Blackrock Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.48%.
Did BLK Beat Earnings? Q3 2025 Results
BlackRock delivered a clean beat to kick off the second half of 2025, with third-quarter as-adjusted earnings per share of $11.55 topping the $11.31 consensus estimate by 2.09% and revenue of $6.51 billion clearing expectations by 3.41% on 25.3% year-over-year growth. The headline driver was a wave of acquisition momentum: fees from GIP and the newly closed HPS Investment Partners deal contributed roughly $215 million and $225 million respectively, helping push as-adjusted operating income up 23% to $2.62 billion even as GAAP results were weighed down by $253 million in intangible amortization and $262 million in acquisition-related compensation costs. Total AUM climbed 17% year-over-year to $13.46 trillion, anchored by a record quarter for iShares ETFs, while organic base fee growth hit 10% annualized. Institutional interest in BlackRock's expanding platform appears broad-based, with at least one major asset manager recently growing its stake in the firm. With the seasonally strongest fourth quarter ahead and CEO Larry Fink pointing to a fully unified public-private investment platform backed by Aladdin technology, the company enters the stretch run with considerable momentum.
- $205 billion of quarterly total net inflows led by record iShares ETF demand
- 10% annualized organic base fee growth in the quarter
- 25% increase in revenue year-over-year reflecting positive market impact, 8% organic base fee growth over LTM, and fees from GIP and HPS acquisitions
- Securities lending revenue increased to $203 million from $149 million in Q3 2024 driven by higher spreads and average balances
- Performance fees increased $128 million year-over-year driven by private markets including HPS
- Technology services ACV increased 29% year-over-year including Preqin, 13% excluding Preqin
- ETFs net inflows of $153 billion was a record quarter
“BlackRock delivered one of our strongest quarterly flows results, with net inflows of $205 billion, powering 10% organic base fee growth in the third quarter and 8% over the last twelve months. That growth is even more notable in its diversification. Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand. BlackRock's multiple sources of growth differentiate us and are resonating through accelerating client activity across our platform. We believe our results are a powerful validation of our hyper-local client engagement model and forward-looking investments.”
BlackRock CEO, on the earnings call
Forward Guidance & Outlook
BlackRock is entering its seasonally strongest fourth quarter with building momentum and a fully unified platform. CEO Fink expressed confidence in the scale of opportunity ahead, citing the company's public-private investment model backed by Aladdin technology. The firm highlighted 10% annualized organic base fee growth in Q3 and 8% over the last twelve months, with diversified growth contributors including systematic strategies, private markets, digital assets, outsourcing, cash, and iShares ETFs. Technology services ACV grew 29% year-over-year including Preqin and 13% excluding it, reflecting sustained demand for Aladdin technology offerings.
BLK YoY Financials
BLK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.