BlackRock's accelerating organic growth (11% annualized base fee growth) and expanding adjusted margins (47.8%) signal durable earnings power. Watch for Q4 seasonal strength commentary on the 7:30 AM ET call, particularly around private markets fundraising pipeline and technology ACV growth trajectory.
Price Chart
Executive Summary
BlackRock reported Q3 2026 adjusted diluted EPS of $15.93, a 38% YoY increase, on total revenue of $7.752B (+19% YoY). AUM reached a record $15.5 trillion with $205B in quarterly net inflows and 11% annualized organic base fee growth, driven by broad-based strength across iShares ETFs, systematic active equities, private markets, and cash management. The company also repurchased $550M in shares during the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted diluted EPS of $15.93, up 38% YoY from $11.55
- Total revenue of $7.752B, up 19% YoY from $6.509B
- Record AUM of $15.5 trillion, up 15% YoY
- $205B in quarterly net inflows, with 11% annualized organic base fee growth
- Technology services and subscription revenue of $588M, up 14% YoY
- Adjusted operating margin of 47.8%, up 320 bps YoY from 44.6%
- $550M in share repurchases during Q3 2026
- GAAP operating margin of 30.0%, flat YoY, impacted by $564M noncash change in fair value of contingent consideration
Financial Impact
Adjusted EPS beat consensus by 2.9% ($15.93 vs $15.47 est); revenue of $7.752B slightly below $7.90B consensus but up 19% YoY
Risk Factors
- GAAP operating margin compressed by $564M noncash contingent consideration charge tied to stock price volatility
- Revenue slightly below consensus ($7.752B vs $7.90B est) may temper initial enthusiasm
- Market beta dependency — AUM growth partially driven by market appreciation, not just organic flows
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-420979 |
| Document: blk-20261014.htm | 0001193125-26-420979 |
| Document: blk-ex99_2.htm | 0001193125-26-420979 |
| Document: 0001193125-26-420979-index-headers.html | 0001193125-26-420979 |
| Document: 0001193125-26-420979-index.html | 0001193125-26-420979 |
| Document: 0001193125-26-420979.txt | 0001193125-26-420979 |
| 8-K Data (Synthetic) | 0001193125-26-420979 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $1,127.66 | awaiting T+20 | — | $1,127.66 (+0.00%) |
Oct 20, 2026 6d ago | Institutional Cluster | $1,149.60 | awaiting T+20 | — | $1,127.66 (−1.91%) |
Oct 20, 2026 6d ago | ANALYST-UPGRADE | $1,128.68 | awaiting T+20 | — | $1,127.66 (−0.09%) |
Oct 14, 2026 13d ago | 8-K | $1,073.79 | awaiting T+20 | — | $1,127.66 (+5.02%) |
Oct 2, 2026 24d ago | ANALYST-UPGRADE | $1,059.63 | awaiting T+20 | — | $1,127.66 (+6.42%) |
Sep 23, 2026 4w ago | Press Release | $1,073.45 $1,137.29 | ▲ +5.95% | ▲ +6.37% | $1,127.66 (+5.05%) |
Aug 26, 2026 8w ago | 3 | $1,167.57 $1,073.45 | ▼ −8.06% | ▼ −7.55% | $1,127.66 (−3.42%) |
Aug 25, 2026 8w ago | Press Release | $1,173.21 $1,073.45 | ▼ −8.50% | ▼ −8.65% | $1,127.66 (−3.88%) |
Aug 19, 2026 9w ago | Press Release | $1,158.92 $1,053.96 | ▼ −9.06% | ▼ −7.11% | $1,127.66 (−2.70%) |
Aug 11, 2026 10w ago | Institutional Cluster | $1,148.84 $1,072.03 | ▼ −6.69% | ▼ −5.63% | $1,127.66 (−1.84%) |
US Market Status
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