BlackRock, Inc. · BLK · FY2026 Q2 · Calendar Q3 2026

BlackRock Q2 2026: Record Revenue and Inflows as Tokenization Plans Accelerate

BlackRock delivered record Q2 2026 results, with revenue rising 31% year-over-year to $7.1 billion and EPS of $13.91, beating consensus estimates on both lines. The quarter was powered by $192 billion in net inflows spanning ETFs, private markets, and digital asset strategies, while operating margin reached 45.9%, the highest in five years. Management raised the quarterly share repurchase target to at least $550 million and advanced strategic initiatives in tokenization, private-markets expansion, and technology platform integration, signaling confidence in sustained organic base-fee growth.

Reported Before market openNYSEFinancial Services $164.63B market cap
100quality score

Company context

Snapshot as of publication

BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds.…

Earnings scorecard

Reported versus consensus
Reported EPS $13.91 Consensus $13
EPS surprise +9.6% Reported versus consensus
Reported revenue $7.08B Consensus $6.73B
Revenue surprise +5.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +6.6% Event window
SPY move +0.4% Same window
Abnormal move +6.2% Stock minus SPY
Volume 1.8× Versus trailing sessions
Subsequent drift +0.3% Up to 20 sessions
BLKSPY benchmark

Follow BLK with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Transcript intelligence

What changed

Compared to Q1 2026, where BlackRock posted $6.7 billion in revenue with $130 billion in net inflows and a 44.5% operating margin, Q2 accelerated on every headline metric. Revenue grew 31% year-over-year to $7.1 billion, net inflows rose to $192 billion, and operating margin expanded to 45.9% (46.5% adjusted). EPS jumped from $12.53 to $13.91. The quarterly buyback target increased from at least $450 million to at least $550 million. New developments since Q1 include SEC filings to tokenize money-market funds on Ethereum, LifePath Paycheck reaching $30 billion in AUM, and articulation of a 2030 growth plan targeting more than 30% of revenue from private markets and technology.

Guidance delta

Management maintained positive guidance sentiment, consistent with Q1. The firm raised its quarterly share repurchase commitment from at least $450 million to at least $550 million. Organic base-fee growth of 8% year-over-year and the newly articulated 2030 growth plan, targeting over 30% of revenue from private markets and technology, reinforce the forward outlook. No downward revisions were indicated.

Key takeaways

  • Q2 revenue rose 31% YoY to $7.1 billion with EPS of $13.91, beating consensus EPS of $12.69 and revenue of $6.73 billion.
  • Net inflows reached $192 billion, up from $130 billion in Q1, driven by ETFs, private markets, and digital asset demand.
  • Operating margin expanded to 45.9% (46.5% adjusted), the highest in five years, up from 44.5% in Q1.
  • Share repurchase target raised to at least $550 million per quarter from $450 million previously.
  • SEC filings submitted to tokenize money-market funds on Ethereum, advancing the digital asset strategy.
  • LifePath Paycheck reached $30 billion in AUM, establishing a retirement-income platform.

Management priorities

  • Execute the 2030 growth plan targeting over 30% of revenue from private markets and technology.
  • Launch tokenized ETFs and money-market funds across multiple blockchain networks.
  • Scale Aladdin, Preqin, and eFront integration for end-to-end data and analytics.
  • Grow LifePath Paycheck and other retirement-income solutions.
  • Deploy capital to infrastructure data-center projects and expand HPS/GIP joint origination.
  • Repurchase at least $550 million of shares per quarter.

Related earnings events

Financial Services
AXP · FY2026 Q2 · Calendar Q3 2026AXP Q2 2026: Platinum Card Drives 10% Revenue Growth, Full-Year Guidance RaisedBX · FY2026 Q2 · Calendar Q3 2026Blackstone Beats on AI-Driven Inflows, AUM Hits Record $1.35 TrillionIBKR · FY2026 Q2 · Calendar Q3 2026IBKR Q2: Record Revenue, 77% Margin, Bank Charter and AI Drive Growth

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-15T18:03:11.780777+00:00
  2. FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T16:51:04.571568+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T16:51:04.568734+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.