中文版正在生成中，先为你展示英文版分析。
AI核心结论
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.
营业收入
$6.7B
同比 ++26.95%
每股收益（基本）
$14.24
同比 ++46.20%
营业利润
$2.81B
同比 ++65.72%
提交于 · 来源: SEC EDGAR 10-Q 原文
BlackRock (BLK) Q1 FY2026 营收 $6.7B，同比增长 27.0%。 净利润 $2.21B，同比增长 46.5%，稀释每股收益 $14.06。
Total revenue rose 27.0% YoY from $5.28B to $6.70B in Q1 2026, reflecting BlackRock's expanding AUM base and fee-generating capabilities across its investment management platform.
来源: Source: 10-Q Income Statement, Q1 2026
Operating income surged 65.7% YoY to $2.81B, with operating margin expanding approximately 980 basis points from 32.2% to 42.0%, indicating that revenue growth significantly outpaced expense growth.
来源: Source: 10-Q Income Statement & Key Ratios, Q1 2026
Net income grew 46.5% YoY to $2.21B, while diluted EPS increased 45.9% to $14.06 from $9.64, demonstrating strong bottom-line conversion of top-line gains.
来源: Source: 10-Q Income Statement, Q1 2026
Cash and equivalents grew 27.0% YoY to $9.84B, while total assets expanded 19.9% to $170.24B, reflecting the firm's growing financial footprint, partly attributable to acquisitions and organic growth.
来源: Source: 10-Q Balance Sheet, Q1 2026
Operating cash flow was -$980M in Q1 2026, an improvement from -$1.13B in Q1 2025, which is typical for asset managers in the first quarter due to annual incentive compensation payouts and working capital timing.
来源: Source: 10-Q Cash Flow Statement, Q1 2026
BlackRock reported negative operating cash flow of -$980M in Q1 2026, a pattern common in Q1 due to large annual bonus payments. While this improved from -$1.13B in Q1 2025, sustained negative operating cash flow in any quarter raises short-term liquidity monitoring needs.
来源: Source: 10-Q Cash Flow Statement, Q1 2026
The debt-to-equity ratio stands at approximately 1.89x, indicating that BlackRock carries significant leverage relative to its equity base. While common for large financial institutions, rising interest rates or credit market stress could increase financing costs.
来源: Source: 10-Q Balance Sheet & Key Ratios, Q1 2026
BlackRock's revenue is heavily tied to assets under management, which fluctuate with equity and fixed income market valuations. A significant market downturn could compress AUM and fee revenues rapidly, reversing the strong margin performance seen in Q1 2026.
来源: Source: 10-Q Income Statement, Q1 2026
Total assets grew 19.9% YoY to $170.24B while total liabilities grew 16.5% to $106.92B, suggesting the firm has taken on more obligations alongside its growth. Integration risks from acquisitions contributing to this expansion could weigh on future profitability if synergies are not realized.
来源: Source: 10-Q Balance Sheet, Q1 2026
Despite strong net income of $2.21B, ROE stands at only 3.90% and ROA at 1.30% on a quarterly basis, reflecting the capital-intensive and asset-heavy nature of BlackRock's expanded balance sheet. Investors should monitor whether asset growth translates into proportional return improvements over time.
来源: Source: 10-Q Key Ratios, Q1 2026
Q1 FY2026 实际 EPS $12.53，分析师一致预期 $11.65，超预期 +7.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6.7B | $5.28B | +26.95% |
营业利润 | $2.81B | $1.7B | +65.72% |
净利润 | $2.21B | $1.51B | +46.49% |
每股收益（基本） | $14.24 | $9.74 | +46.20% |
每股收益（稀释） | $14.06 | $9.64 | +45.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $170.24B | $141.94B | +19.93% |
总负债 | $106.92B | $91.75B | +16.53% |
股东权益 | $56.69B | $48.04B | +18.01% |
现金及等价物 | $9.84B | $7.75B | +27.03% |
长期债务 | $12.75B | $12.35B | +3.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-980M | $-1.13B | +13.12% |
投资活动现金流 | $-280M | $-3.34B | +91.61% |
筹资活动现金流 | $-304M | $-661M | +54.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 42.0% | 32.2% | +9.83% |
净利率 | 33.0% | — | — |
净资产收益率 | 3.9% | — | — |
总资产收益率 | 1.3% | — | — |
资产负债率 | $1.886 | — | — |
BlackRock had a very strong Q1 2026, with revenue growing 27.0% YoY to $6.70B and net income rising 46.5% to $2.21B. Diluted EPS came in at $14.06, up from $9.64 in Q1 2025, reflecting significant earnings growth across the business.
BlackRock's 27.0% revenue increase to $6.70B in Q1 2026 was driven by its large and growing assets under management base, which generates investment advisory and administration fees. The firm's scale allowed revenue growth to far outpace expense growth, expanding operating margins to 42.0%.
The standout takeaway from BLK's Q1 2026 report is exceptional operating leverage — operating income surged 65.7% to $2.81B even as revenue grew 27.0%, pushing operating margin nearly 10 percentage points higher to 42.0%. The balance sheet also strengthened, with cash rising 27.0% to $9.84B.
BlackRock reported negative operating cash flow of -$980M in Q1 2026, which sounds alarming but is a recurring seasonal pattern for asset managers due to large annual bonus payments made in Q1. This actually improved from -$1.13B in Q1 2025, suggesting better cash management year-over-year.
Based on the financial data, key risks include BlackRock's heavy dependence on AUM levels for fee revenue — a market downturn could quickly reverse revenue gains. Additionally, the firm carries a debt-to-equity ratio of 1.89x and its rapidly expanding balance sheet (total assets up 19.9% to $170.24B) introduces integration and leverage risks.