BlackRock Inc. reported first‑quarter 2026 results that exceeded expectations, with adjusted earnings per share of $12.53 versus a consensus estimate of $12.40. Revenue climbed to $6.70 billion, up 27% from the same period a year earlier and beating the $6.56 billion forecast. Assets under management reached $13.89 trillion, supported by $130 billion in net inflows during the quarter and $744 billion over the past twelve months.
The earnings beat was driven by a combination of higher organic base‑fee growth, cost discipline, and a favorable mix shift toward higher‑margin private‑markets and technology‑services businesses. Base‑fee growth accelerated to 8% organically, the highest first‑quarter in five years, and the private‑markets segment added $9 billion in net inflows, while technology‑services revenue rose to $530 million, a 22% increase that reflects the impact of the Preqin acquisition.
Revenue growth was largely powered by record inflows into the iShares ETF franchise, which added $132 billion in net inflows, and by the $9 billion net inflows into private‑markets strategies. The technology‑services segment, now bolstered by Preqin’s data capabilities, contributed $530 million in revenue, up 22% from $430 million in Q1 2025. Compared with the $5.28 billion in revenue reported in Q1 2025, the $6.70 billion figure represents a 27% year‑over‑year increase.
AUM growth of 19.9% year‑over‑year to $13.89 trillion reflects the firm’s ability to attract capital across public, private, and technology platforms. The $130 billion net inflows in the quarter and $744 billion over the past twelve months underscore the strength of BlackRock’s client relationships and the continued demand for its diversified product suite.
Operating margin expanded to 42.0% from 32.2% in the prior year, while adjusted operating margin improved to 44.5% from 43.2%. The margin expansion is attributable to higher mix of high‑margin private‑markets and technology services, improved operational leverage as revenue scales, and disciplined cost management that offset modest increases in operating expenses.
Laurence D. Fink, Chairman and CEO, said, “BlackRock delivered one of the strongest starts to a year in our history. Clients awarded us with $130 billion of net inflows in the first quarter, driving 8% organic base fee growth — our highest first quarter in five years. Technology services ACV grew 14%, and our adjusted margins expanded by over 100 basis points.” The comments highlight the firm’s confidence in sustaining momentum and its focus on high‑margin growth areas.
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