Q1 26 EPS
$12.53
BEAT +9.14%
Est. $11.48
Q1 26 Revenue
$6.70B
BEAT +4.20%
Est. $6.43B
Did BLK Beat Earnings? Q1 2026 Results
BlackRock delivered a strong first quarter for fiscal 2026, posting adjusted EPS of $12.53 against a consensus estimate of $11.48, a beat of 9.14%, while revenue of $6.70 billion topped expectations by 4.20% and climbed 26.9% year-over-year. The stan… Read more BlackRock delivered a strong first quarter for fiscal 2026, posting adjusted EPS of $12.53 against a consensus estimate of $11.48, a beat of 9.14%, while revenue of $6.70 billion topped expectations by 4.20% and climbed 26.9% year-over-year. The standout driver behind the numbers was the sweeping contribution of BlackRock's expanded platform, particularly the HPS acquisition completed in mid-2025, which added roughly $230 million in fees and helped push investment advisory performance fees up 353% year-over-year to $272 million. Net inflows of $130 billion were broad-based, with iShares ETFs posting a record Q1 at $132 billion, and AUM reaching $13.89 trillion, up 20% year-over-year. Adjusted operating margin expanded 130 basis points to 44.5%, reflecting the firm's operating leverage as it integrates private markets and technology capabilities. Galaxy Digital's selection of BlackRock as a validator for its iShares Staked Ethereum Trust ETF underscored the firm's expanding digital footprint. Management pointed to accelerating client engagement and a growing pipeline, with CEO Fink framing the current environment of capital reallocation as a structural tailwind for BlackRock's integrated platform.
Key Takeaways
- • $130 billion of quarterly total net inflows, led by record Q1 for iShares ETFs
- • 27% revenue increase driven by organic base fee growth, market beta impact on average AUM, HPS Transaction fees, and higher technology services revenue
- • 22% growth in technology services and subscription revenue driven by Aladdin momentum and Preqin acquisition impact
- • 10% organic base fee growth over trailing twelve months
- • iShares ETFs doubled net new base fees year-over-year as clients rotated to international and precision exposures
- • Private markets net inflows of $9 billion led by private credit and infrastructure
- • Technology services ACV grew 14% year-over-year
- • Adjusted operating margin expanded over 100 basis points to 44.5%
BLK YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
BLK Revenue by Segment
With YoY comparisons, source: SEC Filings
“BlackRock delivered one of the strongest starts to a year in our history. Clients awarded us with $130 billion of net inflows in the first quarter, driving 8% organic base fee growth — our highest first quarter in five years. Technology services ACV grew 14%, and our adjusted margins expanded by over 100 basis points. Our results tell more than one quarter's story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10% organic base fee growth.”
— Laurence D. Fink, Q1 2026 Earnings Press Release
BLK Earnings Trends
BLK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BLK EPS Trend
Earnings per share: estimate vs actual
BLK Revenue Trend
Quarterly revenue: estimate vs actual
BLK Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $12.67 | $13.91 | +9.75% | $7.08B | +5.11% |
| Q1 26 BEAT | $11.48 | $12.53 | +9.14% | $6.70B | +4.20% |
| Q4 25 BEAT FY | $12.21 | $13.16 | +7.75% | $7.01B | +4.99% |
| FY Full Year | — | $48.09 | — | $24.22B | — |
| Q3 25 BEAT | $11.31 | $11.55 | +2.09% | $6.51B | +3.41% |
| Q2 25 BEAT | $10.60 | $12.05 | +13.64% | $5.42B | +0.33% |