, supported by a $700 billion global LifePath platform. The Dutch construction industry pension fund named BlackRock its preferred candidate for an $80 billion outsourced fiduciary mandate, citing global scale, execution capabilities, and technology.
- International GrowthA third of long-term net inflows came from clients outside the United States. Europe and Asia each delivered double-digit organic base fee growth, while the Middle East delivered more than 20% global base fee growth. More than 70% of systematic equity net inflows came from international clients.
- Aladdin and Technology Platform GrowthAnnual contract value grew 12% in the third quarter, reflecting new onboardings and existing clients expanding relationships across BlackRock's technology stack. Aladdin, eFront, and Preqin provide public and private market workflow, data, risk management, and portfolio analytics capabilities.
- Capital Returns and Tax OutlookBlackRock repurchased $550 million of shares in the third quarter and anticipated repurchasing at least $550 million in the fourth quarter, subject to market and other conditions. The adjusted tax rate was approximately 24% in the third quarter, and management continued to estimate a 25% projected tax run rate for the fourth quarter of 2026.
- Positive Pipeline and Fourth-Quarter OutlookManagement said it was entering its seasonally strongest fourth quarter with significant momentum. It expects 30%-40% of annual iShares flows to occur in the fourth quarter, stronger private markets fundraising, potential improvement in evergreen private markets funds, and additional scaled outsourcing and insurance mandates toward the end of 2026 and in 2027.
DE:UU2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 21, 2027 | 2026 (Q4) | 13.82- | 11.8 | ― | ― |
| Oct 14, 2026 | 2026 (Q3) | 12.8414.29 | 10.36 | 37.92% (+3.93) | |
| Jul 15, 2026 | 2026 (Q2) | 11.3812.47 | 10.81 | 15.44% (+1.67) | |
| Apr 14, 2026 | 2026 (Q1) | 10.4511.24 | 10.13 | 10.88% (+1.10) | |
| Jan 15, 2026 | 2025 (Q4) | 10.9711.80 | 10.7 | 10.31% (+1.10) | |
| Oct 14, 2025 | 2025 (Q3) | 10.1810.36 | 10.28 | 0.79% (+0.08) | |
| Jul 15, 2025 | 2025 (Q2) | 9.6710.81 | 9.29 | 16.31% (+1.52) | |
| Apr 11, 2025 | 2025 (Q1) | 9.0410.13 | 8.8 | 15.19% (+1.34) | |
| Jan 15, 2025 | 2024 (Q4) | 10.1110.70 | 8.66 | 23.50% (+2.04) | |
| Oct 11, 2024 | 2024 (Q3) | 9.3710.28 | 9.78 | 5.04% (+0.49) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
