BlackRock, Inc. (BLK) Earnings
BlackRock, Inc. is expected to report next earnings on July 21, 2026 (in NaN days), with a consensus EPS estimate of $12.53. BLK has beaten EPS estimates in 10 of its last 11 reported quarters (average surprise +4.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 14, 2026 | $11.65 | $12.53 | +7.6% | $6.7B | +2.2% |
| Jan 21, 2026 | $12.55 | $11.93 | -4.9% | $7.0B | — |
| Oct 14, 2025 | $11.36 | $11.55 | +1.7% | $6.5B | +2.8% |
| Jul 15, 2025 | $10.78 | $12.05 | +11.8% | $5.4B | -0.5% |
| Apr 11, 2025 | $10.08 | $11.30 | +12.1% | $5.3B | -0.3% |
| Oct 11, 2024 | $10.33 | $11.46 | +10.9% | $5.2B | +3.2% |
| Jul 15, 2024 | $9.93 | $10.36 | +4.3% | $4.8B | -0.9% |
| Apr 12, 2024 | $9.35 | $9.81 | +4.9% | $4.7B | +1.5% |
| Feb 23, 2024 | — | $9.15 | — | $4.6B | — |
| Oct 13, 2023 | $8.26 | $10.91 | +32.1% | $4.5B | +0.3% |
| Jul 14, 2023 | $8.46 | $9.28 | +9.7% | $4.5B | -0.1% |
| Apr 14, 2023 | $7.76 | $7.93 | +2.2% | $4.2B | -3.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong first quarter performance with double-digit growth in revenue, operating income, and EPS. • 8% organic base fee growth, seventh consecutive quarter at or above 5%. • $130 billion net inflows in first quarter, led by ETFs, active and private markets. • Deep client engagement across product, region, and client type. • Volatile market environment with geopolitical uncertainty and AI impact. • Margin expansion of over 100 basis points. • Partnerships and integration of acquired firms driving growth. • Focus on whole portfolio solutions and retirement investing.
Guidance
• Anticipate repurchasing at least $450 million of shares per quarter for the balance of the year. • Confident in diversified platform and pipeline, with belief in long-term growth drivers. • Expect continued organic base fee growth and margin expansion.
Segment performance
First quarter revenue was $6.7 billion, up 27% year-over-year. Operating income was $2.7 billion, up 31%. Earnings per share was $12.53, 11% higher. Organic base fee growth was 8%, seventh consecutive quarter at or above 5%, last 12 months at 10%. ETF net inflows were $132 billion, led by index bond ETFs. Appirio had record net inflows of $13 billion. SpiderRock added over $1 billion. Institutional active net inflows were $24 billion. Private markets had $9 billion net inflows. Cash management had $6 billion net outflows. Base fee and securities lending revenue was $5.4 billion, up 24%. Performance fees were $272 million. Technology services and subscription revenue was up 22%, ACV increased 14%.
Risks & headwinds
• Volatile market environment with sensitivity to economic data and geopolitical uncertainty. • Impact of artificial intelligence on business models. • Potential changes in tax legislation affecting effective tax rate. • Market conditions and client redemptions in certain products.
Analyst Q&A
Q: About wealth channel penetration and redemptions in Evergreen private credit products.
A: Martin discussed wealth channel progress, including ETFs, SMAs, after-tax investing, Appirio and SpiderRock flows, model portfolios, and stable evergreen flows.
Q: Thoughts on DOL proposal for DC plan sponsors selecting privates.
A: Martin and Larry discussed the DOL proposal, positive view, opportunity for diversified portfolios, and plans to launch life path with privates.
Q: Whether BlackRock gains share in market dislocations.
A: Larry and Martin talked about platform positioning, ETF scale, whole portfolio relationships, and ability to take share in private markets.
Q: Middle East conflict impact on sovereign wealth behavior.
A: Larry stated no change in behavior, continued dialogues, and opportunities.
Q: Organic base fee growth and scaling.
A: Martin discussed margin expansion, future margin potential, and organic base fee growth drivers.
Q: Trends at HBS and private credit.
A: Martin talked about HLEND performance, institutional demand, and deployment.
Q: Plans for IQQ ETF.
A: Martin discussed filing for IQQ, partnership with NASDAQ, and differentiated ETF platform