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How BlackRock (BLK) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/15/2026
BlackRock, Inc. is an American multinational investment company. · Wikipedia
More about the company
Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the largest asset manager worldwide, with $15.3 trillion in assets under management as of 2026. Headquartered in New York City, BlackRock has 70 offices in 30 countries and clients in 100 countries.
Key growth driver: Equity — the fastest-growing revenue line: $2,676, +36% y/y. · by the Q2 2026 report
How does BlackRock make money?
BlackRock brought in $7.08 billion of revenue in Q2 2026, up 30.6% year over year. The largest source was Equity: $2.68 billion, or 38% of the total, followed by Alternatives ($1.09B, 15%) and Fixed Income ($985M, 14%); other lines add the remaining 33%. Net income for the quarter was $1.91 billion, up 20.2% year over year.
Revenue by source, Q2 2026
- Equity$2.68B · 38% · +36%
- Alternatives$1.09B · 15% · +32%
- Fixed Income$985M · 14% · +15%
- Technology Services$566M · 8% · +13%
- Non-ETF idx/Digital/FX$548M · 8% · +30%
- Distribution Fees$395M · 6% · +23%
- Multi-Asset$392M · 6% · +21%
- Cash Management$343M · 5% · +13%
- Advisory & Other$92.0M · 1% · +64%
Shares of $7.08B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is BLK’s next earnings date?
Wednesday, October 14, 2026confirmed · before market open
BlackRock (BLK) is scheduled to report results for the quarter ending Sep 2026 on Oct 14, 2026. Consensus EPS forecast: $14.19 (6 analysts), vs $11.55 in the same quarter last year.
What time does BLK report? Usually before market open: the last 4 results releases reached the SEC at 6:33 am, 6:35 am, 6:36 am, 6:38 am ET.
Last report: Jul 15, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$7,084
+30.6%
vs $5,423 Q2'25
Operating income
$2,461
+42.2%
margin 34.7% vs 31.9%
Net income
$1,914
+20.2%
Diluted EPS $12.19 vs $10.19
Verdict: a standout quarter — GAAP revenue up 31% and operating income up 42% on record inflows, HPS-driven fee growth and surging tech/subscription revenue, though a weaker nonoperating income line (down $263M y/y on smaller investment gains) and a higher share count trimmed EPS growth to 20% despite the operating strength.
OCF not disclosed in release; $450M of Q2 buybacks with planned quarterly repurchases raised to $550M ($2B planned for 2026); dividend $5.73/share paid in quarter (+10% y/y).
Source and notation
* marks non-cash / ≈ estimated. Source: BlackRock press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
BLK earnings history: past report dates
| Jul 15, 2026 Wed | 6:33 ambefore market open | Jun 30, 2026 | $7.1B+31% y/y | $12.19+20% y/y |
| Apr 14, 2026 Tue | 6:35 ambefore market open | Mar 31, 2026 | $6.7B+27% y/y | $14.06+46% y/y |
| Jan 15, 2026 Thu | 6:36 ambefore market open | Dec 31, 2025 | ≈$7.0B+23% y/y | ≈$7.05−34% y/y |
| Oct 14, 2025 Tue | 6:38 ambefore market open | Sep 30, 2025 | $6.5B+25% y/y | $8.43−23% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
BlackRock: 4-year financials
| 2025 | 24,216 | 7,045 | 5,553 | 3,552 | — |
| 2024 | 20,407 | 7,574 | 6,369 | 4,701 | 3,101 |
| 2023 | 17,859 | 6,275 | 5,502 | 3,821 | 3,035 |
| 2022 | 17,873 | 6,385 | 5,178 | 4,423 | 2,990 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025 cover: a single class of common stock; as of Dec 31, 2025 — 155.1M shares plus 7.7M Subco units (HPS consideration), 162.8M in total vs. 154.8M diluted shares in 2020. sec.gov ↗
- Feb 2026Dividend per share $19.52 (2022) → $20.00 → $20.40 → $20.84 (2025). data.sec.gov ↗
- Dec 2023The SEC fined BlackRock Advisors $2.5M for inaccurately describing the holdings of the BIT fund — a fund disclosure case toward the fund's investors, not one against issuer BlackRock. sec.gov ↗
Scoring: 2.0, no deductions: single share class, ~+5% dilution over 5 years (GIP/HPS deals at market, below the 10% threshold), SBC 5.4% of revenue, dividends raised every year, no shareholder suits or SEC disclosure cases against BlackRock itself
- Share classes
- Single class of common stock (10-K FY2025 cover, NYSE: BLK); a new holding company (CIK 2012383) was created in 2024 for the GIP acquisition with no change in rights.
- Dilution
- Diluted shares 154.8M (2020, old CIK) → 160.9M (2025); including the Subco units issued for HPS — 162.8M, ≈+5% over 5 years; SBC 5.4% of revenue — no deduction.
- Disclosure
- Full reporting.
- Dividends
- Dividend $19.52 (2022) → $20.84 (2025), raised every year; buybacks ~$2B a year.
- Lawsuits & regulators
- The 2023 SEC fine of $2.5M concerned the description of BIT fund assets (fund clients, not BlackRock shareholders) — industry matter, no deduction; no settled BlackRock shareholder suits found.
- Related parties
- Related-party transactions within policy, none material (2026 proxy).
How the score works · checked as of Sep 2026
BlackRock (BLK) earnings: FAQ
How does BlackRock make money?
BlackRock brought in $7.08 billion of revenue in Q2 2026, up 30.6% year over year. The largest source was Equity: $2.68 billion, or 38% of the total, followed by Alternatives ($1.09B, 15%) and Fixed Income ($985M, 14%); other lines add the remaining 33%. Net income for the quarter was $1.91 billion, up 20.2% year over year.
When is BLK's next earnings date?
BlackRock (BLK) is scheduled to report on Oct 14, 2026, before market open.
What time does BLK report earnings?
BlackRock is scheduled to report before market open on Oct 14, 2026. Its last results releases were filed before market open, most recently at 6:33 am ET on Jul 15, 2026.
When did BLK last report earnings?
BlackRock reported Q2 2026 results on Jul 15, 2026.
What is the EPS estimate for BLK's next earnings?
The consensus EPS forecast is $14.19 (6 analysts), vs $11.55 in the same quarter last year.
Where can I find BlackRock's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to BLK's filings; this page breaks the latest report down in a Sankey chart.
What was BLK's net income in Q2 2026?
BlackRock reported net income of $1,914M for Q2 2026 (+20.2% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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