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BlackRock
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Latest analysis
Updated Nov 4, 2026
BlackRock reaches $15.5T AUM with $205B Q3 net inflows and 47.8% as-adjusted operating margin, as HPS and GIP integration drives revenue and contingent consideration volatility
BlackRock's Q3 2026 10-Q demonstrates the firm's platform consolidation thesis executing at scale: total AUM reached $15.5 trillion on $205 billion of net inflows, while as-adjusted operating income of $3.3 billion and as-adjusted operating margin of 47.8% (up 320 bps year-over-year) confirm durable fee leverage from the HPS, GIP, and Preqin acquisitions. ETFs generated $135 billion of Q3 net inflows and $444 billion year-to-date, anchoring the organic growth engine, while private markets added $15 billion in Q3 net inflows and private credit AUM crossed $152 billion. The $564 million Q3 noncash charge from contingent consideration fair value changes — driven by BlackRock's rising stock price — is the primary GAAP earnings distortion and will persist until performance targets are resolved.
Tone: bullishRevenue
$24.2B
BLK 10-K · FY 2025
Employees
24,900
Revenue FY2024
$20.4B
Founded
1988
Profile
BLK 10-K Item 1 · Feb 25, 2026BlackRock is the world's largest publicly traded investment management firm, with $14.0 trillion in AUM at December 31, 2025, serving institutional and retail clients across more than 100 countries. The firm offers a broad platform spanning active, index, ETF, private markets, and cash management strategies, alongside its proprietary Aladdin technology platform. Three major acquisitions completed in 2025 — Preqin, HPS Investment Partners, and ElmTree Funds — materially expanded BlackRock's private markets and data capabilities.
Read filing description ↓ Collapse description ↑
BlackRock, Inc. is a leading publicly traded investment management firm with $14.0 trillion of assets under management at December 31, 2025. With approximately 24,900 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients worldwide. BlackRock's diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds, separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform Aladdin, Aladdin Wealth, eFront, Preqin, and Cachematrix, as well as advisory services and solutions to a broad base of institutional and wealth management clients. The Company is highly regulated and manages its clients' assets as a fiduciary. BlackRock is an independent, publicly traded company, with no single majority shareholder and over 80% of its Board of Directors consisting of independent directors.
Primary products
- iShares ETFs
- Aladdin Enterprise
- Aladdin Wealth
- eFront
- Preqin
- Cachematrix
Business segments
End markets
Geographies
Named customers
Named competitors
“BlackRock is the leading ETF provider in the world with $5.5 trillion of iShares ETF AUM as of December 31, 2025.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $20.4 billion in 2024 to $24.2 billion in 2025, driven by higher base fees from AUM growth and the addition of HPS and Preqin revenues, as well as strong technology services and subscription growth of 24% year-over-year.
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