BlackRock Q3 2026 Revenue Rises 19% as AUM Hits $15.5 Trillion

BlackRock reported higher third-quarter revenue and adjusted earnings as assets under management reached $15.5 trillion, while quarterly net inflows totaled $205 billion. Growth in base fees, performance fees and technology services helped lift the firm’s adjusted operating margin to 47.8%.

The asset manager generated $7.75 billion of revenue in the quarter ended September 30, 2026, up 19% from $6.51 billion a year earlier and 9% from the second quarter. Investment advisory and administration fees, together with securities lending revenue, rose to $6.04 billion from $5.05 billion in the prior-year period.

Base fees increased 19% year over year and 5% sequentially. Performance fees rose 22% from a year earlier and more than doubled from the second quarter, providing the largest contribution to the sequential revenue increase. Technology services and subscription revenue advanced 14% year over year, while distribution fees grew 17%. Securities lending revenue increased 25%, and advisory and other revenue rose 9%, although the latter declined 9% from the previous quarter.

Adjusted earnings and margin expand

Adjusted operating income reached $3.33 billion, up 27% from $2.62 billion in the third quarter of 2025. The adjusted operating margin widened to 47.8% from 44.6% a year earlier and 45.9% in the preceding quarter.

Adjusted net income rose to $2.62 billion from $1.91 billion a year earlier, while adjusted diluted earnings per share increased to $15.93 from $11.55. On a GAAP basis, operating income was $2.33 billion and net income was $1.66 billion, compared with $1.96 billion and $1.32 billion, respectively, in the prior-year quarter.

Adjusted expenses increased 14% year over year to $4.42 billion. Employee compensation and benefits rose 12%, sales, asset and account expenses increased 22%, and general and administrative costs grew 6%. Compared with the second quarter, total adjusted expenses were 6% higher, including a 10% rise in employee compensation and benefits.

Assets and inflows remain broadly diversified

BlackRock ended the quarter with $15.5 trillion of assets under management. ETFs represented 41% of AUM and 46% of base fees, while active strategies accounted for 24% of assets and 42% of base fees. Equities made up 57% of AUM, compared with 22% for fixed income, 9% for multi-asset strategies and 3% for alternatives.

By client type, institutional mandates represented 50% of AUM but 31% of base fees. Retail clients accounted for 9% of assets and 23% of base fees. The Americas contributed 68% of AUM and 66% of base fees, followed by Europe, the Middle East and Africa at 25% and 28%, respectively.

Total net inflows were $205 billion, matching the level reported a year earlier and exceeding the second quarter’s $192 billion. Long-term ETF inflows totaled $135 billion. Institutional active strategies attracted $44 billion, while institutional index products recorded $27 billion of outflows. Cash-management products generated $23 billion of inflows.

Alternatives platform reaches $800 billion

BlackRock’s alternatives platform had total AUM of $800 billion, up from $717 billion in the third quarter of 2025. Fee-paying alternatives AUM increased to $573 billion from $526 billion. The figures cover infrastructure, private credit, private equity, real estate, multi-alternatives, liquid alternatives and liquid credit strategies.

Private-markets available capital, or dry powder, stood at $139 billion, including $64 billion in infrastructure and $54 billion in private credit. Capital not yet earning fees totaled $96 billion.

Gross private-markets fundraising was $14 billion during the quarter and $68 billion for the trailing 12 months. Gross deployment reached $30 billion for the quarter and $88 billion over the trailing 12-month period.

BlackRock repurchased $375 million of shares during the quarter and maintained its quarterly dividend at $5.73 per share. Weighted-average diluted shares were 164.5 million.

The company cautioned that future performance remains exposed to changes in financial markets, interest rates, foreign exchange rates and political or economic conditions. Other identified risks include investment performance, competition, regulation, technology and cybersecurity, artificial intelligence oversight, geopolitical instability, and the integration of acquired businesses, including GIP, Preqin and HPS.