BlackRock third-quarter net income rises 25% to $1.66 billion on higher revenue; stock jumps +4% in pre-market

BlackRock, Inc. (BLK) said Wednesday that third-quarter net income attributable to the company rose 25% from a year earlier to $1,659 million, as revenue climbed 19% and assets under management reached $15.5 trillion. BlackRock, Inc stock jumped 4% premarket on Wednesday.

The results cover the three months ended Sept. 30, 2026. They appear in an earnings release attached to a regulatory filing.

Here's how the company did:

• GAAP diluted EPS: $10.57 vs. $8.43 a year earlier
• As adjusted diluted EPS: $15.93 vs. $11.55 a year earlier
• Revenue: $7,752 million vs. $6,509 million a year earlier
• GAAP operating income: $2,328 million vs. $1,955 million a year earlier
• As adjusted operating income: $3,330 million vs. $2,621 million a year earlier

Revenue growth came from several lines. Investment advisory, administration fees and securities lending revenue rose $990 million from the third quarter of 2025, to $6,036 million. The company said the increase was primarily driven by organic base fee growth and the effect of market movements on average AUM.

Performance fees rose 22% to $630 million from $516 million. The company said the increase primarily reflected higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter.

Technology services and subscription revenue rose 14% to $588 million from $515 million. Annual contract value, a forward-looking annualized estimate of recurring subscription fees under client contracts, grew 12% from a year earlier.

Distribution fees increased to $414 million from $355 million, primarily reflecting higher average AUM.

GAAP operating expense rose to $5,424 million from $4,554 million. The filing attributes much of the increase to a noncash change in the fair value of contingent consideration of $564 million, compared with $93 million a year earlier. That line relates primarily to Global Infrastructure Management, LLC (GIP) and HPS Investment Partners (HPS), and it is affected by the share price of BlackRock common stock at period end.

The company excludes that charge from its as adjusted results. On that basis, operating margin rose to 47.8% from 44.6%.

Chairman and CEO Laurence D. Fink said in the release: “BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology.”

Total net flows were $205,466 million in the quarter, compared with $204,642 million a year earlier. iShares generated $135 billion of net inflows, and active strategies took in $66 billion.

Assets under management were $15.5 trillion at Sept. 30, up 15% from $13.5 trillion a year earlier.

The company said it raised $68 billion in private markets over the last twelve months. Its AI Infrastructure Partnership made its first deployment in the quarter.

BlackRock repurchased $550 million of its shares in the current quarter.

For the nine months ended Sept. 30, revenue was $21,534 million, up from $17,208 million a year earlier. GAAP diluted EPS was $36.82, against $28.21, and as adjusted diluted EPS was $42.37, up from $34.89.

The release does not contain new financial guidance.