BlackRock Earnings Rise on Fee Growth
BlackRock earnings showed stronger revenue and profit as higher fees and record iShares inflows lifted margins and supported buybacks and dividend growth.
KEY TAKEAWAYS
- Revenue reached $6.7 billion, driven by higher investment and base fees and acquisition contributions.
- Operating margins expanded to 42.0%, enabling $450 million of repurchases and a 10% dividend increase.
- Long-term net inflows were $135.9 billion with record $132 billion iShares ETF inflows.
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BlackRock earnings, reported on April 14, 2026, showed higher profit and revenue as fee growth and record ETF inflows lifted margins, even as assets under management slipped from the prior quarter amid first-quarter market volatility.
Earnings, Fee Growth, and Margin Expansion
BlackRock’s first-quarter 2026 revenue reached $6.7 billion, a 27.0% increase from the prior year, according to an SEC filing. GAAP net income attributable to the company rose 46.0% to $2.2 billion, with diluted earnings per share also up 46.0% to $14.06. On an adjusted basis, net income grew 17.0% to $2.1 billion, and adjusted diluted EPS increased 11.0% to $12.53.
Operating margins expanded significantly. GAAP operating margin rose to 42.0% from 32.2% a year earlier, while adjusted operating margin increased to 44.5% from 43.2%. The company credited this improvement to higher fees and acquisition contributions.
Organic base fees grew 8.0% in the quarter. The January acquisition of HPS Investment Partners added about $230 million in fees on a full-quarter basis. Investment-advisory performance fees totaled $272 million, including $239 million from private markets. Technology-services revenue climbed 22.0% to $530 million. BlackRock also noted full-quarter contributions from GIP and Preqin, while certain noncash items such as contingent consideration and intangible-asset amortization affected GAAP results. Base fees entering 2026 were about 35.0% higher than in 2024, and technology-services annual contract value grew 14.0% in the quarter.
Fund Flows, Assets Under Management, and Capital Returns
Long-term net inflows reached $135.9 billion in the quarter and $620.0 billion over the past 12 months. iShares ETFs recorded a quarterly net inflow of $132 billion, a company record reflecting strength across ETFs, active fixed income, and private-market products. BlackRock ended the quarter with assets under management of $13.89 trillion, down from $14.04 trillion at the end of 2025 but up from $11.58 trillion a year earlier.
The firm returned capital to shareholders by repurchasing $450 million of stock and raising its quarterly dividend 10.0% to $5.73 per share, actions supported by the margin expansion documented in the results.
Chairman and CEO Laurence D. Fink said, "BlackRock delivered one of the strongest starts to a year in our history."
