Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
BlackRock's Q2 FY2026 results were propelled by a 22% surge in assets under management to $15.3 trillion, which drove higher base fees, alongside contributions from the HPS acquisition. Operating margin, as adjusted, expanded 260 basis points to 45.9%. However, net income growth was tempered by the absence of a $330 million prior-year gain on its Circle investment.
Revenue
$7.08B
+30.63% YoY
EPS (Diluted)
$12.19
+19.63% YoY
Operating Income
$2.46B
+42.17% YoY
Source: SEC XBRL
BlackRock (BLK) reported Q2 FY2026 revenue of $7.08B, up 30.6% year over year. Operating margin was 34.7%, up 2.8 points from 31.9% a year earlier. BLK's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 13.91 | 12.72 | Beat +9.4% |
| Mar 2026 | 12.53 | 11.65 | Beat +7.5% |
| Dec 2025 | 13.16 | 12.33 | Beat +6.7% |
| Sep 2025 | 11.55 | 11.36 | Beat +1.7% |
Adjusted (non-GAAP) EPS of $13.91 versus the $12.72 analyst consensus — a +9.4% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $12.19.
Compiled by AI from 10-Q Item 2 of this filing
Revenue increased to $7,084 million, driven by the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, higher performance fees, and higher technology services and subscription revenue.
Source: 10-Q Item 2 MD&A
GAAP operating margin improved to 34.7%, up 280 basis points, as revenue growth outpaced expense increases. As adjusted operating margin reached 45.9%, reflecting exclusion of acquisition-related costs and restructuring charge.
Source: 10-Q Item 2 MD&A
Nonoperating income, net of NCI, fell to $223 million from $449 million, primarily due to a $330 million noncash pre-tax gain on Circle in the prior year, partially offset by higher equity method earnings.
Source: 10-Q Item 2 MD&A
AUM reached $15,344,624 million at June 30, 2026, up from $12,527,590 million a year earlier, reflecting market appreciation and net inflows of $92 billion during the quarter.
Source: 10-Q Item 2 MD&A
The effective tax rate decreased to 25.2% from 26.9% in the prior-year quarter, contributing to higher net income.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
Approximately 80% of AUM is in equity and fixed income, making revenue highly sensitive to market downturns; a significant market decline could reduce AUM and fee income materially.
Source: 10-Q Item 2 MD&A
Recent large acquisitions (HPS, GIP, Preqin) add complexity and integration challenges that could disrupt operations or fail to realize expected synergies.
Source: 10-Q Item 2 MD&A
Debt to equity of 1.93 indicates substantial leverage, which could strain liquidity and increase vulnerability to interest rate changes; long-term debt stands at $12.7 billion.
Source: 10-Q Balance Sheet (XBRL)
Operating cash flow of $247 million for the six months is significantly lower than net income of $4,126 million, possibly due to working capital swings or non-cash items, which could signal earnings quality issues.
Source: 10-Q Cash Flow Statement (XBRL)
As a global investment manager, BlackRock faces evolving regulations that could affect product structures, fees, or operations, including potential changes in tax or antitrust policies.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 7.08 $B | 5.42 $B | +30.63% |
Operating Income $B | 2.46 $B | 1.73 $B | +42.17% |
Net Income $B | 1.91 $B | 1.59 $B | +20.15% |
EPS (Basic) $ | 12.34 $ | 10.29 $ | +19.92% |
EPS (Diluted) $ | 12.19 $ | 10.19 $ | +19.63% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
BlackRock delivered a standout Q1 2026, with revenue surging 27.0% YoY to $6.70B and operating income jumping 65.7% to $2.81B, reflecting strong asset management fee growth and significant operating leverage.
BlackRock (BLK) delivered strong FY2025 revenue growth of +18.7% to $24.2B, but net income fell -12.8% to $5.6B and operating margin compressed sharply from 37.1% to 29.1%, reflecting significantly higher operating costs likely tied to acquisitions and integration expenses.
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