BlackRock Assets Hit a Record $15.5 Trillion. Its Stock is Edging Down.
BlackRock attracted approximately $205 billion in new client funds during the third quarter, pushing its assets under management to a record $15.49 trillion as rising financial markets and strong investment inflows boosted earnings.
The world’s largest asset manager reported a 25% increase in net income to approximately $1.66 billion for the three months ended September 30, compared with $1.32 billion a year earlier. Revenue rose 19% to $7.75 billion, driven by higher management fees, investment performance and growth in its technology services business.
Adjusted earnings reached $15.93 per share, up 38% from a year earlier and ahead of the $14.13 expected by analysts surveyed by LSEG. BlackRock shares rose about 5% in premarket trading Wednesday following the results. It later paired gains and was largely flat after higher-than-expected inflation figures.
The company had managed $13.46 trillion in assets at the end of September 2025 and $15.34 trillion at the end of the second quarter of 2026, according to its third-quarter earnings release.
BlackRock’s growth was supported by higher equity market valuations and continued demand for investment products across multiple asset classes.
Its iShares exchange-traded funds attracted approximately $134.5 billion in net inflows during the quarter, accounting for much of the company’s new client money. Fixed-income products brought in another $78.2 billion, reflecting continued demand for bond investments despite volatility in U.S. Treasury markets.
The inflows came as the S&P 500 remained near record highs during the quarter, supported in part by gains in technology and artificial intelligence-related stocks.
BlackRock Chairman and CEO Larry Fink said the company’s growth reflected demand across its investment platforms and improving market fundamentals.
The company reported annualized organic base-fee growth of 11% during the quarter, compared with 10% growth over the trailing 12 months. This measure tracks growth in recurring investment management fees associated with client assets and flows.
BlackRock also reported a 14% year-over-year increase in technology services and subscription revenue, supported by demand for its Aladdin investment management platform and other technology products.
BlackRock’s latest results also reflected higher operating profitability. Adjusted operating income increased 27% from a year earlier, while reported operating income rose 19%. The company said its reported earnings were affected by a noncash change in the fair value of contingent consideration associated with previous acquisitions, which was excluded from adjusted results.
BlackRock reported diluted earnings of $10.57 per share under generally accepted accounting principles, compared with adjusted earnings of $15.93.
The company also repurchased $550 million of its own shares during the quarter. Over the past 12 months, BlackRock attracted approximately $869 billion in net client inflows, contributing to 10% organic base-fee growth over that period.
